Sinopec Oilfield Service Corp reports growth, plans share repurchase

** Sinopec Oilfield Service Corp (HKEX:1033) reported steady gains in its 2024 annual report and seeks shareholder approval for a plan to repurchase domestic (A shares) and overseas-listed foreign shares (H shares). The company reported consolidated operating revenue of RMB81.1 billion, a 1.4% increase year-over-year, with net profit attributable to shareholders at RMB630 million, a 7.2% increase. The company attributes the growth to optimized production, strengthened innovation, and resource coordination. Capital expenditure in 2024 focused on upgrading drilling rigs and geophysical equipment. Looking ahead, the board aims for continued high-quality development, targeting RMB83.5 billion in new contracts in 2025. As part of this effort, the company is renewing agreements with China Oil & Gas Pipeline Network Corporation, a related party. To improve shareholder value, the company has proposed a share repurchase authorization, details of which will be outlined in an upcoming general meeting in June. If the share repurchase is approved, the amount repurchased is for cancellation to reduce registered capital. These initiatives are aimed at continuing to build a world-class oilfield service company amid evolving energy market conditions.