中国海油(600938) - 2022 Q2 - 季度财报

Financial Performance - In the first half of 2022, the company achieved its best historical performance for the same period, driven by effective exploration and development efforts[12]. - The company achieved a net profit of RMB 71.89 billion for the first half of the year, a significant increase of 115.7% compared to the same period last year[15]. - The company's operating revenue for the first half of the year was RMB 202.36 billion, up 84% year-on-year[15]. - The basic earnings per share increased to RMB 1.57, reflecting a growth of 109% compared to the previous year[16]. - The company reported a total profit for the six months ended June 30, 2022, of RMB 97,898 million, representing a 117.5% increase compared to RMB 44,973 million in the previous year[115]. - The gross profit margin improved significantly, with gross profit reaching RMB 111,117 million, resulting in a gross margin of approximately 54.8%[115]. - The company reported a net cash flow from operating activities of RMB 102.23 billion, an increase of 59% year-on-year[15]. - The company’s total comprehensive income for the six months ended June 30, 2022, was RMB 18,529 million, compared to RMB 3,577 million for the same period in 2021, indicating a significant increase of approximately 418%[124]. Exploration and Development - Significant oil and gas discoveries were made in the Bohai Sea, including two major discoveries at Bozhong 26-6 and Bozhong 19-2, further solidifying the resource base[12]. - The Stabroek project in Guyana yielded five new discoveries, with recoverable resources estimated at approximately 11 billion barrels of oil equivalent[12]. - The company achieved 9 new discoveries and successfully evaluated 16 oil and gas structures in the first half of the year, reinforcing its resource base for sustainable development[26]. - The company completed 152 exploration wells in the first half of the year, including 7 overseas and 31 unconventional onshore wells, and collected 10,167 square kilometers of 3D seismic data[27]. - The company successfully launched major projects including the Weizhou 12-8 oil field and the Guyana Liza Phase II project, contributing to the production increase[28][35]. Technological Innovation - The company made breakthroughs in offshore shale oil exploration and successfully completed hydraulic fracturing in onshore deep coalbed methane wells[12]. - The company has successfully implemented the "Deep Sea No. 1" energy station and installed Asia's first deepwater jacket platform, "Haiji No. 1"[13]. - The company made significant progress in technology innovation, including the successful installation of Asia's first ultra-deepwater jacket platform, enhancing its capabilities in deepwater oil and gas field development[36]. - The company is actively exploring new models for offshore "carbon-negative" industries and has initiated China's first large-scale CCS/CCUS cluster research project[14]. Financial Position - The company's total assets reached RMB 919.81 billion, reflecting a year-on-year increase of 17%[15]. - The company's overseas assets amounted to RMB 407,897 million, accounting for 44% of total assets, with overseas subsidiary China National Offshore Oil International Co., Ltd. generating RMB 48,256 million in revenue[90]. - The company reported a total of RMB 161,364 million in cash and cash equivalents, representing 18% of total assets, up 102% from RMB 79,730 million last year[89]. - The company’s total liabilities included RMB 57,488 million in other payables, a significant increase of 631% due to the declaration of special dividends[89]. - The company’s total liabilities amounted to RMB 370,001 million, representing a 21.5% increase from RMB 304,593 million at the end of 2021[113]. Shareholder Information - CNOOC (BVI) Limited holds 28,772,727,268 shares, representing 64.44% of the issued Hong Kong shares[68]. - China National Offshore Oil Corporation (CNOOC) owns 29,112,507,273 shares, accounting for 65.21% of the total issued shares[68]. - The company had 214,019 common stock shareholders as of the report date, with 212,399 A-share holders and 1,620 Hong Kong stock holders[105]. - The largest shareholder, China National Offshore Oil Corporation (CNOOC) BVI, holds 28,772,727,268 shares, representing 60.40% of total shares[106]. - The report highlights that the majority of the top shareholders are state-owned enterprises, indicating a strong government influence in the company[106]. Risk Management - The company faces risks from macroeconomic factors, including the impact of geopolitical tensions and the COVID-19 pandemic on oil and gas supply and demand[42]. - The company is exposed to market risks due to fluctuations in oil and gas prices, which can significantly affect its business and cash flow[46]. - The company has a high concentration of sales to major customers, which poses a risk if any key customer significantly reduces purchases[53]. - The company is actively developing new suppliers to mitigate risks associated with high supplier concentration in its service procurement[54]. Environmental and Social Responsibility - The company emphasizes sustainable development and has made significant progress in enhancing its resource foundation[12]. - The company is advancing its green low-carbon initiatives, including the large-scale use of green electricity on offshore platforms, expected to consume 186 million kilowatt-hours of green electricity this year[37]. - The company has implemented measures to reduce carbon emissions, including increasing the proportion of natural gas production and expanding offshore oil and gas field electrification[81]. - The company is committed to ecological protection and pollution prevention, adhering to relevant environmental laws and regulations[80]. - The company continues to promote rural revitalization and improve rural living conditions[82]. Corporate Governance - The financial report is prepared in accordance with both Chinese and international accounting standards, ensuring transparency and compliance[3]. - The audit committee reviewed the interim results for the six months ending June 30, 2022, which were unaudited[70]. - The company has complied with all provisions of the Corporate Governance Code during the six months ending June 30, 2022[72]. - The company reported that all directors confirmed compliance with the ethical standards required by the company's code during the six months ending June 30, 2022[73]. - The company experienced a change in executive leadership with the appointment of a new CEO on April 28, 2022[74].