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August 2015 Investor Presentation – CNOOC Limited

CNOOC Limited · Aug 26, 2015 · 27 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. August 2015 Investor Presentation – CNOOC Limited – slide 1
    CNOOC LIMITED 2015 Mid-Year Review August 26, 2015
  2. August 2015 Investor Presentation – CNOOC Limited – slide 2
    Agenda Overview Operating Results and Highlights Financial Performance and Analysis Outlook 3
  3. August 2015 Investor Presentation – CNOOC Limited – slide 3
    Overview Smooth progress on exploration, development and production Six new discoveries were made, success rate of independent exploration wells in offshore China reached 34-59% Net production was 240.1 million boe*, up 13.5% YoY…
  4. August 2015 Investor Presentation – CNOOC Limited – slide 4
    Summary Results 1H 2015 1H 2014 change% Production (mm boe) 240.1 211.6 13.5% - Crude and liquids (mm bbls) 200.4 171.3 17.0% - Natural gas (bcf) 232.3 233.9 -0.7% Realized oil price (US/bbl) 57.53 106.30 -45.9% Realized gas price…
  5. August 2015 Investor Presentation – CNOOC Limited – slide 5
    Strict Execution of Operating Strategy Maintain prudent financial policy and investment decision Strengthen cost control, continue to improve quality and efficiency Ensure safe operation of producing projects Keep sanctioned…
  6. August 2015 Investor Presentation – CNOOC Limited – slide 6
    Further Efforts on Quality and Efficiency On exploration Ensure spending in core area offshore China, and prioritize mature areas and rolling areas Optimize exploration program, and improve the utilization of resources Actively…
  7. August 2015 Investor Presentation – CNOOC Limited – slide 7
    Operating Results and Highlights
  8. August 2015 Investor Presentation – CNOOC Limited – slide 8
    Exploration Summary 5 2 4 35 30 Wildcat Appraisal (km) (km2) 193 8,644 7,248 2D Seismic 3D Seismic China - Independent China - PSC Overseas We maintained an intensive exploration program to support sustainable…
  9. August 2015 Investor Presentation – CNOOC Limited – slide 9
    Exploration Results Offshore China Overseas Discoveries Successful Appraisals Discoveries Bohai Bohai LD16-3S-3 Algeria PL20-2 QHD27-3-2 CFD6-4-2 RLG-1* PL7-6 BZ34-9-5 CFD6-4-3 QHD33-5 BZ34-9-6 CFD6-4-4 Western South BZ34-9-7…
  10. August 2015 Investor Presentation – CNOOC Limited – slide 10
    Major New Discoveries Liuhua 20-2 Located in Baiyun Sag in the Pearl River Mouth Basin of the South China Sea Discovery well LH20-2-1 encountered oil pay zones with a total thickness of 35 meters LH20-2 Drilled and completed at a…
  11. August 2015 Investor Presentation – CNOOC Limited – slide 11
    Production () (mmboe) 1H production was 240.1 mmboe, up 13.5% 331-341 YoY Production from offshore China grew by 19.1% YoY, reaching 156.3 mmboe, 240.1 211.6 mainly attributable to ramp-up production from new projects…
  12. August 2015 Investor Presentation – CNOOC Limited – slide 12
    Production Summary 1H 2015* 1H 2014* Crude and Natural Crude and Natural Total Total Liquids Gas Liquids Gas (mm bbls) (bcf) (mm boe) (mm bbls) (bcf) (mm boe) China Bohai 83.4 24.8 87.5 70.1 25.7 74.4 Western South China Sea…
  13. August 2015 Investor Presentation – CNOOC Limited – slide 13
    New Projects in 2015 Peak Working Project Location Status Startup Production (boe/d) Interests Jinzhou 9-3 oil field adjustment Bohai Commenced production Q1 12,000 100% Kenli 10-1 oil field Bohai Commenced production Q2 36,000 100%…
  14. August 2015 Investor Presentation – CNOOC Limited – slide 14
    Health, Safety and Environmental Protection Health, safety and environmental protection are always our top priority. OSHA statistics maintained at good level in the first half. 1H 2015 1H 2014 Rate of Recordable Cases 0.15…
  15. August 2015 Investor Presentation – CNOOC Limited – slide 15
    Financial Performance and Analysis
  16. August 2015 Investor Presentation – CNOOC Limited – slide 16
    Key Financial Items - Consolidated (RMB mm) 1H 2015 1H 2014 Change% Revenue Oil and gas sales 77,034 117,095 -34.2% Marketing revenues 11,410 19,673 -42.0% Other income 1,145 2,032 -43.7% Revenue subtotal 89,589 138,800 -35.5%…
  17. August 2015 Investor Presentation – CNOOC Limited – slide 17
    Movement of Net Profit (RMB mm) 80,000 60,000 +54.5% -173.7% 18,302 40,000 58,363 +35.5% -24.1% 20,000 -2.1% +3.3% +6.7% -4.1% -2.5% 33,593 8,096 -56.1% +50.5% 11,912 1,092 2,261 1,385 856 695 14,733 0 16,968…
  18. August 2015 Investor Presentation – CNOOC Limited – slide 18
    Movement of Financial Position (RMB bn) Dec 31, 2014 Jun 30, 2015 Cash, cash equivalent and time deposits with maturity over three 35.2 months 37.8 Other current 103.0 116.1 Total assets mainly include: Assets RMB457.3 bn of…
  19. August 2015 Investor Presentation – CNOOC Limited – slide 19
    Movement of Cash and Cash Equivalent (RMB mm) 60,000 45,000 28,783 30,000 32,596 13,110 19,004 1,796 2,248 5,525 19 15,000 17,891 14,918 - Primary source of cash was operating cash flow, and primary use was Capex…
  20. August 2015 Investor Presentation – CNOOC Limited – slide 20
    Capex (RMB bn) 90 70-80 60 48.1 0.4 33.0 5.4 0.2 30 3.6 31.0 22.0 11.3 7.2 0 1H2014 1H2015 2015B Exploration Development Production Other Total capex decreased by 31.4% YoY, in line with our budget. In 2015, the…
  21. August 2015 Investor Presentation – CNOOC Limited – slide 21
    All-in Cost (US/boe) 50 43.20 41.24 40 6.25 3.91 2.75 1.80 1.63 1.93 30 20.80 24.02 20 10 11.78 9.60 0 1H2014 1H2015 Opex DD&A Dismantlement SG&A Taxes other than income tax All-in cost decreased by 4.5% YoY,…
  22. August 2015 Investor Presentation – CNOOC Limited – slide 22
    Cost Analysis Opex SG&A (US/boe) (US/boe) 16 4 11.78 2.75 12 9.60 3 1.80 8 2 4 1 0 0 1H2014 1H2015 1H2014 1H2015 DD&A Opex of US9.60/boe, down 18.5% YoY, primarily due to (US/boe) effective cost control. 30 24.02…
  23. August 2015 Investor Presentation – CNOOC Limited – slide 23
    Interim Dividend 2015 interim dividend: HK0.25 per share (tax inclusive) Remaining flat from 2014 interim dividend Payout ratio of 61.8%(1) Dividend yield of 5.8%(2) Interim dividend payment will be approximately RMB9.11…
  24. August 2015 Investor Presentation – CNOOC Limited – slide 24
    Outlook
  25. August 2015 Investor Presentation – CNOOC Limited – slide 25
    Oil Price Environment Oil prices plummeted since the second half of 2014 and stayed at low levels. Average forecast of 2015 and long-term oil price of 10 brokers are 58.1 and 80.4 per barrel, respectively. Brent and WTI prices…
  26. August 2015 Investor Presentation – CNOOC Limited – slide 26
    2015: Operating Highlights Financial Management Maintain prudent financial policy Capex of RMB70-80 billion Development 7 new projects to come on stream Production Production target of 475-495 mmboe Exploration RRR 100%…
  27. August 2015 Investor Presentation – CNOOC Limited – slide 27
    WWW.CNOOCLTD.COM

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