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 Cnooc plans share buybacks after file revenue on expensive oil
February 27, 2022

Cnooc plans share buybacks after file revenue on expensive oil

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Cnooc Ltd plans to implement share buybacks and assure dividends by means of 2024 after its earnings soared to a file final yr.

China’s greatest offshore driller reported 70.3 billion yuan ($11 billion) in internet earnings in 2021, rebounding from a three-year low in 2020 on rising manufacturing and better costs, it mentioned in its annual report Wednesday. Oil and fuel output rose 8.5% to 573 million barrels of oil equal.

Cnooc plans to suggest at its shareholder assembly annual dividends of at the least 40% of earnings from 2022 to 2024, with an absolute dividend of at the least HK$0.70 per share, in keeping with its annual presentation. It additionally plans to implement share buybacks this yr. It’s 2021 dividend allocation will solely be introduced after a deliberate itemizing in Shanghai.

It’s too early to say whether or not the corporate would add any extra investments in Russia, Chairman Wang Dongjin mentioned on a convention name Tuesday. Its solely funding within the nation is a stake in Novatek PJSC’s Arctic LNG 2 mission, which is within the early levels of growth and progressing usually, he mentioned.

World oil costs averaged $71 a barrel final yr, up from $43 in 2020, because the world’s economic system recovered from the pandemic. Good points have accelerated this yr after Russia’s invasion of Ukraine raised fears about provide shortages.

The state-owned firm is concentrating on capital expenditures of 90 billion to 100 billion yuan this yr, up from 88 billion in 2021, as China seeks to extend oil and fuel output to cut back reliance on imported gas. Cnooc’s Bohai Bay manufacturing hub final yr grew to become the nation’s largest, and nonetheless has room to develop.

The agency expects to extend output about 5.6% this yr after boosting reserves to five.7 billion barrels of oil equal in 2021, the best in firm historical past.

Cnooc can be making an attempt to carve out a job within the nation’s rising clear vitality sector, in search of to make use of its engineering prowess to grow to be a significant participant in offshore wind energy tasks.

The corporate has deliberate a 35 billion yuan IPO on the Shanghai Inventory Trade that might additionally bolster upstream drilling and funding for its new renewable phase. The China Securities Regulatory Fee gave written approval for the itemizing Wednesday, and Cnooc will conduct preliminary value consultations April 6 and seven.

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