2020 First Quarter Review Financial and Operating Highlights for the Quarter Ended March 31, 2020 1
Overview Net production of 131.5 mm boe, up 9.5% YoY Operation Highlights 2 new discoveries and 21 successful appraisal wells Liza oilfield phase 1 came on stream at the end of 2019, other new projects progressed well Oil and…
Production Summary 2020 Q1 2019 Q1 Crude and Natural Gas Total Crude and Natural Gas Total Liquids Liquids (mm bbls) (bcf) (mm boe) (mm bbls) (bcf) (mm boe) China Bohai 41.2 14.0 43.6 38.7 15.0 41.2 Western South China Sea 9.9 37.4…
Revenues and Capital Expenditure 2020 Q1 2019 Q1 Change 2020 Q1 2019 Q1 (unaudited) RMB millions % USD millions* Sales Revenue** Crude and Liquids 33,984 36,787 -7.6% 4,872 5,466 Natural Gas 5,964 5,464 9.2% 855 812 Marketing…
Exploration Highlights Offshore China Bohai Overseas Well Type Status Bozhong 13-2-5 Appraisal Successful Eastern South China Sea Caofeidian 2-2-3 Appraisal Successful Well Type Status Kenli 10-1N-2d Appraisal Successful Guyana…
Successful Exploration Program Appraisal of Kenli 6-1 achieved new success Located in Laibei lower uplift of Bohai, with an average water depth of 19 meters 18 exploration wells were drilled in the structure in the Bohai first…
New projects in 2020 Expected Peak Working Project Location Status Startup Production Interests (boe/d) Commenced Liza oilfield phase 1 Guyana First half 120,000 25% production Penglai 19-3 oilfield block 4 adjustment/Penglai…
HSE Performance Health, safety and environmental protection are always our top priority OSHA statistics maintained at a good level in the first quarter Per 200,000 man hours 2020 Q1 2019 Q1 Rate of Recordable Cases 0.04…
Overcome the Impact of the COVID-19 Pandemic and Maintain Stable Production Operation Prevention and control Minimize the impact Set up an effective mechanism Exploration workload remained high Closely monitor the Companys pandemic…
Sharply Downturn of International Oil Prices In the first quarter, due to the COVID-19 pandemic and the unbalanced supply and demand, the international oil prices fell sharply and the market lowered the annual oil price forecast…
Adjustment of Annual Capex and Production Guidance 2020 Capex Plan 2020 Production Target (RMB bn) (mmboe) 100 600 85-95 520-530 75-85 505-515 80 38% 36% 30% 400 34% 60 40 200 62% 70% 64% 66% 20 0 0 Before Adjustment…
Respond to Future Challenges Maintain strategic focus, meet the challenge of low oil prices, strive to achieve the annual production and operation targets, and promote the Company's high-quality development. Focus on…
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