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2024-04-25 16:32:11 CNOOC (00883.HK) announced its results for 1Q ended March this year under China's corporate accounting standards. Revenue was RMB111.468 billion, increasing 14.1% YoY. Net profit reached RMB39.719 billion, lifting 23.7% YoY, with an EPS of RMB0.84. During 1Q24, CNOOC achieved a total net production of 180 million barrels of oil equivalent (BOE), rising 9.9% YoY. Net production from China increased by 6.9% YoY to 123 million BOE, mainly due to the contribution from new projects. Overseas net production increased by 16.9% YoY to 56.9 million BOE, mainly due to the increased production in Guyana and Canada. The company made 2 new discoveries and successfully appraised 4 oil and gas-bearing structures in the quarter. The unaudited oil and gas sales revenue of CNOOC reached about RMB89.98 billion in 1Q24, inclining 21.3% YoY, mainly due to the higher oil and gas sales volumes and higher realised oil prices. All-in cost was US$27.59 per BOE, representing a YoY decrease of 2.2%. During the quarter, the company’s average realised oil price increased 6.2% YoY to US$78.75 per barrel, and the average realised gas price was US$7.69 per thousand cubic feet, decreasing 7.7% YoY. For 1Q, CNOOC’s capital expenditures amounted to approximately RMB29.01 billion, up 17.3% YoY as a result of increased workloads of projects under construction and adjustment wells. ~ AAStocks Financial News Web Site: www.aastocks.com | |