Sinopec's Profit for 1H2018 Up 52% with Dividend Payout Surges 60%
BEIJING, Aug. 26, 2018 /PRNewswire/ -- China Petroleum & Chemical Corporation ("Sinopec" or the "Company")(HKEX: 386; SSE: 600028; NYSE: SNP) today announced its interim results for the six months ended 30 June 2018.
Financial Highlights:
-- In accordance with the International Financial Reporting Standards
(IFRS), the Company's operating profit reached RMB 61.6 billion,
increased by 56.6% year on year. Profit attributable to equity
shareholders of the Company was RMB 42.4 billion, surged by 51.8% year
on year. Basic earnings per share were RMB 0.350 (1H2017: RMB 0.231).
-- In accordance with China Accounting Standards for Business Enterprises
("ASBE"), the Company's operating income reached RMB 1,300 billion.
Operating profit was RMB 67.9 billion, surged by 51.3% year on year. Net
profit attributable to the equity shareholders of the Company was RMB
41.6 billion, up by 53.6% year on year. Basic earnings per share were
RMB 0.344 (1H2017: RMB 0.224).
-- In accordance with IFRS, the Company's liability-to-asset ratio was
47.1%, reflecting a solid financial position. The Company's cash and
cash equivalents (including time deposits) was RMB 205.2 billion,
maintaining a healthy cash flow level.
-- The Board of Directors declared an interim dividend of RMB 0.16 per
share, up by 60.0% year on year.
Business Highlights:
In the first half of 2018, global economy recorded slow recovery, while China economy maintained a stable performance and secured progress in its economic development with gross domestic product (GDP) grew by 6.8%. While the domestic demand for oil products maintained steady growth, the market witnessed strong competition because of abundant supply. According to the statistics of NDRC, domestic consumption of refined oil products increased by 5.7% compared with the first half of 2017, among which gasoline consumption increased by 4.6%, consumption growth for kerosene and diesel was 10.9% and 5.6%, respectively. Domestic demand for natural gas recorded higher growth rate. Domestic consumption of major chemicals maintained significant growth with consumption of ethylene continued to report robust growth, and gross margin for chemical products remained at a high level.
-- Exploration and Production: the Company promoted efficient exploration
and effective production to increase proved reserves, reduced costs and
expenses and achieved superior results in its upstream business. In
exploration, the Company's continuing efforts in exploration paid off
with major discoveries in a number of regions. In development, the
Company adopted a profit oriented approach, in resumption of crude oil
production. The Company also accelerated natural gas development by
enhancing production-supply-storage-marketing system building to realise
synergy along the entire value chain. In the first half of 2018, this
segment recorded an Earnings Before Interest and Tax ("EBIT") of RMB 677
million.
-- Refining: the Company maintained high operational utilisation rates of
refining facilities. Refined oil products mix has been optimized to
address market demand changes, more high value-added products were
produced. The Company actively promoted refined oil products quality
upgrading and optimised crude oil sourcing to lower feedstock cost. The
advantage of centralised marketing was given full play. In the first
half of 2018, this segment recorded an EBIT of RMB 39.4 billion, surged
by 32.3% year on year.
-- Marketing and Distribution: the Company took full advantages of its
integrated distribution network to actively respond to competitive
market conditions, and achieved good operational results. The Company
intensified its efforts to explore more markets, expanded retail scale,
and achieved sustained growth in total domestic sales volume. The
domestic sales volume of refined oil was 88.45 million tonnes, up by
1.4% year on year. In the first half of 2018, the operating revenues and
profit of non-fuel business were up 15.8% and 32.0%, respectively. This
segment recorded an EBIT of RMB 18.3 billion, surged by 1.6% year on
year.
-- Chemicals: adhering to the "basic and high-end" development concept to
adjust our feedstock structure and lower cost. The Company optimised
product mix by enhancing the dynamic optimisation of facilities and
product chains to provide more products needed by the market. The
Company strengthened the integration among production, marketing, R&D,
and application, and intensified efforts on R&D, production and sales of
high value-added products. In the first half of 2018, this segment
recorded an EBIT of RMB 18.9 billion, up by 14.5% year on year.
Mr. Dai Houliang, Chairman of Sinopec, said, "During the first half of 2018, we carried out businesses in a practical manner and fully realised the strengths of our integrated value chain. We secured stable and higher-quality growth of the Company along with improved performance. Looking into the second half of 2018, we expect China's economy to maintain steady growth and the demand for refined oil products and petrochemicals to increase steadily with more robust demand for high-end products. Along with the adjustments of China's energy structure, demand for natural gas will maintain robust growth. The Company will continue to focus on growth pattern upgrading, insist on specialized development, market-oriented operation, optimised global presence and integrated planning to enhance efficiency. This will strengthen our core competence and extending our value chain to middle-end and high-end, aiming to deliver better operating results and give back to our country, shareholders, employees, customers and the society."
Business Review
Exploration and Production
In the first half of 2018, capturing the recovery of crude oil price, the Company promoted efficient exploration and effective production to increase proved reserves, reduced costs and expenses and achieved good results. Our continuing efforts in exploration paid off with new oil and gas discoveries in Sichuan Basin, Tarim Basin, and Yin'e Basin. In development, we adopted a profit-oriented approach in resumption of crude oil production.) We also accelerated natural gas development by enhancing production-supply-storage-marketing system building to realise synergy along the entire value chain. Production in the first half of 2018 was 224.59 million barrels of oil equivalent, of which domestic crude production was 123.68 million barrels, overseas crude production was 19.95 million barrels, and total gas production was 476.2 billion cubic feet, increased by 5.3% compared to the same period of last year.
In the first half of 2018, operating revenues of the segment were RMB 87.9 billion, representing an increase of 18.6% year on year. This was mainly the increase of crude oil and natural gas prices as well as expansion of scale of natural gas and LNG business over the same period of 2017. In the first half of 2018, the oil and gas lifting cost was RMB 768 per tonne, representing an increase of 0.1% year on year. In the first half of 2018, the operating loss of the segment was RMB 0.4 billion, representing a decrease of RMB 17.9 billion compared with the same period of last year. This was mainly because the segment seised the opportunity of crude oil price recovery to promote efficient exploration and effective production and reduce costs and expenses and achieved good results.
Exploration and Production:
Summary of Operations
Six-month period
ended 30 June Changes
---------------- -------
2018 2017 (%)
---- ---- ---
Oil and gas production (mmboe) 224.59 221.38 1.4
----------------------------- ------ ------ ---
Crude oil production (mmbbls) 143.63 145.98 (1.6)
---------------------------- ------ ------ ----
China 123.68 123.16 0.4
----- ------ ------ ---
Overseas 19.95 22.82 (12.6)
-------- ----- ----- -----
Natural gas production (bcf) 476.20 452.12 5.3
--------------------------- ------ ------ ---
Refining
In the first half of 2018, with the market-oriented approach, we optimised product mix to produce more gasoline and jet fuel, and the diesel-to-gasoline ratio further decreased. We actively promoted the GB VI refined oil products quality upgrading. Export of refined oil products was increased to help maintain high utilisation of refining facilities. Crude oil sourcing and allocation optimisation continued to lower our feedstock cost. We comprehensively optimised our production plans to ensure safe and reliable operations. The advantage of centralised marketing was given full play, and profitability of LPG, asphalt, and sulphur maintained at a high level. In the first half of 2018, we processed 121 million tonnes of crude oil, and produced 76.37 million tonnes of refined oil products, with production of gasoline and kerosene up by 5.7% and 9.4% respectively from levels in the first half of 2017.
In the first half of 2018, operating revenues of the segment were RMB 593.3 billion, representing an increase of 21.5% year on year. This was mainly attributable to increased prices of refined oil products, and the high utilisation rate maintained by the Company by proactively confronting with the over-supplied market.
In the first half of 2018, the refining margin was RMB 544.1 per tonne, up by RMB 70.4 per tonne, representing an increase of 14.9% year on year, which was mainly because the Segment put great efforts to reduce crude oil purchasing cost and enhanced product mix by optimising operation schedule according to market demand. The Segment constantly optimised product mix, increased export of refined oil products, optimised crude oil sourcing to lower feedstock cost and achieved good result. In the first half of 2018, the segment realised an operating profit of RMB 38.9 billion, up by RMB 9.5 billion, representing an increase of 32.5% year on year.
Refining: Summary of Operations Unit: Million Tonnes
Six-month period
ended 30 June Changes
----------------- -------
2018 2017 (%)
---- ---- ---
Refinery throughput 120.72 117.79 2.5
------------------- ------ ------ ---
Gasoline, diesel and
kerosene production 76.37 74.11 3.0
-------------------- ----- ----- ---
Gasoline 30.04 28.41 5.7
-------- ----- ----- ---
Diesel 32.09 32.67 (1.8)
------ ----- ----- ----
Kerosene 14.25 13.03 9.4
-------- ----- ----- ---
Light chemical feedstock
production 19.34 18.94 2.1
------------------------ ----- ----- ---
Note: Includes 100% of
production of domestic
joint ventures.
Marketing and Distribution
In the first half of 2018, confronted with fierce competition, the Company brought our advantages in distribution network into full play, and achieved good operational results. We coordinated internal and external resources, intensified efforts to explore more markets, expanded retail scale, and achieved sustained growth in total domestic sales volume. We proactively promoted precision marketing and differentiated marketing, and improved our marketing network to reinforce existing advantages. The total sales volume of refined oil products in the first half of 2018 was 96.48 million tonnes, of which domestic sales accounted for 88.45 million tonnes, up by 1.4% year on year. We strengthened development of key convenience store goods and proprietary brand to promote a rapid growth of non-fuel business.
In the first half of 2018, the operating revenues of the segment were RMB 668.3 billion, increased by 10.3% year on year. This was mainly due to the increasing refined oil products prices and gasoline sales volume. In the first half of 2018, the segment brought our advantages in integrated business and distribution network into full play, enhanced efforts to optimise internal and external resources, actively responded to market rebalancing, expanded markets, balanced profits and volume and achieved good result. In the first half of 2018, the segment's operating profit was RMB 17.2 billion, up by RMB 0.6 billion, representing an increase of 3.7% year on year.
Marketing and Distribution: Summary of Operations Unit: Million Tonnes
Six-month period ended 30
June Changes
------------------------- -------
2018 2017 (%)
---- ---- ---
Total sales volume of refined oil products 96.48 98.55 (2.1)
------------------------------------------ ----- ----- ----
Total domestic sales volume of refined oil 88.45 87.22 1.4
products
-------- ---
Retail 59.28 58.68 1.0
------ ----- ----- ---
Direct sales and Wholesale 29.16 28.54 2.2
-------------------------- ----- ----- ---
Annualised average throughput per station 3,870 3,832 1.0
(tonne/station)
--------------- ---
As of 30 June As of 31 Change from
2017 December 2016 the end of last
year?%?
------- -------
Total number of Sinopec-branded service stations 30,645 30,633 0.04
------------------------------------------------ ------ ------ ----
Number of Company-operated stations 30,639 30,627 0.04
----------------------------------- ------ ------ ----
Number of convenience stores 26,424 25,775 2.5
---------------------------- ------ ------ ---
Chemicals
In the first half of 2018, we constantly fine-tuned chemical feedstock mix to further lower costs, optimised product mix by enhancing the dynamic optimisation of facilities and product chains to provide more products needed by the market. We strengthened the integration among production, marketing, R&D, and application, and intensified efforts on R&D, production and sales of high value-added products, with the ratio of specialty products of synthetic resin reached 64.0% and our differential ratio of synthetic fibre reached 90.3%. Ethylene production for the first half of 2018 was 5.786 million tonnes, up by 3.2% year on year. We coordinated internal and external resources, implemented precision marketing and further expanded the market, with total chemical sales volume increased by 14.1% from the corresponding period in 2017 to 42.56 million tonnes.
In the first half of 2018, operating revenues of the chemicals segment were RMB 256.3 billion, representing an increase of 23.0% year on year, which was mainly due to increased petrochemical products sales volume and prices year on year as the Company seised market opportunities to expand market, promote sales and optimise structure. In the first half of 2018, the segment seized the opportunity of good margin, continued the 'basic and high-end' chemical business development concept, strengthened the integration among production, sales, R&D and application, further promoted optimisation of feedstock, product and facilities to lower feedstock cost, increase high value added products' proportion and achieved good result. The segment's operating profit in the first half of 2018 was RMB 15.8 billion, up by RMB 3.6 billion, representing an increase of 29.7% year on year.
Major Chemical Products: Summary of Operations Unit: 1,000 tonnes
Six-month period
ended 30 June Changes
----------------- -------
2018 2017 (%)
---- ---- ---
Ethylene 5,786 5,609 3.2
-------- ----- ----- ---
Synthetic resin 8,068 7,802 3.4
--------------- ----- ----- ---
Synthetic fiber monomer
and polymer 4,601 4,659 (1.2)
----------------------- ----- ----- ----
Synthetic fiber 603 616 (2.1)
--------------- --- --- ----
Synthetic rubber 405 412 (1.7)
---------------- --- --- ----
Note: Includes 100% of
production of domestic
joint ventures.
Safety Management and Environmental Protection
The Company prioritised safe production and intensified safety supervision. In the first half of this year, we promote the construction of tiered risk control and operation hazard identification, prevention and rectification system. We advanced safety control of contractors and on-site operation, enhanced process safety of chemicals business, security and staff healthy management, and further consolidated the foundation of safe production at operational level. Above all, we achieved safe production and operations.
The Company actively implemented its green and low-carbon strategy and launched "Green Enterprise Campaign". We effectively carried out pollution prevention and control and constantly pushed forward energy efficiency improvement. We also accelerated carbon asset management and made great progress in energy and environment work.
Capital Expenditures
Focusing on quality and return on investment, the Company continuously optimised its investment projects. In the first half of 2018, total capital expenditures were RMB 23.687 billion. Capital expenditures for the exploration and production segment were RMB 10.762 billion, mainly for oil and gas capacity building, Wen 23 Gas Storage Project, Erdos-Anping-Cangzhou Gas Pipeline Project, the first phase of Xinjiang Coal Gas Pipeline Project as well as overseas projects. Capital expenditures for the refining segment were RMB 4.61 billion, mainly for the Zhongke integrated refining and chemical project, product mix optimisation of Zhenhai, Maoming and Tianjin, and GB VI gasoline and diesel quality upgrading projects. Capital expenditures for the marketing and distribution segment were RMB 5.373 billion, mainly for constructing refined oil products depots, pipelines and service stations and revamping of underground oil tanks, as well as other safety and environmental protection hazard removal projects. Capital expenditures for the chemicals segment were RMB 2.635 billion, mainly for integrated refining and chemical projects of Zhongke and ulei, high-efficiency and environmental friendly aromatics project in Hainan and Zhong'an United Coal Chemical project. Capital expenditures for corporate and others were RMB 307 million, mainly for R&D facilities and information technology application projects.
Business Prospects
Looking into the second half of 2018, we expect China's economy to maintain steady growth and the demand for refined oil products and petrochemicals to increase steadily with more robust demand for high-end products. Along with the adjustments of China's energy structure, demand for natural gas will maintain robust growth. For the second half of 2018, the uncertainty of international crude oil prices will increase due to trade frictions and geopolitical tensions.
Confronted with the present situation, the Company will integrate reform, management, innovation and development, to fully improve operational performances, expand markets, reduce costs, prevent risks and realise structural adjustments. Our focuses are on the following aspects:
For Exploration and Production, we will continue to advance high-efficiency exploration, profitable production and cost reduction. In crude oil development, we will accelerate profitable development of new oilfields and resumed production of suspended wells, deepen the structural adjustments of mature fields, and increase yields of profitable crude oil. In natural gas development, we will advance key projects for capacity construction, enhance the efficiency and quality of developed gas fields, as well as promote synergy of production, supply, storage and marketing to push forward the development of natural gas. In the second half of 2018, we plan to produce 146 million barrels of crude oil, of which domestic production will account for 125 million barrels and overseas production will account for 21 million barrels. We plan to produce 497.8 billion cubic feet of natural gas during the period.
For Refining, with efficiency-oriented approach, we will optimise our production plans based on market demand to consolidate our competitive advantages in refining business. We will continue to adjust our product mix by further lowering the diesel-to-gasoline ratio and increasing the production of gasoline, jet fuel and light chemical feedstock. We will complete GB VI refined oil products upgrading project as scheduled. We will fully optimise operations and ensure safe and stable production, and we plan to process 121 million tonnes of crude oil in the second half of the year.
For Marketing and Distribution, we will intensify our marketing strategy of balancing profit and volume by optimising resources allocation and operational efficiency. We will make efforts to expand retail scale through implementing precision marketing as well as differentiated marketing. We will further improve our marketing network to reinforce existing advantages and enhance the ability of exporting refined oil products. We will push forward the construction and operation of natural gas stations and expand natural gas market for automobiles. We will take the advantage of "Internet +" marketing strategy and accelerate the development and marketing of proprietary brand and products to advance the growth of non-fuel business. In the second half, we plan to sell 90.50 million tonnes of refined oil products in the domestic market in the second half of 2018.
For Chemicals, we will focus on the "basic and high-end" development concept to adjust our feedstock structure and lower cost. We will fine-tune our product slate, improve the coordination among mechanism combining production, marketing, research and application, advance new product development, promotion and application, and deliver more high-end products. We will put more emphasis on the dynamic optimisation of facilities and product chains and improving the utilisation and production scheduling based on market demands. Meanwhile, we will promote the precision marketing and services, improve customer services and provide total solutions and value-added services. We plan to produce 5.734 million tonnes of ethylene in the second half of 2018.
In the second half of the year, the Company will continue to focus on growth pattern upgrading, insist on specialized development, market-oriented operation, optimised global presence and integrated planning to enhance efficiency and deliver superior operating results.
Appendix: Key financial data and indicators
-------------------------------------------
FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH ASBE
--------------------------------------------------------------
Principal accounting data
Items Six-month periods ended 30 June Changes
over the same
period of the
preceding year
(%)
--- --- ---
2018 2017
RMB million RMB million
----------- -----------
Operating income 1,300,252 1,165,837 11.5
---------------- --------- --------- ----
Net profit attributable to equity 41,600 27,092 53.6
shareholders of the Company
--------------------------- ---
Net profit attributable to equity 39,791 26,099 52.5
shareholders of the Company
after deducting extraordinary
gain/loss items
--------------- ---
Net cash flows from operating 71,620 60,847 17.7
activities
---------- ---
At 30 June 2018 At 31 December 2017 Change from
the end of last year
RMB million RMB million (%)
----------- ----------- ---
Total equity attributable to equity 721,193 727,244 (0.8)
shareholders of the Company
--------------------------- ---
Total assets 1,617,304 1,595,504 1.4
------------ --------- --------- ---
Principal financial indicators
Items Six-month periods ended 30 June Changes
over the same
period of the
preceding year
(%)
--- --- ---
2018 2017
RMB RMB
--- ---
Basic earnings per share 0.344 0.224 53.6
------------------------ ----- ----- ----
Diluted earnings per share 0.344 0.224 53.6
-------------------------- ----- ----- ----
Basic earnings per share after deducting 0.329 0.216 52.5
extraordinary gain/loss items
----------------------------- ---
Weighted average return on net assets (%) 5.74 3.79 1.95 percentage
points
--- --- ------
Weighted average return on net assets after 5.49 3.65 1.84 percentage
deducting extraordinary gain/loss items (%) points
------------------------------------------- --- ------
FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH IFRS
--------------------------------------------------------------
Principal accounting data
Items Six-month periods ended 30 June Changes
over the same
period of the
preceding year
(%)
--- --- ---
2018 2017
RMB million RMB million
----------- -----------
Operating Profit 61,576 39,309 56.6
---------------- ------ ------ ----
Profit attributable to owners of the 42,386 27,915 51.8
Company
------- ---
Net cash generated from operating 71,620 60,847 17.7
activities
---------- ---
At 30 June 2018 At 31 December 2017 Changes from the
end of last year
RMB million RMB million (%)
----------- ----------- ---
Total equity attributable to owners of the 720,113 726,120 (0.8)
Company
------- ---
Total assets 1,617,304 1,595,504 1.4
------------ --------- --------- ---
Principal financial indicators
Items Six-month periods ended 30 June Changes
over the same
period of the
preceding year
(%)
--- --- ---
2018 2017
RMB RMB
--- ---
Basic earnings per share 0.350 0.231 51.8
------------------------ ----- ----- ----
Diluted earnings per share 0.350 0.231 51.8
-------------------------- ----- ----- ----
Return on capital employed (%) 6.48 4.39 2.09 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 2018 and the first half of 2017.
Six-month periods ended 30
June Changes
--------------------------- -------
2018 2017
---- ----
RMB million (%)
----------- ---
Exploration
and
Production
Segment
-----------
Operating
revenues 87,924 74,109 18.6
--------- ------ ------ ----
Operating
expenses 88,336 92,443 (4.4)
--------- ------ ------ ----
Operating
(loss)/profit (412) (18,334) -
-------------- ---- ------- ---
Add: Share
of
profits/
(losses)
from
associates
and joint
ventures 1,087 875 24.2
----------- ----- --- ----
Add:
Investment
income/
(loss) 2 48 (95.8)
----------- --- --- -----
EBIT 677 (17,411) -
---- --- ------- ---
Refining
Segment
--------
Operating
revenues 593,327 488,172 21.5
--------- ------- ------- ----
Operating
expenses 554,395 458,779 20.8
--------- ------- ------- ----
Operating
profit 38,932 29,393 32.5
--------- ------ ------ ----
Add: Share
of profits
from
associates
and joint
ventures 487 409 19.1
----------- --- --- ----
Add:
Investment
income/
(loss) 12 10 20.0
----------- --- --- ----
EBIT 39,431 29,812 32.3
---- ------ ------ ----
Marketing
and
Distribution
Segment
-------------
Operating
revenues 668,325 605,960 10.3
--------- ------- ------- ----
Operating
expenses 651,139 589,394 10.5
--------- ------- ------- ----
Operating
profit 17,186 16,566 3.7
--------- ------ ------ ---
Add: Share
of profits
from
associates
and joint
ventures 1,125 1,416 (20.6)
----------- ----- ----- -----
Add:
Investment
income 11 48 (77.1)
----------- --- --- -----
EBIT 18,322 18,030 1.6
---- ------ ------ ---
Chemicals
Segment
---------
Operating
revenues 256,268 208,429 23.0
--------- ------- ------- ----
Operating
expenses 240,504 196,272 22.5
--------- ------- ------- ----
Operating
profit 15,764 12,157 29.7
--------- ------ ------ ----
Add: Share
of profits
from
associates
and joint
ventures 3,137 4,242 (26.0)
----------- ----- ----- -----
Add:
Investment
income 13 115 (88.7)
----------- --- --- -----
EBIT 18,914 16,514 14.5
---- ------ ------ ----
Corporate
and others
-----------
Operating
revenues 585,443 488,015 20.0
--------- ------- ------- ----
Operating
expenses 589,897 487,276 21.1
--------- ------- ------- ----
Operating
profit (4,454) 739 -
--------- ------ --- ---
Add: Share
of profits
from
associates
and joint
ventures 782 709 10.3
----------- --- --- ----
Add:
Investment
income 802 65 1,133.8
----------- --- --- -------
EBIT (2,870) 1,513 (289.7)
---- ------ ----- ------
Elimination
of inter-
segment (5,440) (1,212) -
profit/(loss)
-------------
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 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 Corp. 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.
Investor Inquiries: Media Inquiries:
Beijing
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
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
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SOURCE China Petroleum & Chemical Corporation
