① CNOOC's net assets attributable to shareholders of listed companies at the end of 2023 were 666.5 billion yuan, an increase of 12% over the previous year. ② CNOOC achieved net oil and gas production of 678 million barrels of oil equivalent in 2023, a record high for 5 consecutive years. ③ Regarding Chevron's acquisition of Hess, CNOOC director Xu Yugao said at the performance briefing that the company had filed an arbitration application with Hess on March 15.
Financial Services Association, March 21 (Reporter Xing Qixin) This evening, CNOOC (600938.SH, 00883.HK) released an annual report disclosing that in 2023, the company achieved operating income of 416.6 billion yuan, a year-on-year decrease of 1%; net profit to mother of 123.8 billion yuan, a year-on-year decrease of 13%; and net assets attributable to shareholders of listed companies were 666.5 billion yuan, an increase of 12% over the previous year.
In response to recent internet reports, ExxonMobil and CNOOC may exercise priority purchasing rights to prevent progress in Chevron's acquisition of Hess. Xu Yugao, secretary of the CNOOC board of directors, said at the performance briefing that the company had filed an arbitration application with Hess on March 15.
Xu Yugao told the Financial Federation reporter, “In fact, Exxon was the first to file an arbitration application, Hess was the second, and we were the last to file an arbitration application. These were all carried out in accordance with the provisions relating to the joint operation agreement signed with the partner at the time. In the rest of the work, we will use legal means to protect the interests of the company and the interests of shareholders to the greatest extent possible in accordance with the provisions of the terms and conditions.”
In October 2023, Chevron announced plans to acquire Hess (Hess) in an all-share transaction of 53 billion US dollars. The total corporate value of this transaction is 60 billion US dollars and is expected to be completed in the first half of 2024. In February of this year, Chevron provided documents showing that the above acquisition may not be completed as scheduled, mainly because the acquisition involved priority purchasing rights for the Guyana project.
Furthermore, at the results meeting, CNOOC explained the decline in performance, saying that it was mainly due to the decline in international oil prices.
In 2023, CNOOC achieved a sales volume of petroleum liquid of 514.5 million barrels, up 7.5% year on year. The average realized oil price was 77.96 US dollars/barrel, a decrease of about 19.3% year on year. Natural gas sales were 807.4 billion cubic feet, up 11.2% from the previous year. The average realized price of natural gas was 7.98 US dollars/thousand cubic feet, down about 7.0% from the previous year.
In terms of production, CNOOC achieved net oil and gas production of 678 million barrels of oil equivalent in 2023, a record high for 5 consecutive years. By the end of 2023, CNOOC had net proven reserves of about 6.78 billion barrels of oil equivalent.
In terms of exploration, CNOOC has been discovered in several billion-ton large oil fields and the first 100 billion square meter deep coalbed methane atmospheric field.
Referring to the progress of the exploration work, CNOOC CEO and CEO Zhou Xinhuai told CFC reporters at the performance briefing: “I personally think CNOOC still has good exploration prospects in offshore waters. The exploration results in recent years also confirm our view. It should be said that the whole is in the middle of exploration (work). As our exploration investment stabilizes, we can have good exploration discoveries with stable expectations.”