CNOOC(600938)2022-10-27 16:00Financial Performance - Total revenue for Q3 2022 reached RMB 108,790 million, an increase of 70.99% year-on-year[2] - Net profit attributable to shareholders was RMB 36,881 million, reflecting a year-on-year growth of 89.06%[2] - Net profit excluding non-recurring gains and losses was RMB 36,375 million, up 91.58% compared to the same period last year[3] - Basic earnings per share for Q3 2022 was RMB 0.77, representing a 75.00% increase from the previous year[3] - The company reported a total comprehensive income of RMB 131,379 million for Q3 2022, compared to RMB 52,531 million in Q3 2021, marking an increase of 150%[24] - Net profit attributable to shareholders of the parent company for Q3 2022 was RMB 108,768 million, compared to RMB 52,837 million in Q3 2021, reflecting a growth of 105%[24] - Earnings per share for Q3 2022 were RMB 2.34, compared to RMB 1.18 in Q3 2021, representing an increase of 98%[24] Cash Flow and Assets - Operating cash flow for the first nine months of 2022 was RMB 166,892 million, an increase of 59.49% year-on-year[3] - Cash and cash equivalents stood at RMB 149.36 billion as of September 30, 2022, compared to RMB 79.73 billion at the end of 2021, representing an increase of approximately 87.2%[20] - The cash and cash equivalents at the end of Q3 2022 amounted to RMB 104,111 million, up from RMB 42,283 million at the end of Q3 2021, showing an increase of 146%[27] - The net cash flow generated from operating activities for the first three quarters of 2022 was RMB 166,892 million, up from RMB 104,642 million in the same period of 2021, indicating a rise of 59%[25] - The company experienced a significant increase in cash inflow from operating activities, totaling RMB 327,666 million in the first three quarters of 2022, compared to RMB 176,248 million in the same period of 2021, an increase of 86%[25] Production and Sales - Oil and gas sales revenue for Q3 2022 was RMB 89,206 million, a 53.7% increase year-on-year[7] - In the first three quarters of 2022, the company achieved a net production of 461.5 million barrels of oil equivalent, a year-on-year increase of 9.3%, setting a historical record for the same period[14] - The total production of natural gas in Q3 2022 was 140.7 billion cubic feet, compared to 119.8 billion cubic feet in Q3 2021, showing an increase of about 17.5%[17] - In Q3 2022, total oil equivalent production reached 106.9 million barrels, a significant increase from 100.1 million barrels in the same period of 2021, representing a growth of approximately 6.8%[17] - The total net production of oil liquids in China for Q3 2022 was 83.0 million barrels, compared to 79.8 million barrels in Q3 2021, indicating a year-over-year increase of about 2.5%[17] Capital Expenditures and Investments - Capital expenditures for exploration in Q3 2022 were RMB 4,731 million, a 8.9% increase compared to the same period last year[8] - The company’s capital expenditure reached approximately RMB 68.69 billion, a year-on-year increase of 20.6%, due to increased workload[14] - The company plans to expand its market presence and invest in new technologies to enhance production efficiency and sustainability[22] Assets and Liabilities - Total assets at the end of Q3 2022 amounted to RMB 934,962 million, an increase of 18.87% from the end of the previous year[3] - The total liabilities increased to RMB 366.13 billion as of September 30, 2022, compared to RMB 304.59 billion at the end of 2021, marking an increase of about 20.2%[21] - The company reported a total of 300.63 billion in current assets as of September 30, 2022, compared to 207.98 billion in the previous year, indicating a growth of about 44.4%[20] - The company’s oil and gas assets reached RMB 498.32 billion as of September 30, 2022, up from RMB 458.87 billion at the end of 2021, reflecting an increase of approximately 8.6%[20] Operational Highlights - The company made 14 new discoveries and successfully evaluated 20 oil and gas structures in the first three quarters of 2022[14] - The company successfully put 6 projects into production during the first three quarters, with other new projects progressing steadily[14] - The company launched its first independently developed deep-water subsea production system, which is significant for the effective development of deep-water oil and gas fields in the South China Sea[15] - The average realized price for oil liquids was USD 95.80 per barrel, a 36.1% increase year-on-year[8] - The average realized oil price was 8.14 per thousand cubic feet, up 20.2% year-on-year[14] - The average cost per barrel of oil was well controlled at $30.29[14]