CNOOC(600938)2023-04-27 16:00Financial Performance - The company's operating revenue for Q1 2023 was RMB 97,711 million, representing a 7.5% increase compared to RMB 90,898 million in Q1 2022[8] - The net profit attributable to shareholders for Q1 2023 was RMB 32,113 million, showing a decrease of 6.38% from the previous year[13] - The company's oil and gas sales revenue reached approximately RMB 74.2 billion, a decrease of 9.9% year-on-year, primarily due to lower realized prices despite increased sales volume[35] - The net profit attributable to shareholders was RMB 32.11 billion, down 6.4% year-on-year[35] - Total operating revenue for Q1 2023 reached 97,711 million, an increase of 7.9% compared to 90,898 million in Q1 2022[43] - Net profit for Q1 2023 was 32,109 million, a decrease of 6.4% from 34,300 million in Q1 2022[46] - Basic earnings per share for Q1 2023 were 0.68, down from 0.77 in Q1 2022, a decrease of 11.7%[49] Sales and Production - Oil and gas sales revenue decreased by 9.9% to RMB 74,196 million, with oil liquid sales down by 13.6% to RMB 63,283 million, while natural gas sales increased by 19.9% to RMB 10,913 million[8] - In Q1 2023, the company achieved a total net production of 163.9 million barrels of oil equivalent, an increase of 8.6% year-on-year[34] - Domestic net production was 115.3 million barrels of oil equivalent, up 5.5% year-on-year, mainly due to contributions from new projects[34] - Overseas net production reached 48.6 million barrels of oil equivalent, an increase of 16.6% year-on-year, primarily from increased output in Guyana and Brazil[34] Capital Expenditures and Investments - Capital expenditures for exploration and development increased significantly, with exploration costs rising by 26.9% to RMB 4,919 million and development costs up by 78.1% to RMB 15,804 million[8] - Capital expenditures for the quarter were approximately RMB 24.74 billion, an increase of 46.1% year-on-year, driven by increased exploration and ongoing project work[35] - The company made 2 new discoveries and successfully evaluated 6 oil and gas structures during the quarter, with new projects on track for production within the year[34] Cash Flow and Assets - The net cash flow from operating activities increased by 31.84% to RMB 51,968 million, attributed to higher cash inflows from oil and gas sales[17] - Cash flow from operating activities for Q1 2023 was 51,968 million, compared to 39,416 million in Q1 2022, representing a 31.9% increase[50] - Total assets at the end of Q1 2023 were RMB 961,159 million, reflecting a 3.46% increase from RMB 929,031 million at the end of the previous year[5] - Current assets totaled 292,285 million as of March 31, 2023, an increase of 10.5% from 264,679 million at the end of 2022[42] - The company reported a significant increase in cash and cash equivalents, rising to 142,271 million from 121,387 million, a growth of 17.2%[42] Equity and Liabilities - The equity attributable to shareholders increased by 4.78% to RMB 625,740 million compared to RMB 597,182 million at the end of the previous year[5] - The company's total liabilities amounted to RMB 334.22 billion, compared to RMB 330.65 billion in the previous period[32] - The total equity attributable to shareholders was RMB 625.74 billion, up from RMB 597.18 billion in the previous period[32] - The company's total liabilities increased to 236,103 million as of March 31, 2023, compared to 233,678 million at the end of 2022, a rise of 1.8%[42] Pricing and Market Conditions - The average realized price for oil liquids decreased by 23.9% to USD 74.17 per barrel, while the average price for natural gas remained relatively stable at USD 8.33 per thousand cubic feet[8] - The average realized oil price was 8.33 per thousand cubic feet[35] Research and Development - The company’s research and development expenses for Q1 2023 were 351 million, up from 225 million in Q1 2022, reflecting a 56.0% increase[43]