CNOOC achieves historically best performance in the same period, with a 25% year-on-year increase in net profit in the first half of the year | Financial Report Insights

On the evening of Wednesday, August 29th, CNOOC released its 2024 interim report.

1) Key Financial Data

Operating Income: The revenue for the first half of the year was RMB 226.77 billion, an 18% year-on-year increase. Among them, oil and gas sales revenue was RMB 185.11 billion, up 22% year-on-year;

Net Profit: The net profit attributable to the parent company for the first half of the year was RMB 79.731 billion, a 25% year-on-year increase. Non-GAAP net profit was RMB 79.197 billion, up 27% year-on-year; basic earnings per share for the first half of the year were RMB 1.68 per share, a 25% year-on-year increase;

Net Cash Flows from Operating Activities: The net cash flows from operating activities for the first half of the year were RMB 118.554 billion, a 19% year-on-year increase;

Oil and Gas Production: The net oil and gas production reached 362.6 million barrels of oil equivalent, up 9.3% year-on-year. By region, China's net oil and gas production was 247.6 million barrels of oil equivalent, up 7.1% year-on-year, mainly benefiting from the production contribution of oil and gas fields such as Kenli 6-1 and Bohai 19-6. Overseas net oil and gas production was 114.9 million barrels of oil equivalent, up 14.2% year-on-year, mainly due to the production growth brought by the Payara project in Guyana.

On Wednesday, CNOOC's stock price fell by 0.47%, with its Hong Kong stock price rising by over 63.8% year-to-date.

Double Increase in Oil and Gas Sales Volume and International Oil Prices, CNOOC's Revenue Up 18% Year-on-Year

CNOOC is China's largest offshore crude oil and natural gas producer and one of the world's largest independent oil and gas exploration and production companies, mainly engaged in the exploration, development, production, and sale of crude oil and natural gas. Currently, the company's core areas are the Bohai, western South China Sea, eastern South China Sea, and East China Sea in Chinese waters, with assets distributed across Asia, Africa, North America, South America, Oceania, and Europe.

CNOOC stated that the significant increase in revenue in the first half of the year was due to the combined impact of rising oil and gas sales volume and international oil prices. Among them, CNOOC's oil and gas sales revenue increased by 22% year-on-year, and oil and gas sales volume increased by 11.1% year-on-year.