2018 Third Quarter Review. Financial and Operating Highlights for the Quarter Ended September 30, 2018

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1 2018 Third Quarter Review Financial and Operating Highlights for the Quarter Ended September 30,

2 Disclaimer This presentation includes forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words expect, anticipate, continue, estimate, objective, ongoing, may, will, project, should, believe, plans, intends and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company s expectations, including those associated with fluctuations in crude oil and natural gas prices, the exploration or development activities, the capital expenditure requirements, the business strategy, whether the transactions entered into by the Group can complete on schedule pursuant to the terms and timetable or at all, the highly competitive nature of the oil and natural gas industries, the foreign operations, environmental liabilities and compliance requirements, and economic and political conditions in the People s Republic of China. For a description of these risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year. Consequently, all of the forward-looking statements made in this presentation are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realized or, even if substantially realized, that they will have the expected effect on the Company, its business or operations. 2

3 Overview Net production of million boe in Q3 and million boe for the first three quarters Operation Highlights 4 new discoveries and 14 successful appraisal wells Penglai 19-3 oilfield 1/3/8/9 comprehensive adjustment project came on stream in Q3, and other new projects progressed smoothly Oil and gas sales revenues of RMB47.93 billion, up 33.4% YoY Financial Results Capex of RMB15.27 billion, up 29.6% YoY Realized oil price of US$71.55/bbl, up 40.7% YoY Realized gas price of US$6.26/mcf, up 3.4% YoY 3

4 Production Summary Total 2018Q3 2017Q3 Crude and Liquids Natural Gas Total Crude and Liquids Natural Gas (mm bbls) (bcf) (mm boe) (mm bbls) (bcf) (mm boe) China Bohai Western South China Sea Eastern South China Sea East China Sea Subtotal* Overseas Asia (Ex. China) Oceania Africa North America (Ex. Canada) Canada South America Europe Subtotal Total** *Including other production from onshore China, which is approximately 0.03 mm boe in Q **Including our interest in equity-accounted investees, which is approximately 5.4 mm boe in 2018 Q3 and 4.3 mm boe in 2017 Q3. In 2018 Q3, production percentage of China and overseas was 65% v.s. 35%; Crude liquids and natural gas was 80% v.s. 20%. 4

5 Production Summary(Continued) Total 2018 YTD 2017 YTD Crude and Liquids Natural Gas Total Crude and Liquids Natural Gas (mm bbls) (bcf) (mm boe) (mm bbls) (bcf) (mm boe) China Bohai Western South China Sea Eastern South China Sea East China Sea Subtotal Overseas Asia (Ex. China) Oceania Africa North America (Ex. Canada) Canada South America Europe Subtotal Total For the first three quarters, our net production was million boe, in line with annual production target. 5

6 Revenues and Capital Expenditure (Unaudited) (RMB million) 3 months ended Sep 30 9 months ended Sep Change % Change % Sales Revenue Crude and Liquids 43,057 31, % 124,137 98, % Natural Gas 4,876 4, % 14,105 12, % Marketing Revenue, net % 1, % Others 1,318 1, % 4,120 4, % Total Revenue 49,823 37, % 143, , % Capital Expenditures * Exploration 2,669 2, % 6,812 7, % Development 9,580 7, % 21,945 21, % Production 2,938 1, % 7,342 3, % Others % % Total Capex 15,270 11, % 36,250 33, % Average Realized Prices Oil (US$/bbl) % % Gas (US$/mcf) % % Converted to US dollars at RMB6.7964=US$1.00 for 2018 Q3; RMB6.6784=US$1.00 for 2017 Q3. *Capitalized interests were not included in above numbers, and it was RMB749 million in 2018 Q3. 6

Exploration Highlights Offshore China Overseas Eastern South China Sea Well Type Status Enping 18-1-3d Appraisal Successful Lufeng 22-1-10 Appraisal Successful Bohai Well Type Status Luda 4-3-1

7 Exploration Highlights Offshore China Overseas Eastern South China Sea Well Type Status Enping d Appraisal Successful Lufeng Appraisal Successful Bohai Well Type Status Luda Wildcat Successful Bozhong Appraisal Successful Bozhong Appraisal Successful Bozhong Appraisal Successful Bozhong /Sa Appraisal Successful Bozhong /Sa Appraisal Successful Bozhong Appraisal Successful Bozhong Appraisal Successful Kenli 4-1-4d Appraisal Successful Penglai d Appraisal Successful Western South China Sea Well Type Status Wenchang d Wildcat Successful Wenchang d Appraisal Successful Wenchang 11-2E-5d Appraisal Successful Wenchang d Appraisal Successful Guyana Well Type Status Longtail-1 Wildcat Successful Hammerhead-1 Wildcat Successful In the third quarter, we achieved 4 new discoveries and 14 successful appraisal wells. 7

Successful Exploration Progress Luda 4-3 Bohai New discovery of Luda 4-3 Located in Liaoxi uplift of Bohai, with an average water depth of 35 meters Discovery well Luda 4-3-1 encountered oil pay

8 Successful Exploration Progress Luda 4-3 Bohai New discovery of Luda 4-3 Located in Liaoxi uplift of Bohai, with an average water depth of 35 meters Discovery well Luda encountered oil pay zones with thickness of 54 meters Drilled to the depth of 1,950 meters Preliminarily evaluated as a mid-size oil and gas structure Successful drilling of Longtail Structure and Hammerhead Structure Located in Stabroek block, with an average water depth of 1,940 meters and 1,150 meters respectively Discovery well Longtail-1 and Hammerhead-1 encountered net oil pay zones with thickness of 78 meters and 60 meters Drilled to the depth of 5,504 meters and 4,225 meters respectively The eighth and ninth new discovery in Stabroek block, further enhanced the asset value and laid a highquality resource foundation for future development Note: According to the Regulation of Petroleum Reserves Estimation of China, a mid-size oil and gas structure is defined as a structure with recoverable oil resources of 2,500~<25,000 thousand cubic meters. 8

New projects in 2018 Project Location Status Expected Startup Peak Production (boe/d) Working Interests Stampede oilfield * United States Commenced production First half >40,000 25% Weizhou 6-13

9 New projects in 2018 Project Location Status Expected Startup Peak Production (boe/d) Working Interests Stampede oilfield * United States Commenced production First half >40,000 25% Weizhou 6-13 oilfield Penglai 19-3 oilfield 1/3/8/9 comprehensive adjustment project Dongfang 13-2 gas fields Wenchang 9-2/9-3/10-3 gas fields Western South China Sea Commenced production First half 6, % Bohai Commenced production Second half 36,200 51% Western South China Sea Western South China Sea Installation and commissioning Installation and commissioning Second half 43, % Second half 14, % * Production at Stampede continues to ramp up; designed capacity is 80,000 boe/d. Three out of five new projects planned for this year already commenced production. 9

10 HSE Performance Health, safety and environmental protection are always our top priorities OSHA statistics maintained at a good level in the third quarter 2018Q3 2017Q3 Rate of Recordable Cases Rate of Lost Workdays Cases (per 200,000 man hours)

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2018 First Quarter Review. Financial and Operating Highlights for the Quarter Ended March 31, 2018

2018 First Quarter Review. Financial and Operating Highlights for the Quarter Ended March 31, 2018 2018 First Quarter Review Financial and Operating Highlights for the Quarter Ended March 31, 2018 1 Disclaimer This presentation includes forward-looking statements within the meaning of the United States