China Petroleum & Chemical Corporation Announces 2011 Annual Results

BEIJING, March 25, 2012 /PRNewswire-Asia-FirstCall/ -- China Petroleum & Chemical Corporation ("Sinopec" or "the Company") (CH：600028；HKEX：386；NYSE: SNP；LSE: SNP) today announced its audited annual results for the year ended 31 December, 2011.

Financial Highlights:

• In accordance with the PRC Accounting Standards for Business Enterprises ("ASBE"), in the 2011, the Company's operating income was RMB2505.7 billion, up 31.0% from the same period in 2010. Net profit attributable to equity holders of the company was RMB71.7 billion and basic earnings per share was RMB0.827, both up 1.4% over the same period of last year.
• In accordance with the International Financial Reporting Standards (IFRS), in 2011, the Company's turnover, other operating revenues and other income amounted to RMB2505.7 billion, up 31.0% from the same period in 2010. Operating profit rose by 0.5% to RMB105.5 billion. Net profit attributable to equity holders of the Company and basic earnings per share were RMB73.2 billion and RMB0.845 respectively, both up 2.0% over the same period of last year.
• The Board of Directors declared a final dividend of RMB0.20 per share which brings the total annual dividend for 2011 to RMB0.30 per share, an increase of 42.8% over the previous year. Based on the stock price on Dec 31, 2011, the dividend ratio was 4.5%.

Business Highlights:

• In 2011, the reserves grew and production remained stable throughout the year, and the Company made an initial breakthrough in the exploration and production of unconventional oil and gas. The operating profit of the exploration and production segment recorded historical high. The oil and gas equivalent production reached 408 million barrels in 2011, representing a year-on-year increase of 1.6%. The segment recorded an operating profit of RMB71.6 billion, representing a year-on-year increase of 51.9%.
• The Company increased both refining capacity and throughput, leading to major gains in its competitiveness in refining business. Refinery throughput of crude recorded a year-on-year increase of 3.0% to 217 million tonnes. The Company also increased the production on oil products by 2.9% to 128 million tonnes. However, it suffered an operating loss of RMB35.8 billion due to a combination of global crude price surge and continuing price controls on refined oil products in domestic market.
• Sales of refined oil products grew robustly. The Company continued to optimize the balance between production and sales, with retail volumes breaking through 100 million tonnes. Sinopec's non-fuel business also grew at a rapid pace. Total domestic sales volume of refined oil products reached 162 million tonnes, representing a year-on-year increase of 8.8%. The marketing and distribution business recorded an operating profit of RMB44.7 billion, up 45.3% over the same period of last year.
• Chemical business achieved record profitability driven by significant increase in both sales and production. Total sales volume of chemical products reached 50.8 million tonnes. Ethylene output reached 9.894 million tonnes, up 9.2% over the same period of last year. The chemicals segment recorded an operating profit of RMB26.7 billion, a surge of 78.1% from the same period of last year.
• Total capital expenditure was RMB130.18 billion for 2011.

The complex and turbulent worldwide political and economic environment in 2011 saw global crude oil prices remain high and volatile. Rising domestic inflationary pressure and continuing price controls on refined oil in China generated immense challenges for the business.

In response to those difficulties, Sinopec continued to review the company's processes in an effort to increase efficiency, ensure safe production, and improve energy savings and reduce emissions. As a result, the company achieved the best performance in its history. . The reserves and production grew steadily throughout the year, and the Company made an initial breakthrough in the exploration and production of unconventional oil and gas. Sinopec also increased both refining capacity and throughput, further increasing its competitiveness in this area. In addition, chemical business achieved record profitability, with a significant rise in both production and revenue. Sales of refined oil products once again grew robustly, and the Company continued to optimize the balance between production and sales, with retail volumes surpassing 100 million tonnes for the first time. The non-fuel business also grew at a rapid pace. The Company also achieved significant results in scientific and technological innovation.

In 2011, the Company's total revenues and other operating income amounted to RMB 2,505.7 billion, an increase of 31% from 2010, while profits attributable to shareholders in accordance with International Financial Reporting Standards were RMB 73.225 billion, an increase of 2.0% from the previous year. The Board of Directors recommended a final dividend of RMB 0.20 per share, which when combined with the interim dividend of RMB 0.10 per share brings the total annual dividend for 2011 to RMB 0.30 per share, representing an increase of 42.8% over previous year.

Mr. Fu Chengyu, Chairman of Sinopec commented, "I believe our established presence and competitiveness put us in a strong position for future expansion. Enjoying the benefits of our vertically integrated business model, Sinopec made great strides in optimizing our operations in resources, product and services, promoting the production of clean energy and in conducting R&D for alternative and new energy sources."

He continued, "The global economy in 2012 continues to face serious challenges, and in light of complex geopolitical tensions, international oil prices are expected to remain high. With domestic economic growth facing downward pressure, the growth in demand for refining and chemical products is expected to ease. We will continue to remain dedicated to building a first-class global energy and petrochemical company. We will implement our strategic focus on resources, marketing, integration, internationalization, differentiation and low-carbon development. Quality and return will be prioritised in the course of our development, along with the spirit of innovation, a commitment to low-carbon and a focus on people. We seek to gain more access to resources with a global vision and develop both domestic and international businesses in home market and aboard. At the same time we will increase the reserve and production of crude oil and natural gas and expedite our exploration and production of unconventional oil and gas resources. In addition, we will seek to accelerate the upgrading of refined oil product quality and further promote the development of our chemical business. We are confident that these actions will enhance the company's overall profitability and further minimise the risks related to our business, and in so doing improve returns for our shareholders."

BUSINESS REVIEW

Exploration and Production Business

In 2011, due to geopolitical, the price of international crude oil rose sharply in the first quarter and then fluctuated in an elevated price range. The annual average spot price of Platts Brent crude oil was USD 111.27 per barrel, representing an increase of 40.0% from 2010. The trend of the domestic crude oil price was basically in line with the international markets.

In 2011, the Company focused on exploration breakthroughs in key regions and on intensive exploration in mature fields, making significant breakthroughs in regions such as the Northern rim of Jungar, the Western Sichuan Depression, the Northern Slope of Tazhong, new areas in Songnan and in Southeast offshore Hainan Island. Exploration for unconventional oil and gas has borne initial results. Proved reserves of oil and gas increased by 411 million barrels of oil equivalent for the year. In crude development, the Company focused on steady production in eastern China and growth of production in western China and actively promoted technological breakthroughs and tests on horizontal drilling and staged fracturing. As a result, domestic crude oil production continued to grow, with major development parameters, such as the recovery rate, remained stable. In the development of natural gas, the Company focused on projects in Sichuan Basin and Ordos Basin as well as on building capacity. As a result, our natural gas business continued to grow rapidly.

In 2011, the oil and gas equivalent production reached 408 million barrels in 2011, representing a year-on-year increase of 1.6%. The company produced 303 million barrels of crude oil in China, remaining the same as last year. The Company produced 517.07 billion cubic feet of natural gas, representing an increase of 17.1% from last year. Overseas production of crude oil was affected by the overhaul on offshore facility.

In 2011, operating revenues of the segment were RMB241.8 billion, representing an increase of 29.2% over 2010. This was mainly attributable to the increase in crude oil and natural gas prices, and the increase of natural gas sales volume. The exploration and production business realized an operating profit of RMB71.6 billion, up 51.9% over the same period of last year.

Summary of Operations for Exploration and Production Segment
	2011	2010	2009	Change from 2010 to 2011 (%)
Oil and gas production (mmboe)	407.91	401.42	377.45	1.6
Crude oil production (mmbbls)	321.73	327.85	327.62	(1.9)
Including:China	303.37	302.18	301.15	0.4
Overseas	18.36	25.67	26.47	(28.5)
Natural gas production (bcf)	517.07	441.39	299.01	17.1
Notes: 1. Includes 100% of production and reserves of SSI. 2. For domestic production of crude oil, 1 tonne = 7.1 barrels; for production of natural gas, 1 cubic meter = 35.31 cubic feet; for production of crude oil abroad, 1 ton = 7.27 barrels.

Refining Business

In 2011, growth in domestic demand for oil products remained steady, and domestic prices for oil products were tightly controlled. The demand for diesel in some regions rose in the fourth quarter due to seasonal factors, causing shortage of supply in certain areas. China's apparent consumption of oil products (including gasoline, diesel and kerosene) was 242 million tons in 2011, representing an increase of 4.5% from 2010.

In 2011, facing tight price controls over oil products, the Company optimized its sources, operations and management, intensified efforts to procure crude oil, proceeded with plant overhauls to increase efficiency, tapped all potential capacity actively adjusted product mix, upgraded the quality of oil products and ran refining operations at full capacity. As a result, the Company not only secured a stable supply of oil products and chemical feedstock, but also enhanced its competitiveness, with major techno-economic parameters reaching historical records. The advantage of integrating the marketing and sales of lubricants, asphalt, petroleum coke, sulfur and other materials began to bear results. In 2011, the Company processed 217 million tonnes of crude oil, representing an increase of 3.0% from 2010, and produced 128 million tonnes of oil products, up 2.9% from the previous year.

In 2011, operating revenues of refining business totaled RMB1,212.1 billion, representing an increase of 24.8% over 2010. This was mainly attributable to the increase in the prices of refined products and increased sales volume. However, the crude oil price increased significantly while the price of domestic refined oil products was strictly regulated, therefore the segment suffered an operating loss of RMB35.8 billion in 2011.

Summary of Operations of Refining Segment
	2011	2010	2009	Change from 2010 to 2011 (%)
Refinery throughput (million tonnes)	217.37	211.13	186.58	3.0
Gasoline, diesel and kerosene production (million tonnes)	128.00	124.38	113.69	2.9
Gasoline	37.10	35.87	34.43	3.4
Diesel	77.17	76.09	68.86	1.4
Kerosene	13.73	12.42	10.39	10.5
Light chemical feedstock (million tonnes)	37.38	35.00	26.87	6.8
Light products yield (%)	76.08	75.79	75.54	0.29 pct. pts.
Refinery yield (%)	95.09	94.83	94.53	0.26 pct. pts.
Note: 1. Refinery throughput is converted at 1 tonne = 7.35 barrels; 2. Includes 100% of production of joint ventures.

Marketing and Distribution Business

In 2011, by carefully analyzing market trends, strengthening resource allocation and planning, and actively responding to changes in market demand, the Company increased the proportion of retail volume in its total sales, resulting in retail sales breaking through 100 million tonnes in 2011. By securing sufficient market supply, the Company improved its sales structure, enhanced its operational effectiveness, moderated the use of storage and transportation facilities and optimized its distribution network. Through its 19,200 convenient stores, Sinopec promoted sales of specialties and achieved rapid growth in its non-fuel businesses. The revenue from non-fuel businesses reached RMB 8.26 billion, representing an increase of 44.2% from last year. In addition, the Company improved its control protocols and procurement management of to ensure product quality. The total sales volume of oil products increased to 162 million tonnes in 2011, up by 8.8% from 2010.

In 2011, the operating revenues of marketing and distribution business increased 29.5% to RMB1,347.6 billion, operating profit was RMB 44.7 billion, representing an increase of 45.3% over 2010.

Summary of Operations of Marketing and Distribution Segment
	2011	2010	2009	Change from 2010 to 2011 (%)
Total sales volume of oil products (million tonnes)	162.32	149.23	130.32	8.8
Total domestic sales volume of oil products (million tonnes)	151.16	140.49	124.02	7.6
Retail sales	100.24	87.63	78.90	14.4
Direct sales	33.22	32.40	25.61	2.5
Wholesale	17.70	20.47	19.52	(13.5)
Annual average throughput (tonne/station)	3,330	2,960	2,715	12.5
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Change from the end of previous year to the end of the reporting period (%)
Total number of service stations under the Sinopec brand	30,121	30,116	29,698	0.02
Number of company-operated service stations:	30,106	29,601	29,055	1.7
Number of franchised service stations:	15	515	643	(97.1)

Chemicals Segment

In 2011, domestic demand for chemical products continued to increase but at a moderate pace compared with the previous year. Prices for chemical products declined from the first quarter highs, and slumped in the fourth quarter. According to official statistics, domestic apparent consumption of synthetic resin, synthetic fiber and synthetic rubber increased by 5.4%, 7.5% and 2.0%, respectively, from the previous year. Domestic apparent consumption of ethylene was up by 4.9% from last year.

In 2011, in line with its objective of focusing on markets and profitability, the Company strengthened the management of plant capacity, reinforced the measurement and forecast of profits from its products, achieved further integration of production, marketing and research operations, adjusted product mix for high-value-added products, strengthened supply-chain management, increased the proportion of light hydrocarbon and LPG in feedstock, promoting the use of light and high-quality raw materials. The Company saw total sales volumes and profits hit record highs. The total sales of chemical products reached 50.80 million tonnes, with ethylene output up 9.2% reaching 9.894 million tonnes.

In 2011, the operating revenues of the chemicals business increased 28.3% from last year to RMB420.5 billion, and operating profit increased 78.1% year on year to RMB26.7 billion.

Summary of Production of Major Chemical Products				Unit: thousand tonnes
	2011	2010	2009	Change from 2010 to 2011 (%)
Ethylene	9,894	9,059	6,713	9.2
Synthetic resin	13,652	12,949	10,287	5.4
Synthetic rubber	990	967	884	2.4
Synthetic fiber monomer and polymer	9,380	8,864	7,798	5.8
Synthetic fiber	1,388	1,393	1,302	(0.4)
Note: Included 100% of production of joint ventures.

Safety, Energy Saving and Emission Reduction

Sinopec put people first, and focused on advancing the well-being of its employees, with emphasis on improving its monitoring system for maintaining vocational health and preventing workplace injury including "I Safe" program. In deepening its commitment to the principle of "safety first, life foremost", Sinopec has actively advocated the development of green, low-carbon energy; promoted environmental safety and protection, energy conservation and reduction in emissions and water pollutants; and introduced modern management philosophies and methods, achieving excellent results. For the year, the Company's total energy consumption per RMB10,000 in revenues dropped by 0.7%, industrial water usage decreased by 2.0%, COD in waste water discharge declined by 16.9% and sulfur dioxide discharge fell by 9.8% compared with 2010 levels, while the industrial water reuse rate held steady at more than 95%.

Capital Expenditure

The Company's capital expenditure was RMB130.184 billion in 2011. The capital expenditure for the exploration and development segment was RMB58.749 billion, mainly for the Shengli shallow water oilfield, the Northwest Tahe oil fields, the Northeast Sichuan natural gas exploration and production project and the Shandong LNG project, resulting in 5,683 thousand tonnes of newly established annual production capacity for crude oil and 1,476 million cubic meters of newly added annual production capacity for natural gas. The capital expenditure for the refining segment was RMB25.767 billion, mainly for the revamping and expansion of refining projects and for upgrading the quality of oil products. For example, the Company established and put into operation a series of diesel quality upgrading projects, including the Changling project; made progress in revamping projects for Sinopec Shanghai Petrochemical and Jinling Petrochemical Corp.; and built and put into operation a crude oil pipeline from Rizhao to Yizheng. The capital expenditure for the marketing and distribution segment was RMB28.517 billion, mainly for construction of service stations, oil depots and an oil product pipelines in key areas such as highways, major cities and newly planned regions. The capital expenditure for the chemical segment was RMB15.015 billion, which was mainly for construction of such projects as the Wuhan 800 thousand tpa ethylene project, the Zhongyuan MTP project, the Yanshan butyl rubber project and the Yizheng 1,4-butylene glycol project. The capital expenditure for corporate and other segment was RMB2,136 million, which was mainly for R&D facilities and IT projects construction.

BUSINESS PROSPECTS

In 2012, in the course of expanding its resources and markets, reducing its costs and increasing the efficiency of its operations, Sinopec will promote scientific and technical innovation, strengthen its management, make further adjustments to its structure, optimize production and operations, improve safety production ,energy saving and emission reduction. We will focus our efforts on the following work.

Exploration and production segment: In exploration, the Company will further explore subtle hydrocarbon reservoirs and vigorously explore new areas in east China. In the west, Sinopec will increase its efforts to explore key regions and identify alternative large reserves. In natural gas exploration, the Company will focus on key regions and accelerate activities; increase capacity buildup to explore unconventional resources with enhanced evaluation and breakthroughs for shale oil and gas. In crude oil development, the Company will enhance the development of tight oil reserves by applying hydraulic staged fracturing technology, increase the recovery ratio in mature blocks, maintain production in eastern China and increase production in the West China. In natural gas development, Sinopec will focus on buildup of production capacity, improve the organization of operations and promote continuous and rapid growth of natural gas output. In 2012, the Company plans to produce 326.52 million barrels of crude oil (306.58 million barrels domestically and 19.94 million barrels overseas) and 582.6 billion cubic feet of natural gas.

Refining segment: Sinopec will follow closely the international oil prices and optimize resource procurement and processing with the objective of maximizing overall profits. The Company will strive to optimize crude oil receipts and lower the cost of crude oil unloading, storage and transportation with the aim of decreasing crude procurement cost. The Company will increase the proportion of heavy crude, crude with high acid content and condensates as appropriate and actively process lower-quality crude oil while ensuring safety and quality. Sinopec will seek to achieve a high utilization and adjust its plant operations in response to structural and seasonal changes in supply and demand of oil products. The Company will continuously upgrade the quality of its oil products through the revamping of its refineries. The Company will also optimize structure and quality of its chemical feedstocks to improve profitability. For 2012, the Company has a target of 225 million tonnes of crude oil throughput and 134 million tonnes of oil products.

Marketing segment: Sinopec will undertake market research and make appropriate adjustments to its marketing strategies, actively develop its retail business, strengthen direct sales and distribution operations and optimize its sales structure. The Company will accelerate construction of its service station network in key areas, further optimize the layout of its storage and transportation facilities, and speedup the construction of logistics hubs, commercial reserves tanks and storage tanks for pipeline transportation. The Company will seek to accelerate the innovation of business models, develop its non-fuel businesses rapidly, strengthen IC card value-added services, explore and develop e-commerce businesses using its marketing platform. At the same time, Sinopec will emphasize the value of its brand with enhanced brand awareness. This year the Company plans to sell 157 million tonnes of oil products.

Chemical segment: Sinopec will respond rapidly to market dynamics and strive to create demand and expand the market. The Company will seek to take advantage of its resources to develop high-end products, to raise the proportion of high-value-added products and to promote development of specialty products via various ways such as independent R&D, technology license and joint ventures. Sinopec will continue to optimize its feedstock supply chain, make optimal allocation of its high-quality naphtha resources and promote the transition to light feed stocks to help maximize resource value. Sinopec believes that meeting customer demand is its top priority and will improve its marketing network to increase customer satisfaction. The Company expects to produce 9.9 million tonnes of ethylene in 2012.

In the year to come, Sinopec will continue to implement the scientific development, outlook, improve its overall strength, international competitiveness and sustainability for more success in production and operations.

APPENDIX FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH THE PRC ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES ("ASBE")
Items	For the years ended 31 December
	2011		2010		Change		2009
	RMB millions		RMB millions		%		RMB millions
Operating income	2,505,683		1,913,182		31.0		1,345,052
Operating profit	100,966		101,352		(0.4)		86,238
Profit before taxation	102,638		102,178		0.5		86,112
Net profit attributable to equity shareholders of the Company	71,697		70,713		1.4		62,677
Net profit attributable to equity shareholders of the Company before extraordinary gain and loss	70,453		68,345		3.1		61,258
Net cash flow from operating activities	151,181		171,262		(11.7)		166,009
Items	At 31 December
	2011	2010		Change		2009
	RMB millions	RMB millions		%		RMB millions
Total assets	1,130,053	985,389		14.7		886,896
Total liabilities	620,528	532,707		16.5		480,348
Shareholders' equity attributable to equity shareholders of the Company	474,399	421,127		12.6		380,461
Total shares (thousand shares)	86,702,562	86,702,528		0.0		86,702,439

FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS ("IFRS")
Items	For the years ended 31 December
	2011		2010		2009			2008	2007
Turnover, other operating revenues and other income	2,505,683		1,913,182		1,345,052			1,495,148	1,205,860
Operating profit	105,530		104,974		90,669			38,551	87,290
Profit before taxation	104,565		103,663		86,574			33,412	84,216
Profit attributable to equity shareholders of the Company	73,225		71,782		63,129			31,180	56,150
Basic earnings per share (RMB)	0.845		0.828		0.728			0.360	0.648
Diluted earnings per share (RMB)	0.812		0.820		0.723			0.319	0.648
Return on capital employed (%)	11.49		12.95		11.67			5.92	12.02
Return on net assets (%)	15.50		17.11		16.63			9.44	18.19
Net cash generated from operating activities per share (RMB)	1.737		1.965		1.909			0.997	1.431
Items		At 31 December
		2011		2010		2009	2008		2007
Non-current assets		801,773		735,593		697,474	635,533		580,689
Net current liabilities		101,485		76,177		114,442	126,570		88,686
Non-current liabilities		192,944		208,380		177,526	156,263		157,613
Non-controlling interests		35,016		31,432		25,991	22,324		25,645
Total equity attributable to equity shareholders of the Company		472,328		419,604		379,515	330,376		308,745
Net assets per share (RMB)		5.448		4.840		4.377	3.810		3.561
Adjusted net assets per share (RMB)		5.339		4.747		4.299	3.719		3.481

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 changes between 2011 and 2010.
	Years ended 31 December		Change
	2011	2010
	RMB millions		（%）
Exploration and Production Segment
Operating revenues	241,838	187,145	29.2
Operating expenses	170,207	139,996	21.6
Operating profit	71,631	47,149	51.9
Refining Segment	　	　	　
Operating revenues	1,212,072	971,577	24.8
Operating expenses	1,247,852	955,726	30.6
Operating (loss)/profit	(35,780)	15,851	-
Marketing and Distribution Segment	　	　	　
Operating revenues	1,347,626	1,040,698	29.5
Operating expenses	1,302,930	1,009,938	29.0
Operating profit	44,696	30,760	45.3
Chemicals Segment	　	　	　
Operating revenues	420,490	327,622	28.3
Operating expenses	393,758	312,611	26.0
Operating profit	26,732	15,011	78.1
Corporate and others	　	　	　
Operating revenues	1,134,182	796,789	42.3
Operating expenses	1,136,822	799,131	42.3
Operating loss	(2,640)	(2,342)	12.7
Elimination of inter-segment profit	891	(1,455)	-

About Sinopec Corp.

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 fiber, 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 "Enterprise development, Contribution to the Country, Shareholder value creation, Social responsibility and Employee wellbeing", Sinopec Corp. implements strategies of resources, markets, integration, internationalization, differentiation and green low-carbon development with a view to realize its vision of building a world first class 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 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.

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