1. business and industrial
2. energy
3. oil

Sinopec announces 2014 full year results
Sinopec achieved stable production and operations;
Dividend payout ratio exceeded 50%
Beijing, People’s Republic of China (PRC) – 22 March, 2015 – China Petroleum &
Chemical Corporation ("Sinopec" or "the Company") (HKEX: 386; CH: 600028; NYSE:
SNP) today announced its annual results for the year ended 31 December 2014.
Financial Highlights:



In accordance with the International Financial Reporting Standards (IFRS), in 2014, the
Company’s turnover, other operating revenues and other income was RMB2,825.9 billion,
down 1.9% year-on-year, mainly due to the price decline of crude oil and petrochemical
products. Operating profit was RMB73.5 billion, down 24.1% year-on-year. Profit
attributable to equity shareholders of the Company was RMB 46.5 billion, down 29.7%.
Basic earnings per share were RMB0.398.
In accordance with the PRC Accounting Standards for Business Enterprises (“ASBE”), in
2014, the Company’s operating income was RMB2,825.9 billion, down 1.9% year-on-year.
Operating profit was RMB65.5 billion, down 32.1%. Net profit attributable to equity
shareholders of the Company was RMB47.4 billion, down 29.4% year-on-year. Basic
earnings per share were RMB0.406.
The Board of Directors proposed a final cash dividend of RMB0.11 per share. Combined
with the interim dividend of RMB0.09 per share, the total annual cash dividend for 2014 is
RMB0.20 per share. The Company has gradually increased its dividend payout ratio in
recent years, with dividend payout ratio reaching over 50% in 2014 (by IFRS). Total cash
dividend paid for the full year was RMB23.8 billion.
Operations Highlights:
In 2014, the global economic recovery remained weak while China’s economic growth
was 7.4%. International crude oil prices fluctuated at a high level in the first half of the year
before plunging in the second half, with a precipitous drop in the fourth quarter. In the
second half of 2014, domestic refined oil products experienced 11 consecutive cuts.
Through enhanced analysis and evaluation of macroeconomic and market trends, we
actively responded to the significant change in international crude oil prices while
accelerating structural adjustments, expanding our markets and improving management
and cost controls. The Company maintained stable production and operations in general.
1/14




Production of oil and gas grew steadily. Domestic crude oil production remained
stable, while overseas production increased significantly. Fuling shale gas proceeded
smoothly with its first phase capacity construction. Natural gas production and sales
volume both increased significantly. Average unit all-in-cost has been well controlled;
In the refinery business, crude oil processing and refined oil production recorded solid
growth. The Company adjusted its product mix in response to the market, increasing
production of oil products with strong demand and high-value-added products.
Production of gasoline (especially high-octane gasoline) and jet fuel grew
substantially, further lowering the diesel to gasoline ratio. The Company accelerated
the quality upgrade of oil products. We also improved our resource allocation and
strengthened inventory management and cost control;
Marketing and distribution segment progressed smoothly with its reform plan, laying
the foundation for us to further transform the operational systems and mechanisms of
the marketing business, explore multiple business models, and develop through
innovation. In light of the extremely competitive refined oil product market, we
adjusted our marketing strategies and improved our sales structure to increase total
sales volume. Service-driven non-fuel business recorded significant growth
compared to last year.
Chemical segment proactively responded to severe market conditions by adjusting its
feedstock mix and lowering raw material costs. We continued to adjust our product
mix, increase the proportion of high-value-added products, and also strengthened
R&D, production and sales of our new products. We optimised operations of our
manufacturing facilities, adjusted utilization rates, and shut down facilities with
unsatisfactory marginal costs.
Fu Chengyu, Chairman of Sinopec said: “Under the severe market conditions of 2014,
Sinopec focused on growth quality and efficiency, achieving safe and stable production.
We effectively controlled the cost of each segment and maintained favourable growth
momentum through adjustment and improvement in our business and product structure.
The Company continued to fulfil its social responsibilities across all aspects. We focused
on the effects of climate change and worked to achieve growth in a low-carbon and green
manner, promoting win-win development between Sinopec and its various stakeholders.
In 2015, China will enter a new normal phase of slower growth while international crude oil
prices are likely to stay low. The Company still faces a challenging operating environment.
Sinopec will seize the opportunities and tackle the challenges. We are committed to
development through the improvement of internal quality and efficiency. We will maintain
our strategy with innovation at the core in order to transform Sinopec to a scientific and
services based company, and gradually shift the industry structure from ‘petrol and
chemicals’ to ‘energy and materials’.”
2/14
Business Segment Operations Analysis
Exploration and production
In 2014, driven by management and technology innovation, we implemented exploration
and development programs efficiently and made a number of new findings, some of which
were commercial discoveries. With 106.75 billion cubic meters of proven reserves added
to the Fuling shale gas project, Fuling became the first large scale shale gas field in China.
In 2014, newly added proven oil and gas reserves amounted to 431 million barrels. In
crude oil development, we focused on improving returns through the optimal development
of new blocks, refined development in mature fields, and continuously enhancing recovery
rates. In natural gas development, we accelerated the capacity construction of major
projects, strengthened management of the Puguang gas field and other mature fields,
adjusted marketing strategies, expanded sales volume, and achieved better economic
returns. In shale gas development, the Fuling project’s Phase I construction, with capacity
of 5 billion cubic meters per year, progressed smoothly. Daily output of all producing wells
exceeded design targets, laying a good foundation for future development. In 2014,
production of oil and gas rose by 8.4% to 480.22 million barrels of oil equivalent, among
which domestic crude oil production remained flat, while overseas production increased
significantly. The Company acquired some upstream assets at the end of last year.
Natural gas production rose by 8.5% to 716.4 billion cubic feet. Average unit all-in-cost
has been well controlled.
In 2014, the operating revenues of this segment were RMB 227.6 billion, representing a
decrease of 6.0% over 2013, mainly attributable to the decrease in crude oil price.
Operating profit was RMB47.1 billion, down 14.1% year-on-year.
Summary of Operations for the Exploration and Production Segment
2014
Oil and gas production (mmboe)
Crude oil production (mmbbls)
China
Overseas
Natural gas production (bcf)
480.22
360.73
310.87
49.86
716.35
2013
442.84
332.54
310.84
21.70
660.18
2012
427.95
328.28
306.60
21.68
598.01
Summary of Proved Reserves of Crude Oil and Natural Gas
Proved Reserves
Proved Developed Reserves
Shengli
Others
China
Overseas
Proved Undeveloped Reserves
Reserve of Crude Oil (mmbbls)
31 December 2014
3,048
2,782
1,917
548
2,465
317
266
3/14
Change from
2013 to 2014
8.44
8.48
0.01
129.77
8.51
Shengli
Others
China
Overseas
105
130
235
31
Proved Reserves
Proved Developed Reserves
Puguang
Others
China
Overseas
Proved Undeveloped Reserves
China
Overseas
Reserves of Natural Gas (bcf)
31 December 2014
6,741
6,011
2,663
3,324
5,987
24
730
728
2
Refining
In 2014, the Company adjusted its product mix in response to the market, increasing
production of oil products with strong demand and high-value-added products, such as
gasoline (especially high-octane gasoline) and jet fuel. We further decreased the diesel to
gasoline ratio. We also accelerated the quality upgrade of oil products and, for some
regions, gasoline and diesel have already been upgraded to China V standard. We
effectively controlled costs through improving resource allocation, optimizing selection of
oil to be processed, as well as enhancing inventory management. Through tapping our
well established advantages in product specialization, margins of lubricants, liquefied
petroleum gas (LPG) and asphalt further improved with good economic returns. In 2014,
we processed 235 million tonnes of crude oil, up by 1.5% from the previous year, and
produced 146 million tonnes of refined oil products, up by 4.2% from the previous year.
Operating revenues of refining segment totalled RMB1,273.1 billion, down 2.9%
year-on-year, mainly attributable to a decline in refined oil products. As international crude
oil price plunged in the second half of 2014, refining gross margin was significantly
reduced as the Company digested the high cost inventory. Operating loss of the segment
was RMB2.0 billion.
Summary of Operations for the Refining Segment
Refinery throughput
Gasoline, diesel and
kerosene production
Gasoline
Diesel
Kerosene
Light chemical
2014
2013
235.38
231.95
Unit: million tonnes
Change from 2013 to 2014
2012
(%)
221.31
1.48
146.23
140.40
132.96
4.15
51.22
74.26
20.75
39.17
45.56
77.40
17.43
37.97
40.55
77.39
15.01
36.33
12.42
(4.06)
19.05
3.16
4/14
feedstock
Light products yield (%)
Refinery yield (%)
76.52
94.66
76.19
94.82
76.75
95.15
0.33 percentage points
(0.16) percentage points
Note: Includes 100% of production of joint ventures
Marketing and distribution
In 2014, the Company initiated business restructuring in the marketing segment by
introducing private capital. Sinopec Corp. entered into capital issuance agreements with
25 investors, laying the foundation for us to further transform the operational systems and
mechanisms of the marketing business, explore multiple business models, and develop
through innovation. Currently, the Company has received around RMB105 billion of equity
financing according to the plan.
In 2014, in light of the slower growth of domestic demand for oil products and the
particularly weak demand for diesel, we adjusted our marketing strategies by
strengthening marketing efforts on high-octane gasoline and jet fuel to increase total sales
volume. We expanded our retail volume by using our network and brand advantages and
improved customer service at service stations. At the same time, we further developed
our non-fuel businesses, improved the customer experience, and provided one-stop
services through our online fuel-card services, and self-service mobile apps and
equipment. Revenue of non-fuel business increased by 28% over 2013, to RMB17.1
billion. In 2014, total sales volume of refined oil products was 189 million tonnes, up by
5.1% from the previous year, with domestic sales rising by 3.4% to 171 million tonnes and
retail rising by 3.6%.
In 2014, the operating revenues of this segment were RMB1,476.6 billion, down 1.7%
over 2013, of which the sales revenues of gasoline totalled RMB 535.2 billion, up 5.8%
year-on-year; sales revenues of diesel were RMB 686.4 billion, down 3.1% over 2013,
and the sales revenues of kerosene were RMB 124.7 billion, up 0.8% over 2013. The
operating profit of this segment was RMB29.4 billion, representing a decrease of 16.2%
compared with 2013, mainly attributable to digestions of high cost inventory.
Summary of Operations, Marketing and Distribution Segment
Total sales volume of refined oil
products (million tonnes)
Total domestic sales volume of
refined oil products (million
tonnes)
Retail sales (million tonnes)
Direct sales & Distribution
2014
2013
2012
Change from
2013 to 2014
(%)
189.17
179.99
173.15
5.10
170.97
165.42
158.99
3.36
117.84
53.13
113.73
51.69
107.85
51.14
3.61
2.79
5/14
(million tonnes)
Annual average throughput per
station (tonne/station)
3,858
3,707
3,498
4.07
As of 31 As of 31 As of 31 Previous year
Dec 2014 Dec 2013 Dec 2012 to the end of the
reporting period
(%)
Total number of service stations
under Sinopec brand
Number of company-operated
stations
30,551
30,536
30,836
0.05
30,538
30,523
30,823
0.05
Chemicals
In 2014, confronted by severe market conditions with low prices of chemical products, the
Company cut its feedstock costs by increasing the light feedstock ratio, adjusted its
product mix, and also strengthened efforts in R&D, production, and sales of new products.
Sales of new polyolefin products and specialty materials accounted for 54.7% of total
sales, and high-value-added rubber accounted for 17.4%. The synthetic fibre
differentiation rate was 76.7%. In addition, we optimised operations of our manufacturing
facilities, adjusted utilization rates, and shut down facilities with unsatisfactory marginal
costs. Ethylene output was up by 7.2% from 2013 to 10.7 million tonnes. Meanwhile, by
keeping inventories at a low level, and by implementing a differentiated marketing strategy,
our full-year chemical sales volume increased by 4.4% to 60.79 million tonnes, with all
manufactured chemicals sold.
In 2014, the operating revenue of the chemicals segment was RMB427.5 billion, down
2.3% year-on-year, mainly attributable to the drop in chemical product prices. The
operating loss of this segment was RMB2.2 billion. The segment has been profitable since
the third quarter of 2014.
Summary of Operations, Chemicals Segment
Ethylene
Synthetic resin
Synthetic rubber
Synthetic fibre monomer and
polymer
Synthetic fibre
Unit: thousand tonnes
Change from 2013
2012
to 2014 (%)
9,452
7.19
13,343
6.65
936
(2.19)
2014
2013
10,698
14,639
939
9,980
13,726
960
8,383
9,227
8,950
(9.15)
1,315
1,392
1,339
(5.53)
Note: Includes 100% production of joint ventures
Research and development
In 2014, the Company fully utilised the role of research and development in supporting
6/14
and leading its business operations, stepping up its R&D efforts with remarkable results.
In upstream, we successfully completed the well pad drilling test for shale gas
development, achieving substantial improvements in efficiency of construction. We
developed offshore well safety control technologies to enhance the safety and efficiency
of production in offshore oilfields. In refining, we commercialised technologies for
high-aromatics-content catalytic diesel hydrogenation, countercurrent continuous
reforming, and diesel ultra-deep hydrogenation for sulphur removal. In chemicals, we
brought online a demonstration plant for converting syngas to ethylene glycol, marking a
breakthrough in coal chemical technologies. We successfully commissioned a
demonstration plant for super-imitation-cotton fibre technologies. We also developed
bacteria-resistant polypropylene and polypropylene for low-temperature packaging. We
applied for a total of 4,968 patents at home and abroad in 2014, with 3,011 approved.
During the year, we won one National Patent Gold Award and five Awards of Excellence,
four first-place awards and eight second-place awards for National Science and
Technology Advancement.
Health, safety and the environment
In 2014, the Company vigorously implemented its green and low-carbon development
strategy and its Clear Water, Blue Sky environmental protection plan. We officially
launched the Energy Efficiency Doubling initiative, continuously advancing carbon asset
management. By further integrating efforts in energy conservation, emissions control and
carbon reduction, the effectiveness of our energy saving and environmental protection
activities improved continuously. Compared with last year, our energy intensity was down
by 0.6%; industrial water consumption was down by 1.1%; chemical oxygen demand in
waste water discharge was down by 2.5%; NHx emissions were down by 4.2%; sulphur
dioxide emissions were down by 8.1%; NOx emissions were down by 3.9%; and all
hazardous chemicals, discharged water, gas, and solid waste were properly treated.
In 2014, the Company improved its work safety and accountability mechanism, and
conducted safety checks, with a focus on identification and elimination of potential
hazards. We stepped up the construction of our emergency response capabilities and IT
applications for safety management. We also standardised worker protection, and
safeguarded the health of our employees. For more detailed information, please refer to
our corporate report, Communication on Progress for Sustainable Development.
Capital expenditures
In 2014, the Company optimised its asset portfolio and investment activities. Total capital
expenditure was RMB154.640 billion, down by 4.2% compared with the plan made at the
beginning of the year. Capital expenditure for exploration and production segment was
RMB 80.196 billion, mainly for exploration and production in Jiyang trough, Sichuan Basin,
Tahe oilfield, and Ordos Basin; liquefied natural gas (LNG) projects in Shandong and
Guangxi; construction of long-distance oil and gas pipeline projects, and the overseas
projects. We added crude oil capacity of 4.36 million tonnes per year and natural gas
capacity of 5.9 billion cubic meters per year. Capital expenditure for refining segment was
7/14
RMB27.957 billion, mainly for refinery revamping and gasoline and diesel quality
upgrading projects by subsidiaries in Shijiazhuang, Yangtze, Tahe and Jiujiang. We added
refining capacity of 9.5 million tonnes per year, and acquired 37.5% shares of Yanbu
Refinery. Capital expenditure for marketing and distribution segment was RMB26.989
billion, mainly for developing and renovating service stations and for building oil product
pipelines and oil depots. We added 556 service stations for the year. Capital expenditure
for chemicals segment was RMB15.85 billion, mainly for the coal chemical plant at
Sinopec Great Wall Energy and Chemical Industry (Ningxia) Company Ltd. and the Qilu
acrylonitrile project. We added ethylene capacity of 190,000 tonnes per year and synthetic
resin capacity of 600,000 tonnes per year. Capital expenditure for corporate and others
was RMB 3.648 billion, mainly for R&D facilities and IT application projects.
Business Prospects
The 2015 world economy is expected to continue its slow recovery while we expect the
global crude oil price to remain weak for the foreseeable future. Consequently, the crude
oil price realised by the Company will continue to experience decline in the first quarter of
2015, and the Company is digesting high inventory cost. It is expected that net profit
attributable to shareholders of the Company will be in the vicinity of breakeven point for
the first quarter of 2015.
In 2015, China's economy will enter a “new normal” phase of slower growth. China’s
domestic oil products market will see steady growth along with the upgrading of oil
products. The demand for major chemical products will grow steadily.
The Company will focus on enhancing its management quality and efficiency while
deepening reforms, transforming the development models and implementing rigorous
management principles. We will put more emphasis on restructuring, resource
optimisation, innovation and risk control. Key measures are as follows:
Exploration and development: In response to the lower oil prices, the Company will
ensure it takes reserves, output, investment, costs and earnings all into consideration,
while also optimising exploration arrangements, reducing development costs, and
increasing commercial yields for oil and gas products. In exploration, we will focus on
making commercial discoveries by exploiting reserve potential in frontier areas and other
key promising regions, aiming to improve the success rate of exploration. In development,
we will make educated decisions on selective projects and production targets based on
the oil price level; we will also further develop mature fields and put technologies that will
significantly enhance recovery into wider usage; in addition, we will continue the
development of shale gas to achieve fast-track growth and expedite capacity-building
projects for natural gas; we will also enhance the sophistication of the planning and
management in our developed gas fields. In 2015, we plan to produce 300 million barrels
of crude oil domestically and 48 million barrels overseas; we also plan to produce 886.3
billion cubic feet of natural gas in 2015.
Refining: We will optimise our crude procurement processes, reallocate our resources
8/14
and take better advantage of our economies of scale to control unit costs. We will continue
upgrading oil product quality to supply the market with clean fuels. We will also strengthen
the integration of production and sales, adjust our product mix and utilisation rates, and
increase the output of high value-added products which are well received by the market.
In addition, we will seek to unlock the potential value of operation specialisation, improve
our sales networks, and enhance our market share of lubricants, LPG, asphalt and other
products. In 2015, we plan to refine 243 million tonnes of crude oil and produce 152
million tonnes of oil products.
Marketing and distribution: The Company will proactively explore new operational
systems and mechanisms with an aim to transform Sinopec from an oil products supplier
into an integrated services provider. To maximise efficiency, the Company will improve its
market analysis based on fundamental changes in the supply and demand in the market,
as well as keeping a low inventory level to mitigate risks. In terms of our marketing
business, we will continue to carry out adjustments to optimise the marketing systems in
order to expand our retail sales both in total and per station. We will accelerate the
planning and construction of our oil product pipelines, carry out differentiated marketing
strategies, and increase customer loyalty by providing tailor-made services. We will also
develop our non-fuel businesses on the basis of specialisation and market orientation to
enhance the growth and profitability of the non-fuel business. In 2015, we plan to sell 173
million tonnes of oil products in the domestic market.
Chemicals: The Company will further adjust its feedstock mix to reduce costs, accelerate
adjustments in its product mix, and strengthen the integration of manufacturing, marketing
and R&D. We will increase the production of high value-added products which are well
received by the market and at the same time enhance the development, production, and
promotion of new products. We will adjust facilities operations and control utilisation rates
based on the marginal utility of the industry supply chain. We will take advantage of the
strength of our marketing network and improve our sales performance. In 2015, we plan
to produce 10.9 million tonnes of ethylene.
R&D: We will continue to implement development strategies driven by innovation. Areas
of focus for R&D include shale oil and gas exploration and development, and recovery
rate enhancement to boost production and reserve. We will also enhance R&D activities
in biofuels, heavy oil refining and clean fuels to facilitate the upgrade of oil product quality.
We will develop new catalytic materials, high-performance synthetic chemicals and fine
chemicals to promote the restructuring of the product mix. Moreover, we will develop and
apply technologies that are more environmentally friendly and less carbon-intensive. We
will continue to emphasise fundamental and forward-looking R&D activities to improve the
Company’s innovation capability in further supporting and driving its transformative
growth.
Capital expenditure: In 2015, the Company will look at improving its investment and
project portfolios based on market conditions. Our capital expenditure budget for the year
of 2015 is RMB135.9 billion, of which the exploration and production segment accounts
for RMB68.2 billion, mainly for the construction of Fuling shale gas project, exploration
9/14
and development projects in Shengli oilfield, Sichuan Basin, Tahe oilfield, Junggar Basin,
and Ordos Basin as well as Guangxi and Tianjin LNG projects, construction of gas
pipelines and overseas projects. Expenditure for the refining segment accounts for
RMB24.0 billion, mainly for the revamp of Qilu and Jiujiang refineries, as well as product
quality upgrade projects such as gasoline adsorbent desulfurization and diesel
hydrogenation. Expenditure for the marketing and distribution segment accounts for
RMB22.6 billion, mainly for revamping service stations, constructing the product pipeline
networks, optimising the distribution of tank farms, improving facilities in service stations
and promoting non-fuel businesses to develop an integrated service. Expenditure for the
chemicals segment accounts for RMB15.1 billion, mainly for Jinling propylene oxide and
LPG utilisation projects and Hainan PX phase II project. Expenditure for corporate and
others is RMB6.0 billion, mainly for R&D facilities and IT projects.
10/14
Appendix
Principal financial data and indicators
Financial data and indicators prepared in accordance with ASBE
Items
Operating income
For the years ended 31 December
2014
2013
Change
RMB millions
RMB millions
(%)
2,825,914
2,880,311
(1.9)
2012
RMB millions
2,786,045
Operating profit
65,481
96,453
(32.1)
87,926
Profit before taxation
Net profit attributable
to equity shareholders
of the Company
Net profit attributable
to equity shareholders
of the Company
excluding
extraordinary gain and
loss
Net cash flow from
operating activities
66,481
96,982
(31.5)
90,107
47,430
67,179
(29.4)
63,496
43,238
66,658
(35.1)
61,922
148,347
151,893
(2.3)
143,462
At 31 December
2013
Change
RMB millions
(%)
1,382,916
4.9
2012
RMB millions
1,238,522
Items
Total assets
2014
RMB millions
1,451,368
Total liabilities
Total equity attributable
to equity shareholders
of the Company
Total shares (1,000
shares)
804,273
759,656
594,483
5.9
687,921
4.2
513,374
1.5
86,820,287
570,346
118,280,396
116,565,314
Principal financial indicators
Items
Basic earnings per share
Diluted earnings per share
Basic earnings per share
based on latest total shares *
Basic earnings per share
(excluding extraordinary gain
and loss)
Weighted average return on
net assets (%)
Weighted average return
(excluding extraordinary gain
and loss) on net assets (%)
Net cash flow from operating
activities per share
2014
RMB
0.406
At 31 December
2013
Change
RMB
(%)
0.579
(29.9)
2012
RMB
0.562
0.406
0.543
(25.2)
0.542
0.404
0.578
(30.1)
-
0.370
0.574
(35.5)
0.548
8.14
12.24
(4.10)
percentage points
12.80
7.42
12.15
(4.73)
percentage points
12.48
1.270
1.308
(2.9)
1.272
*：Calculated based on the total shares on 13 March 2015
11/14
Financial information extracted from the financial statements prepared in accordance
with IFRS
Unit: RMB millions
For the years ended 31 December
Items
2014
2013
2012
2011
2010
Turnover, other operating
2,825,914
2,880,311
2,786,045
2,505,683
1,913,182
revenues and other income
Operating profit
73,487
96,785
98,662
105,530
104,974
Profit before taxation
65,504
95,052
90,642
104,565
103,663
Profit attributable to equity
shareholders of the
46,466
66,132
63,879
73,225
71,782
Company
Basic earnings per share
0.398
0.570
0.566
0.650
0.637
(RMB)
Diluted earnings per share
0.397
0.534
0.545
0.625
0.631
(RMB)
Return on capital employed
6.05
8.02
9.09
11.49
12.95
(%)
Return on net assets (%)
7.84
11.63
12.50
15.50
17.11
Net cash generated from
operating activities per
1.270
1.308
1.262
1.336
1.512
share (RMB)
Unit: RMB millions
Items
Non-current assets
Net current liabilities
Non-current liabilities
Minority interests
Total equity attributable to
equity shareholders of the
Company
Net assets per share (RMB)
Adjusted net assets per
share (RMB)
2014
1,091,224
244,113
201,534
52,536
At 31 December
2013
2012
1,009,906
892,929
198,812
148,358
189,468
196,535
52,823
37,122
2011
794,423
101,485
185,594
35,016
2010
727,642
76,177
200,429
31,432
593,041
568,803
510,914
472,328
419,604
5.014
4.880
4.527
4.191
3.723
4.950
4.841
4.476
4.172
3.722
12/14
The following table sets forth the operating revenues, operating expenses and operating
profit/(loss) by each segment before elimination of the intersegment transactions for the
periods indicated, and the percentage change of 2014 compared to 2013.
Unit: RMB millions
Year ended 31 December
Change
2014
2013
(%)
Exploration and Production
Segment
Operating revenues
Operating expenses
Operating profit
Refining Segment
Operating revenues
Operating expenses
Operating (loss) / profit
Marketing and Distribution
Segment
Operating revenues
Operating expenses
Operating profit
Chemicals Segment
Operating revenues
Operating expenses
Operating (loss) / profit
Corporate and others
Operating revenues
Operating expenses
Operating loss
Elimination of inter-segment
profits
227,597
180,540
47,057
242,107
187,314
54,793
(6.0)
(3.6)
(14.1)
1,273,095
1,275,049
(1,954)
1,311,269
1,302,670
8,599
(2.9)
(2.1)
-
1,476,606
1,447,157
29,449
1,502,414
1,467,271
35,143
(1.7)
(1.4)
(16.2)
427,485
429,666
(2,181)
437,587
436,719
868
(2.3)
(1.6)
-
1,310,236
1,311,299
(1,063)
1,359,109
1,362,521
(3,412)
(3.6)
(3.8)
(68.8)
2,179
794
-
About Sinopec:
Sinopec is one of the largest integrated energy and chemical companies with upstream,
midstream and downstream operations in China. Its principal operations include: the
exploration and production, pipeline transportation and sales of petroleum and natural gas;
the sales, storage and transportation of petroleum products, petrochemical products,
synthetic fibre, fertilizer and other chemical products; import & export, as well as import
and export agency business of oil, natural gas, petroleum products, petrochemical and
chemical products, and other commodities and technologies; and research, development
and application of technologies and information.
Adhering to its corporate mission of “to provide energy for a better living”, Sinopec
implements strategies of resources, markets, integration, internationalization,
differentiation and green low-carbon development with a view to realize its vision of
building a people-oriented, world-leading energy and chemical company.
Disclaimer:
This 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
13/14
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:
Beijing
Tel: (86 10) 5996 0028
Fax: (86 10) 5996 0386
Email: [email protected]
Media Inquiries:
Tel: (86 10) 5996 0028
Fax: (86 10) 5996 0386
Email: [email protected]
Hong Kong
Tel: (852) 2824 2638
Fax: (852) 2824 3669
Email: [email protected]
Tel: (852) 3512 5000
Fax: (852) 2259 9008
Email: [email protected]
14/14