CNOOC LIMITED 2012 Mid-Year Review August 21, 2012
Agenda Overview Operating Results Financial Performance 2012 Outlook 3
Overview
Mid-year Review Stable production Net production was 160.9 million boe* Full year production target of 330-340 mm boe on track Successful exploration program 10 new discoveries and 18 successful appraisal wells Solid foundation…
Stable Production (mm boe) Net production of 160.9 mm boe, down 4.6% YoY, mainly due to: 200 168.7* 160.9* Penglai 19-3 oilfields 150 35.5 Scheduled shutdown and 33.9 maintenance 100 Expiry of Madura and sale of ONWJ 133.2…
Production Summary Net production 1H 2012* 1H 2011* Crude oil and liquids (mm bbls) Bohai 72.0 76.1 Western South China Sea 12.6 14.2 Eastern South China Sea 20.1 23.7 East China Sea 0.3 0.2 Overseas 22.0 19.0 Subtotal 127.0…
Exploration Summary Exploration well Wildcat Appraisal well completed success+uncertain completed success+uncertain Offshore China (Independent) 28 10 + 7 31 18 + 4 Offshore China (PSC) 2 0+0 0 0+0 Overseas 7 0+2 6 0+4 Seismic…
Successful Exploration Program Successful appraisal of Penglai 9-1 Located in the Miaoxibei uplift in the eastern part of Bohai QHD 29-2 PL 9-1 Discovery made in 2010 The largest oilfield among the recent years discoveries by scale…
Successful Exploration Program (contd) New discovery Dongfang 13-2 Located in the north of central sag in Yinggehai Basin of Western South China Sea Encountered gas pay zones with total thickness of 35 meters DF 13-2 South Another…
Major New Projects in 2012 Offshore China Overseas Long Lake Oil Sands Progressed on schedule Missan Oilfield Canada Progressed on schedule Bohai East China China Sea Iraq Weizhou 6-9/6-10 Ready for production Panyu…
HSE Performance Health, safety and environment protection are always our top priority. 2012 was made Safety and environment protection promotion year of the Company. Continue to closely monitor the production operations of all oil…
Agreement Reached to Acquire Nexen Inc. On July 23, 2012, we announced that the Company and Nexen have entered into a definitive agreement under which we will acquire all of the outstanding common shares of Nexen for US27.50 per share…
Delay in Dispatch of Circular We recently announced delay in dispatch of circular in relation of the Nexen transaction. The HK Listing Rules set out extensive requirements for disclosure of information in the shareholders circular…
Financial Performance
Key Financial Items - Consolidated (RMB m m ) 1H 2012 1H 2011 % Change Revenue Oil and gas sales 95,658 97,030 -1.4% Marketing revenues 21,884 27,110 -19.3% Other income 726 428 69.6% Revenue subtotal 118,268 124,568 -5.1% Expenses…
Movement of Financial Position (RMB bn) Dec 31, 2011 Jun 30, 2012 Total assets mainly include: Cash, cash equivalent and 50.6 RMB236.8 bn of PP&E time deposits with maturity over three months 48.2 97.1 RMB69.7 bn of available for…
Change in Cash Position (RMB mm) 1H 2012 1H 2011 Cash Balance - Beginning of period 23,678 27,287 Net Cash Flow (9,898) (4,035) Cash flow from operating activities 36,240 50,534 Cash flow from investing activities (51,845)…
Opex and DD&A OPEX (US/boe) Opex of US9.12/boe, increased 1.2% from 2011 level. Inflation on industry costs, such as raw materials price and service fees Increased operation workload Some newly acquired overseas projects have…
Interim Dividend 2012 Interim dividend: HK0.15 per share (tax inclusive) 17.2%(1) payout of 1H 2012 net profit 2.8%(2) dividend yield Interim dividend payment will be approximately RMB 5.48 billion(3) In consideration of: Capital…
2012 Outlook
Sustainable, Stable and Profitable Growth Reserves Continue to add reserves through exploration and M&As RRR: 100% 4 new projects in offshore China scheduled Development to come on stream in 2012 Production Production target…
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