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CNOOC Ltd.$165.39$3.742.31%

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 CNOOC Ltd. 2014 net profits at 60.2 bln yuan up 6.6 pct on yr
   Friday, March 27, 2015 9:28:01 AM ET

China-based offshore oil producer CNOOC Ltd. (CEO.NYSE; 00883.HK) Friday said it realized 60.2 billion yuan of net profits in 2014 up 6.6 percent year on year.

The operating results beat market expectation amid the backdrop of crude oil slump in the second half of 2014.

The board of CNOOC Ltd. suggested a year-end dividend of 0.32 HK dollars per share with basic earning per share at 1.35 yuan in 2014.

The averaged realized crude oil price with CNOOC Ltd. was 96.04 US dollars in 2014, down 8.2 percent year on year. Averaged realized natural gas price grew 11.4 percent to 6.44 US dollars per thousand cubic feet in 2014.

CNOOC Ltd. posted 218.21 billion yuan of annual sales revenues of oil and natural gas in 2014, down 3.6 percent year on year. Annual net oil and gas production met target and totaled 432.5 million BOE, up 5.1 percent year on year.

However, all-in cost with CNOOC Ltd. dropped 6 percent to 42.3 US dollars per barrel oil equivalent (BOE) in 2014.

CNOOC Ltd. had 107 billion yuan of capital expenditure in 2014, increasing 17.7 percent from 2013.

By the end of 2014, CNOOC Ltd. had around 4.48 billion BOE of net proven reserves and reserve replacement ratio stood at 112 percent in 2014.

CNOOC Ltd. focused on cost control and production and operation efficiency, said Li Fanrong, chief executive officer (CEO) with the company.

"The company would adjust its operating strategy to adjust to a more complex and changing environment in order to meet all targets of the year," Li said.

However, CNOOC Ltd. has decided to cut capital expenditure by 26 percent to 35 percent in 2015 in a bid to have sound cash flows amid low oil prices. The capital expenditure with exploration, development and production would all see deep cuts in 2015.

CNOOC Ltd. is aimed to generate 475 million to 495 million BOE of oil and natural gas in 2015 with year on year expansion of 9.8 percent to 14.5 percent.

It’s expected to have seven new projects come into operation in 2015 including Bozhong 28-34 comprehensive adjustment project and Kenli10-1. (Edited by Liu Yanan, liuyn@xinhua.org)



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