2010 Interim Results Presentation. August 23, 2010 Hong Kong

Transcription

1 Sinopec Corp. 21 Interim Results Presentation August 23, 21 Hong Kong

2 Disclaimer i This presentation and the presentation materials distributed herein include forwardlooking 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, 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 t t as a result of various factors and uncertainties, ti including but not limited it to price fluctuations, actual demand, exchange rate fluctuations, exploration and development outcomes, estimates of proven reserves, market shares, competition, environmental risks, changes in legal, 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 today and undertakes no obligation to update these statements

3 Agenda 1H 21 Performance Highlights 1H 21 Operating Results 2H 21 Outlook

4 1H 21 Performance Highlights ht

5 Review of Market Environment China s economy achieved rapid growth with GDP increasing 11.1% Government adjusted the onshore wellhead benchmark natural gas price and launched a pilot reform of the oil & gas resource tax in Xinjiang International crude oil traded within a certain range Domestic demand for oil products and chemical products increased steadily Domestic consumption of refined oil products grew by 12.5% Domestic ethylene-equivalent consumption grew by 9.6%

6 Profitability RMB million 1H 29 1H 21 Change % Turnover and other operating revenues 534,25 936, EBITDA 7,766 76, EBIT 46,182 49, E&P 5, , Refining 19,898 5,686 (71.4) Marketing 12,58 14, Chemicals 9,761 8,344 (14.5) Corporate & Others (1,486) (694) na Net profit attributable to shareholders of the Company 33,246 35, EPS (RMB)

7 Financial i Position RMB million 1H 29 1H 21 Net cash generated from operating activities 79,79 47,555 Net cash used in investing activities (44,734) (39,16) Net cash used in financing activities (33,753) (1,899) RMB million At 31 Dec. 29 At 3 Jun. 21 Short-term debts 58,898 5,944 Long-term debts 18, ,652 Total equity attributable to shareholders of the Company 375,661 41,

8 Capital Expenditure RMB Million 12, 1, 8, 6, 4, 2, 112, 34, Plan 1H 21 billion E&P: RMB billion, mainly for oil and gas exploration and capacity addition. Refining: RMB billion, mainly for upgrading refineries to produce higher-spec oil products and process lower-grade crude, and for construction of logistic systems. Marketing and Distribution: RMB billion, mainly for expanding marketing network and developing 838 service stations. Chemicals: RMB billion, mainly for ethylene projects in Zhenhai and Wuhan Corporate and others: RMB.371 billion Corporate & others Marketing E&P Chemicals Refining

9 Return and Dividend id d ROCE Dividend Per Share 15% RMB.2 1% 11.13% % 5.15% 6.39% 6.4% % % 年 H 21 Full Year First Half Note: ROCE for first half is not annualized Year-end Interim

10 1H 21 Operating Results

11 E&P-Operating Summary 1H 29 1H 21 Change % Crude oil production (mm bbls) Natural gas production (bcf) Lifting cost (RMB/tonne) Newly added proved reserves of crude oil (mm bbls) (5.7) Newly added proved reserves of natural gas (bcf) (131.64) na As of 31 Dec. 29 As of 3 Jun. 21 Change % Proved reserves of crude oil (mm bbls) 2,82 2,81 (.7) Proved reserves of natural gas (bcf) 6,739 6,586 (2.3) Proved reserves of oil and gas (mm boe) 3,943 3,899 (1.1) 1) * Crude oil is converted at 1 tonne to 7.1 barrels, and natural gas is converted at 1 cubic meter to cubic feet

12 E&P Segment Performance Crude Oil and Natural Gas Realized prices EBIT of E&P Segment Crude Oil RMB/tonne 5, 4, 961 Natural Gas RMB/ cubic meter 1,2 1,59 1, 3,422 RMB million 25, 2, 21,989 3, 8 15, 2, 1, 1, , 5, 5,51 1H 29 1H 21 1H 29 1H 21 Crude Oil Natural Gas

13 Refining-Operating i Summary 1H 29 1H 21 Change % Refinery throughput (mm tonnes) Gasoline production (mm tonnes) Diesel production (mm tonnes) Kerosene production (mm tonnes) Light chemical feedstock production (mm tonnes) Light yield (%) bps Refining yield (%) bps * Refinery throughput is converted at 1 tonne to 7.35 barrels ** 1% production of joint ventures included

14 Refining i Segment Performance Refining i Margin / Cash EBIT of Refining Segment Operating Cost Refining Margin (RMB/tonne) Cash Operating Cost (RMB/tonne) RMB million , , 15, 19, , 5, 5,686 1H 29 1H H 29 1H 21 Refining Margin Cash Operating Cost

15 Marketing-Operating Summary 1H 29 1H 21 Change % Domestic sales of refined oil products (mm tonnes) Incl. Retail (mm tonnes) Distribution (mm tonnes) Wholesale l (mm tonnes) Annualized average throughput of self-operated stations (tonnes/station) 2,596 2, As of 31 Dec. 29 As of 3 Jun. 21 Change % Total number of service stations 29,698 29,95.8 Incl. Self-operated stations 29,55 29, Franchised stations (7.8)

16 Promoted Non-Fuel Business EASY JOY Store Turnover of Non-fuel Business Unit Million RMB 16, 12, 12, 14,5 3,5 3, 2,5 3,1 2,6 8, 4, 5,296 2, 1,5 1, 1, H H

17 Reform of Fuel Oil Business Sales Volume of Fuel Oil Fuel Oil Sales Company set up Integrated the value chain, consolidated fuel oil sales and enhanced market strength Million tonnes Leveraging franchise license of bonded bunker fuels to increase sales volume H 29 1H

18 Marketing Segment Performance Maximum retail price of RON 9# gasoline and # diesel RMB/Tonne USD/bbl RON9 Gasoline 4 4 # Diesel 3 Dubai Crude (Right Scale) EBIT of Marketing Segment RMB million 16, 14, , 12,58 12, 1, 8, 6, 4, 2, 1H 29 1H 21 RMB/tonne 1H 29 1H 21 Marketing cash operating cost

19 Chemicals-Operating Summary Production volume (1, tonnes) 1H 29 1H 21 Change % Ethylene 2,973 4, Synthetic resin 4,738 6, Monomers & polymers for synthetic fiber 3,721 4, Synthetic fiber Synthetic rubber Urea * 1% production of joint ventures included

20 Chemicals Segment Performance USD/tonne 12 Chemicals Price Spread (25 Jul. 21) EBIT of Chemicals Segment RMB million , 1, 8, 6, 9,761 8, , 2 2, H 29 1H 21 LDPE-Naphtha PP-Naphtha

21 2H 21 Outlook

22 Market Environment for 2H 21 China s economy is expected to maintain its growth momentum State policies aiming at domestic demand expansion, economic restructuring t and growth mode transformation ti to maintain i effective growth International crude oil price is expected to trade within a range Domestic demand for oil products and chemicals is expected to grow steadily

23 2H 21 Operating Outlook 2H 21 E FY 21 E Crude oil production (mm tonnes) Natural gas production (bcm) Refinery throughput (mm tonnes) Total domestic sales of refined oil products (mm tonnes) Ethylene production (mm tonnes)

24 For Further Information Investor Inquiries Beijing: Tel: (861) Fax: (861) i Hong Kong: Tel: (852) Fax: (852) New York : Tel: (212) Fax: (212) fangzq@sinopecusa.com Media Inquires Tel: (861) Fax: (861) media@sinopec.com