China’s CNOOC reserves hit a new high

On the evening of March 21, CNOOC released 2023 annual results. Thanks to the substantial increase in production and strong cost control, CNOOC achieved revenue of 416.6 billion yuan in 2023, and net profit of 123.8 billion yuan to the mother, maintaining strong profitability. The company’s cash position is good, and free cash flow is abundant, reaching 88.87 billion yuan.

At the performance presentation, Wang Dongjin, chairman of CNOOC, said: “In 2023, CNOOC’s reserves and production reached a new record high and successfully completed various production tasks throughout the year. Cnooc will accelerate the creation of new momentum and new advantages for high-quality development, and continuously improve energy supply capacity, scientific and technological innovation capacity and value creation capacity.”

In 2023, CNOOC further consolidated its cost competitive advantage, and the main cost per barrel of oil was $28.83, down 5.1% year-on-year. According to the annual report, thanks to the substantial increase in production and strong cost control, CNOOC achieved operating income of 416.609 billion yuan in 2023, down 1.3% year-on-year; Net profit attributable to the parent was 123.843 billion yuan, down 12.6 percent year on year. The company’s cash position is good, and free cash flow is abundant, reaching 88.87 billion yuan.