BEIJING, March 29, 2016 /PRNewswire/ -- China Petroleum
& Chemical Corporation ("Sinopec Corp." or the "Company")
(HKEX: 386; SSE: 600028; NYSE: SNP) today announced its annual
results for the twelve months ended 31
December 2015.
Financial Highlights:
- In accordance with the International Financial Reporting
Standards (IFRS), the Company's net profit was RMB 43.7 billion, decreased by 8.9% year-on-year.
In accordance with China Accounting Standards for Business
Enterprises ("ASBE"), the Company's net profit was RMB 43.3 billion, decreased by 11.4%
year-on-year. The net profits reflect integrated advantages amid
sluggish oil price. The operating profits for the refinery segment
and the chemical segment significantly increased to RMB 21.0 billion and RMB
19.7 billion, respectively. Both segments became the main
drivers of the Company's profit and offset the less favorable
upstream results.
- In accordance with IFRS, the Company's total turnover and other
operating revenue was RMB 2,018.9
billion, down by 28.6% year-on-year. The Company's operating
profit was RMB 57.0 billion,
representing a decline of 22.4% from last year. Profit attributable
to shareholders of the company was RMB 32.4
billion, 30.2% lower than last year. Basic earnings per
share was RMB 0.268.
- In accordance with ASBE, the Company's net profit was
RMB 43.3billion, down by 11.4%
year-on-year. The Company's operating profit was RMB 52.1 billion, a 20.4% decrease as compared
with 2014. Profit attributable to shareholders of the company was
RMB 32.2 billion, 32.1% lower than
last year. Basic earnings per share was RMB
0.266.
- In accordance with IFRS, the Company's liability-to-asset ratio
was 45.66%, representing a decrease of 9.89 percentage points
compared with the end of last year, lowest level since its debut on
the capital market and liabilities structure further optimized. As
of 31 December 2015, the Company's
cash and cash equivalents were RMB67.8
billion. The Company's cash flow was significant
improved.
- The Board of Directors proposed a final dividend of
RMB 0.06 per share. Combined with the
interim dividend of RMB 0.09 per
share, the total annual cash dividend for 2015 is RMB 0.15 per share. Dividend payout ratio reached
56%. Total cash dividend paid for the full year was RMB 18.2 billion.
Business Highlights:
In 2015, the global economic recovery remained weak, and Chinese
economy maintained steady growth with GDP up by 6.9%. International
oil prices were under downward pressure while fluctuating to new
lows. Growth of oil products demand slowed, yet demand for
chemicals was stable. Meanwhile, domestic environmental
requirements became more stringent, the Company intensified its
evaluation of the macro economy and market trends so that it
actively respond to these changes. With a focus on growth quality
and efficiency, the Company emphasized on reform and innovation,
stringent management and tight coordination of all aspects of our
work.
- Exploration and production segment: optimised exploration and
development projects. The Company implemented dynamic investment
decision-making mechanism as oil prices fluctuated and reduced high
cost oil production. The proved reserves of natural gas increased
mainly driven by Fuling shale gas reserves.
- Refining segment: further upgraded oil products quality as
scheduled. The mix of high-value-added products was increased,
indicating the advantages of economic of scale, specialisation and
integrated operations. At the same time, stringent safety policy
was implemented to ensure safe and stable operation and improve all
economical and technical standards.
- Marketing and Distribution: adjusted our marketing strategies;
optimised marketing networks; positively transformed from a fuel
supplier to a comprehensive service provider, and the marketing
segment unleashed great potential in complementary fuel and
non-fuel businesses, which sustained the growth of total retail
volume and per-station pumped volume.
- Chemicals: enhanced the operations of manufacturing facilities;
cut feedstock cost; deepened the links among research and
development, production, marketing and sales of new products, and
maximized production of high-value-added products tailored to
market demands. .
Mr. Wang Yupu, Chairman of Sinopec said, " During the year,
despite the extremely challenging environment for production and
operation, the Company managed to make progress on many fronts as
we fully leverage our advantages in business integration, take
effective measures to broaden source of income while cutting cost,
and continue to drive structural adjustment and scientific
innovation. The Company practiced its belief that corporate social
responsibility creates value and has been actively involved in the
philanthropic projects, leading Chinese enterprises to be
practitioners of green and low-carbon development. In the first
year of China's national
'Five-Year Plan', the Company will be implementing five growth
strategies focusing on value-oriented, innovation-driven,
integrated resource management, open & cooperative, as well as
green & low-carbon development. The Company will focus on
improving quality and efficiency, speeding up the economic
transformation and structure adjustment, collectively driving the
quality, efficient and sustainable development of the Company.
"
Business Review
Exploration and Production
In exploration, we actively carried forward high-efficiency
exploration activities, making a number of new discoveries in Beibu
Gulf of the South China Sea, the Sichuan Basin, the Ordos Basin, and the
Central Tahe Basin. In development, we completed building the
production capacity of the Fuling shale gas field at 5 billion
cubic meters per year, optimised development programs in mature
oilfields and increased the production capacity in frontier
acreages. In 2015, our production dropped by 1.7% to 471.91 million
barrels of oil equivalent, with domestic crude oil production down
by 4.7% and overseas production up by 6.6%. Natural gas production
rose by 2.6%. Impacted by low oil prices, proved reserves of crude
dropped over 2014 while proved reserves of natural gas increased by
12.3% mainly driven by Fuling shale gas reserves.
In 2015, the operating revenues of this segment were
RMB 138.7 billion, representing a
decrease of 39.1% over 2014. Impacted by the significant decrease
in oil prices, upstream segments recorded operating loss
RMB 17.4 billion.
The oil and gas lifting cost was USD
17.62 per barrel, representing a year-on-year decrease of
4.3%. This was mainly attributable to the strict cost cutting
efforts put forward by the Company while decreasing production
volume.
Exploration and
Production: Summary of Operations
|
|
Twelve-month periods
ended 31 December
|
Changes
|
2015
|
2014
|
%
|
Oil and gas
production (mmboe)
|
471.91
|
480.22
|
(1.7)
|
Crude oil production
(mmbbls)
|
349.47
|
360.73
|
(3.1)
|
China
|
296.34
|
310.8
|
(4.7)
|
Overseas
|
53.13
|
49.86
|
6.6
|
Natural gas
production (bcf)
|
734.79
|
716.35
|
2.6
|
Refining
In 2015, the Company adjusted the product mix in response to
market demand by increasing production of gasoline and kerosene,
maintained safe and reliable refinery operations and further
upgraded oil products quality as scheduled. We optimised resource
allocation, controlled costs and took advantage of our strong
economies of scale. By tapping our well-established advantages in
specialization, we improved our margins in lubricants, LPG and
asphalt. In 2015, we processed
236 million tonnes of crude oil, up by 0.5% from the previous
year, and produced 148 million tonnes of refined oil products, up
by 1.5%.
In 2015, the operating revenues of this segment were
RMB 926.6 billion, representing a
decrease of 27.2% over 2014. This was mainly attributable to the
decreased price of refined oil products. In 2015, the operating
profit of the segment totaled RMB 21.0
billion, representing an increase of RMB 22.9 billion as compared with 2014. This was
mainly due to domestic pricing mechanism of refined oil products
implemented timely, tapping the Company's well established
advantages in scale of refining, as well as increasing production
of oil products and high-value-added products for which demand was
strong.
In 2015, refining gross margin was RMB
318.1 per tonne, representing an increase of RMB 105.1 per tonne compared with 2014. In 2015,
refining gross margin was USD 6.95
per barrel, representing a year-on-year increase of 47.2%. The unit
refining cash operating cost remained flat despite of investments
in refined oil products quality upgrading.
Refining: Summary of
Operations
|
|
Twelve-month periods
ended 31 December
|
Changes
|
2015
|
2014
|
(%)
|
Refinery throughput
(million tonnes)
|
236.49
|
235.38
|
0.5
|
Gasoline, diesel and
kerosene
production (million tonnes)
|
148.38
|
146.23
|
1.5
|
Gasoline (million
tonnes)
|
53.98
|
51.22
|
5.4
|
Diesel (million
tonnes)
|
70.05
|
74.26
|
(5.7)
|
Kerosene (million
tonnes)
|
24.35
|
20.75
|
17.4
|
Light chemical
feedstock production
(million tonnes)
|
38.81
|
39.17
|
(0.9)
|
Light yield
(%)
|
76.50
|
76.52
|
(0.02) percentage
points
|
Refining yield
(%)
|
94.75
|
94.66
|
0.09 percentage
points
|
|
Note: Includes 100% of
production of joint ventures.
|
Marketing and Distribution
In 2015, in light of the new pattern of supply and demand
balance for oil products, we adjusted our marketing strategies and
promoted the sales of high-octane gasoline and high-value-added
products. We optimised oil products pipeline layout and marketing
network, accelerated the construction of compressed natural gas
service stations. In its transformation from a fuel supplier to an
comprehensive service provider, the marketing segment unleashed
great potential in complementary fuel and non-fuel businesses. As a
result, total retail volume and per-station pumped volume sustained
growth despite intense market competition. In 2015, the total sales
volume of refined oil products was 189 million tonnes, of which
domestic sales accounted for 171 million tonnes. In the meantime,
our non-fuel businesses achieved stronger momentum in
specialization, market orientation,
Marketing scale and profitability. Nonfuel business transactions
increased by 45.2% from the previous year to RMB 24.83 billion.
In 2015, the operating revenues of this segment were
RMB 1,106.7 billion, a decrease of
25.1% over 2014. The operating profit of this segment was
RMB 28.9 billion, representing a
decrease of 2.0% compared with 2014.
Marketing and
Distribution: Summary of Operations
|
|
Twelve-month periods
ended 31 December
|
Changes
|
2015
|
2014
|
(%)
|
Total sales volume of
refined oil products
(million tonnes)
|
189.33
|
189.17
|
0.1
|
Total domestic sales
volume of refined oil
products (million tonnes)
|
171.37
|
170.79
|
0.2
|
Retail (million
tonnes)
|
119.03
|
117.84
|
1.0
|
Direct sales and
Wholesale (million tonnes)
|
52.34
|
53.13
|
(1.5)
|
Annualised average
throughput per station
(tonne/station)
|
3,896
|
3,858
|
1.0
|
|
As of 31
December
2015
|
As of
31 December
2014
|
Change from
the end of
last year(%)
|
Total number of
Sinopec-branded service
stations
|
30,560
|
30,551
|
0.03
|
Company-operated
|
30,547
|
30,538
|
0.03
|
Chemicals
In 2015, we enhanced the operations of our manufacturing
facilities by adjusting utilisation rates to achieve satisfactory
marginal profitability while sustained safe and stable operations
among principal plants. The Company finetuned its feedstock mix to
lower costs, deepened the links among research and development,
production, marketing and sales of new products, and maximized
production of high-value-added products tailored to market demands.
Ethylene output rose by 3.9% from 2014 to 11.12 million tonnes.
Meanwhile, by keeping inventories at low levels and implementing a
differentiated marketing strategy, our full-year chemicals sales
volume increased by 3.4% to 62.87 million tonnes, with all produced
chemicals sold.
In 2015, the operating revenues of the chemicals segment were
RMB 326.3 billion, representing a
decrease of 23.7% as compared with that of 2014, which was mainly
attributable to price drop of chemical products partly offset by
the volume increase of basic organic chemicals and synthetic resin.
In 2015, the operating profit of this segment was RMB 19.7 billion, representing an increase of
RMB 21.9 billion as compared with
2014.
In 2015, the Company actively fine-tuned its feedstock and
product mix and maximized production of high-value-added products.
Despite prices of feedstock and products dropped significantly,
chemical unit all-in cost continuously reduced, attributable to
feedstock prices decreased more than product prices and the
Company's effective cost reduction efforts. Chemical product
processing expenses reduced 8.53% year-on-year. Unit gross margin
was RMB 133 / tonne, representing a
year-on-year increase of 11.95%.
Major Chemical
Products: Summary of Operations Unit of production: 1,000
tonne
|
|
Twelve-month periods
ended 31
December
|
Changes
|
2015
|
2014
|
(%)
|
Ethylene
|
11,118
|
10,698
|
3.9
|
Synthetic
resin
|
15,065
|
14,639
|
2.9
|
Synthetic fiber
monomer and polymer
|
843
|
939
|
(10.2)
|
Synthetic
fiber
|
8,994
|
8,383
|
7.3
|
Synthetic
rubber
|
1,282
|
1,315
|
(2.5)
|
|
Note: Includes 100%
of production of joint ventures.
|
R&D
In 2015, the Company insisted on setting innovation as the core
of development, further improved the mechanism and institution of
R&D, reinforced the integration of production, marketing and
R&D, and gave full play to R&D for driving and supporting
the growth of the Company. In our upstream business, we
successfully completed building the capacity of the Fuling shale
gas field to 5 billion cubic meters per year using an in-house
package of exploration and development technology. In refining, we
commercialised such technologies as the integrated
hydrogenation-FCC process for maximising light oil products and
high octane gasoline from catalytic diesel process. These
technologies provided guarantees for optimising product mix and
upgrading oil products quality. In chemicals, we commercialised a
number of technologies and products, including the gas-liquid
polyethylene process, optical-film-grade polyester performance
compounds, and styrene-butyl-rubber for high-performance tyres,
strongly facilitating the Company to produce high-value-added
products. In 2015, we applied for a total of 5,246 patents at home
and abroad, and 3,769 patents were granted. During the year, we won
one top award and one second-place award for National Science and
Technology Advancement, two second-place awards for Technology
Invention, one National Patent Gold Award and six Awards of
Excellence.
Capital Expenditures
In 2015, the Company focused on investment quality and
efficiency and optimised its asset portfolio and investment
projects. Total capital expenditures were RMB 112.249 billion, down by 27.4% from the
previous year. Capital expenditures for the exploration and
production segment were RMB 54.71
billion, mainly for development in the Fuling shale gas
field (First Phase), the liquified natural gas terminal projects in
Guangxi and Tianjin, and construction of long-distance gas
pipelines such as the Jinan-Qingdao
gas pipeline (Second Phase), as well as for overseas projects.
Capital expenditures for the refining segment were RMB 15.132 billion, mainly for gasoline and
diesel quality upgrading projects and refinery revamping. Capital
expenditures for the marketing and distribution segment were
RMB 22.115 billion, mainly for
revamping service stations and building oil product pipelines, oil
depots and storage facilities, as well as for safety retification
and vapour recovery facilities. Capital expenditures for the
chemicals segment were RMB 17.471
billion, mainly for equity acquisition in Sibur Holding, the
East Ningxia and Zhongtian synergetic coal chemical projects, and
the Zhenhai ethylene revamping project. Capital expenditures for
the corporate and others were RMB 2.821
billion, mainly for R&D facilities and IT application
projects.
Social Responsibility
The Company has been committed to sustainable development
concept and continued its corporate social responsibility according
to the ten principles of UN Global Compact, high corporate
responsibility standard, and the green and low-carbon growth
requirement in China. In 2015,
while providing stable energy supply, quality products and services
to the people and the society at large, the Company also
strengthened its safety and risk management to ensure its stable
and safe operation. The Company integrated efforts in energy
conservation, emissions control and carbon reduction by vigorously
implementing its energy and environmental management system, the
Energy Conservation Plan, the Clear Water and Blue Sky Campaign,
and its carbon assets management system. The Company cared about
its staff, safeguarded employee occupational health and promoted
employee career growth. The Company also strengthen is
sub-contractor management, optimised biding and evaluation
processing and established a supply chain HSE system, aiming to
achieve synergic growth with the supply chain. The Company has been
actively supporting various philanthropic projects and participated
relief programs including the Lifeline Express project.
Business Prospects
Looking ahead to 2016, the world economy is expected to be weak
in recovery while China's economy
maintained steady growth. International oil prices are expected to
fluctuate at a low level. A gradual opening up of import license
for crude oil will enable more competitions in the domestic market.
Quality upgrading for oil products will advance steadily and the
demand pattern will be further adjusted. Growth in domestic demand
for major petrochemical products will be steady. In 2016, we will
focus on improving development quality and profitability. We will
work hard to create market opportunities while controlling costs
and risk. In the meantime, we will deepen reforms, strengthen
innovation and implement rigorous management programs. We will make
special efforts in the following areas:
Exploration and production: In exploration and
production, we will continue to focus on investment return and
maintain domestic exploration activities at a reasonable level in a
bid to lower development costs. In exploration, we will reinforce
risk management, optimise evaluation of projects, and focus on key
projects with strong reserve potentials, thus improving the success
rate of exploration. In oil development, we will press ahead with
implementation of dynamic decision-making and operating mechanisms
and cut low-efficiency production and high-cost enhanced oil
recovery activities to optimise our production structure. In gas
development, the second phase of the capacity building project for
the Fuling shale gas field will be in full swing. We will advance
the shale gas resource assessment in the Sichuan Basin and nearby blocks, striving for
new commercial discoveries. In 2016, we plan to produce 332 million
barrels of crude oil, of which 58 million barrels will be overseas
production. We plan to produce 865 billion cubic feet of natural
gas.
Refining: In refining, we will continue to embrace a
strategy that is market-oriented and driven by profitability,
increase output of products with high added value and optimal
market potential, and speed the quality upgrading of oil products
to ensure the supply of clean fuels. We will optimise resource
allocation of crude oil, lower crude costs and adjust our
production plan to ensure safe and reliable operations. We will
actively enhance the marketing of lubricants, LPG and asphalt for
better profits. In 2016, we plan to process 238 million tonnes of
crude oil and produce 149 million tonnes of oil products.
Marketing and distribution: In marketing and
distribution, we will intensify the analysis of our marketing
strategy and actively respond to competition. We will take measures
to optimise our sales structure, expand retail and per-station
pumped volume, improve our logistics system to reduce costs and
drive our non-fuel businesses by improving mechanisms to facilitate
the synergy between our fuel and non-fuel businesses. China's Internet+ economy presents new
opportunities for us to establish an Online-to-Offline service
platform, create new business models, and advance our
transformation to an integrated service provider. In 2016, we plan
to sell 171 million tonnes of oil products in the domestic
market.
Chemicals: In chemicals, we will continue our policy of
structural adjustments, further optimise our feedstocks to lower
costs and operate our facilities at reasonable utilisation rates
based on market conditions and profitability. We will tighten the
links among production, sales, research and client, continue to cut
costs of commodity products and raise the added value of
differentiated products, and increase the output of products with
the greatest market acceptance and profitability. Meanwhile, we
will enhance our marketing strategy, improve customer service and
offer our customers products and services that cover the whole
value chain. In 2016, we plan to produce 11.20 million tonnes of
ethylene.
R&D: In research and development, we will continue to
implement our strategy of development driven by innovation, improve
and create new R&D mechanisms, and move scientific and
technological achievements into production more quickly. The
exploration and production segment will focus on technological
breakthroughs that help us increase oil reserves and enhance
conventional and unconventional exploration and development and
oilfield services. In refining, we will undertake activities in
such areas as heavy crude processing, the quality upgrading of oil
products and adjustments to the product slate. In chemicals, we
will focus on adjustments to the product mix along with R&D
initiatives in basic chemicals, coal chemicals, fine chemicals, bio
chemicals and synthetic materials. We also expect to make progress
in energy-conserving, environmental and low-carbon technologies as
well as prospective and fundamental research to improve innovation
capabilities and to support and drive the sustainable growth of the
Company.
Capital expenditures: In capital expenditures, we will
make greater efforts to optimise our investments in line with
market changes. Capital expenditures for the year are budgeted at
RMB 100.4 billion, down by 10.6% from
2015, of which the exploration segment will account for
RMB 47.9 billion, mainly for domestic
oil and gas exploration projects, for development projects in the
Fuling shale gas field (Second Phase), the Pingbei and Huangyan gas
field and the Daniudi gas field, and for the first-phase pressure
boosting project to transport gas from Sichuan to Eastern
China. The refining segment will account for RMB 19.5 billion, mainly for revamping the
Zhenjiang and Maoming refineries as well as quality upgrading for
gasoline and diesel. The marketing and distribution segment will
account for RMB 17.9 billion, mainly
for revamping service stations, improving the pipeline network and
building non-fuel business facilities that promote integrated
services. The chemicals segment will account for RMB 10.8 billion, mainly for the Zhongtian
synergetic coal chemical project, the Jinling propylene oxide and
LPG project, and the Maoming ethylene oxide project. The corporate
and other segment will account for RMB 4.3
billion, mainly for R&D and IT projects.
In 2016, the Company will leverage the opportunities arising
from favorable national policies and economic growth in
China to drive quality upgrading
and efficiency growth. By stimulating the endogenous impetus
through reform and innovation, we continuously aim for sharpened
competitive edge and will speed up the transformation and
structural adjustment of the Company.
Appendix: Key financial data and
indicators
FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH
ASBE
Principal accounting
data
|
Items
|
Twelve-month periods
ended 31 December
|
Changes
over the same
period of the
preceding year
(%)
|
2015
RMB
million
|
2014
RMB
million
|
Operating
income
|
2,018,883
|
2,825,914
|
(28.6)
|
Net profit
attributable to equity
shareholders of the Company
|
32,207
|
47,430
|
(32.1)
|
Net profit
attributable to equity
shareholders of the Company
after deducting
extraordinary gain/loss
items
|
28,901
|
43,238
|
(33.2)
|
Net cash flows from
operating activities
|
165,818
|
148,347
|
11.8
|
|
At 31 December
2015
RMB
million
|
At 31 December
2014
RMB
million
|
Change from the
end of last year
(%)
|
Total equity
attributable to equity
shareholders of the Company
|
675,370
|
594,483
|
13.6
|
Total
assets
|
1,443,129
|
1,451,368
|
(0.6)
|
Principal financial
indicators
|
Items
|
Twelve-month periods
ended 31 December
|
Changes
over the same
period of the
preceding year
(%)
|
2015
RMB
|
2014
RMB
|
Basic earnings per
share
|
0.266
|
0.406
|
(34.5)
|
Diluted earnings per
share
|
0.266
|
0.406
|
(34.5)
|
Basic earnings per
share after deducting
extraordinary gain/loss items
|
0.239
|
0.370
|
(35.4)
|
Weighted average
return on net assets (%)
|
5.04
|
8.14
|
(3.10) percentage
points
|
Weighted average
return on net assets
after deducting extraordinary gain/loss
items (%)
|
4.52
|
7.42
|
(2.90) percentage
points
|
Net cash flow from
operating activities per
share
|
1.372
|
1.270
|
8.0
|
FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH
IFRS
Principal accounting
data
|
Items
|
Twelve-month periods
ended 31 December
|
Changes
over the same
period of the
preceding year (%)
|
2015
RMB
million
|
2014
RMB
million
|
Operating
Profit
|
57,028
|
73,487
|
(22.4)
|
Net profit
attributable to owners of the
Company
|
32,438
|
46,466
|
(30.2)
|
Net cash generated
from operating
activities
|
165,818
|
148,347
|
11.8
|
|
At 31 December
2015
RMB
million
|
At 31 December
2015
RMB
million
|
Change from the
end of last year
(%)
|
Equity attributable
to owners of the Company
|
674,029
|
593,041
|
13.7
|
Total
assets
|
1,443,129
|
1,451,368
|
(0.6)
|
Principal financial
indicators
|
Items
|
Twelve-month periods
ended 31 December
|
Changes
over the same
period of the
preceding year
(%)
|
2015
RMB
|
2014
RMB
|
Basic earnings per
share
|
0.268
|
0.398
|
(32.7)
|
Diluted earnings per
share
|
0.268
|
0.397
|
(32.5)
|
Return on capital
employed (%)
|
5.24
|
6.05
|
(13.4) percentage
points
|
The following table sets forth the operating revenues, operating
expenses and operating profit/(loss) by each segment before
elimination of the inter-segment transactions for the periods
indicated, and the percentage changes between the first half of
2015 and the first half of 2014.
|
Twelve-month periods
ended 31 December
|
Changes
|
2015
|
2014
|
RMB
million
|
(%)
|
Exploration and
Production Segment
|
|
|
|
Operating revenues
|
138,653
|
227,597
|
(39.1)
|
Operating expenses
|
156,071
|
180,540
|
(13.6)
|
Operating (loss)/profit
|
(17,418)
|
47,057
|
-
|
Refining
Segment
|
|
|
|
Operating revenues
|
926,616
|
1,273,095
|
(27.2)
|
Operating expenses
|
905,657
|
1,275,049
|
(29.0)
|
Operating (loss)/profit
|
20,959
|
(1,954)
|
-
|
Marketing and
Distribution Segment
|
|
|
|
Operating revenues
|
1,106,666
|
1,476,606
|
(25.1)
|
Operating expenses
|
1,077,811
|
1,447,157
|
(25.5)
|
Operating (loss)/profit
|
28,855
|
29,449
|
(2.0)
|
Chemicals
Segment
|
|
|
|
Operating revenues
|
326,308
|
427,485
|
(23.7)
|
Operating expenses
|
306,626
|
429,666
|
(28.6)
|
Operating (loss)/profit
|
19,682
|
(2,181)
|
-
|
Corporate and
others
|
|
|
|
Operating revenues
|
783,874
|
1,310,236
|
(40.2)
|
Operating expenses
|
783,490
|
1,311,299
|
(40.3)
|
Operating (loss)/profit
|
384
|
(1,063)
|
-
|
Elimination of
inter-segment
profit/(loss)
|
4,566
|
2,179
|
-
|
About Sinopec Corp.
Sinopec Corp. is one of the largest integrated energy and
chemical companies in China. Its
principal operations include the exploration and production,
pipeline transportation and sale of petroleum and natural gas; the
sale, storage and transportation of petroleum products,
petrochemical products, coal chemical products, synthetic fibre,
fertiliser and other chemical products; the import and export,
including an import and export agency business, of petroleum,
natural gas, petroleum products, petrochemical and chemical
products, and other commodities and technologies; and research,
development and application of technologies and information.
Sinopec sets 'fueling beautiful life' as its corporate mission,
puts 'people, responsibility, integrity, precision, innovation and
win-win' as its corporate core values, pursues strategies of
value-orientation, innovation-driven development, integrated
resource allocation, open cooperation, and green and low-carbon
growth, and strives to achieve its corporate vision of building a
world leading energy and chemical company.
Disclaimer
This press release includes "forward-looking statements". All
statements, other than statements of historical facts that address
activities, events or developments that Sinopec Corp. expects or
anticipates will or may occur in the future (including but not
limited to projections, targets, reserve volume, other estimates
and business plans) are forward-looking statements. Sinopec Corp.'s
actual results or developments may differ materially from those
indicated by these forward-looking statements as a result of
various factors and uncertainties, including but not limited to the
price fluctuation, possible changes in actual demand, foreign
exchange rate, results of oil exploration, estimates of oil and gas
reserves, market shares, competition, environmental risks, possible
changes to laws, finance and regulations, conditions of the global
economy and financial markets, political risks, possible delay of
projects, government approval of projects, cost estimates and other
factors beyond Sinopec Corp.'s control. In addition, Sinopec Corp.
makes the forward-looking statements referred to herein as of today
and undertakes no obligation to update these statements.
Beijing
Investor
Inquiries:
|
Media
Inquiries:
|
Tel:(86 10) 5996
0028
|
Tel:(86 10) 5996
0028
|
Fax:(86 10) 5996
0386
|
Fax:(8610) 5996
0386
|
Email:ir@sinopec.com
|
Email:ir@sinopec.com
|
Hong Kong
Investor
Inquiries:
|
Media
Inquiries:
|
Tel:(852) 2824
2638
|
Tel:(852) 2522
1838
|
Fax:(852) 2824 3669
|
Fax:(852) 2521
9955
|
Email:ir@sinopechk.com
|
Email:sinopec@prchina.com.hk
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sinopec-records-net-profit-rmb-437-billion-in-2015-300242533.html
SOURCE China Petroleum & Chemical Corporation