CNOOC LIMITED 2014 Mid-Year Review August 28, 2014
Agenda Overview Operating Results Financial Performance Outlook 3
Overview
1H 2014 Highlights Stable operation and production Net production 211.6 million boe*, up 6.8% YoY 2014 full year production target unchanged Successful exploration program 9 new discoveries and 23 successful appraisal wells Solid…
Summary Results 1H 2014 1H 2013 change% Production (mmboe) 211.6 198.1 6.8% - Crude and liquids (mmbbls) 171.3 161.2 6.3% - Natural gas (bcf) 233.9 214.4 9.1% Realized oil price (US/bbl) 106.30 104.20 2.0% Realized gas price…
Operating Results
Stable Operation and Production (mmboe) Production in the first half was 211.6 mmboe, up 6.8%, mainly due to: As transaction was completed in late Feb of 2013, Nexens production was consolidated for two more months in 1H 2014…
Production Summary 1H 2014* 1H 2013* Crude and Natural Crude and Natural Total Total Liquids Gas Liquids Gas (mmbbls) (bcf) (mmboe) (mmbbls) (bcf) (mmboe) China Bohai 70.1 25.7 74.4 72.3 23.7 76.3 Western South China Sea 15.0…
Exploration Summary 50 40 7 1 4 30 20 31 30 10 0 Wildcat Appraisal well (km) (km2) 2,532 2,055 12,356 14,382 2D seismic 3D seismic China - Independent China - PSC Overseas Success rate of independent exploration…
Exploration Results Offshore China Overseas Discoveries Successful Appraisals Discoveries Bohai Bohai Western South US (Gulf of Mexico) BZ22-1 KL10-4-2 China Sea Rydberg* LD16-3S KL10-4-3 WZ12-11-8 KL6-1 KL10-2-2d WS17-2-9…
Major New Discoveries Lingshui 17-2 Located in Lingshui Sag in deepwater area of Qiongdongnan Basin South China Average water depth of 1,500 meters Sea First large-size deepwater gas field made by Lingshui 17-2 independent…
Major New Discoveries Luda 16-3S LD16-3S Located in southern part of Liaodong Bay Discovery well LD16-3S-1 encountered oil and gas Bohai pay zones with a total thickness of 127 meters KL16-1 Drilled and completed at a depth of…
Major New Projects in 2014 Gross Peak Expected Production Working Project Location Status Startup Interests (boe/day) Kenli 3-2 Bohai On stream First half 35,000 100% Eastern South Panyu 10-2/5/8 China Sea On stream Second half…
Accomplishments in Nexen Integration Strategic integration Decision making: Approval processes implemented Exploration: Global exploration strategy defined Business development: Global business development team united Marketing: An…
Health, Safety and Environmental Protection Health, safety and environment protection are always our top priority. Continued to closely monitor the production operations of all oil and gas fields. Continued to proactively perform…
Financial Performance
Key Financial Items - Consolidated (RMB mm) 1H 2014 1H 2013 Change% Revenue Oil and gas sales 117,095 110,799 5.7% Marketing revenues 19,673 26,586 -26.0% Other income 2,032 1,642 23.8% Revenue subtotal 138,800 139,027 -0.2%…
Movement of Financial Position (RMB bn) Dec 31, 2013 June 30, 2014 Cash, cash equivalent and time deposits with 46.6 maturity over three 40.5 120.3 months 106.0 Total assets mainly Other current Assets include: Non-current…
Movement of Cash and Cash Equivalent (RMB mm) 90,000 75,000 5,140 1,174 8,789 60,000 45,000 42,847 55,829 30,000 - 734 15,000 25,559 14,318 0 Primary source of cash was operating cash flow, and primary use was…
Capital Expenditure (RMB bn) 150 105 -120 120 90 60 48.1 37.8 0.4 5.4 0.4 4.7 30 31.0 24.9 7.8 11.3 0 1H 2013 1H 2014 2014 Budget Exploration Development Production Others Due to increase in exploration and…
Opex and DD&A Opex (US/boe) 15 Opex of US11.78/boe, up 7.0% YoY 11.01 11.78 12 Nexen was consolidated for two more 9 months in 1H 2014 6 3 0 1H 2013 1H 2014 DD&A DD&A of US20.80/boe, slightly decreased (US/boe) from the…
Interim Dividend 2014 interim dividend: HK0.25 per share (tax inclusive) Remaining flat from 2013 interim dividend Payout ratio of 26.4%(1) Dividend yield of 4.1%(2) Final dividend payment will be approximately RMB8.88 billion(3),…
Outlook
Focus on Quality and Efficiency Strengthen FEED, optimize overall development plan Optimize exploration plan and project design Integrate exploration, development and engineering construction Implement comprehensive adjustment and…
Ensure All Targets Achieved Reserves Continue to add reserves through exploration and acquisitions RRR: 100% Development 7-10 new projects to come on stream Production Production target of 422-435 mmboe Financial Management…
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