China Petroleum & Chemical Corporation Class A · SSE:600028
China Petroleum & Chemical Corporation Class A — H1 2024 Earnings Presentation
27 slides from China Petroleum & Chemical Corporation Class A's earnings presentation, Aug 26, 2024
Slide 1: 2024 Interim Results Announcement
China Petroleum & Chemical Corporation 2024 Interim Results Announcement August 26, 2024 Hong Kong 中国石油化工股份有限公司 S I N O P E C CORP.
Slide 2: Cautionary Statement
Cautionary Statement This presentation and the presentation materials distributed herein include 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 f
Slide 3: Content
1H 2024 Performance Highlights Content 1H 2024 Operational Results by Segment 2H 2024 Operational Plan
Slide 4: 1H 2024 Performance Highlights
1H 2024 Performance Highlights
Slide 5: Market Environment in 1H 2024
Market Environment in 1H 2024 China’s economy sustained recovery momentum, GDP up by 5.0% YoY International crude oil prices increased by 5.3% with wide fluctuation Domestic demand for major petroleum and petrochemical products Natural gas apparent consumption up by 10% YoY Refined oil pro
Slide 6: Operation Highlights – Achieved High-quality Operational Results
Operation Highlights – Achieved High-quality Operational Results Upstream Achieved a number of oil & gas new discoveries Domestic production for oil and gas equivalents hit record high Profit of natural gas business chain achieved a record high EBIT up by 14.7% Refining Adjusted utiliz
Slide 7: Profitability Steadily Increased
Profitability Steadily Increased EBIT RMB million 1H 2023 1H 2024 YoY (%) RMB million 58,597 Revenue 1,593,682 1,576,131 (1.1) 56,556 EBIT 56,556 58,597 3.6 Profit Attributable to Shareholders of 36,122 37,079 2.6 the Company EPS (RMB) 0.301 0.307 2.0 1H 2023 1H 2024 中国石油化工股份有限公司 7 S IN O PE C C O R
Slide 8: Solid Financial Position
Solid Financial Position RMB million As of Dec. 31, 2023 As of Jun. 30, 2024 Total Assets 2,024,696 2,140,524 Short-term Interest-bearing Debts 70,971 128,829 Long-term Interest-bearing Debts 187,860 169,229 Total Equity Attributable to Shareholders 802,989 825,925 of the Company Liability-to-Asset
Slide 9: Strong Cash Flow
Strong Cash Flow RMB million 1H 2023 1H 2024 Net Cash Generated from Operating Activities 27,562 42,269 Net Cash Used in Investing Activities (93,430) (79,004) Net Cash Generated from Financing Activities 66,861 36,862 RMB million As of Dec. 31, 2023 As of Jun. 30, 2024 Cash and Cash Equivalents 163
Slide 10: Dividend – Emphasis on Shareholders’ Return
Dividend – Emphasis on Shareholders’ Return The Board declared an interim dividend of RMB 0.146 per share Payout ratio was 49.8% The Board approved a new round of share buy-back proposal 55.0% 人民币亿元 RMB Billion 49.8% 49.2% 49.5% 46.4% 50.0% 44.5% 45.0% 20 40.0% 35.0% 19.4 19.4 17.8 17.4 30.0%
Slide 11: Achieved Remarkable Results in Cost Reduction
Achieved Remarkable Results in Cost Reduction Change in Unit Cost (%) 3.7 1.2 (2.9) (7.0) (7.7) (8.0) (9.8) (13.9) Upstream Lifting Cost Refining Cash Operating Cost Marketing Cash Operating Cost Chemical All-in Cost (USD/boe) (USD/bbl) (RMB/tonne) (RMB/tonne) 1H 2023 1H 2024 Note： The average FX ra
Slide 12: Capital Expenditure
Capital Expenditure 1H 2024 CAPEX: RMB 55.9 Bn E&P: RMB 33.8 Bn Mainly for building oil and gas capacity and RMB Billion construction of storage and transportation facilities 74.7 Refining: RMB 9.2 Bn Mainly for expansion in Zhenhai project, 55.9 technical upgrading in Guangzhou and Maoming pr
Slide 13: Proactively Responded to Climate Change
Proactively Responded to Climate Change Enhanced management of greenhouse gas emissions Continuously promoted carbon capture, utilization, and storage Launched and implemented the “10k BIPV” initiative Major Emission Reduction Indicators 1H 2023 1H 2024 Greenhouse Gas Emissions Reduction 226 2
Slide 14: Continuously Strengthened HSE Management
Continuously Strengthened HSE Management Implemented the “Year of Safety Management Enhancement” campaign Promoted the occupational health management system Launched "Green Enterprise Action Plan” phase II Main Targets of "Green Enterprise Action Plan” Phase II 2028 Compared with 2023 Carbon D
Slide 15: 1H 2024 Operational Results by Segment
1H 2024 Operational Results by Segment
Slide 16: Upstream – New Achievements In Increasing Reserves, Boosting Production
Upstream – New Achievements In Increasing Reserves, Boosting Production, Cutting Costs and Improving Profitability Natural Gas Production Enhanced high quality exploration, and bcf achieved a number of oil & gas new 661 701 discoveries Efficiently promote development of oil and gas production ca
Slide 17: Upstream – Maintained Sound Profitability
Upstream – Maintained Sound Profitability Realized Price of Crude Oil Lifting Cost USD/bbl USD/boe 15.4 14.9 73.7 77.8 1H 2023 1H 2024 1H 2023 1H 2024 Realized Price of Natural Gas EBIT of Upstream USD/kcf RMB million 30,865 8.0 7.6 26,920 1H 2023 1H 2024 1H 2023 1H 2024 中国石油化工股份有限公司 17 S IN O PE C
Slide 18: Refining – Adhered to Synergy and Optimization of Production and Sales
Refining – Adhered to Synergy and Optimization of Production and Sales Refining Throughput Adjusted product mix mm tonnes 127 127 Optimized the pace of converting refined oil products to chemical feedstock and refining specialties Seized opportunities in overseas market and optimized the pace
Slide 19: Refining – Built Low-cost Competitiveness
Refining – Built Low-cost Competitiveness Refining Margin EBIT of Refining USD/bbl 6.96 RMB million 6.05 11,191 1H 2023 1H 2024 6,906 Cash Operating Cost USD/bbl 4.02 3.74 1H 2023 1H 2024 1H 2023 1H 2024 中国石油化工股份有限公司 19 S IN O PE C C O R P.
Slide 20: Marketing – Gave Full Play to Network Advantages
Marketing – Gave Full Play to Network Advantages Total Sales Volume of Refined Oil Products Gasoline and jet fuel sales volume increased mm tonnes continuously 117 119 Promoted the development of EV charging & battery swapping and gas fueling businesses Actively transformed into an integrated
Slide 21: Marketing – Profitability Maintained Resilience
Marketing – Profitability Maintained Resilience Marketing Cash Operating Cost EBIT of Marketing RMB/tonne RMB million 182.87 185.04 18,402 16,472 1H 2023 1H 2024 Profit of Non-fuel Business RMB million 2,728 2,634 1H 2023 1H 2024 1H 2023 1H 2024 中国石油化工股份有限公司 21 S IN O PE C C O R P.
Slide 22: Chemicals – Vigorously tapped into Potentials for Enhanced Profitability
Chemicals – Vigorously tapped into Potentials for Enhanced Profitability Ethylene Production Continued to diversify feedstock and reduce costs ’000 tonnes 6,875 Maintained high utilization rate in profitable 6,496 facilities such as aromatics Increased stable production of high value-added pro
Slide 23: Chemicals – Reduced Loss Year on Year
Chemicals – Reduced Loss Year on Year All-in Cost RMB/tonne EBIT of Chemicals 1,517 RMB million 1,369 1H 2023 1H 2024 (2,139) Chemical Product Price Index (CPPI) 180 160 140 120 100 80 (6,766) 60 40 Jan-22 Jan-23 Jan-24 1H 2023 1H 2024 Index Difference CPPI Naphtha Price Index 中国石油化工股份有限公司 23 S IN O
Slide 24: 2H 2024 Operational Plan
2H 2024 Operational Plan
Slide 25: Market Outlook of 2H 2024
Market Outlook of 2H 2024 China's economy is expected to further improve International oil price is expected to fluctuate widely Domestic demand for natural gas and chemical products will keep growing, and domestic demand for refined oil products will remain stable 中国石油化工股份有限公司 25 25 SINOS PE
Slide 26: 2H 2024 Production Plan
2H 2024 Production Plan 1H 2024 2H 2024E Oil and Gas Production (mmboe) 258 252 Crude Oil Production (mmbbls) 141 139 Domestic Crude Oil Production (mmbbls) 126 126 Natural Gas Production (bcf) 701 680 Refinery Throughput* (mm tonnes) 127 126 Total Domestic Sales Volume of Refined Oil 90 91 Products
Slide 27: Contact Information
Contact Information Investor relations Beijing: Tel: (8610) 59960028 Fax: (8610) 59960386 Email: ir@sinopec.com Hong Kong: Fax: (852) 28243669 Email: ir.hk@sinopec.com www.sinopec.com
China Petroleum & Chemical — H1 2024 Earnings Presentation on 6ix