CNOOC LIMITED 2009 Mid-Year Review Analyst Briefing August 26, 2009
Agenda Overview Solid Operating Results Financial Performance Outlook 3
Overview
Mid-Year Summary Highlights Strong production growth Net production of 105.8 mm BOE, increased by 15.2% YoY, mainly driven by new fields commenced production in 2008 and 1H 2009 5 projects including OML130, Tangguh LNG and Bozhong…
Summary Results Net production recorded a strong growth of 15.2% YoY Net profit decreased by 55.0% YoY due to lower oil prices (RMB MM) 1H 2009 1H 2008 % Change Net Production (mm BOE) 105.8 91.8 15.2% Oil and gas sales 32,523…
Production Results 1H 2009 1H 2008 change % Net Production Oil mmbbl 87.3 72.7 20.1% Gas bcf 106.3 110.1 -3.5% Total mmboe 105.8 91.8 15.2% Daily Production Oil bbl/d 482,168 399,519 Gas mmcf/d 587 605 Total boe/d 584,767…
Solid Operating Results
Production Growth mm BOE 120 105.8 100 91.8 18.5 80 19.1 60 40 87.3 72.7 20 0 1H 2008 1H 2009 WTI US110.96 WTI US51.46 Oil Gas 9
A Leading E&P Company 1H 2009 Production & Growth (YoY) mm boe 150.0 Production Growth % 40% 30% 100.0 20% 50.0 10% 0% 0.0 -10% EOG Talisman XTO CNQ CNOOC Apache Encana Anadarko OXY Devon 1H 2009 Net Profit US million…
Major Development Highlights Bozhong 34-1N Under Construction Laying subsea pipeline Bozhong 13-1 Construction of module underway On Stream Installation of jacket completed Module construction underway Qinhuangdao 33-1 Came on…
Oil and Gas Discoveries/Appraisals JZ20-2N Indt. Discovery QHD29-2 PSC Discovery SZ36-1S Discoveries/Appraisals Beijing Tianjin Indt. Appraisal Korea Bohai Bay 10 discoveries BZ2-1 PSC Appraisal QHD36-3 JZ20-2N SZ36-1S 0 100…
Major Exploration Achievements Bohai Bay Jinzhou 20-2N a medium-sized discovery with light crude 4km northeast of JZ20-2 gas field Qinhuangdao Water depth of 16 meters QHD36-3 Oil pay zones of 33.4 meters QHD29-2 Test flow of…
HSE Performance CNOOC Limited strives to achieve the highest standards in terms of its health, safety and environmental performance Health and safety incidents are closely monitored and recorded and promptly reported to government…
Acquisition of Block 32 in Angola Target assets : Total 20% interest of Block 32, through a 50:50 joint venture with Sinopec Total consideration : US1.3 billion Twelve previously announced discoveries include: Gindungo, Canela,…
Financial Performance
Key Financial Items - Consolidated (m m RMB) 1000000 1H 2009 1H 2008 Change % REVENUE Oil and gas sales 32,523 54,464 -40.3% Marketing revenues, net 195 168 Other income 338 1,390 Revenue subtotal 33,056 56,022 -41.0% EXPENSES…
Contributors to Net Profit Changes Net profit decreased by 55.0% YoY due to lower average realised oil price. 19
Costs Under Good Control All-in Production Cost US/BOE 19.78 18.76 19.50 18.88 20.00 15.00 10.00 5.00 - 1H 2008 2008 1H 2009 1H 2009 exchange rate of 1H 2008 OPEX DD&A Dismantlement SG&A Production tax 20
Costs Leading Peers 1H 2009 Unit All-in Costs US/BOE 40 30 20 10 CNOOC Apache EOG Devon Talisman CNQ XTO Encana Anadarko Source: company disclosure 21
Industry Costs Remain at High Level Only modest de-escalation of shallow water rig day rates : Decline of costs lags oil prices, and much more modest Cost control being an important strategy along the way Decline of deep…
Capital Expenditure (US Million) 3,000 2,703 300 2,015 2,000 267 1,985 1,000 1,370 378 418 0 1H 2008 1H 2009 Exploration Development Production Our CAPEX mainly goes to projects including OML130, PLl9-3 Phase II,…
Balance Sheet Movement Billion RMB Jun. 30, 2009 Dec. 31, 2008 Including: Cash and Cash Cash and Cash equivalents, 42.04bn cash and cash equivalents; 42.0 equivalents, 41.1 Other current assets, 22.2 4.86bn short-term…
Change in Cash Position Million RMB Cash inflow (outflow) 1H 2009 1H 2008 Net cash flow from operating activities 17,998 29,164 Net cash flow from investing activities 9,280 (7,340) Net cash outflow from financing (4,984) (5,683)…
Mid-Year Dividend The Board of Directors has approved a dividend of HK0.20 per share for 1H 2009 Approximately 63.5% payout of net profit 3.66%(1) interim dividend yield Dividend per share flat from 2008 interim dividend…
Outlook
Sustainable, Stable and Profitable Growth Reserves Continue to add reserves through exploration and acquisitions RRR: 100% 10 development projects scheduled to come Development on stream in 2009 Production Production target…
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