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C hina Petroleum & Chemical Corporation 2002 First Quarter Results Announcement
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1 China Petroleum & Chemical Corporation 2002 First Quarter Results Announcement April 29, 2002
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C hina Petroleum & Chemical Corporation 2002 First Quarter Results Announcement. April 29, 2002. Table of Contents. First Quarter Results Overview Review of First Quarter Operations Second Quarter Production Plan. First Quarter Results Overview. Market Environment Overview. - PowerPoint PPT Presentation
Transcript of C hina Petroleum & Chemical Corporation 2002 First Quarter Results Announcement
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China Petroleum & Chemical Corporation
2002 First Quarter Results Announcement
April 29, 2002
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Table of Contents
First Quarter Results Overview
Review of First Quarter Operations
Second Quarter Production Plan
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First Quarter Results Overview
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Market Environment Overview
• January and February: a) realized crude oil price remained low, lower ex-
work price of refined products made refining margins compressed; b)
refined oil products realized in wholesale market remained low; c) part of
the high cost inventory was written-down; and d) petrochemical market still
at cyclical low
• March: a) significant recovery in crude oil price; b) increased ex-work price
of refined products make refining margin improved; c) refined oil prices
significantly improved; and d) petrochemical product prices began to
recover
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15
20
25
30
35
Jan-01 Apr-01 Jul-01 Oct-01 Jan-02 Apr-02
US$/bbl
WTI Brent
Cinta
International Crude Oil Price — Significant Recovery in March
International Crude Oil Price
7
15
20
25
30
35
40
Jan-01 Apr-01 Jul-01 Oct-01 Jan-02 Apr-02
US$/bbl
Gasoline Diesel
JetFuel
International Refined Oil Products Price Significantly Lower than 2001Q1
Singapore Refined Oil Products Price
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Crude Oil Realized Price, Prices of Refined products
Crude oil realized price
Ex-work price of gasoline
Ex-work price of diesel
Change
（%）
1010
1850
1741
1154
2466
2385
-12.5
-25.0
-27.0
Unit: RMB Yuan/t
Gasoline benchmark retail price
Diesel benchmark retail price
2396 2761 -13.2
2122 2469 -14.0
Note: all the prices above excludes taxes
1Q 4Q
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3000
3500
4000
4500
5000
5500
6000
6500
7000
7500
2001
1年
月
2001
2年
月
2001
3年
月
2001
4年
月
2001
5年
月
2001
6年
月
2001
7年
月
2001
8年
月
2001
9年
月
2001
10
年月
2001
11
年月
2001
12
年月
2002
1年
月
2002
2年
月
2002
3年
月
LDPE PP PTA PET
Domestic Petrochemical Market Still at Cyclical Low
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Financial Highlights
PRC AccountingRules & Regulations
International Accounting Standards
Income from 630
principal operations
Profit from principal 86.31
operations
Net profit 1.02
Turnover & other 660
operating revenues
Operating profit 16.12
Profit attributable to 5.42
to shareholders
(RMB 100MM)
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Review of First Quarter Operations
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Crude Oil Production
Natural Gas Production
Crude Oil Realized Price
Natural Gas Realized Price
10,000 tonnes
MM m3
RMB / tonne
RMB / ’000 m3
1,183
1,010
610
928.26
1,083
1,387
600
925.46
9.23
-27
1.67
0.30
E & P
2002 1QUnit 2001 1Q YoY (%)
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Crude Oil Processed
Gasoline Production
Diesel Production
10,000 tonne
424
883
2,394
458
842
2,423
-7.21
4.77
-1.20
Fuel Oil Production 103 107 -3.74
Yield for Light Stream % 72.66 71.31 135bps
Refining Yield % 91.79 90.09 170bps
Refining
2002 1QUnit 2001 1Q YoY (%)
10,000 tonne
10,000 tonne
10,000 tonne
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Domestic Sale ofRefined Oil Products
Wholesale
Distribution
Retail
601
338
794
1,734
634
210
692
1,536
-5.20
61.0
14.7
12.89
Total Number ofGas Stations
unit 28,291 25,746 9.9
Marketing
2002 1QUnit 2001 1Q YoY (%)
10,000 tonne
10,000 tonne
10,000 tonne
10,000 tonne
Note ： Total Number of Gas Stations Includes Franchised Stations
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Ethylene
Synthetic Resin
Monomers & Polymers forSynthetic Fiber
Synthetic Fiber
88.15
92.91
27.51
2002 1QUnit: 10,000 tonne
58.26
82.09
96.68
25.15
2001 1Q
58.14
7.38
-3.90
9.38
YoY (%)
0.21
Synthetic Rubber 10.97 8.83 24.24
Urea 72.81 37.26 95.41
Petrochemicals
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Second Quarter Production Plan
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Market Environment Expected in 2Q
• China’s GDP reached 7.6% in 1Q, expected sustained
development in 2Q;
• Significant increase expected in crude oil price, refined
products price;
• Marketing order getting better;
• Chemical price continue to improve.
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Second Quarter Production Plan
Crude Oil Production
Natural gas production
Crude processed volume
Domestic sales volume for refined oil products
MM tonne
Bn m3
MM tonne
MM tonne
1.13
26.24
17.70
2002Q2 PlanUnit
9.48
1.18
23.94
17.34
9.28
Ethylene Production 1,000 tonne 663.3 582.6
2002Q1 Actual
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