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1、China Petroleum & Chemical Corporation1H 2007 Results AnnouncementAugust 27, 2007Hong KongDisclaimerThis presentation and the presentation materials distributed herein include forward-looking statements. All statements, other than statements of historical facts, that address activities, events or de
2、velopments that Sinopec Corp. expects or anticipates will or may occur in the future (including but not limited to projections, targets, estimates and business plans) are forward-looking statements. Sinopec Corp.s actual results or developments may differ materially from those indicated by these for
3、ward-looking statements as a result of various factors and uncertainties, including but not limited to price fluctuations, actual demand, exchange rate fluctuations, exploration and development outcomes, estimates of proven reserves, market shares, competition, environmental risks, changes in legal,
4、 financial and regulatory frameworks, international economic and financial market conditions, political risks, project delay, project approval, cost estimates and other risks and factors beyond our control. In addition, Sinopec Corp. makes the forward-looking statements referred to herein as of toda
5、y and undertakes no obligation to update these statements. 2007-08-272Agendan1H 2007 Overviewn1H 2007 Operational Resultsn2H 2007 Operational Plan2007-08-2731H 2007 OverviewReview of Market Environment nChinas economy maintained steady and rapid growth, GDP increased by 11.5%uDomestic consumption of
6、 refined oil products grew by 4.2%uDomestic ethylene-equivalent consumption grew by 8.4%nInternational crude prices first declined and rose laternChemical product prices remained highnDomestic refined oil products prices still tightly controlled2007-08-275Operational Overview1H 20071H 2006Change%Cru
7、de oil production (mm bbls)143.88140.892.12Natural gas production (bcf)139.55126.2010.58Refinery throughput (mm tonnes)76.2571.686.38Domestic sales of refined oil products (mm tonnes)57.9254.326.63 Incl. Retail (mm tonnes)36.0134.743.66Ethylene production* (1,000 tonnes)3,2733,0317.98*Includes 100%
8、production from YPC-BASF and Shanghai-Secco.2007-08-276Profit GrowthRMB million1H 2007 1H 2006Change%Turnover and other revenues566,830491,22115.39EBITDA72,59950,43743.94EBIT53,34634,38955.13Net profit attributable to shareholders of the Company36,19021,87065.48EPS (RMB)0.4170.25265.482007-08-277Fin
9、ancial PositionRMB million1H 20071H 2006Net cash flow from operating activities61,63619,069Net cash flow used in investing activities(46,316)(56,181)Net cash flow (used in)/ generated from financing activities(12,306)32,532RMB millionAs of 30 Jun. 2007As of 31 Dec. 2006 Short-term debts47,03652,824L
10、ong-term debts70,59261,617Equity attributable to shareholders of the Company289,614262,8452007-08-278ROCE and DividendROCENote: ROCE for 1H 2007 is not annualizedDividend Per ShareRMB Yuan2007-08-2791H 2007 Operational ResultsE&POperational Summary1H 2007 1H 2006Change%Crude oil production (mm bbls)
11、143.88140.892.12Natural gas production (bcf)139.55126.210.58Lifting cost (RMB/tonne)55048712.94Newly added proved reserves of crude oil (mm bbls)147.88143.892.77Newly added proved reserves of natural gas (bcf)158.63175.5(9.61)Jun 30. 2007Dec 31. 2006Change%Proved reserves of crude oil (mm bbls)3,299
12、3,2950.12Proved reserves of natural gas (bcf)2,875.82856.70.67Proved reserves of oil and gas (mm boe)3,778.33,771.10.192007-08-2711E&PSegment PerformanceCrude Oil and Natural Gas Realized priceEBIT of E&P SegmentCrude OilRMB/tonneNatural GasRMB/000 cubic meterRMB million2007-08-2712RefiningOperation
13、al Summary1H 20071H 2006Change%Refinery throughput (mm tonnes)76.2571.686.38Gasoline production (mm tonnes)12.1611.238.28Diesel production (mm tonnes)28.9228.322.12Kerosene production (mm tonnes)4.103.1828.93Light chemical feedstock production (mm tonnes)12.0911.475.41Light yield (%)74.4974.81(32bps
14、)Refining yield (%)93.7093.73(3bps)2007-08-2713RefiningSegment PerformanceEBIT of Refining SegmentRefining Margin / Cash Operating CostRefining Margin(RMB/tonne)Cash Operating Cost(RMB/tonne)RMB million2007-08-2714MarketingOperational Summary1H 20071H 2006Change%Domestic sales of refined oil product
15、 (mm tonnes)57.9254.326.63 Incl. Retail (mm tonnes)36.0134.743.66 Distribution (mm tonnes)10.159.694.75Total number of service stations28,89829,198(1.03) Incl. Company-operated28,15327,6281.90 Franchised7451,570(52.55)Annualized throughput of company-operated stations (tonnes/station)2,5582,5151.712
16、007-08-2715MarketingSegment PerformanceEBIT of Marketing SegmentRON #90 Gasoline Guidance PriceRMB/Tonne#0 Diesel Guidance PriceRMB/TonneRMB/tonne1H 20061H 2007Marketing cash operating cost149.75171.80RMB million2007-08-2716ChemicalsOperational SummaryUnit: 1,000 tonnes1H 20071H 2006Change%Ethylene*
17、3,2733,0317.98Synthetic resin*4,7674,18413.93Monomers & polymers for synthetic fibers3,9383,57710.09Synthetic fiber718770(6.75)Synthetic rubber36031813.21Urea813906(10.26)*Includes 100% production from YPC-BASF and Shanghai-Secco.2007-08-2717ChemicalsSegment PerformanceEBIT of Chemicals SegmentChemi
18、cals Price Spread (2002 Jul. 2007)USD/tonneRMB millionRMB/tonneIH 20061H 2007Ethylene cash operating cost1,2621,3202007-08-2718nEnergy consumption per unit of production decreased by 3.95%uEnergy consumption per unit of production for E&P segment decreased by 4.72%uEnergy consumption per unit of pro
19、duction for Refining segment increased by 0.28%uEnergy consumption of ethylene units decreased by 1.02%nFresh water consumption and water discharge reduced substantiallyuFresh water consumption reduced by 5%uWastewater discharge reduced by 7%uCOD in wastewater reduced by 15%Environmental Record2007-
20、08-2719Effective Cost ControlRMB million1H 2007 Cost Saving2007-08-2720Capital ExpenditurenE&P: RMB 18.28 billion. Newly added production capacity of crude oil was 2.27 million tonnes per year and that of natural gas was 719 million cubic meters per year, nRefining: RMB 6.18 billion. Upgrade of Yans
21、han project was completed; Qingdao project progressed smoothly; Tianjin-Yanshan crude oil pipeline was completed.nMarketing and Distribution: RMB 4.92 billion. Construction of pipeline for refined oil products in Beijing was completed; newly added 307 stations.nChemicals: RMB 3.30 billion. Tianjin e
22、thylene, Zhenhai ethylene and Fujian Ethylene projects progressed smoothly1H 2007 CapexRMB million2007-08-27212H 2007 Operational PlanMarket Environment for 2H2007nChinas economy is expected to maintain rapid growthuDemand for oil products and petrochemicals will increase steadilynInternational crud
23、e oil prices will remain highnRefining business will still be under pressurenPetrochemical product prices will remain at a relative high level2007-08-27232H 2007 Operation Estimates2H EstimateFY 2007ECrude oil production (mm tonnes)20.7441.00Natural gas production (bcm)4.058.00Refinery throughput (m
24、m tonnes)78.25154.50Total domestic sales of refined oil products (mm tonnes)59.08117.00Ethylene production (mm tonnes)3.276.542007-08-2724For Further Informationhttp:/Investor RelationsBeijing:Tel: (8610) 64990060 Fax: (8610) 64990489Email: Hong Kong: Tel: (852) 28242638 Fax: (852) 28243669Email: New York:Tel: (212) 759 5085 Fax: (212) 759 6882Email: Media Relations Tel: (8610) 64990092Fax: (8610) 64990093Email: 2007-08-2725
