On the evening of March 21, CNOOC released its 2023 annual results. Thanks to a significant increase in production and effective cost control, CNOOC achieved revenues of 416.6 billion yuan in 2023, with net profit attributable to shareholders reaching 123.8 billion yuan, maintaining strong profitability. The company’s cash position is robust, with ample free cash flow totaling 88.87 billion yuan.
　　At the earnings briefing, Wang Dongjin, Chairman of CNOOC, stated: “In 2023, CNOOC achieved another record high in both reserves and production, successfully completing all its annual production targets. CNOOC will accelerate the development of new drivers and advantages for high-quality growth, continuously enhancing its energy supply capacity, its capability for technological innovation, and its ability to create value.”
　　Strong cost control
　　In 2023, CNOOC further strengthened its cost competitiveness, with the major cost per barrel of oil coming in at $28.83, a year-on-year decrease of 5.1%. According to its annual report, thanks to a substantial increase in production and effective cost control, CNOOC achieved operating revenue of 416.609 billion yuan in 2023, down 1.3% year-on-year; net profit attributable to shareholders reached 123.843 billion yuan, a year-on-year decline of 12.6%. The company maintains a strong cash position and boasts ample free cash flow, totaling 88.87 billion yuan.
　　At the earnings briefing, Wang Xin, Chief Financial Officer of CNOOC, announced that the board of directors has recommended a final dividend of HK$0.66 per share (including tax). The company’s full-year dividend for 2023 totaled HK$1.25 per share (including tax), with a dividend payout ratio of 43.6%.
　　Faced with a complex external environment characterized by slowing global economic growth and declining international crude oil prices, CNOOC has been promoting high-quality development, achieving record highs in both reserves and production. According to disclosed data, in 2023, CNOOC’s net oil and gas production reached 678 million barrels of oil equivalent, an increase of 8.7% year-on-year. The company continues to accelerate its production growth, setting new historical records for five consecutive years. From 2019 to 2023, the compound growth rate of net production reached 7.6%, placing CNOOC among the industry leaders in terms of growth speed.
　　In 2023, CNOOC continued to enhance the efficiency of oilfield development. The natural decline rate of its offshore producing oilfields steadily declined, and the production uptime remained at a high level. The Bohai Oilfield firmly maintained its position as China's largest crude oil production base, while Guyana and Brazil continued to serve as key regions driving overseas production growth.
　　In terms of exploration and development, CNOOC made a total of 9 new discoveries in 2023 and successfully evaluated 22 oil- and gas-bearing structures, with net proven reserves reaching 6.78 billion barrels of oil equivalent.
　　Adhere to green development.
　　In 2023, CNOOC completed capital expenditures of 129.6 billion yuan, with several key projects successfully coming on stream, and more than 40 projects currently under construction.
　　Regarding the company’s 2024 work objectives, Wang Xin stated that capital expenditures will range from 125 billion to 135 billion yuan, and production will be between 700 million and 720 million barrels of oil equivalent. The company will steadily advance three major projects and implement the “Quality Improvement, Efficiency Enhancement, and Upgrade” initiative, continuously enhancing its value-creation capabilities and delivering greater returns to shareholders.
　　In 2023, CNOOC advanced its efforts to achieve self-reliance and self-strengthening in science and technology, continuously enhancing its capability to tackle key core technologies and making steady progress in digital and intelligent transformation. The “Deep Sea No. 1” became the world’s first ultra-large-scale deepwater platform equipped with remote-control production capabilities. The Liuhua oilfield achieved remote production under typhoon conditions for the first time, and the core business of the Qinhuangdao 32-6 smart oilfield reached a 90% digital coverage rate.
　　CNOOC adheres to a green development strategy, controlling energy consumption and carbon emission intensity at the source and striving to increase the share of clean energy production. The company is strengthening its natural gas business. At sea, the first trillion-cubic-meter gas field in the Bohai Sea—the Phase I development project of the Bozhong 19-6 condensate gas field—has been successfully put into operation. Onshore, three major unconventional natural gas industrial bases have already been established. In addition, offshore wind power and offshore carbon dioxide storage projects have been gradually commissioned, yielding tangible results in green development.