CNOOC Limited's 2024 Annual Results Showcase Market Resilience

Author: Ryan Hughes Updated: 03-27-2025 05:11 AM

Impressive Growth in Reserves and Production

CNOOC Limited announced exceptional progress in its recent annual results, showcasing a growth in reserves and production that reached new heights. The company reported an impressive increase in net profit attributable to equity shareholders, reflecting its solid performance in a challenging economic environment.

Strong Financial Performance and Dividends

The financial report highlighted that reserves and production both surged by over 7%. Furthermore, CNOOC Limited declared a full-year dividend of HK$1.40 per share, marking a 12% increase year-on-year. This reflects the company’s commitment to delivering value to its shareholders.

Operational Efficiency and Production Potential

CNOOC Limited made significant strides in maximizing its production potential. For 2024, the company announced a net oil and gas production of 726.8 million barrels of oil equivalent (BOE), demonstrating a year-on-year increase of 7.2%. This was driven by successful projects within China and abroad, including contributions from key oilfields.

Innovative Exploration and Resource Expansion

The company adhered to a value-driven exploration strategy, leading to 11 new oil and gas discoveries throughout the year. By the close of 2024, CNOOC’s net proved reserves had reached 7.27 billion BOE, experiencing a growth of 7.2% from the previous year.

Technological Innovations Driving Growth

CNOOC Limited has continuously focused on innovation, resulting in breakthroughs in exploration and development techniques. The launch of Asia's first cylindrical FPSO and the tallest deepwater jacket platform exemplifies its commitment to enhancing operational efficiency.

Commitment to Sustainable Development

The company has prioritized sustainable practices, ensuring the safety of operations while exploring pathways for green transitions. CNOOC Limited successfully navigated challenges, such as extreme weather conditions, demonstrating resilience in maintaining stable operations across its offshore platforms.

Community Contributions and Corporate Social Responsibility

In its pursuit of corporate responsibility, CNOOC Limited has created over 22,000 jobs globally and implemented numerous community development initiatives. Programs aimed at local talent development have been especially impactful, garnering recognition for their contributions to poverty reduction.

Future Outlook and Shareholder Value

Chairman Mr. Wang Dongjin expressed optimism for the company's future, emphasizing the strategic focus on technology and efficiency to sustain growth. CNOOC Limited plans to continue rewarding shareholders with stable dividends while exploring avenues for high-quality development.

Frequently Asked Questions

What were CNOOC Limited's key achievements for 2024?

CNOOC Limited achieved a 7% growth in reserves and production, with net profit rising by 11.4% and a dividend increase of 12% per share.

How much oil and gas did CNOOC Limited produce in 2024?

The company reported net production of 726.8 million BOE, reflecting a 7.2% year-on-year increase.

What innovations did CNOOC Limited implement?

Innovations included the launch of Asia's first cylindrical FPSO and advancements in digital and intelligent transformation of its operations.

How does CNOOC Limited contribute to sustainability?

CNOOC Limited focuses on green and low-carbon production, managing operational challenges effectively and advancing carbon-neutral projects.

What is the long-term outlook for CNOOC Limited?

The company aims to enhance reserves and production quality, ensuring stable dividends and pursuing a path of high-quality growth.

About The Author

Hello, my name is Ryan Hughes. I am a financial, economics, and stock market specialist committed to assisting people in negotiating the intricacies of the financial system. Having a great deal of experience and a thorough grasp of market dynamics and economic trends, my area of expertise is converting complex financial ideas into understandable, practical knowledge. By use of my articles and blog entries, I hope to give you the information and assurance you need to make wise financial choices.

I've had the honor of interacting with a wide range of readers as a writer for several financial blogs, from new investors to seasoned market participants. To enable you to reach your financial goals, I want to make finance, economics, and stock market trends understandable and approachable. I appreciate you traveling with me toward success and financial literacy.

Contact Ryan Hughes privately here. Or send an email with ATTN: Ryan Hughes as the subject to contact@investorshangout.com.

About Investors Hangout

Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/

The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.