History
CNOOC, an offshore explorer, raised US$1.5 billion in bonds and made new discoveries in 2019-2021, while facing NYSE delisting proceedings for its ADSs.
2019-2020: Borrowing, results and new finds
CNOOC Limited explores for oil and gas mainly offshore China. In September 2019 it priced a US$1.5 billion bond offering through its wholly-owned subsidiary CNOOC Finance (2013) Limited, guaranteed by the company. US$1.0 billion of 2.875% notes fall due in 2029 and US$500 million of 3.300% notes in 2049. Net proceeds of about US$1.49 billion were for general corporate purposes. The share count stayed at 44,647,455,984 from 2017 through 2020, so the record shows no new shares issued in this period.
In March 2020 the company reported 2019 results: net profit of RMB61.05 billion, up from RMB52.68 billion, record net production of 506.5 million barrels of oil equivalent (BOE), and a 144% reserve replacement ratio. The board recommended a final dividend of HK$0.45 per share. Leadership changed in 2019, with Xu Keqiang becoming CEO. The company warned of low oil prices and COVID-19, and promised tighter cost control.
Exploration continued. In March 2020 it announced Kenli 6-1 in Bohai Bay, a large oil discovery whose test well flowed about 1,178 barrels a day. In June it announced Huizhou 26-6 in the Eastern South China Sea, a new exploration area for the company, where a well tested at about 2,020 barrels of oil and 15.36 million cubic feet of gas a day.
2021: Delisting proceedings in New York
In April 2021 CNOOC filed its 2020 Environmental, Social and Governance report. It put year-end 2020 net proved reserves at about 5.37 billion BOE, up from 5.18 billion, and average daily net production at 1,443,201 BOE. The Bozhong 19-6 pilot project had come onstream in 2020, and Lingshui 17-2 was scheduled to start production in 2021.
The report also disclosed that on February 26, 2021 the NYSE announced it would begin delisting proceedings for the company's American depositary shares (ADSs, which are U.S.-traded certificates representing its shares). On March 10, 2021 the company requested a review. As of the latest filings, the outcome was not known. By September 2021 the company had also named itself and its controlling shareholder as being on a U.S. sanctions list of companies with alleged ties to the Chinese military.
Written from the 5 story beats below (2019 to 13 Apr 2021), which come from the company's own announcements and filings.