Sinopec Corp. Announces 1Q2006 Results.BEIJING -- China Petroleum & Chemical Corporation ("Sinopec Corp." or "the Company") (HKEX: 386; NYSE NYSE See: New York Stock Exchange : SNP SNP Scottish National Party Noun 1. SNP - (genetics) genetic variation in a DNA sequence that occurs when a single nucleotide in a genome is altered; SNPs are usually considered to be point mutations that have been evolutionarily ; LSE LSE - Language Sensitive Editor : SNP; CH: 600028) today announced its financial results for the first quarter ended 31 March 2006. Based on the PRC Accounting Rules and Regulations, income from principal operations for the first quarter of 2006 amounted to RMB RMB Right Mouse Button RMB Regional Management Board (USACE) RMB Rolf Maier Bode (musician, band) RMB Ren Min Bi (currency of People's Republic of China) 222.70 billion, an increase of 31.74% over the same period in 2005, and the net profit amounted to RMB 9.13 billion. Earnings per share was RMB 0.105, an increase of 1.4% over the same period in 2005. Based on IFRS IFRS International Financial Reporting Standard(s) IFRS Inter Frame Relay Service IFRS Indiana Facilities Registry System , turnover and other operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. of the Company amounted to RMB 227.20 billion, an increase of 30.48% over the same period in 2005. Profit attributable to equity shareholders amounted to RMB 9.29 billion and earnings per share was RMB 0.107, a decrease of 3.62% over the same period in 2005. Business Review During the first quarter of 2006, the Chinese economy continued to grow rapidly and domestic demand for refined oil products and petrochemical petrochemical, any one of a large group of chemicals derived from a component of petroleum or natural gas. The cracking processes for manufacturing gasoline produce vast quantities of gaseous hydrocarbons. products remained strong.International prices of crude oil rose to new heights. By actively working to optimize optimize - optimisation resource allocation resource allocation Managed care The constellation of activities and decisions which form the basis for prioritizing health care needs and product structure and expand production volume, the Company achieved a sustained increase in oil and gas production, particularly in the volume of crude oil processed, as well as in the sales volume of refined oil products, ethylene ethylene (ĕth`əlēn') or ethene (ĕth`ēn), H2C=CH2, a gaseous unsaturated hydrocarbon. It is the simplest alkene. production and synthetic resin Noun 1. synthetic resin - a resin having a polymeric structure; especially a resin in the raw state; used chiefly in plastics acrylate resin, acrylic resin, acrylic - a glassy thermoplastic; can be cast and molded or used in coatings and adhesives . Exploration and Production: As a result of its tireless efforts over the past five years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time Company has discovered the largest and most abundant marine facies facies /fa·ci·es/ (fa´she-ez) pl. fa´cies [L.] 1. the face. 2. surface; the outer aspect of a body part or organ. 3. expression (1). gas field in China ---Puguang Gas field, located in Northeast Sichuan Province. Also during the first quarter, the Company made significant progress in the exploration and development of oil and gas reserves in the Tahe oilfields in western China and the Ordos Ordos (ôr`dōs), Mandarin Erdesi, sandy desert plateau region, c.35,000 sq mi (90,650 sq km), Inner Mongolian Autonomous Region, N China; almost encircled by the great northern bend of the Huang He. Basin. The expansion of the production capacity for crude oil and natural gas progressed smoothly. Output of crude oil and natural gas increased by 2.81% and 23.4% respectively compared to the same period in 2005. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. was RMB16.62 billion.
Summary of Principal Operating Results for the First Quarter
----------------------------------------------------------------------
Changes
compared with
Exploration and Three-month period the same period
Production Unit ended 31st March in 2005
----------------------------------------------------------------------
2006 2005 (%)
----------------------------------------------------------------------
Crude oil production thousand
tonnes 9,798.7 9,530.5 2.81
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Natural gas production million cubic
meters 1,813 1,469 23.42
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Realised crude oil price RMB/tonne 3,112.81 2,127.29 46.33
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Realised natural gas RMB/thousand
price cubic meters 745.10 655.36 13.69
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Refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar : The Company actively optimized resource allocation and transportation and made full use of the potential of the refining facilities which operated steadily at high load volumes. Facility operation was optimized and the Company work hard to alleviate Alleviate To make something easier to be endured. Mentioned in: Kinesiology, Applied product shortages. The ratio of diesel to gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by and yield of light oil increased. The processing volume of crude oil and output of refined oil products increased by 2.45% and 1.36% respectively compared to the same period in 2005. With strict price control on the refined oil, operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. was RMB 7.88 billion.
Summary of Principal Operating Results for the First Quarter
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Changes
compared with
Three-month period the same period
Refining Unit ended 31st March in 2005
----------------------------------------------------------------------
2006 2005 (%)
----------------------------------------------------------------------
Crude processing volume thousand
tonnes 35,170 34,330 2.45
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Gasoline, diesel and thousand
kerosene production tonnes 20,890 20,610 1.36
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Of which: Gasoline thousand
tonnes 5,530 5,820 (4.98)
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Diesel thousand
tonnes 13,820 13,110 5.42
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Kerosene thousand
tonnes 1,540 1,680 (8.33)
----------------------------------------------------------------------
Light chemical thousand
feedstock tonnes 5,770 4,990 15.63
----------------------------------------------------------------------
Light yield % 74.81 73.48 1.33 percentage
point
----------------------------------------------------------------------
Refining yield % 93.64 92.63 1.01 percentage
point
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Marketing and Distribution: In an effort to satisfy the demand for refined oil products in China the Company acquired resources through various channels, while optimizing resource allocation of refined products and reducing storage and transportation costs. Domestic sales and retail volume of refined oil products increased by 7.87% and 23.85% respectively, compared to the same period in 2005. Operating profit was RMB 3.33 billion.
Summary of Principal Operating Results for the First Quarter
----------------------------------------------------------------------
Changes
compared with
Marketing and Three-month period the same period
Distribution Unit ended 31st March in 2005
----------------------------------------------------------------------
2006 2005 (%)
----------------------------------------------------------------------
Total domestic sales
of refined oil thousand
products tonnes 26,030 24,130 7.87
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Of which: Retail thousand
tonnes 16,670 13,460 23.85
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Distribution thousand
tonnes 4,910 5,350 (8.22)
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Wholesale thousand
tonnes 4,450 5,320 (16.35)
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Total number of petrol Stations 29,744 30,164 (1.39)
stations
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Of which: Owned and Stations 27,464 26,682 2.93
self-operated
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Franchised Stations 2,280 3,482 (34.52)
----------------------------------------------------------------------
Throughput per petrol Tonnes/station 2,428 2,018 20.32
station (Note)
----------------------------------------------------------------------
Note : Throughput per petrol station data is an annualized average
Chemicals: Production volumes at the major chemical production facilities of the Company were stable and the sales system for chemical products underwent further reform. The Company sold all the chemical products it produced during the quarter. The production of ethylene and synthetic resin increased by 34.94% and 23.29% respectively compared to the same period in 2005. Operating profit was RMB 3.14 billion.
Summary of Principal Operating Results for the First Quarter
----------------------------------------------------------------------
Changes
compared with
Three-month periods the same period
Chemicals (Note) Unit ended 31st March last year
----------------------------------------------------------------------
2006 2005 (%)
----------------------------------------------------------------------
Ethylene thousand
tonnes 1,514 1,122 34.94
----------------------------------------------------------------------
Synthetic resins thousand
tonnes 2,075 1,683 23.29
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Synthetic rubbers thousand
tonnes 161 158 1.90
----------------------------------------------------------------------
Monomers and polymers for thousand
synthetic fibers tonnes 1,782 1,596 11.65
----------------------------------------------------------------------
Synthetic fibers thousand
tonnes 390 400 (2.50)
----------------------------------------------------------------------
Urea thousand
tonnes 441 388 13.66
----------------------------------------------------------------------
Note : BASF-YPC and Shanghai Secco were put into commercial
production in late June 2005. The operating results of
ethylene and synthetic resins for the three-month period
ending 31 March 2006 included all the output of BASF-YPC and
Shanghai Secco.
Capital Expenditure: The capital expenditure of the Company reached RMB 14,390 million for the first quarter, with capital expenditure for Exploration and Production amounting to RMB 5,372 million. Newly-built production capacity for crude oil reached 1.27 million ton per year and newly-built production capacity for natural gas reached 469 million cubic meters Noun 1. cubic meter - a metric unit of volume or capacity equal to 1000 liters cubic metre, kiloliter, kilolitre metric capacity unit - a capacity unit defined in metric terms per year. Capital expenditure for the Refining segment was RMB 2,821 million and some reconstruction projects such as revamping and expansion in Guangzhou and Yanshan, as well as upgrading secondary refining processing units, progressed smoothly. Capital expenditure for the Chemical segment was RMB 1,725 million, mainly invested in the 2nd Phase of the Maoming ethylene reconstruction project, the ethylene glycol ethylene glycol: see glycol. ethylene glycol Simplest member of the glycol family, also called 1,2-ethanediol (HOCH2CH2OH). It is a colourless, oily liquid with a mild odour and sweet taste. unit of Shanghai Petrochemical Shanghai Petrochemical (SEHK: 338),(SSE: B>600688) (Traditional Chinese:上海石化, Simplified Chinese:上海石化), full name Sinopec Shanghai Petrochemical Company Limited Company Limited, the aromatics and PTA PTA or parent-teacher association: see parent education. reconstruction of Sinopec Yangzi Petrochemical Company Ltd, as well as coal gasification Coal gasification The conversion of coal or coal char to gaseous products by reaction with steam, oxygen, air, hydrogen, carbon dioxide, or a mixture of these. projects for three sets of chemical fertilizers. Capital expenditure for Marketing and Distribution was RMB 4,136 million, mainly used for establishing logistics systems, and building and purchasing gas stations. Ninety seven gas stations were added during the quarter. Capital expenditure for Company headquarters and others was RMB 336 million. Notice: Sinopec Corp. will be hosting a teleconference to discuss the Company's 1Q2006 results on Friday, April 28, 2006, at 9:00 a.m. Beijing time (2:00 a.m. London time and 9:00 p.m., Thursday April 27, 2005, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of time) at (852) 3005 2191; access code: Sinopec. A 24-hour replay will be available at (852) 3005 2020; access code: 126399#. The teleconference will also be archived on www.sinopec.com. About Sinopec Corp. Sinopec Corp. is a Chinese company that has been listed in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , New York, London and Shanghai. The Company is an integrated energy and chemical company with upstream, midstream mid·stream n. 1. The middle part of a stream. 2. The part of a course that is neither at the beginning nor at the end: the midstream of life. Noun 1. and downstream operations. The principal operations of Sinopec Corp. and its subsidiaries include: exploring, developing, producing and trading crude oil and natural gas; processing crude oil into refined oil products; producing, trading, transporting, distributing and marketing refined oil products; and producing and distributing and trading chemical products. Based on 2005 turnover, Sinopec Corp. is one of the largest listed companies listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → in China. The Company is one of the largest crude oil and petrochemical companies in China and Asia. It is also one of the largest gasoline, diesel and jet fuel and other major chemical products producers and distributors in China and Asia. For additional information about Sinopec Corp., please visit the Company's website at www.sinopec.com. Disclaimer (networking) disclaimer - Statement ritually appended to many Usenet postings (sometimes automatically, by the posting software) reiterating the fact (which should be obvious, but is easily forgotten) that the article reflects its author's opinions and not necessarily those of the This press release includes "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ". 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 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 level of demand for telecommunications services In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. ; competitive forces in more liberalized markets; the effects of tariff tariff, tax on imported and, more rarely, exported goods. It is also called a customs duty. Tariffs may be distinguished from other taxes in that their predominant purpose is not financial but economic—not to increase a nation's revenue but to protect domestic reduction initiatives; changes in the regulatory policies and other risks and 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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