Shandong Xinchao Energy Co., Ltd. was founded in 1985. It is an energy enterprise engaged primarily in the exploration, exploitation and sales of oil and natural gas.
Headquartered in Beijing, the company obtained approval from the China Securities Regulatory Commission (CSRC) in November 1996 to list 14 million public shares on the Shanghai Stock Exchange. It trades under the stock abbreviation "Xinchao Energy" and the stock code "600777”.
After over 30 years of growth and multiple business transformations, Xinchao Energy has evolved into an international energy enterprise headquartered in China with its business rooted in North America. In 2014, the company launched a new development strategy, focusing its future development on the exploration, exploitation and sales of overseas oil and natural gas. It successively acquired the Hoople Oilfield (a conventional oilfield) and the Howard and Borden Oilfields (shale oil reservoirs) in Texas, USA. Both oilfield assets are located in the core area of the Permian Basin—where the U.S. boasts the highest-quality shale oil and gas resources, the lowest extraction costs, and the most robust growth in shale oil production. By the end of 2018, the 1P reserves (proven developed reserves) of the oilfield assets stood at 271 million barrels.
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Xinchao Energy has always adhered to the development philosophy of "Innovation, Coordination, Green Development, Opening-up and Sharing", and persisted in the development approach of "Internationalization, Specialization and Marketization". It follows the talent selection criteria of "Morality, Insight, Competence and Learning" to build a management team centered on professional talents. The company is committed to creating harmonious win-win outcomes among energy, the environment and business, achieving scaled, efficient and sustainable development, and contributing to a better life for humanity.
Going forward, Xinchao Energy will continue to deepen its core business, focus on operations, implement scientific planning, prioritize strategic layout, strengthen management and strictly control risks. It will actively fulfill its social responsibilities, strive to deliver more outstanding performance, and maximize returns to shareholders, employees and society.
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