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2012 ANNUAL RESULTS – CNOOC Limited

CNOOC Limited · Mar 22, 2013 · 26 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2012 ANNUAL RESULTS – CNOOC Limited – slide 1
    CNOOC LIMITED 2012 Annual Results March 22, 2013
  2. 2012 ANNUAL RESULTS – CNOOC Limited – slide 2
    Agenda Overview Operating Results Financial Performance 2013 Outlook 3
  3. 2012 ANNUAL RESULTS – CNOOC Limited – slide 3
    Overview
  4. 2012 ANNUAL RESULTS – CNOOC Limited – slide 4
    2012 Highlights Successful exploration program Exploration breakthrough: shallow water/deepwater offshore China and overseas 21 new discoveries: 12 offshore China and 9 overseas Reserve replacement ratio: 188%* Stable production and…
  5. 2012 ANNUAL RESULTS – CNOOC Limited – slide 5
    Summary Results 2012 2011 Change% Production (mm boe) 342.4 331.8 3.2% - Oil (mm bbls) 271.9 258.5 5.2% - Gas (bcf) 406.1 427.8 -5.1% Realized oil price (US/bbl) 110.48 109.75 0.7% Realized gas price (US/mcf) 5.77 5.15 12.0% Oil…
  6. 2012 ANNUAL RESULTS – CNOOC Limited – slide 6
    Operating Results
  7. 2012 ANNUAL RESULTS – CNOOC Limited – slide 7
    Stable Production (mmboe) 335-345 342.4 338-348 350 300 250 200 150 100 50 0 2012 Target 2012 Actual 2013 Target (WTI US90.0/bbl) (WTI US94.1/bbl) (WTI US90.0/bbl) Offshore China Overseas We reached production of…
  8. 2012 ANNUAL RESULTS – CNOOC Limited – slide 8
    Production Summary Net production 2012* 2011* Crude and liquids (mm bbls) Bohai 150.7 148.1 Western South China Sea 26.6 26.3 Eastern South China Sea 47.7 44.0 East China Sea 0.5 0.5 Overseas 46.4 39.7 Subtotal 271.9 258.5…
  9. 2012 ANNUAL RESULTS – CNOOC Limited – slide 9
    Exploration Summary Exploration well Wildcat Appraisal well completed success+uncertain completed success+uncertain Offshore China (Independent) 38 11 + 10 58 40 + 4 Offshore China (PSC) 3 1+1 0 0+0 Overseas 22 9+1 18 11 + 3…
  10. 2012 ANNUAL RESULTS – CNOOC Limited – slide 10
    Exploration Breakthrough Penglai 9-1 The largest oilfield among recent years discoveries in Bohai Offshore China: Qinhuangdao 29-2/29-2 East Shallow water Large-scale oilfield with light crude in Bohai Dongfang 13-2 Breakthrough…
  11. 2012 ANNUAL RESULTS – CNOOC Limited – slide 11
    Reserve Replacement Ratio 2012 RRR Benchmark 250% 188% 200% 143% 142% 150% 108% 103% 99% 100% 83% 52% 50% 0% CNOOC OXY COP APC PBR STO DVN APA Historical RRR 300% 200% 100% 0% 2001 2002 2003 2004 2005 2006 2007 2008…
  12. 2012 ANNUAL RESULTS – CNOOC Limited – slide 12
    2012 New Projects Offshore China Overseas Long Lake Oil Sands Start to contribute production Missan Oilfield Canada Start to contribute production Bohai Bay East Weizhou 11-2 China China Sea Iraq Came on stream in Q4…
  13. 2012 ANNUAL RESULTS – CNOOC Limited – slide 13
    Focus of Future Development New projects On-schedule startup of new projects 30+ new projects to commence production in 2013-2015 Comprehensive adjustment projects Suizhong 36-1 Phase II adjustment and Qikou 18-1 adjustment will…
  14. 2012 ANNUAL RESULTS – CNOOC Limited – slide 14
    HSE Performance Health, safety and environment protection are always our top priority. Continue to closely monitor the production operations of all oil and gas fields. Continue to proactively perform social responsibilities.…
  15. 2012 ANNUAL RESULTS – CNOOC Limited – slide 15
    Nexen Transaction Reserve and production growth Proved reserve Production (Mmboe) (mmboe) 69.3 837 4,329 411.7 3,492 342.4 CNOOC Limited Nexen Pro Forma (CR) CNOOC Limited Nexen 2012 Pro Forma end of 2012 end of 2012…
  16. 2012 ANNUAL RESULTS – CNOOC Limited – slide 16
    Financial Performance
  17. 2012 ANNUAL RESULTS – CNOOC Limited – slide 17
    Net Income Movement Analysis (RMB mm) 100,000 +8.1% -7.5% +10.5% -2.7%* -5.9% 80,000 5,689 5,300 -3.8% 7,362 1,867 4,171 -4.5% -5.4% 2,694 +2.1% -0.1% -9.3% 3,181 3,823 1,471 50 - 60,000 40,000 70,255 63,691…
  18. 2012 ANNUAL RESULTS – CNOOC Limited – slide 18
    Movement of Financial Position (RMB bn) Dec 31, 2011 Dec 31, 2012 Total assets mainly include: 71.9 RMB250.5 bn of oil and gas Cash, cash equivalent assets and time deposits with 99.0 maturity over three months 48.2 RMB71.9 bn of…
  19. 2012 ANNUAL RESULTS – CNOOC Limited – slide 19
    Change in Cash Position (RMB mm) 2012 2011 Cash Balance - Beginning of period 23,678 27,287 Net Cash Flow 31,361 (3,111) Cash flow from operating activities 92,574 116,171 Cash flow from investing activities (63,797) (99,036)…
  20. 2012 ANNUAL RESULTS – CNOOC Limited – slide 20
    Capital Expenditure Capital Expenditure* (US mm) 12,000 14,000 9,192 6,424 Capex increased 43.1% YoY in 2012 to facilitate future production growth. * Excluding M&A expenditure 21
  21. 2012 ANNUAL RESULTS – CNOOC Limited – slide 21
    All-in Cost (US/boe) 35.73 36 30.58 7.61 30 5.10 1.64 1.41 1.43 24 1.61 18 14.59 13.45 12 6 10.44 9.01 0 2011 2012 Operating Cost DD&A Dismantlement SG&A Taxes other than income tax The biggest contributor of…
  22. 2012 ANNUAL RESULTS – CNOOC Limited – slide 22
    Opex and DD&A OPEX Opex of US10.44/boe, up 15.9% YoY (US/boe) Increased workload to maintain or enhance production, such as well 12 10.44 workovers 9.01 9 Increased production proportion from 6 3 oil sands in Canada, which has…
  23. 2012 ANNUAL RESULTS – CNOOC Limited – slide 23
    Dividend Recommendation Proposed year-end normal dividend: HK0.32 per share (tax inclusive) An increase of HK0.04 of 2011 final dividend. 26.7%(1) payout of 2012 net profit. 3.1%(2) dividend yield. Final dividend payment will be…
  24. 2012 ANNUAL RESULTS – CNOOC Limited – slide 24
    2013 Outlook
  25. 2012 ANNUAL RESULTS – CNOOC Limited – slide 25
    Sustainable, Stable and Profitable Growth Reserves More efforts on exploration and continue to add reserves RRR: 100% 10 new fields in offshore China scheduled to Development and Production come on stream Production target of…
  26. 2012 ANNUAL RESULTS – CNOOC Limited – slide 26
    WWW.CNOOCLTD.COM

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