PR Newswire
BEIJING, Oct. 27, 2016
BEIJING, Oct. 27, 2016 /PRNewswire/ -- China Petroleum & Chemical Corporation ("Sinopec Corp." or the "Company") (HKEX: 386; SSE: 600028; NYSE and LSE: SNP) today announced its financial results for the first three quarters ended 30 September 2016.
Financial Highlights:
Business Review:
For first three quarters in 2016, the Company focused on growth quality and profitability and further enhanced structure adjustment and management. It optimised market-oriented operation, fully leveraged advantages across the integrated value chain, coordinated all aspects of work and overcame the impact of natural disasters, obtained fine operating results.
Exploration and Production: To address the challenge of low oil prices, the Company effectively optimised exploration and production activities and achieved positive results. In exploration, through technological progress and efficiency promotion, it attained new discoveries in Tahe of Xinjiang Autonomous Region, Beibu Gulf in Guangxi and Yin-E Basin in Nei Mongol Autonomous Region and new natural gas findings in west Sichuan and Erdos Basin. In development, Phase Two shale gas development project in Fuling Shale Gas field further facilitated its shale gas development. In production, the Company strengthened cost discipline and reduced high-cost oil production. In the first three quarters, oil and gas production of the Company was 322.29 million barrels of oil equivalent, down 8.13% year-on-year. Out of which, crude oil output dropped by 12.58% from a year ago while natural gas output grew by 5.09%. Earnings before interest and taxes (EBIT) of the Exploration and Production segment were RMB -30.865 billion.
Refining: The Company actively responded to challenges arising from sharp increase of throughput from independent refineries, ample market supply and changes in refined oil products demand. It further optimised its refined oil product mix by increasing production of gasoline and kerosene, reduced its crude purchasing costs, kept steady unit load and pressed ahead with refined oil products quality upgrading. Based on customer need, it strengthened marketing service of other refined oil products, such as asphalt and LPG. In the first three quarters, refinery throughput and refined oil products production decreased by 1.72% and 1.04% year-on-year respectively, among which gasoline up 3.04%, jet fuel up 4.28% and diesel down 5.95% over the same period last year. EBIT of the Refining segment were RMB 43.504 billion, up 183.12% over the same period last year.
Marketing and Distribution: In light of ample domestic fuel supply and strong competition in the market, the Company coordinated and optimised internal and external resources, and adjusted marketing efforts, achieving growth in both total sales volume and retail sales volume, especially in retail scale of premium products with high octane number. It further improved its product pipeline network and accelerated the building of service stations. Non-fuel business kept fast development momentum owing to synergy between fuel and non-fuel businesses. In the first three quarters, total sales volume of refined oil products was 146 million tonnes, up by 3.53% over the same period last year. Total domestic sales volume of refined oil products was 130 million tonnes, up by 2.27% year-on-year. Transaction of non-fuel business reached RMB 26.920 billion, up 40.21% when compared with the same period last year. EBIT of the Marketing and Distribution segment were RMB 25.839 billion, up 14.50% over the same period last year.
Chemicals: The Company further optimised feedstock and product mix, as well as facilities structure. It further lowered feedstock cost for ethylene, strengthened the integration among production, sales, product R&D and customer need and continuously optimised operations of manufacturing facilities, which has achieved great results. It strengthened R&D, production and marketing capabilities of new high value-added products, with performance polymer ratio reaching 59.7% and differential ratio of synthetic fibre reaching 84.8%. It also focused on improving customer services to enhance customer loyalty. At the same time, it held firm to its strategies of low inventories and customised marketing. In the first three quarters, ethylene production reached 8.115 million tonnes, down 1.91% year-on-year. Chemical sales volume was 50.46 million tonnes, up 11.19% over the same period last year. EBIT of the Chemicals segment were RMB 19.135 billion, up 8.95% over the same period last year.
Capital Expenditures: The Company focused on growth quality and profitability, strengthened the management of investment return and optimisation of investment project. Its capital expenditures were approximately RMB 24.969 billion in the first three quarters. Capital expenditures for the Exploration and Production segment were RMB 9.206 billion, mainly for Phase Two of shale gas development in Fuling, LNG terminals in Guangxi and Tianjin, and Jinan-Qingdao gas pipeline II. Captial expenditures for the Refining segment were RMB 4.995 billion, mainly for gasoline and diesel quality upgrading and refinery optimisation and revamping projects. Capital expenditures for the Marketing and Distribution segment were RMB 5.983 billion, mainly for renovation of service stations, refined oil products pipelines, oil depots and safety hazard rectification projects. Capital expenditures for the Chemical segment were RMB 3.967 billion, mainly for feedstock and product optimisation projects and coal chemical projects. Capital expenditures for corporate and others were RMB 818 million, mainly for R&D facilities and IT application projects.
Summary of Principal Operating Results for the First Three Quarters
Operating data | Unit | For nine-month period ended 30 September | Changes (%) | ||
2016 | 2015 | ||||
Exploration and production | |||||
Oil and gas production1 | million boe | 322.29 | 350.82 | (8.13) | |
Crude oil production | million barrels | 229.36 | 262.38 | (12.58) | |
China | million barrels | 191.26 | 222.42 | (14.01) | |
Overseas | million barrels | 38.10 | 39.96 | (4.65) | |
Natural gas production | billion cubic feet | 557.15 | 530.14 | 5.09 | |
Realised crude oil price | USD/barrel | 35.44 | 48.91 | (27.54) | |
Realised natural gas price | USD/thousand cubic feet | 5.48 | 7.12 | (23.03) | |
Refining2 | |||||
Refinery throughput | million tonnes | 175.25 | 178.32 | (1.72) | |
Gasoline, diesel and kerosene production | million tonnes | 111.02 | 112.19 | (1.04) | |
| Gasoline | million tonnes | 42.09 | 40.85 | 3.04 |
| Diesel | million tonnes | 50.15 | 53.32 | (5.95) |
| Kerosene | million tonnes | 18.78 | 18.01 | 4.28 |
Light chemical feedstock | million tonnes | 28.45 | 29.40 | (3.23) | |
Light products yield | % | 76.35 | 76.62 | (0.27) percentage points | |
Refining yield | % | 94.47 | 94.78 | (0.31) percentage points | |
Marketing and Distribution | |||||
Total sales of refined oil products | million tonnes Werbung Mehr Nachrichten zur China Petroleum & Chemical ADR Aktie kostenlos abonnieren
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