CNOOC (883) Q4 2024 earnings summary

Executive summary

• Achieved record-high production and reserves in 2024, with oil and gas output reaching 726.8 million BOE, up 7.2% year-over-year, supported by both China and overseas operations.

• Net profit attributable to equity shareholders rose 11.4% to RMB137.9 billion, outperforming major global peers and driven by increased reserves, production, and efficiency.

• Maintained strong cost competitiveness with all-in cost per BOE at US$28.52 and cost per barrel reduced by 5.3%.

• Advanced green and low-carbon initiatives, including offshore wind, CCUS, and digital transformation.

• Annual dividend increased 12% to HK$1.40 per share, with a payout ratio of 44.7%.

Financial highlights

• Net profit attributable to equity shareholders: RMB137.9 billion, up 11.4% year-over-year; basic EPS grew 11.5% to RMB2.90.

• Operating cash flow: RMB220.9 billion, up 5.3%; free cash flow: RMB97.5 billion.

• Total assets reached RMB1,056.3 billion; equity attributable to shareholders rose 12.1% to RMB747,548 million.

• Capital expenditure was RMB132.5 billion, supporting reserves and production growth.

• Gearing ratio improved to 10.9%, reflecting lower debt and higher equity.

Outlook and guidance

• 2025 production target set at 760–780 million BOE; reserve replacement ratio to be no less than 130%.

• Capital expenditure for 2025 expected at RMB125–135 billion.

• Dividend payout policy for 2025–2027 set at no less than 45%, subject to shareholder approval and market review.

• Continued focus on productivity, green transformation, and technology innovation.