BEIJING, March 24, 2013 -- /PRNewswire/ -- China Petroleum & Chemical Corporation today announced its annual results for the year ended 31 December 2012.
Financial Highlights:
In accordance with the PRC Accounting Standards for Business Enterprises ("ASBE"), in 2012, the Company's operating income was RMB2,786.0 billion, up 11.2% year-on-year, and operating profit was RMB87.9 billion. Net profit attributable to equity shareholders of the Company was RMB63.5 billion, down 11.4% year-on-year. Basic and diluted earnings per share were RMB0.731 and RMB0.704 respectively.
Business Highlights:
Exploration and production segment: The company realized growth in both oil and gas reserve and production, and showed significant results in unconventional oil and gas resource development through exploration activities conducted by the E&P segment in five key domestic regions, and achieved more than 100% replacement ratio of domestic oil and gas throughout the year. The Company officially launched its first shale gas pilot project with production capacity in Fuling. The Company's crude oil production increased 2.0% year-on-year to 328.28 million barrels; natural gas production increased 15.7% year-on-year to 598.01 billion cubic feet. The segment's operating profit was RMB70.1 billion.
Refining segment: The Company processed 221 million tonnes of crude oil, an increase of 1.8% from 2011, and produced 133 million tonnes of oil products, up by 3.9% from the previous year. The Company actively adjusted its product mix, which resulted in higher output of products with high market demand, such as gasoline and jet fuel. Despite the recorded operating loss for the year of RMB11.4 billion, gradual improvement in refining margins helped turnaround the business in the second half of the year, leading to a loss reduction of RMB 24.3 billion year-on-year.
Marketing and distribution segment: Sinopec adjusted operation strategies to actively respond to the changing market demand, as well as actively promoted one-stop service and specialty goods to achieve stable business growth. In 2012, the total sales volume of oil products increased to 173 million tonnes, up 6.7% year-on-year, with domestic refined oil retail volume increasing significantly. The segment's operating profit was RMB42.7 billion in 2012.
Chemicals segment: In 2012, in response to changing market demand, the Company adjusted facility utilization rate in a timely manner, to focus on high-value-added products. Production of ethylene was reduced by 4.5% from previous year to 9.45 million tonnes in 2012. The total sales of chemical products were 54.35 million tonnes, up 7.0% year on year. The operating profit of this segment was RMB1.2 billion.
Total capital expenditure was RMB168.96 billion for 2012.
For more information, please visit www.sinopecgroup.com