Cnooc Petroleum Europe Limited

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cnooc petroleum europe limited Company Information

Live

MatureMegaDeclining

Company Number

01051137

Website

www.nexencnoocltd.com

Registered Address

prospect house 97 oxford road, uxbridge, UB8 1LU

Industry

Extraction of crude petroleum

Telephone

01895237700

Next Accounts Due

September 2024

Group Structure

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Directors

Qing Jiang4 Years

Lixin Tian3 Years

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Shareholders

cnooc uk ltd 100%

cnooc petroleum europe limited Estimated Valuation

£5.3b

Pomanda estimates the enterprise value of CNOOC PETROLEUM EUROPE LIMITED at £5.3b based on an EBITDA of £1.1b and a 4.65x industry multiple (adjusted for size and gross margin).

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Cnooc Petroleum Europe Limited is a live company located in uxbridge, UB8 1LU with a Companies House number of 01051137. It operates in the extraction of crude petroleum sector, SIC Code 06100. Founded in April 1972, it's largest shareholder is cnooc uk ltd with a 100% stake. Cnooc Petroleum Europe Limited is a mature, mega sized company, Pomanda has estimated its turnover at £1.2b with declining growth in recent years.

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Pomanda's financial health check has awarded Cnooc Petroleum Europe Limited a 5 rating. We use a traffic light system to show it exceeds the industry average on 7 measures and has 3 areas for improvement. Company Health Check FAQs

Health Rating5out of 5

7 Strong

2 Regular

3 Weak

Size

annual sales of £1.2b, make it larger than the average company (£55.5m)

Growth

3 year (CAGR) sales growth of -1%, show it is growing at a slower rate (2.6%)

EXPORT

Cnooc Petroleum Europe Limited's latest turnover from December 2022 is £1.2 billion and the company has net assets of £177.5 million. According to their latest financial statements, Cnooc Petroleum Europe Limited has 553 employees and maintains cash reserves of £489.3 million as reported in the balance sheet.

Data source: Companies House, Pomanda Estimates

	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010	Dec 2009
Turnover	1,200,911,090	1,006,972,024	688,377,019	1,222,488,038	1,612,440,191	1,496,168,734	1,200,000,000	1,847,633,705	2,562,301,265	2,658,644,046	2,210,583,348	2,089,841,229	1,735,083,441	1,338,579,409
Other Income Or Grants	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cost Of Sales	709,256,359	862,015,907	589,807,582	876,290,179	1,236,083,841	1,300,349,325	1,131,499,740	1,671,875,203	1,909,103,842	1,795,478,894	1,358,205,894	1,287,356,742	585,932,016	355,108,722
Gross Profit	491,654,731	144,956,117	98,569,436	346,197,859	376,356,350	195,819,409	68,500,260	175,758,502	653,197,422	863,165,152	852,377,454	802,484,487	1,149,151,426	983,470,687
Admin Expenses	-500,102,410	-253,961,525	-174,213,759	-103,841,730	-411,486,517	-373,804,561	-194,315,980	-362,718,797	113,787,162	146,813,688	230,009,401	178,213,859	34,027,958	47,022,465
Operating Profit	991,757,141	398,917,642	272,783,195	450,039,589	787,842,867	569,623,970	262,816,240	538,477,299	539,410,260	716,351,464	622,368,053	624,270,628	1,115,123,468	936,448,222
Interest Payable	0	0	0	31,100,478	38,277,512	45,817,205	60,263,653	60,023,086	170,820,084	15,782,206	13,846,246	10,326,578	16,115,524	28,685,127
Interest Receivable	0	0	0	0	0	0	0	0	0	0	0	0	10,532,668	2,809,346
Pre-Tax Profit	812,126,924	511,870,091	316,829,936	665,071,770	1,044,657,097	770,203,018	243,314,501	336,283,186	1,323,670,783	1,458,538,831	1,382,818,614	1,466,374,080	1,081,679,291	911,074,604
Tax	0	-192,392,551	-100,608,949	-302,232,855	-408,293,461	-318,350,581	-39,924,670	96,960,369	-903,645,641	-917,998,290	-912,648,245	-1,006,841,358	-512,455,816	-471,566,555
Profit After Tax	812,126,924	319,477,539	216,220,987	362,838,915	636,363,636	451,852,437	203,389,831	433,243,555	420,025,142	540,540,541	470,170,369	459,532,722	569,223,474	439,508,049
Dividends Paid	314,169,023	308,887,124	132,380,196	398,724,083	653,907,496	592,463,860	489,642,185	269,334,359	332,766,398	763,464,194	409,367,287	672,518,394	241,395,406	487,155,214
Retained Profit	497,957,901	10,590,416	83,840,791	-35,885,167	-17,543,860	-140,611,423	-286,252,354	163,909,196	87,258,744	-222,923,654	60,803,082	-212,985,672	327,828,068	-47,647,165
Employee Costs	76,185,988	93,548,672	92,666,137	89,314,195	89,314,195	75,835,374	82,862,524	99,268,950	125,711,750	126,915,236	74,047,318	61,314,057	64,649,301	40,982,100
Number Of Employees	553	571	596	602	601	590	618	669	638	552	502	462	433	370
EBITDA*	1,149,627,075	573,659,500	429,874,361	611,124,119	1,096,455,307	988,298,431	811,215,486	997,884,762	946,864,227	1,078,684,600	941,433,733	920,514,335	1,359,644,067	1,074,139,236

* Earnings Before Interest, Tax, Depreciation and Amortisation

	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010	Dec 2009
Tangible Assets	567,860,508	901,067,867	1,020,210,043	982,456,140	829,346,093	1,131,210,996	1,227,871,940	1,969,988,457	2,421,060,416	1,974,090,879	1,839,142,737	1,659,997,418	1,342,166,390	804,521,263
Intangible Assets	6,283,380	31,771,247	78,545,583	797,448	797,448	789,952	4,519,774	8,464,794	10,352,732	24,988,492	145,686,593	101,329,547	246,255,311	175,864,969
Investments & Other	14,137,606	20,298,296	16,768,158	16,746,411	86,921,850	116,122,916	112,994,350	117,737,591	246,986,615	246,596,961	253,446,511	270,427,262	234,841,431	241,986,425
Debtors (Due After 1 year)	0	85,605,860	60,894,890	0	0	0	0	0	0	0	13,244,235	4,517,877	0	14,381,307
Total Fixed Assets	588,281,495	932,839,113	1,098,755,626	983,253,588	830,143,540	1,132,000,947	1,232,391,713	1,978,453,251	2,431,413,147	1,999,079,371	1,984,829,329	1,761,326,965	1,588,421,700	1,236,753,964
Stock & work in progress	32,987,747	26,476,039	24,710,969	21,531,100	25,518,341	18,168,891	20,338,983	7,695,267	19,965,983	12,494,246	3,612,064	15,489,867	11,995,196	17,892,840
Trade Debtors	37,700,283	100,608,949	53,834,613	106,060,606	137,958,533	157,200,411	155,178,908	99,268,950	147,896,177	257,118,432	111,371,982	131,018,459	162,628,856	72,802,138
Group Debtors	49,481,621	129,732,592	119,142,176	17,543,859	31,100,478	16,588,988	6,779,661	129,280,492	114,619,537	86,144,538	344,952,140	375,629,275	770,012,931	452,051,898
Misc Debtors	58,906,691	7,060,277	7,942,811	54,226,475	55,821,371	43,447,349	51,977,401	213,158,907	274,347,408	211,086,999	232,376,136	234,284,239	157,595,295	102,169,629
Cash	489,318,253	285,058,688	173,859,323	144,338,118	116,427,432	225,926,218	225,988,700	255,482,878	975,375,286	385,348,852	206,489,675	182,651,348	17,443,192	275,342,383
misc current assets	0	0	0	0	0	0	0	0	0	0	602,011	23,880,212	0	0
total current assets	668,394,596	548,936,546	379,489,895	343,700,159	366,826,156	461,331,859	460,263,653	704,886,495	1,532,204,393	952,193,069	899,404,009	962,953,401	1,119,675,473	920,258,890
total assets	1,256,676,092	1,481,775,659	1,478,245,521	1,326,953,747	1,196,969,696	1,593,332,806	1,692,655,366	2,683,339,746	3,963,617,540	2,951,272,440	2,884,233,338	2,724,280,366	2,708,097,173	2,157,012,854
Bank overdraft	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Bank loan	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Trade Creditors	16,493,874	15,003,089	18,533,227	12,759,171	13,556,619	12,639,229	11,299,435	25,394,382	20,705,465	30,906,819	17,458,311	20,653,156	14,901,164	6,065,593
Group/Directors Accounts	5,497,958	0	1	1	104,465,711	205,387,472	195,103,579	197,768,373	1	0	1	0	0	266,480,058
other short term finances	0	0	0	0	0	0	0	0	0	0	0	0	22,683,662	0
hp & lease commitments	37,700,282	13,238,019	34,418,850	53,429,027	0	0	0	0	0	0	0	0	0	0
other current liabilities	278,825,007	332,715,557	186,214,806	316,586,920	268,740,029	365,747,688	238,794,724	325,509,809	1,430,895,509	777,931,214	654,385,646	821,608,363	686,849,558	213,146,323
total current liabilities	338,517,122	360,956,668	239,166,887	382,775,120	386,762,360	583,774,390	445,197,740	548,672,566	1,451,600,976	808,838,035	671,843,959	842,261,521	724,434,386	485,691,975
loans	0	56,482,216	105,904,156	90,909,090	0	103,483,687	293,785,310	0	0	342,605,379	144,482,571	0	93,645,544	376,502,282
hp & lease commitments	25,133,521	28,241,108	52,952,078	45,454,545	0	0	0	0	0	0	0	0	0	0
Accruals and Deferred Income	0	0	0	11,164,274	7,974,481	7,899,518	6,779,661	0	0	25,646,084	13,846,246	12,262,811	10,916,312	8,375,780
other liabilities	7,854,225	10,590,415	11,472,950	0	0	0	0	513,274,336	535,384,160	0	2,408,042	1,290,822	212,917,667	93,564,992
provisions	707,665,724	1,542,670,548	1,749,183,654	1,384,370,014	1,141,945,772	1,303,420,490	1,155,555,554	1,903,809,155	3,018,560,969	2,825,014,794	2,890,855,455	2,567,445,462	1,996,852,022	929,083,974
total long term liabilities	740,653,472	810,166,799	939,016,856	748,803,827	578,947,368	763,093,451	878,342,749	1,465,178,914	2,044,664,645	1,780,758,861	1,606,164,589	1,297,276,365	1,315,905,536	1,407,527,030
total liabilities	1,079,170,594	1,171,123,467	1,178,183,743	1,131,578,947	965,709,728	1,346,867,841	1,323,540,489	2,013,851,480	3,496,265,621	2,589,596,896	2,278,008,548	2,139,537,886	2,040,339,922	1,893,219,005
net assets	177,505,498	310,652,192	300,061,778	195,374,801	231,259,968	246,464,965	369,114,877	669,488,265	467,351,918	361,675,544	606,224,791	584,742,481	667,757,250	263,793,849
total shareholders funds	177,505,498	310,652,193	300,061,777	195,374,801	231,259,968	246,464,966	369,114,878	669,488,265	467,351,919	361,675,544	606,224,791	584,742,481	667,757,251	263,793,849

	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010	Dec 2009
Operating Activities
Operating Profit	991,757,141	398,917,642	272,783,195	450,039,589	787,842,867	569,623,970	262,816,240	538,477,299	539,410,260	716,351,464	622,368,053	624,270,628	1,115,123,468	936,448,222
Depreciation	157,084,511	169,446,651	157,091,166	161,084,530	308,612,440	418,674,461	548,399,247	458,637,938	407,453,967	362,333,136	319,065,679	296,243,707	244,520,599	137,691,014
Amortisation	785,422	5,295,207	0	0	0	0	0	769,526	0	0	0	0	0	0
Tax	0	-192,392,551	-100,608,949	-302,232,855	-408,293,461	-318,350,581	-39,924,670	96,960,369	-903,645,641	-917,998,290	-912,648,245	-1,006,841,358	-512,455,816	-471,566,555
Stock	6,511,708	1,765,070	3,179,869	-3,987,241	7,349,450	-2,170,092	12,643,716	-12,270,716	7,471,737	8,882,182	-11,877,803	3,494,671	-5,897,644	17,892,840
Debtors	-176,919,083	81,193,187	63,983,551	-47,049,442	7,643,634	3,300,779	-227,772,380	-95,154,773	-17,486,848	-147,594,523	-43,505,357	-344,787,233	448,832,110	641,404,973
Creditors	1,490,785	-3,530,139	5,774,057	-797,448	917,390	1,339,794	-14,094,947	4,688,918	-10,201,354	13,448,508	-3,194,845	5,751,992	8,835,570	6,065,593
Accruals and Deferred Income	-53,890,550	146,500,751	-141,536,388	51,036,684	-96,932,696	128,072,821	-79,935,424	-1,105,385,700	627,318,211	135,345,406	-165,639,282	136,105,304	476,243,767	221,522,103
Deferred Taxes & Provisions	-835,004,824	-206,513,106	364,813,640	242,424,242	-161,474,718	147,864,936	-748,253,601	-1,114,751,814	193,546,175	-65,840,661	323,409,993	570,593,440	1,067,768,048	929,083,974
Cash flow from operations	432,629,860	234,766,198	491,153,301	652,591,425	415,678,738	946,094,714	144,135,509	-1,013,177,975	863,896,729	382,351,904	238,744,513	967,416,275	1,957,101,170	1,099,946,538
Investing Activities
capital expenditure	200,825,292	-8,825,346	-272,593,204	-314,194,576	-6,755,034	-318,283,695	197,662,290	-6,447,566	-839,787,745	-376,583,177	-542,568,045	-469,148,971	-852,556,068	-1,118,077,246
Change in Investments	-6,160,690	3,530,138	21,747	-70,175,439	-29,201,066	3,128,566	-4,743,241	-129,249,024	389,654	-6,849,550	-16,980,751	35,585,831	-7,144,994	241,986,425
cash flow from investments	206,985,982	-12,355,484	-272,614,951	-244,019,137	22,446,032	-321,412,261	202,405,531	122,801,458	-840,177,399	-369,733,627	-525,587,294	-504,734,802	-845,411,074	-1,360,063,671
Financing Activities
Bank loans	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Group/Directors Accounts	5,497,958	0	0	-104,465,710	-100,921,761	10,283,893	-2,664,795	197,768,372	1	0	0	0	-266,480,057	266,480,058
Other Short Term Loans	0	0	0	0	0	0	0	0	0	0	0	-22,683,662	22,683,662	0
Long term loans	-56,482,216	-49,421,940	14,995,066	90,909,090	-103,483,687	-190,301,623	293,785,310	0	-342,605,379	198,122,808	144,482,571	-93,645,544	-282,856,738	376,502,282
Hire Purchase and Lease Commitments	21,354,676	-45,891,801	-11,512,644	98,883,572	0	0	0	0	0	0	0	0	0	0
other long term liabilities	-2,736,190	-882,535	11,472,950	0	0	0	-513,274,336	-22,109,824	535,384,160	-2,408,042	1,117,220	-211,626,845	119,352,675	93,564,992
share issue	-631,104,596	0	20,846,186	0	2,338,862	17,961,511	-14,121,033	38,227,150	18,417,631	-21,625,593	-39,320,772	129,970,902	76,135,334	311,441,014
interest	0	0	0	-31,100,478	-38,277,512	-45,817,205	-60,263,653	-60,023,086	-170,820,084	-15,782,206	-13,846,246	-10,326,578	-5,582,856	-25,875,781
cash flow from financing	-663,470,368	-96,196,276	35,801,558	54,226,474	-240,344,098	-207,873,424	-296,538,507	153,862,612	40,376,329	158,306,967	92,432,773	-208,311,727	-336,747,980	1,022,112,565
cash and cash equivalents
cash	204,259,565	111,199,365	29,521,205	27,910,686	-109,498,786	-62,482	-29,494,178	-719,892,408	590,026,434	178,859,177	23,838,327	165,208,156	-257,899,191	275,342,383
overdraft	0	0	0	0	0	0	0	0	0	0	0	0	0	0
change in cash	204,259,565	111,199,365	29,521,205	27,910,686	-109,498,786	-62,482	-29,494,178	-719,892,408	590,026,434	178,859,177	23,838,327	165,208,156	-257,899,191	275,342,383

Very Low Risk70 - 100

Low Risk50 - 70

Moderate Risk30 - 50

High Risk20 - 30

Very High Risk0 - 20

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CNOOC PETROLEUM EUROPE LIMITED group structure

Cnooc Petroleum Europe Limited has 2 subsidiary companies.

Ultimate parent company

CHINA NATIONAL OFFSHORE OIL CORP

#0085356

CNOOC UK LIMITED

08391492

2 parents

CNOOC PETROLEUM EUROPE LIMITED

01051137

2 subsidiaries

CNOOC PETROLEUM FARRAGON U.K. LIMITED

05645503

CNOOC ETTRICK U.K. LIMITED

03976014

CNOOC PETROLEUM EUROPE LIMITED Shareholders

cnooc uk ltd

100%

Cnooc Petroleum Europe Limited currently has 5 directors. The longest serving directors include Mr Qing Jiang (Jun 2020) and Mr Lixin Tian (Aug 2020).

officer	country	age	start	end	role
Mr Qing Jiang		59 years	Jun 2020	-	Director
Mr Lixin Tian	China	53 years	Aug 2020	-	Director
Mr Qiang Ma		43 years	Apr 2022	-	Director
Mr Yiyong Pan	England	50 years	Jul 2023	-	Director
Mr Zixian Wu		43 years	Nov 2023	-	Director

P&L

December 2022

turnover

1.2b

+19%

operating profit

991.8m

gross margin

41%

+184.4%

turnover

Turnover, or revenue, is the amount of sales generated by a company within the financial year.

Balance Sheet

December 2022

net assets

177.5m

-0.43%

total assets

1.3b

-0.15%

cash

489.3m

+0.72%

net assets

Total assets minus all liabilities

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company number

01051137

Type

Private limited with Share Capital

industry

06100 - Extraction of crude petroleum

incorporation date

April 1972

age

accounts

Full Accounts

ultimate parent company

CHINA NATIONAL OFFSHORE OIL CORP

previous names

nexen petroleum u.k. limited (January 2019)

encana (u.k.) limited (December 2004)

incorporated

address

prospect house 97 oxford road, uxbridge, UB8 1LU

last accounts submitted

December 2022

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cnooc petroleum europe limited Company Information

cnooc petroleum europe limited Estimated Valuation

cnooc petroleum europe limited Estimated Valuation

cnooc petroleum europe limited Estimated Valuation

Cnooc Petroleum Europe Limited Overview

Cnooc Petroleum Europe Limited Health Check

CNOOC PETROLEUM EUROPE LIMITED financials

cnooc petroleum europe limited Credit Report and Business Information

Cnooc Petroleum Europe Limited Competitor Analysis

cnooc petroleum europe limited Ownership

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