2019 First Quarter Review
Financial and Operating Highlights for the Quarter Ended March 31, 2019
Disclaimer
This presentation includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company's expectations, including those associated with fluctuations in crude oil and natural gas prices, the exploration or development activities, the capital expenditure requirements, the business strategy, whether the transactions entered into by the Group can complete on schedule pursuant to the terms and timetable or at all, the highly competitive nature of the oil and natural gas industries, the foreign operations, environmental liabilities and compliance requirements, and economic and political conditions in the People's Republic of China. For a description of these risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year.
Consequently, all of the forward-looking statements made in this presentation are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realized or, even if substantially realized, that they will have the expected effect on the Company, its business or operations.
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Overview
Operation Highlights
Financial Results
Net production remained stable YoY and reached 120.1 mm boe
4 new discoveries and 10 successful appraisal wells
Egina oil field and Huizhou 32-5 oil field comprehensive adjustment/Huizhou 33-1 oil field joint development project came on stream, other new projects progressed smoothly
Oil and gas sales revenue of RMB 42.05 billion, down 1.1% YoY
Capex of RMB 14.08 billion, up 45.8% YoY
Realized oil price of US$ 60.78/bbl, down 4.3% YoY
Realized gas price of US$ 6.88/mcf, up 6.3% YoY
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Production Summary
2019Q12018Q1
Crude and | Natural Gas | Total | Crude and | Natural Gas | Total | |
Liquids | Liquids | |||||
(mm bbls) | (bcf) | (mm boe) | (mm bbls) | (bcf) | (mm boe) | |
China | ||||||
Bohai | 38.7 | 15.0 | 41.2 | 38.8 | 15.0 | 41.3 |
Western South China Sea | 9.5 | 26.3 | 14.0 | 9.5 | 24.6 | 13.6 |
Eastern South China Sea | 16.9 | 34.6 | 22.7 | 16.7 | 26.8 | 21.2 |
East China Sea | 0.4 | 4.6 | 1.2 | 0.4 | 5.3 | 1.3 |
Subtotal* | 65.5 | 80.6 | 79.3 | 65.5 | 71.9 | 77.5 |
Overseas | ||||||
Asia (Ex. China) | 2.9 | 13.5 | 5.2 | 6.2 | 14.1 | 8.8 |
Oceania | 0.1 | 3.9 | 0.9 | 0.3 | 6.8 | 1.6 |
Africa | 8.9 | - | 8.9 | 5.9 | - | 5.9 |
North America (Ex. Canada) | 5.2 | 11.9 | 7.2 | 4.5 | 11.9 | 6.4 |
Canada | 6.2 | 1.3 | 6.4 | 5.8 | 3.5 | 6.3 |
South America | 2.9 | 13.9 | 5.3 | 2.6 | 15.2 | 5.2 |
Europe | 6.6 | 1.3 | 6.9 | 7.9 | 2.3 | 8.3 |
Subtotal | 32.8 | 45.9 | 40.8 | 33.1 | 53.8 | 42.6 |
Total** | 98.3 | 126.5 | 120.1 | 98.6 | 125.7 | 120.1 |
*Including other production from onshore China, which is approximately 0.3 mm boe in Q1 2019 and approximately 0.04 mm boe in Q1 2018.
**Including our interest in equity-accounted investees, which is approximately 5.1 mm boe in 2019 Q1 and 5.2 mm boe in 2018 Q1. In 2019 Q1, production percentage of China and overseas was 66% v.s. 34%; Crude liquids and natural gas was 82% v.s. 18%.
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Revenues and Capital Expenditure
(unaudited) | 2019Q1 | 2018Q1 | Change | 2019Q1 | 2018Q1 |
RMB millions | % | USD millions* | |||
Sales Revenue | |||||
Crude and Liquids | 36,787 | 38,001 | -3.2% | 5,466 | 5,977 |
Natural Gas | 5,262 | 4,535 | 16.0% | 782 | 713 |
Marketing Revenue, net | 682 | 341 | 100.0% | 101 | 54 |
Others | 1,468 | 1,798 | -18.4% | 218 | 283 |
Total Revenue | 44,199 | 44,675 | -1.1% | 6,567 | 7,027 |
Capital Expenditures** | |||||
Exploration | 3,284 | 1,901 | 72.8% | 488 | 299 |
Development | 8,036 | 5,963 | 34.8% | 1,194 | 938 |
Production | 2,571 | 1,775 | 44.8% | 382 | 279 |
Others | 185 | 16 | 1056.3% | 27 | 3 |
Total Capex | 14,076 | 9,655 | 45.8% | 2,091 | 1,519 |
Average Realized Prices | |||||
Oil (US$/bbl) | 60.78 | 63.50 | |||
Gas (US$/mcf) | 6.88 | 6.47 |
*Converted to US dollars at RMB6.7303=USD1.00 for 2019Q1; RMB6.3582=USD1.00 for 2018Q1.
**Excluding capitalized interests of RMB 784 million and RMB 578 million in 2019 Q1 and 2018 Q1 respectively.
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CNOOC Limited published this content on 25 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 April 2019 09:17:08 UTC