Capital expenditure drops 13% CNOOC will timing additional

Each reporter Shing Chunlai oil Clothing (601808, the former closing price of 17.59 yuan) plans to reduce the capital expenditure of 13% this year. June 3, CNOOC Service chief financial officer at COSL in the online promotion meeting revealed that the company this year's capital expenditure target of 9 billion yuan, lower than the April announced 10.4 billion yuan.　　Chen Weidong, vice president of the company, said the high asset-liability ratio prompted the company to look for the best time to issue additional offerings. At COSL said that the company's 2009 capital expenditure of about 9 billion yuan, 2010, about 8 billion yuan ~90 billion.　　The next few years will be based on the company's development and industry changes to decide. In the first quarter of this year, the international financial crisis continued to spread and spread, causing global oil and gas companies to reduce capital expenditure.　　As the market competition intensifies, the demand for drilling equipment slows down, and the rate of drilling day drops to a certain extent, the oilfield service market is facing challenges. "International oil prices and drilling day rates are related, but not directly." "The direct relationship is the oil company's investment budget, which tends to reduce the oil company's budget and the pressure on the oil company's budget to reduce the daily rate, so there is a delay between the fall in the daily rate and the drop in oil prices," Chen Weidong said. "The fall in oil prices has put downward pressure on the global drilling equipment daily rate," said Mrs Lau, chief executive of CNOOC.　　However, the domestic introduction of a series of measures to expand domestic demand and stimulate economic growth, especially the petrochemical industry revitalization planning to clarify the trend of China's energy demand growth, exploration and development activities in China's waters will continue to remain active. At present, the company's debt level is high, and interest payments devour larger profits. At COSL said the company's asset-liability ratio was 64.1% at the end of the quarter.　　With capital expenditure of around $9 billion this year, the company's operating cash flow is still unable to meet the requirements of capital expenditure, and the level of indebtedness is expected to rise slightly this year. "Based on the current relatively good liquidity and low interest levels, the company plans to optimize the debt structure and reduce interest payments by raising low-cost, long term debt."　　"at COSL said. Chen Weidong revealed that the company is likely to use a variety of means and ways to finance, and find the best time window to issue additional. Shareholders also approved no more than 20% of the shares in the H-share market, the company will compare the shares and H shares of the advantages and disadvantages to determine how to proceed.