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2011 ANNUAL RESULTS – CNOOC Limited

CNOOC Limited · Mar 28, 2012 · 36 slides

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Slides

  1. 2011 ANNUAL RESULTS – CNOOC Limited – slide 1
    CNOOC LIMITED 2011 Annual Results March 28, 2012
  2. 2011 ANNUAL RESULTS – CNOOC Limited – slide 2
    Agenda Overview Operating Results Financial Performance 2012 Outlook 3
  3. 2011 ANNUAL RESULTS – CNOOC Limited – slide 3
    Overview
  4. 2011 ANNUAL RESULTS – CNOOC Limited – slide 4
    2011 Highlights Successful exploration program We achieved 13 discoveries in offshore China and 3 discoveries in overseas Reserve replacement ratio reached 158%* Stable production and new projects to support future growth Net…
  5. 2011 ANNUAL RESULTS – CNOOC Limited – slide 5
    Summary Results 2011 2010* Change% Production (mm boe) 331.8 329.6 0.7% - Oil (mm bbls) 258.5 263.6 -1.9% - Gas (bcf) 427.8 383.3 11.5% Realized oil price (US/bbl) 109.75 77.93 40.8% Realized gas price (US/mcf) 5.15 4.49 14.7% Oil…
  6. 2011 ANNUAL RESULTS – CNOOC Limited – slide 6
    Operating Results
  7. 2011 ANNUAL RESULTS – CNOOC Limited – slide 7
    Stable Production (mmboe) 331-341 331.8 330-340 350 300 250 200 150 100 50 0 2011 Target 2011 Actual 2012 Target (WTI US82.0/bbl) (WTI US95.1/bbl) (WTI US90.0/bbl) Offshore China Overseas We reached production of…
  8. 2011 ANNUAL RESULTS – CNOOC Limited – slide 8
    One of the Largest E&P Companies 2011 Production & YoY Change (mm boe) 400 Production YoY change 20% 332 273 15% 300 268 246 241 10% 212 200 156 155 5% 100 0% 0 -5% CNOOC Apache OXY Anadarko Devon Encana EOG…
  9. 2011 ANNUAL RESULTS – CNOOC Limited – slide 9
    Production Summary Net production 2011* 2010* Crude oil and liquids (mm bbls) Bohai 148.1 149.3 Western South China Sea 26.3 30.7 Eastern South China Sea 44.0 44.3 East China Sea 0.5 0.2 Overseas 39.7 39.0 Subtotal 258.5…
  10. 2011 ANNUAL RESULTS – CNOOC Limited – slide 10
    Exploration Summary Exploration well Wildcat Appraisal well completed success+uncertain completed success+uncertain Offshore China (Independent) 38 13 + 9 44 29 + 7 Offshore China (PSC) 9 0+1 2 2+0 Overseas 11 3+4 3 2+1 Seismic…
  11. 2011 ANNUAL RESULTS – CNOOC Limited – slide 11
    Reserve Replacement Ratio 2011 RRR Benchmark 300% 188% 200% 168% 167% 158% 155% 148% 113% 103% 100% 0% Encana Talisman EOG CNOOC Devon Anadarko Apache OXY Historical RRR 300% 200% 100% 0% 2001 2002 2003 2004 2005…
  12. 2011 ANNUAL RESULTS – CNOOC Limited – slide 12
    New Discoveries QHD 33-3 Qinhuangdao 33-2 and 33-3* QHD 33-2 Bohai Wushi 17-2* KL 9-1 Kenli 9-1 A mid-size discovery Oil pay zones of 60.0 meters and gas pay zones of 6.9 meters An extension on southern slope South of…
  13. 2011 ANNUAL RESULTS – CNOOC Limited – slide 13
    New Exploration Targets Bohai: Eastern South China Sea: From structural trap to lithologic trap From deep formation to shallow formation Qinhuangdao 33-1S, 33-2 and 33-3 Discovery of Panyu 10-4W structure discoveries Unveil the huge…
  14. 2011 ANNUAL RESULTS – CNOOC Limited – slide 14
    Major New Projects Long Lake Project Jinzhou 25-1 Came on stream in 1Q 2011 Missan Oilfield Niobrara Project Eagle Ford Project Weizhou 6-9/6-10 Panyu 4-2/5-1 Adjustment To come on stream in 1H 2012 To come on stream in…
  15. 2011 ANNUAL RESULTS – CNOOC Limited – slide 15
    Focus of Future Development New projects Comprehensive adjustment projects Regional planning and development Application of new technology Management on overseas projects 16
  16. 2011 ANNUAL RESULTS – CNOOC Limited – slide 16
    Capital Expenditure Capital Expenditure* (US mm) 9,300-11,000 6,424 5,071 Capex increased 26.7% YoY in 2011 to facilitate future production growth. * Excluding M&A expenditure 17
  17. 2011 ANNUAL RESULTS – CNOOC Limited – slide 17
    Overseas Development Canada Acquisition of OPTI U.S. 33.3% of Niobrara project Indonesia Divestment of CNOOC ONWJ Ltd. Uganda 1/3 interest in EA 1, 2 and 3A Acquisition Divestment Our M&A activities are…
  18. 2011 ANNUAL RESULTS – CNOOC Limited – slide 18
    Overseas Business Overseas Reserve (mm boe) Overseas Reserve As % of the Company 1,000 40% 800 30% 600 20% 400 200 10% 0 0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Overseas Production (000 boe/day)…
  19. 2011 ANNUAL RESULTS – CNOOC Limited – slide 19
    Value-added Overseas Projects Net profit of overseas business was 21.21 per boe. 43% of our overseas production is natural gas (16% in offshore China). Overseas projects continue to be profitable. Overseas business reached EBITDA…
  20. 2011 ANNUAL RESULTS – CNOOC Limited – slide 20
    Penglai 19-3 Oil Spill Accident Update Released on Jan 25, 2012, the parent company, China National Offshore Oil Corporation reached an agreement with China's Ministry of Agriculture and ConocoPhillips China Inc. to resolve…
  21. 2011 ANNUAL RESULTS – CNOOC Limited – slide 21
    HSE Performance Health, safety and environment protection are always our top priority. In 2011, we conducted safety inspections on all oil and gas fields as well as the production facilities to prevent the potential risks…
  22. 2011 ANNUAL RESULTS – CNOOC Limited – slide 22
    Financial Performance
  23. 2011 ANNUAL RESULTS – CNOOC Limited – slide 23
    2011 vs. 2010 Net Income Analysis (RMB mm) 120,000 84.8% 26.2% 100,000 14,276 7.6% 5.9% 4.0% 80,000 4,117 4.8% 46,135 3,223 3,765 0.3% 0.5% 2.6% 1.0% 29.1% 2,617 185 365 1,401 524 - 60,000 5.5% 2,990 40,000 70,255 54,410…
  24. 2011 ANNUAL RESULTS – CNOOC Limited – slide 24
    Net Income Leading Peers 2011 Net Profit (US mm) 15,000 12,000 10,879 9,000 6,771 6,000 4,704 4,508 3,000 1,091 785 128 Net loss 0 CNOOC OXY Devon Apache EOG Talisman Encana Anadarko In 2011, we continued to be…
  25. 2011 ANNUAL RESULTS – CNOOC Limited – slide 25
    Movement of Financial Position (RMB bn) Dec 31, 2010* Dec 31, 2011 Total assets mainly include: 48.2 RMB220.6 bn of oil and gas Cash, cash equivalent assets and time deposits with 83.8 maturity over three months 39.3 RMB48.2 bn of…
  26. 2011 ANNUAL RESULTS – CNOOC Limited – slide 26
    Change in Cash Position (RMB mm) 2011 2010* Cash Balance - Beginning of period 27,287 22,615 Net Cash Flow (3,111) 5,070 Cash flow from operating activities 116,171 70,883 Cash flow from investing activities (99,036) (64,203)…
  27. 2011 ANNUAL RESULTS – CNOOC Limited – slide 27
    All-in Cost (US/boe) 32 30.58 28 5.10 24.46* 24 1.41 3.31 1.61 20 1.41 0.77 16 13.45 11.68 12 8 4 9.01 7.28 0 2010 2011 Operating Cost DD&A Dismantlement SG&A Taxes other than income tax *2010 numbers have…
  28. 2011 ANNUAL RESULTS – CNOOC Limited – slide 28
    Cost Analysis All-in Cost (US/boe) 60 45 36.82 37.76 28.42 28.71 30.01 30.58 31.56 30 15 0 Devon Encana EOG CNOOC Apache Anadarko Talisman Taxes other than income tax 5.10 per boe, up 54.1% YoY Mainly due to high…
  29. 2011 ANNUAL RESULTS – CNOOC Limited – slide 29
    DD&A DD&A and Dismantlement Benchmark (US/boe) 25 20 15.96 16.12 16.18 15.06 15.38 15.57 15 9.36 10 5 0 Devon CNOOC Talisman Anadarko Apache EOG Encana DD&A DD&A US13.45/boe, up 15.2% yoy (US/boe) New projects in…
  30. 2011 ANNUAL RESULTS – CNOOC Limited – slide 30
    Opex OPEX Benchmark* (US/boe) 25 18.98 20 15 9.70 10.62 7.66 7.71 8.79 9.01 10 5 0 Anadarko Devon EOG CNOOC Encana Apache Talisman Opex Opex (US/boe) US9.01/boe, up 23.8% yoy Inflation on industry costs, such as raw…
  31. 2011 ANNUAL RESULTS – CNOOC Limited – slide 31
    Company Profitability Leading Peers ROE 40% 29% 30% 23% 19% 18% 20% 10% 8% 10% Net loss 0% CNOOC Devon OXY Apache EOG Talisman Encana Anadarko ROCE 40% 30% 24% 20% 20% 15% 12% 10% 6% 6% NM Net loss 0% CNOOC…
  32. 2011 ANNUAL RESULTS – CNOOC Limited – slide 32
    Unit Profitability Leading Peers EBITDA per boe (US/boe) 100 80 57.39 53.63 60 45.61 38.10 40 32.25 28.59 23.60 17.67 20 0 CNOOC OXY Apache Talisman EOG Devon Anadarko Encana Net Profit per boe (US/boe) 40 32.79 32…
  33. 2011 ANNUAL RESULTS – CNOOC Limited – slide 33
    Dividend Recommendation Proposed year-end normal dividend: HK0.28 per share (tax inclusive) An increase of HK0.03 of 2010 final dividend. 27%(1) payout of 2011 net profit. 3.0%(2) dividend yield. Final dividend payment will be…
  34. 2011 ANNUAL RESULTS – CNOOC Limited – slide 34
    2012 Outlook
  35. 2011 ANNUAL RESULTS – CNOOC Limited – slide 35
    Sustainable, Stable and Profitable Growth Reserves Continue to add reserves through exploration and acquisitions. RRR: 100%. 4 new projects in offshore China scheduled Development to come on stream in 2012. Production…
  36. 2011 ANNUAL RESULTS – CNOOC Limited – slide 36
    WWW.CNOOCLTD.COM

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