Shandong Xinchao Energy reports improved financials, production in 2024

Shandong Xinchao Energy Corporation reported a total operating income of CNY 8.362 bn and a net profit attributable to the parent company of CNY 2.036 bn for 2024. The company achieved a weighted average return on net assets of 9.64% and basic earnings per share of CNY 0.2993. Operating cash flow reached CNY 7.233 bn, with year-end monetary funds and financial assets increasing by CNY 1.252 bn to CNY 3.657 bn.

By the end of 2024, total assets were CNY 35.422 bn, and net assets were CNY 22.346 bn. The asset-liability ratio improved to 36.92%, a 3.20 percentage point decrease from 2023. Interest-bearing debt as a proportion of total assets also decreased by 5.98 percentage points to 14.92%. The company's oil and gas production rose by 1.88% to 22.681m barrels of oil equivalent, with natural gas production increasing by 15.14% to 7.1307m barrels of oil equivalent.

A notable financial event was the successful private placement of $750m in high-yield bonds by its US subsidiary, Moss Creek Resources Holdings, Inc., used to repay outstanding high-yield bonds, reducing the company's overall interest-bearing debt. For 2024, the company proposed no cash dividend, stock dividend, or capital reserve to share capital conversion, citing a negative undistributed profit balance.