CNOOC LTD | CIK:0001095595 | 3

  • Filed: 4/19/2018
  • Entity registrant name: CNOOC LTD (CIK: 0001095595)
  • Generator: Unknown
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1095595/000095010318004942/0000950103-18-004942-index.htm
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    • ifrs-full:DisclosureOfOperatingSegmentsExplanatory

    5.        SEGMENT INFORMATION

     

    (a)         Segment results

     

    The Group is engaged worldwide in the upstream operating activities of the conventional oil and gas, shale oil and gas, oil sands and other unconventional oil and gas business. The Group reports the business through three operating and reporting segments: E&P, trading business and corporate. These segments are operating segments whose financial information are reviewed by the Group’s chief operating decision marker when making decisions regarding allocating resources and assessing performance. The geographical information is separately disclosed in (b).

     

     

    5         SEGMENT INFORMATION (continued)

     

    (a)        Segment results (continued)

     

    The following table presents the segment financial information for the Group for the years ended December 31, 2015, 2016 and 2017.

     

     

    E&P

    Trading business

    Corporate

    Eliminations

    Consolidated

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    2015

    2016

    2017

    2015

    2016

    2017

    2015

    2016

    2017

    2015

    2016

    2017

    2015

    2016

    2017

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    External revenue

    137,243

    114,935

    142,429

    33,777

    30,986

    43,618

    417

    569

    343

    -

    -

    -

    171,437

    146,490

    186,390

    Intersegment revenue*

    12,339

    10,676

    14,737

    (12,339)

    (10,676)

    (14,737)

    85

    113

    84

    (85)

    (113)

    (84)

    -

    -

    -

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total revenue

    149,582

    125,611

    157,166

    21,438

    20,310

    28,881

    502

    682

    427

    (85)

    (113)

    (84)

    171,437

    146,490

    186,390

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Segment profit/(loss) for the year

    15,695

    (346)

    23,863

    879

    656

    808

    6,048

    30,701

    6,391

    (2,376)

    (30,374)

    (6,385)

    20,246

    637

    24,677

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Amounts included in the measure of   

        segment profit or loss

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

      Operating expenses

    (28,372)

    (23,220)

    (24,282)

    -

    -

    -

    -

    -

    -

    -

    9

    -

    (28,372)

    (23,211)

    (24,282)

      Taxes other than income tax

    (10,748)

    (6,901)

    (7,169)

    7

    -

    -

    (29)

    (40)

    (41)

    -

    -

    -

    (10,770)

    (6,941)

    (7,210)

      Exploration expenses

    (9,973)

    (7,393)

    (6,896)

    -

    -

    -

    -

    -

    -

    73

    34

    15

    (9,900)

    (7,359)

    (6,881)

      Depreciation, depletion and amortization

    (72,665)

    (68,333)

    (60,834)

    (324)

    (144)

    (67)

    (509)

    (470)

    (423)

    59

    40

    67

    (73,439)

    (68,907)

    (61,257)

      Impairment and provision

    (2,690)

    (12,180)

    (9,161)

    (56)

    9

    -

    -

    -

    31

    -

    -

    -

    (2,746)

    (12,171)

    (9,130)

      Selling and administrative expenses

    (3,644)

    (4,920)

    (4,966)

    (340)

    (296)

    (269)

    (1,733)

    (1,307)

    (1,654)

    12

    30

    28

    (5,705)

    (6,493)

    (6,861)

      Interest income

    147

    217

    315

    -

    1

    -

    1,028

    1,805

    1,571

    (302)

    (1,122)

    (1,233)

    873

    901

    653

      Finance costs

    (3,407)

    (3,384)

    (3,274)

    (1)

      (1)

    (1)

    (3,369)

    (4,183)

    (3,011)

    659

    1,322

    1,242

    (6,118)

    (6,246)

    (5,044)

      Share of profits/(losses) of

         associates and a joint venture

    (117)

    (63)

    (88)

    -

    -

    -

    2,020

    (13)

    943

    -

    -

    -

    1,903

    (76)

    855

      Income tax (expense)/credit

    44

    3,811

    (11,236)

    (8)

    (24)

    (3)

    3,080

    2,125

    (441)

    -

    -

    -

    3,116

    5,912

    (11,680)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other segment information

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Investments in associates and a joint

        venture

    800

    737

     

    655

    -

    -

     

    -

    27,613

     

    29,258

     

    28,491

    -

     

    -

     

    -

    28,413

     

    29,995

     

    29,146

      Others

    532,765

    497,413

    457,780

    3,336

    1,898

    3,588

    344,037

    342,810

    340,329

    (244,189)

    (234,435)

    (213,624)

    635,949

    607,686

    588,073

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Segment assets

    533,565

    498,150

    458,435

    3,336

    1,898

    3,588

    371,650

    372,068

    368,820

    (244,189)

    (234,435)

    (213,624)

    664,362

    637,681

    617,219

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Segment liabilities

    (364,056)

    (331,339)

    (301,167)

    (2,243)

    (947)

    (2,375)

    (145,475)

    (138,352)

    (124,794)

    233,453

    215,328

    191,092

    (278,321)

    (255,310)

    (237,244)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Capital expenditure

    66,122

    49,122

    52,790

    11

    -

    -

    386

    395

    421

    -

    -

    -

    66,519

    49,517

    53,211

     

    * Certain oil and gas produced by the E&P segment are sold via the trading business segment. For the Group's chief operating decision maker's assessment of segment performance, these revenues are reclassified back to E&P segment.

     

     

    5.        SEGMENT INFORMATION (continued)

     

    (b)         Geographical information

     

    The Group mainly engages in the exploration, development, production and sale of crude oil, natural gas and other petroleum products in offshore China. Activities outside the PRC are mainly conducted in Canada, the United States of America, the United Kingdom, Nigeria, Argentina, Indonesia, Uganda, Iraq, Brazil and Australia etc.

     

    In presenting the Group’s geographical information, revenues from external customers are based on the location of the Group’s customers, and non-current assets are attributed to the segments based on the location of the Group’s assets. 65% (2016: 70%, 2015: 73%) of the Group’s revenues are generated from PRC customers, and revenues generated from customers in other locations are individually less than 10%.

     

    The following table presents certain non-current assets information for the Group’s geographical information for the years ended December 31, 2015, 2016 and 2017.

     

    PRC

    Canada

    Others

                      Consolidated

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    2015

    2016

    2017

    2015

    2016

    2017

    2015

    2016

    2017

    2015

    2016

    2017

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Property, plant and equipment

    193,359

    174,853

    162,027

    105,383

    103,173

    95,552

    155,399

    154,439

    138,289

    454,141

    432,465

    395,868

     

    Investments in associates  and a joint venture

    3,499

    3,451

    3,680

    816

    -

    -

    24,098

    26,544

    25,466

    28,413

    29,995

    29,146

     

    Other non-current assets

    7,087

    6,593

    8,502

    694

    731

    605

    47

    98

    141

    7,828

    7,422

    9,248

     

     

    (c)         Information about major customers

     

    The current year's revenue of approximately RMB15,488 million (2016: approximately RMB9,659 million, 2015: approximately RMB14,692 million ) was derived from sales by the E&P segment and the trading business segment to China Petroleum & Chemical Corporation. Sales to CNOOC Group are included in Note 28 (iii).