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Public company info - MIE Holdings Corporation , 01555.HK
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MIE Holdings Corporation, 01555.HK - Company Profile
Chairman Zhang Ruilin
Share Issued (share) 3,269,000,000
Par Currency U.S. Dollar
Par Value 0.001
Industry Petroleum & Gases
Corporate Profile Business Summary: The principal business of the Group is to engage in the exploration, development, production and sale of crude oil and other petroleum products under production sharing contracts and other similar arrangements. The Group currently has the following oil and gas properties: (1) two producing production oil sharing contracts in northeast China; (2) a diverse producing, resource and infrastructure oil and gas asset throughout Western Canada; (3) participating interests in an exploration contract and four production contracts in Kazakhstan held by Emir- Oil; and (4) participating interests in one producing production oil sharing contract in South China Sea. Performance for the year: In 2019, the revenue from the PRC segment decreased by 4.3% to RMB756.1 million as compared with 2018. Loss for the year from segments other than North America increased by 75.5% to RMB1,461.1 million as compared with RMB832.3 million in 2018 and the respective losses per share was RMB0.46 in 2019. Business Review Crude oil prices were under downward pressure throughout 2019. In the first quarter of 2019, international oil prices rebounded from the lows in late 2018. Brent crude prices reached an annual daily low of US$55 per barrel in early January and a daily high of US$75.60 per barrel on April 25. Starting from the second quarter, oil prices have been falling due to intensifying international trade disputes, poor global economic data, geopolitical tensions and weak oil demand. The trend extended to the end of 2019. Meanwhile, Canadian natural gas market remained weak in 2019. In response to the complicated economic environment of bearish global crude oil prices and suppressed Canadian natural gas prices, the Group reduced its spending in Daan on new drillings and focused on enhancing production and recovery on old wells. The Group also reduced capital expenditure on natural gas assets in Canada, implemented economic production cuts to reduce operational risk and improve financial performance. In consideration of the development strategy and working capital needs of the Group, the Group disposed of Canlin and certain non-core assets in 2019. The disposals represented continued execution of The Group’s strategy to simplify The Group’s portfolio and accelerate deleveraging. During 2019, the oil and gas operated production and net production of the Group decreased significantly compared with that of 2018. The Group’s oil and gas production decreased by 28.9% to about 14.86 MMBOE compared with 2018. Net oil and gas production decreased by 34.1% to about 12.16 MMBOE compared with 2018. During 2019, crude oil sales decreased by 11.9% compared to 2018 to approximately 2.75 million barrels, while natural gas sales decreased to 54,793 MMscf. The Group’s oil and gas reserves, production capacity and sales decreased due to the disposal of Canlin and its oil and gas assets in September 2019. In 2019, the average realized crude oil price decreased by 10.9% to US$52.66 per barrel as compared with that of 2018, and the average realized natural gas price dropped to US$1.06 per Mscf. In 2019, the revenue from China decreased by 4.3% to RMB756.1 million as compared with 2018. In 2019, loss for the year from segments other than North America increased by 75.5% to RMB1,461.1 million as compared with RMB832.3 million in 2018 and the respective losses per share is RMB0.46 in 2019. Profit for the year from North America segment is RMB332.2 million and the respective earnings per share is RMB0.11 in 2019. In 2019, the EBITDA of the Group from segments other than North America decreased by RMB622.7 million to negative RMB486.6 million from RMB136.1 million in 2018 and the respective adjusted EBITDA decreased by RMB85.7 million to RMB323.4 million. As at December 31, 2019, the Group operated a total of 2,406 wells, all located in China. The total headcount of the Group reduced from 1,385 as of December 31, 2018 to 1,058 as of December 31, 2019 under combined effect of asset disposal and staff adjustment. Prospects: On June 4, 2020, the Group successfully extended the term of the Daan PSC from December 31, 2024 to February 29, 2028 by extending the production period under the PSC. Pursuant to the extended PSC, the Group continues to operate the Daan oil field pursuant to the terms of the PSC and a supplemental overall development plan. The extension brings the Group additional business certainty and allows it to invest in Daan oilfield for future production and generate steady operating cash flow. At the end of 2019, the Group also held a 34% interest in the South China Sea Project. The environmental impact report of the 10-4 oilfield was approved by the Ministry of Ecology and Environment of the PRC in October 2019, which means the project is ready for development.

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