PR Newswire
BEIJING, April 26, 2018
BEIJING, April 26, 2018 /PRNewswire/ -- China Petroleum & Chemical Corporation ("Sinopec Corp." or the "Company")(HKEX: 00386; SSE: 600028; NYSE: SNP) today announced its unaudited results for the three months ended 31 March 2018.
Financial Highlights:
Business Review:
In the first quarter of 2018, the global economy recovered gradually, and Chinese economy maintained a momentum of steady and sound growth with gross domestic product (GDP) up by 6.8%. International crude oil price fluctuated at a narrow range and increased slightly. The Company pursued supply-side structural reform as main task, focused on improving the quality and efficiency of our operations, upheld the policy of Reform, Management, Innovation and Development, and strengthened efforts on cost reduction, market expansion, structural adjustment, reform promotion, management reinforcement, which helped deliver solid operating results.
Exploration and Production:
The Company constantly strengthened measures on high-efficiency exploration activities and adopted profit-oriented approaches on development. In exploration, we made new progress in northeast Sichuan area in Sichuan Basin and in Shunbei area in Xinjiang Tarim Basin, strengthened efforts in E&P in deep, normal pressure and new strata of shale gas formations, and found new discoveries in Weirong shale gas field. In oil and gas development, we accelerated crude oil reserve evaluation, promoted capacity building in new areas of crude oil and natural gas; constantly advanced progressive exploration and reservoir appraisal of natural gas. In the first quarter, the oil and gas production of the Company was 111.33 million barrels of oil equivalent, among which domestic crude oil increased by 1.3% while natural gas increased by 0.6%, compared with the same period of last year. Exploration and Production Segment had an operating loss of RMB 0.318 billion, realising a significant reduction in loss by RMB 5.446 billion compared with the same period of last year.
Exploration and Production | Unit | For three-month period ended 31 March | Changes | |
2018 | 2017 | (%) | ||
Oil and gas production1 | million boe | 111.33 | 111.93 | (0.5) |
Crude oil production | million barrels | 71.35 | 72.08 | (1.0) |
China | million barrels | 61.43 | 60.67 | 1.3 |
Overseas | million barrels | 9.92 | 11.41 | (13.1) |
Natural gas production | billion cubic feet | 239.83 | 238.35 | 0.6 |
Realised crude oil price | USD/barrel | 59.8 | 49.1 | 21.8 |
Realised natural gas price | USD/thousand cubic feet | 6.28 | 5.00 | 25.6 |
Note 1 Conversion: for domestic production of crude oil, 1 tonne = 7.10 barrels; for overseas production of crude oil, 1 tonne=7.21 barrels; for production of natural gas, 1 cubic meter = 35.31 cubic feet. |
Refining:
The Company comprehensively optimised the operation of production plans. We proactively adjusted product structure, improved production volume of gasoline, jet-fuel and other high value-added products, the ratio of diesel to gasoline decreased to 1.06. At the same time, we actively implemented refined oil product quality upgrading to ensure the supply of high quality refined oil products, optimised crude oil procurement and resource distribution to realise cost control. In the first quarter, refinery throughput grew by 2.1% and refined oil products production grew by 2.6%, among which gasoline up by 4.7%, kerosene up by 8.6% and diesel down by 1.7% over the same period of last year. Refining Segment realised an operating profit of RMB 19.007 billion.
Refining2 |
Unit | For three-month period | Changes (%) | |
2018 | 2017 | |||
Refinery throughput | million tonnes | 60.16 | 58.95 | 2.1 |
Gasoline, diesel and kerosene production | million tonnes | 37.98 | 37.03 | 2.6 |
Gasoline | million tonnes | 14.98 | 14.31 | 4.7 |
Diesel | million tonnes | 15.93 | 16.21 | (1.7) |
Kerosene | million tonnes | 7.07 | 6.51 | 8.6 |
Light chemical feedstock | million tonnes | 9.94 | 9.97 | (0.3) |
Light product yield | % | 76.22 | 76.30 | (0.08) Percentage points Werbung Mehr Nachrichten zur China Petroleum & Chemical ADR Aktie kostenlos abonnieren
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