According to the Zhitong Finance App, CNOOC (00883) announced results for the first quarter of 2024. The group achieved operating income of 111,468 billion yuan (RMB, same below) during the period, an increase of 14.1% over the previous year; net profit to mother was 39.719 billion yuan, an increase of 23.7% over the previous year; and basic earnings per share were 0.84 yuan.
The announcement said that in the first quarter of 2024, the global economy showed resilience, and the momentum for China's economic recovery gradually increased. International oil prices fluctuated upward, and the average price of Brent crude oil futures was 81.76 US dollars/barrel, which was basically the same as the previous year. The company continued to step up oil and gas exploration and development efforts, and solidly promoted upgrading actions to improve quality and efficiency. Net oil and gas production grew steadily, the competitive cost advantage was consolidated, and net profit returned to mother reached a record high in the first quarter.
In the first quarter of 2024, the company achieved a total net output of 180 million barrels of oil equivalent, an increase of 9.9% over the previous year. Among them, China's net output was 123 million barrels of oil equivalent, up 6.9% year on year, mainly from production contributions brought about by the commissioning of new projects; overseas net production was 56.9 million barrels of oil equivalent, up 16.9% year on year, mainly due to increased production in Guyana and Canada.