Categories: AccessWire

Sinopec Announces 2023 Interim Results

Sinopec Achieves Solid Operating Results in the First Half of 2023Maintain Relatively High Dividend Payout LevelBoard Approves Share Repurchase PlanBEIJING, CHINA / ACCESSWIRE / August 27, 2023 / China Petroleum & Chemical Corporation (“Sinopec Corp.” or the “Company”) (HKEX: 386; SSE: 600028) today announced its interim results for the six months ended 30 June 2023.Financial HighlightsIn accordance with IFRS, the Company’s turnover and other operating revenues in the first half of 2023 were RMB1.59 trillion. Profit attributable to equity shareholders of the Company was RMB36.122 billion. Basic earnings per share was RMB0.301. In accordance with CASs, profit attributable to equity shareholders of the Company was RMB35.111 billion. Basic earnings per share was RMB0.293.With the consideration of the Company’s profitability, shareholder returns and future sustainable development needs, the Board proposed an interim dividend of RMB0.145 per share. Calculated base on CASs, dividend payout ratio was 49.5%, reaching the cap stipulated in the Company’s Articles of Association (the Company’s Articles of Association stipulated that the interim dividend ratio should not exceed 50%). At the same time, the Board reviewed and approved the shares repurchase plan to actively safeguard the Company’s value.The Company seized market opportunities, carried out in-depth optimization of the entire industrial chain, enhanced production and marketing coordination, flexibly adjusted raw materials, product slate and utilisation rate, strengthened cost control, and achieved solid operating results. The Company’s oil and gas production in the first half of 2023 was 250 million barrels of oil equivalent, a year-on-year increase of 3.3%, among which, natural gas production reached 660.9 billion cubic feet, up by 7.6%; refinery throughput was 127 million tonnes, a year-on-year increase of 4.8%; total sales volume of refined oil products reached 117 million tonnes, a year-on-year increase of 18.5%; ethylene production was 6.875 million tonnes, up by 0.4% year-on-year.The Company actively implemented the carbon peaking plan of Sinopec Corp., invested in the new energy industry, orderly promoted the adjustment and optimization of energy consumption, and continued to promote energy conservation and consumption reduction. Emissions decreased by 2.26 million tonnes of CO2 equivalent, 843 thousand tonnes of CO2 were recycled, 422 thousand tons of carbon dioxide used for EOR, 434 million cubic meters of methane were recovered which was equivalent to reducing 6.51 million tonnes of CO2 emissions.Business ReviewIn the first half of 2023, China’ economy continued to recover and showed a good momentum, recording a GDP growth of 5.5% year-on-year. Domestic natural gas demand picked up with apparent consumption up by 6.7% year-on-year. Domestic demand for refined oil products rebounded with apparent consumption up by 16.2% year-on-year, among which, gasoline, diesel and kerosene consumption increased by 9.8%, 15.1% and 78.1% respectively. Domestic demand for chemicals was weak with ethylene equivalent consumption up by 2.4% year-on-year. In the first half of 2023, international oil prices fluctuated with a downward trend. The average spot price of Platts Brent was USD79.8 per barrel, down by 25.8% year-on-year. Amid the current business environment, the Company fully leveraged the integration advantage, actively deepened optimisation of production and operation, expanded market and sales, and achieved high quality operating results.Exploration and ProductionIn the first half of 2023, the Company intensified efforts in high quality exploration and profitable development with new achievements made in increasing reserves, stabilizing oil production, boosting gas output and cutting cost. In terms of exploration, we strengthened risk exploration, trap pre-exploration and integrated evaluation exploration, and achieved a number of oil and gas discoveries and breakthroughs in Tarim Basin, Sichuan Basin, Jianghan Basin and Erdos Basin. The construction of Shengli Jiyang Shale Oil National Demonstration Zone was promoted efficiently. In terms of development, we continued to scale up profitable production, carried forward the capacity building of Jiyang, Tahe and West Junggar, and strengthened fine-tuned development to lay a solid foundation for the stable production in mature fields. Efforts were made to bring up reserve and production of natural gas and accelerate capacity building in Shunbei Zone II and West Sichuan marine facies gas field. We strengthened integrated operation of natural gas production, supply, storage and sales and improved the profitability of the whole natural gas business chain. The Company’s production of oil and gas in the first half of 2023 was 250 million barrels of oil equivalent, up by 3.3% year-on-year, among which natural gas production reached 660.9 billion cubic feet, up by 7.6% year-on-year.In the first half of 2023, operating revenue of the segment was RMB144.9 billion, representing a decrease of 8.4% year-on-year. This was mainly due to the decrease in crude oil price. In the first half of 2023, the oil and gas lifting cost was RMB756.3 per tonne, representing a decrease of 1.4% year-on-year. In the first half of 2023, the segment adhered to the strategy of stabilizing oil output, boosting gas production, reducing costs, and promoting profitability, intensified efforts in high quality exploration and profitable development, enhanced cost control, strengthened the optimization of the whole natural gas industry chain. In the first half, the segment realised an operating profit of RMB25.4 billion, representing a decrease of RMB900 million or 3.4% year-on-year.Exploration and Production: Summary of Operations Six-month period ended 30 June Changes 2023 2022 % Oil and gas production (mmboe) 249.88 242.01 3.3 Crude oil production (mmbbls) 139.68 139.65 0.02 China 124.68 124.63 0.04 Overseas 15.00 15.02 (0.1)Natural gas production (bcf) 660.88 613.92 7.6 RefiningIn the first half of 2023, the Company actively addressed the challenges brought by the decline of crude oil prices and narrowed profit margin of certain refined oil products, adhered to the integration and optimization of production and marketing, increased utilization rate and maximized the efficiency of the business chain. We dynamically enhanced resources allocation and lowered procurement cost. We closely followed market demand, effectively optimised the rhythm of converting refined oil products to chemical feedstock and refining specialties, and increased production of marketable products such as high grade lubricating oil and grease. We scaled up export volume and optimized export scheduling and structure. We accelerated construction of world-class bases and promoted structural adjustment projects in an orderly manner. In the first half of 2023, the Company processed 126.54 million tonnes of crude oil, up by 4.8% year-on-year and produced 76.07 million tonnes of refined oil products, up by 10.3% with kerosene output up by 63.5% year-on-year.In the first half of 2023, operating revenues of the segment was RMB729.6 billion, representing a decrease of 5.9% year-on-year. This was mainly due to the decreased price of refined oil products, chemical feedstock and other refined petroleum products year-on-year resulting from sharp decrease of international crude oil price. In the first half of 2023, the unit refining cash operating cost (defined as operating expenses less cost of crude oil and refining feedstock, depreciation and amortisation, taxes other than income tax and other operating expenses, divided by the throughput of crude oil and refining feedstock) was RMB204.5 per tonne, representing a decrease of 8.2% year-on-year, which was mainly due to the effort in cost control and the decrease in cost of auxiliary material and fuels, such as coal. In the first half of 2023, the segment focused on optimization and integration of production and marketing, intensified efforts in promoting the utilisation rate, but impacted by the shrunk margin of part of the refinery products and inventory loss resulting from a decrease in international crude oil price, operating profit was RMB11.4 billion, decreased by RMB18.4 billion or 61.7% year-on-year.Refining: Summary of Operations Six-month period ended 30 June Changes 2023 2022 (%) Refinery throughput (million tonnes) 126.54 120.76 4.8 Gasoline, diesel and kerosene production (million tonnes) 76.07 68.99 10.3 Gasoline (million tonnes) 30.33 30.03 1.0 Diesel (million tonnes) 32.15 30.65 4.9 Kerosene (million tonnes) 13.59 8.31 63.5 Light chemical feedstock production (million tonnes) 21.36 22.01 (3.0)Note: Includes 100% of the production of domestic joint ventures.Marketing and DistributionIn the first half of 2023, the Company seized the favorable opportunity of rebounded market demand, brought our advantages of integrated business into full play and expanded the market through further enhancement in operating quality and scale. We focused on client demand and carried out targeted and differentiation marketing strategy. Measures were taken to effectively consolidate marketing network, actively develop overseas business, promote the expansion of charging and battery swapping business, and expand application scenario of hydrogen business, further paving the way to transform into an integrated energy service provider of petrol, gas, hydrogen, power and services. At the same time, we reinforced efforts in upgrading Sinopec-branded products and explored new business models to improve the quality and profitability of non-fuel business. Total sales volume of refined oil products for the first half of the year was 116.6 million tonnes, up by 18.5% year-on-year, of which total domestic sales volume accounted for 92.47 million tonnes, up by 17.9% year-on-year.In the first half of 2023, the operating revenues of this segment were RMB871.3 billion, increased by 10.0% year-on-year. This was mainly attributable to an increased demand for refined oil products and a year-on-year increase in the Company’s sales volume of refined oil products. In the first half of 2023, the segment seized opportunities of improved refined oil products demand and market environment, made every effort in expanding market and promoting profitability, and realized an operating profit of RMB17.0 billion, representing an increase of RMB100 million year-on-year, up by 0.7% year-on-year. Profit of non-fuel business was RMB2.7 billion, representing an increase of RMB100 million year-on-year. This was mainly because the Company proactively promoted the sales volume of Sinopec-branded products and expanded new business models.Marketing and Distribution: Summary of Operations Six-month period ended 30 June Changes 2023 2022 (%) Total sales volume of refined oil products (million tonnes) 116.60 98.42 18.5 Total domestic sales volume of refined oil products (million tonnes) 92.47 78.46 17.9 Retail (million tonnes) 59.76 51.23 16.7 Direct sales and Wholesale (million tonnes) 32.71 27.23 20.1 Annualised average throughput per station (tonne/station) 3,866 3,333 16.0 Note: The total sales volume of refined oil products includes the amount of refined oil marketing and trading sales volume. As of 30 June 2023 As of 31 December 2022 Change from the end of last year (%) Total number of Sinopec-branded service stations 30,918 30,808 0.4 Number of convenience stores 28,364 28,172 0.7 ChemicalsIn the first half of 2023, chemical industry situated cyclical trough, new capacities rapidly released combined with weak demand. Facing severe market situations, the Company coordinated long-term development and efforts in reducing loss and increasing profit, and strengthened cost control to maximize the overall value of the business chain. We enhanced analysis of product marginal profit, increased output of profitable products, and reduced utilisation rate of marginal loss units or even shut them down for operational consideration. Integration of production, marketing, research and application was further cemented to increase portion of high value-added products. We pushed forward the scale capacity building of Zhenhai and Tianjin Nangang. In the first half of the year, ethylene production was 6.875 million tonnes. The Company expanded domestic and overseas markets, increased market sales volume and profit, the total chemical sales volume in the first half reached 41.63 million tonnes, up by 3.1% year-on-year.In the first half of 2023, the operating revenues of this segment were RMB244.3 billion, decreased by 12.2% year-on-year. This was mainly due to weak demand for chemical products and decrease by 13.4% in terms of averaged products prices year-on-year. In the first half of 2023, the segment enhanced cost control and optimized slate of products. However, due to weak demand and concentrated release of production capacities, the margin of chemical products decreased by 57% year-on-year, with an operating loss of RMB3.4 billion and a year-on-year decrease of RMB4.2 billion.Major Chemical Products: Summary of Operations Unit of production: 1,000 tonne Six-month period ended 30 June Changes 2023 2022 (%) Ethylene 6,875 6,846 0.4 Synthetic resin 9,793 9,275 5.6 Synthetic fiber monomer and polymer 3,903 4,656 (16.2)Synthetic fiber 519 555 (6.5)Synthetic rubber 670 646 3.7 Note: Includes 100% of the production of domestic joint ventures.Health and SafetyIn the first half of 2023, the Company improved HSE management system and ensured the implementation of safety responsibilities. We carried out special campaign for enhancing hazardous chemical substance safety, and strengthened safety control over key areas and procedures, so as to maintain the overall stability of safety production. We promoted training in occupational health, further optimized the management mechanism for the physical and psychological health of overseas employees. We improved the management model of employees’ health and reinforced the foundation for the health management of employees.Science and Technology InnovationIn the first half of 2023, the Company accelerated seeking breakthrough in key and core technologies and further promoted the reform of the science and technology system and mechanism with positive progress made in science and technology innovation. In upstream, we obtained in-depth cognition in the shale gas enrichment mechanism of the deep layer in Sichuan and Chongqing, which led to major breakthrough in the marine facies deep formation shale gas exploration in Sichuan Basin. In refining, we achieved large-scale industrialization of highly-efficient catalytic cracking of resid (resid to chemicals, RTC). We made progress in synthesizing lubricant for aviation engine and developing a residue hydrotreating catalyst on fluidized bed all by ourselves. We also industrialized the production technology for aerospace kerosene. In chemicals, we started the pilot unit successfully of syngas coupling conversion to olefin (STO), commercialized the new loop process polypropylene technology, and successfully operated the thousand tonne POE pilot unit. In addition, the CO2 transportation pipeline of the million-ton CCUS demonstration project was put into operation, and national pilot demonstration projects such as “Industrial Internet +” and “Artificial intelligence Infrastructure Project” were smoothly promoted.Environmental ResponsibilitiesIn the reporting period, the Company deepened the campaign of pollution prevention and the special action on ozone pollution prevention, focused on ecological and environmental protection in the Yangtze and Yellow River basins, promoted energy conservation and carbon reduction actions, persistently carried out Green Enterprise Action. The COD and sulphur dioxide emissions decreased by 13% and 2% period-onperiod respectively, and the solid waste was 100% properly disposed.Mitigate Carbon EmissionDuring the reporting period, the Company has actively implemented the carbon peaking plan of Sinopec Corp. and invested in the new energy industry, orderly promoted the adjustment and optimization of energy consumption structure, strengthened the development and application of key low-carbon technologies, and achieved good results in carbon emission reduction. The Company persistently promoted energy conservation and consumption reduction, decreased GHG emissions by 2.26 million tonnes of CO2 equivalent, recycled 0.843 million tonnes of CO2, used 0.422 million tonnes of carbon dioxide for EOR, recovered 434 million cubic meters of methane which was equivalent to reducing 6.51 million tonnes of CO2 emissions.Capital ExpendituresThe Company focuses on the quality and profitability of investment and continues to optimize its investment projects. In the first half of 2023, total capital expenditures were RMB74.667 billion. Capital expenditure for the exploration and production segment was RMB33.421 billion, mainly for oil and gas production capacity construction of Jiyang and West Sichuan and storage and transportation facilities etc. Capital expenditure for the refining segment was RMB7.063 billion, mainly for refining structural adjustment in Yangzi and Tianjin. RMB3.320 billion was spent in the marketing and distribution segment, mainly for the development of integrated energy station network, renovation of the existing end-market network and non-fuel business. Capital expenditure for the chemical segment was RMB30.036 billion, mainly for ethylene projects in Luoyang and Tianjin Nangang as well as coal chemical projects. Capital expenditure for the corporate and other segments were 827 million, mainly for R&D facilities and information technology application projects.Business ProspectsIn the second half of 2023, China’s economy is anticipated to improve with good momentum. Domestic demand for refined oil products is expected to improve, demand for natural gas will grow and the demand for chemical products will gradually recover. Given the comprehensive impact of geopolitics, changes in global supply, demand and inventory, international crude oil prices are expected to fluctuate at medium and high price level. The Company will focus on operation optimization, market expansion, innovative development and safe operation. We will stress on the following aspects:In E&P, the Company will continue to enhance exploration and development efforts, keep improving reserves and production of oil and gas, and strive to make greater progress in stabilizing oil production, increasing gas production, and cutting costs. We will accelerate the oil and gas production capacity building in Jiyang, Shengli offshore, Shunbei Phase II and western Sichuan marine facies, promote the construction of the national demonstration area for continental facies shale oil in Jiyang, make every effort to raise capacity, control the decline of oil and gas output, and lower costs, diversify supply sources of natural gas, and continue to integrate the production, supply, storage and marketing system of natural gas. In the second half of the year, we plan to produce 141 million barrels of crude oil and 630.9 billion cubic feet of natural gas.In refining, the Company will integrate and coordinate production and marketing, flexibly adjust the product slate and facilities utilization in line with market needs, and improve the efficiency of business chain. We will dynamically optimize the procurement scale and rhythm and strive to reduce procurement cost. We will finetune export rhythm, and optimize export structure. We will shift from refined oil products to chemical feedstock in an orderly manner with low cost, enhance the effort in shifting from refined oil products to refining specialties and increase production of high value-added products and specialties, and expand the markets for lubricants, asphalt and petroleum coke. In the second half of the year, we plan to process 127 million tonnes of crude oil.In marketing and distribution, the Company will seize the opportunity of rebounding market demand, leverage our integration advantages to improve profitability and market share. We will build incremental marketing network precisely and expand overseas market, expedite the construction of power charging and battery swapping stations, continuously push forward the construction of “hydrogen corridor” and the demonstrated application of hydrogen refuelling for heavy trucks, and intensify the integrity and reliability of the network. We will further tap into digital empowerment, improve the comprehensive service ecology for non-fuel business, and raise profitability through synergy. In the second half of the year, we plan to sell 94 million tonnes of refined oil products in domestic market.In chemicals, the Company will adhere to the strategy of “basic + high-end”, closely follow marginal profit to enhance structure adjustment, strengthen optimisation of feedstock and reduce costs. Based on market need, we will dynamically monitor the changes in marginal contribution of the products, and keep high utilization of the profitable units. We will integrate production, marketing, research and application, strengthen the research and development of new materials and high value-added products, and increase profits. We will promote the layout of large-scale ethylene projects and the transformation and upgrading of aromatics. We will also push ahead with domestic and overseas market expansion, and strengthen strategic customers cooperation and tailor-made product service. In the second half of the year, we plan to produce 7.15 million tonnes of ethylene.In Capex, the Company plans to spend RMB104.0 billion in the second half of the year. RMB41 billion will be spent in the E&P segment, mainly for oil and gas capacity building in Jiyang, Tahe, west Sichuan, and Weirong and the construction of storage and transportation facility. RMB15.6 billion will be spent in the refining segment, mainly for the expansion of Zhenhai refining and chemical project and the technical revamping project of Guangzhou for safer, environmental friendly, and high quality development. RMB13.3 billion will be spent in the marketing and distribution segment, mainly for developing the network for the integrated energy stations, the revamping of the existing marketing network for end-users, and non-fuel business. RMB29.4 billion will be spent in the chemicals segment, mainly for the construction of ethylene projects in Tianjin Nangang and Maoming and expansion of Zhengai refining and chemical project. RMB4.7 billion will be spent for corporate and others, mainly for R&D and IT.Appendix: Key financial data and indicatorsFINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH CASsPrincipal accounting data Six-month period ended 30 June Items 2023(RMB million) 2022(RMB million)(adjusted) Changesover the same period of the preceding year (%) Operating income 1,593,682 1,612,126 (1.1)Net profit attributable to equity shareholders of the Company 35,111 43,920 (20.1)Net profit attributable to equity shareholders of the Company excluding extraordinary gains and losses 33,655 43,350 (22.4)Net cash flow from operating activities 27,562 4,947 457.1 At 30 June2023(RMB million) At 31 December 2022(RMB million) Change from the end of last year (%) Total equity attributable to equity shareholders of the Company 796,562 788,471 1.0 Total assets 2,026,902 1,951,121 3.9 Principal financial indicators Six-month period ended 30 June Items 2023(RMB) 2022(RMB)(adjusted) Changesover the same period of the preceding year (%) Basic earnings per share 0.293 0.363 (19.3)Diluted earnings per share 0.293 0.363 (19.3)Basic earnings per share (excluding extraordinary gains and losses) 0.281 0.358 (21.5)Weighted average return on net assets (%) 4.43 5.61 (1.18) percentage points Weighted average return (excluding extraordinary gains and losses) on net assets (%) 4.25 5.53 (1.28) percentage points FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH IFRSPrincipal accounting data Six-month period ended 30 June Items 2023(RMB million) 2022(RMB million)(adjusted) Changesover the same period of the preceding year (%) Operating profit 53,696 62,924 (14.7)Profit attributable to shareholders of the Company 36,122 44,841 (19.4)Net cash generated from operating activities 27,562 4,947 457.1 At 30 June 2023(RMB million) At 31 December 2022(RMB million) Change from the end of last year (%) Total equity attributable to shareholders of the Company 795,720 787,600 1.0 Total assets 2,026,902 1,951,121 3.9 Principal financial indicators Six-month period ended 30 June Items 2023(RMB) 2022(RMB)(adjusted) Changesover the same period of the preceding year (%) Basic earnings per share 0.301 0.370 (18.6)Diluted earnings per share 0.301 0.370 (18.6)Return on capital employed (%) 4.22 5.78 (1.56) percentage points The following table sets forth the operating revenues, operating expenses and operating profit/(loss) by each segment before elimination of the inter-segment transactions for the periods indicated, and the percentage change between the first half of 2023 and the first half of 2022. Six-month period ended 30 June 2023 2022 Changes (RMB million) (%) Exploration and Production Segment Operating revenues 144,863 158,168 (8.4)Operating expenses 119,455 131,866 (9.4)Operating profit 25,408 26,302 (3.4)Refining Segment Operating revenues 729,557 775,636 (5.9)Operating expenses 718,147 745,868 (3.7)Operating profit 11,410 29,768 (61.7)Marketing and Distribution Segment Operating revenues 871,348 791,993 10.0 Operating expenses 854,379 775,138 10.2 Operating profit 16,969 16,855 0.7 Chemicals Segment Operating revenues 244,300 278,210 (12.2)Operating expenses 247,658 277,400 (10.7)Operating profit (3,358) 810 – Corporate and Others Operating revenues 810,518 912,272 (11.2)Operating expenses 806,961 911,873 (11.5)Operating profit / (loss) 3,557 399 791.5 Elimination (290) (11,210) (97.4)About Sinopec Corp.Sinopec Corp. is one of the largest integrated energy and chemical companies in China. Its principal operations include the exploration and production, pipeline transportation and sale of petroleum and natural gas; the production, sale, storage and transportation of refinery products, petrochemical products, coal chemical products, synthetic fibre, and other chemical products; the import and export, including an import and export agency business, of petroleum, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information; hydrogen energy business and related services such as hydrogen production, storage, transportation and sales; battery charging and swapping, solar energy, wind energy and other new energy business and related services。DisclaimerThis press release includes “forward-looking 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, reserve volume, other 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 as a result of various factors and uncertainties, including but not limited to the price fluctuation, possible changes in actual demand, foreign exchange rate, results of oil exploration, estimates of oil and gas reserves, market shares, competition, environmental risks, possible changes to laws, finance and regulations, conditions of the global economy and financial markets, political risks, possible delay of projects, government approval of projects, cost estimates and other factors beyond Sinopec Corp.’s control. In addition, Sinopec Corp. makes the forward-looking statements referred to herein as of today and undertakes no obligation to update these statements.Investor Inquiries:Media Inquiries:Beijing / Hong KongTel:(86 10) 5996 0028Tel:(852) 2522 1838Fax:(86 10) 5996 0386Fax:(852) 2521 9955Email:ir@sinopec.comEmail:sinopec@prchina.com.hkFile: Sinopec Announces 2023 Interim ResultsSOURCE: China Petroleum & Chemical Corporation

 

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