China petroleum chemical corporation q1 2006 results announcement
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China Petroleum & Chemical Corporation Q1 2006 Results Announcement. 28 April 2006. Market Environment in Q1 2006. Chinese economy maintained rapid growth Domestic demand of oil and chemical products sustained growth momentum Crude oil prices kept hiking

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China Petroleum & Chemical Corporation Q1 2006 Results Announcement

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China petroleum chemical corporation q1 2006 results announcement

China Petroleum & Chemical CorporationQ1 2006 Results Announcement

28 April 2006


Market environment in q1 2006

Market Environment in Q1 2006

  • Chinese economy maintained rapid growth

  • Domestic demand of oil and chemical products sustained growth momentum

  • Crude oil prices kept hiking

  • Prices of chemical products remained at high levels

  • According to the comprehensive scheme to further improve petroleum pricing mechanism, the government began to impose special income levy on E&P companies and moderately raised domestic oil product prices from 26 March.


China petroleum chemical corporation q1 2006 results announcement

Results of Operation

1Q06

1Q05

Change %


Financial status

Financial Status

At 31 March 2006

At 31 December 2005

1Q06

1Q05


E p segment

Crude production (mmbbls)

69.57

67.67

2.81

Gas production (bcf)

64.02

51.87

23.42

Crude realised price (USD/bbl)

54.53

36.19

50.68

Gas realised price (USD/kcf)

2.62

2.24

16.96

Lifting cost (USD/bbl)

7.47

6.47

15.46

EBIT (RMB million)

16,623

6,394

159.98

E & P Segment

1Q06

1Q05

Change%

Note: 1 tonne = 7.1 barrel, 1 cubic meter = 35.31 cubic feet

Exchange rate: 1 USD=8.04 RMB for 1Q 2006 and 1 USD=8.28 RMB8.28 for 1Q 2005


Refining segment

Refining Segment

1Q06

1Q05

Change %

2.45

35.17

5.53


Refining segment earnings

Refining Segment Earnings

Refining Margin/

Cash Operating Cost

Refining Segment EBIT

(RMB million)

(USD/bbl)

(USD/bbl)

Note: Exchange rate: 1 USD=8.04 RMB for 1Q 2006 and 1 USD=8.28 RMB8.28 for 1Q 2005


Marketing segment

Marketing Segment

1Q06

1Q05

Change %


Marketing segment earnings

Marketing Segment Earnings

Domestic RON 90# Gasoline Retail Guidance Price

Marketing Segment EBIT

(RMB/Tonne)

(RMB million)

Domestic 0# Diesel Retail Guidance Price

(RMB/Tonne)


Chemicals segment

Chemicals Segment

1Q06

1Q05

Change %

Note: The ethylene and synthetic resin production in 1Q 06 include 100% of those of YPC- Basf and Shanghai Secco


Chemicals segment earnings

Chemicals Segment Earnings

Chemicals Segment EBIT

Chemicals price spread

(1990 through Apr. 2006)

(RMB million)

(USD/tonne)


Capital expenditure

Capital Expenditure

  • Capex in 1Q 06 totaled RMB 14.39 billion

  • E & P – RMB 5.372 billion. Newly added crude production capacity of 1.27 million tonnes/year and gas production capacity of 469 million cubic meters/year

  • Refining – RMB 2.821 billion. The revamping of Guangzhou and Yanshan refining units and some other secondary processing units went on smoothly

  • Marketing – RMB 4.136 billion, mainly used for establishing logistics system, constructing and purchasing gas stations. 97 new gas stations were added during the reporting period

  • Chemicals – RMB 1.725 billion. Revamping of Maoming ethylene and Shanghai ethylene glycol, Yangzi aromatics and PTA, and coal gasification projects for three chemical fertilizers plants, progressed smoothly

(RMB billion)


For further information

For Further Information

http://www.sinopec.com.cn

Investor Relations

Beijing:Tel: (8610) 64990060 Fax: (8610) 64990489

Email: [email protected]

Hong Kong:Tel: (852) 28242638 Fax: (852) 28243669

Email: [email protected]

New York:Tel: (212) 759 5085 Fax: (212) 759 6882

Email: [email protected]

Media Relations

Tel: (8610) 64990092

Fax: (8610) 64990093

Email: [email protected]


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