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Sinopec 2022 Interim Profit Reached Record High Level H-Shares Annualized Dividend Yield Exceeding 10% Coupled with Shares Repurchase Plan

·23-min read


EQS Newswire / 28/08/2022 / 18:44 UTC+8

Press release

(For immediate release)

 

 

 

 

 

 

 

Sinopec 2022 Interim Profit Reached Record High Level

H-Shares Annualized Dividend Yield Exceeding 10%

Coupled with Shares Repurchase Plan

 

 

(28 August 2022, Beijing, China) China Petroleum & Chemical Corporation (“Sinopec Corp.” or the “Company”) (HKEX: 386; SSE: 600028; NYSE: SNP) today announced its interim results for the six months ended 30 June 2022.

 

Financial Highlights

 

  • In accordance with IFRS, the Company's turnover and other operating revenues in the first half of 2022 were RMB 1.61 trillion, up by 27.9% year on year. Profit attributable to equity shareholders of the Company was RMB 44.5 billion. Basic earnings per share were RMB 0.367, up by 10.5% year on year. The Company maintained a sound financial position and its liability-to-asset ratio as of 30 June 2022 was 54.81%.

 

  • Focusing on shareholder returns, the Company proposed an interim dividend of RMB 0.16 per share (tax inclusive). Dividend payout ratio reached 44% and H Shares annualized dividend yield exceeded 10%. At the same time, the Board announced to launch shares repurchase plan.

 

  • During the first half of 2022, the Company fully leveraged the integration advantages, carried out in-depth optimisation of the whole industrial chain, enhanced production and marketing coordination, and achieved high-quality results. The natural gas production totaled 613.92 billion cubic feet, up by 5.4% year-on-year; refinery throughput was 121 million tonnes of crude oil, total sales volume of refined oil products reached 98.42 million tonnes, ethylene production was 6.85 million tonnes, up by 5.9% year on year.

 

  • The Company practiced green and clean development strategy, enhanced ecological environment protection, aimed at the carbon peak and carbon neutrality target, and actively responded to climate changes. In the first half of 2022, the Company deeply advanced the Energy Efficiency Improvement Plan, GHG emissions decreased by 1.59 million tonnes of CO2 equivalent, 745 thousand tonnes of CO2 were recycled, 390 million cubic meters of methane were recovered which was equivalent to reducing 5.85 million tonnes of CO2 emissions.

 

 

 

 

Business Review

 

In the first half of 2022, the world economic growth slowed down. China effectively coordinated pandemic prevention and control with economic and social development, registering a GDP growth of 2.5% year-on-year. Domestic demand for natural gas remained stable. Based on the statistics of the Company, the overall domestic demand for refined oil products was weak due to high crude oil price and the pandemic, with a slight increase in the first quarter and a sharp decrease in the second quarter, compared with the same period of last year. The demand for major chemical products in China remained stable, and the ethylene equivalent consumption increased by 0.1% compared with that of the previous year. In the first half of 2022, international crude oil prices rose sharply and fluctuated dramatically. The average spot price of Platts Brent was USD 107.69 per barrel, up by 66% year-on-year.

 

Confronted with severe and complex environment of production and operation, the Company gave full play to its integration advantages, actively responded to market changes, carried out in-depth optimisation of the whole industrial chain, enhanced production and marketing coordination, endeavoured to expand the market and sales, and achieved high-quality results.

 

 

Exploration and Production

 

In the first half of 2022, the Company seized the favourable opportunity of high oil price, intensified efforts in exploration and development, consolidated the foundation of resources, improved operational performance, and realised growth in production and profit. In terms of exploration, we enhanced basic research, strengthened risk exploration and trap pre-exploration in new regions and areas, and achieved a number of oil and gas discoveries, including breakthroughs in Shunbei oil and gas in Tarim Basin, shale oilfield exploration in Bohai Bay Basin and Subei Basin, deep exploration of natural gas in Sichuan Basin and continental facies shale gas exploration in Puguang. In terms of development, we accelerated the capacity building of major oilfields, such as Shunbei, Tahe and offshore blocks, and strengthened efficiency adjustment and fine-tuned development of mature oil fields. We also actively promoted the capacity building of key natural gas blocks in Sichuan and Erdos Basin, and enhanced optimisation and profitability improvement of whole natural gas business chain. In the first half of the year, the Company’s production of oil and gas reached 242 million barrels of oil equivalent, up by 2.9% year-on-year, with domestic crude oil production reaching 124.6 million barrels, up by 0.8% and natural gas production totaled 613.92 billion cubic feet, up by 5.4% year-on-year.

 

In the first half of 2022, operating revenues of the segment were RMB158.2 billion, representing an increase of 44.4% year-on-year. This was mainly due to the increased sales prices and volume of domestic crude oil and natural gas. In the first half of 2022, the oil and gas lifting cost wasRMB767.08 per tonne, representing an increase of 3.6% year-on-year. This was mainly due to the increased cost of outsourced raw materials and fuel. In the first half of 2022, the segment seized the opportunity of high oil price, enhanced exploration and production, accelerated capacity building, strengthened optimisation of the whole natural gas industry chain, and improved profitability. In the first half, the segment realised an operating profit of RMB26.3 billion, representing an increase of RMB20.1 billion or 322.0% year-on-year.

 

Exploration and Production: Summary of Operations

 

Six-month period ended 30 June

Changes

2022

2021

%

Oil and gas production (mmboe)

242.01

235.29

2.9

Crude oil production (mmbbls)

139.65

138.15

1.1

China

124.63

123.62

0.8

Overseas

15.02

14.53

3.4

Natural gas production (bcf)

613.92

582.60

5.4

 

Refining

 

In the first half of 2022, facing the challenges brought by high crude oil price and the pandemic, the Company insisted on optimisation and integration of production and marketing, flexibly adjusted the utilisation rate and product structure, and maintained stable operation. In the first quarter, we seized the good opportunity with high refining margin and comprehensively increased utilisation rate. In the second quarter, we adjusted the structure and increased exports of refined oil products in line with the pandemic situation. The Company optimised the crude oil procurement and resource allocation to reduce procurement costs. We expedited adjustment to increase the yield of chemical feedstock and refining specialities with proportion of high-grade lubricants further increased. We accelerated the construction of advanced capacity and promoted structural adjustment projects in an orderly manner. The Company ensured the supply of hydrogen for the Beijing Winter Olympic Games and the Winter Paralympic Games and continued to promote the hydrogen supply projects. In the first half, the Company processed 121 million tonnes of crude oil, down by 4.2% year-on-year, yielding 68.99 million tonnes of refined oil products, among which diesel output increased by 7.4% year-on-year.

 

In the first half of 2022, operating revenues of the segment were RMB775.6 billion, representing an increase of 23.9% year-on-year. This was mainly because of an increase in price of refined oil products, as well as an increase in diesel sales volume. In the first half of 2022, the unit refining cash operating cost (defined as operating expenses less cost of crude oil and refining feedstock, depreciation and amortisation, taxes other than income tax and other operating expenses, divided by the throughput of crude oil and refining feedstock) was RMB222.76 per tonne, representing an increase of 18.2% year-on-year, which was mainly due to the increased cost of auxiliary material and fuels resulting from increased international commodity prices. In the first half of 2022, the segment proactively reduced the utilisation rate to address the resurging pandemic and weak demand of refined oil products, but impacted by the increased processing cost of crude oil and shrank margin ratio, operating profit was RMB29.8 billion, decreased by RMB9.6 billion or 24.4% year-on-year.

 

Refining: Summary of Operations

 

Six-month period ended 30 June

Changes

2022

2021

(%)

Refinery throughput (million tonnes)

120.76

126.11

     (4.2)

Gasoline, diesel and kerosene production (million tonnes)

68.99

72.19

     (4.4)

Gasoline (million tonnes)

30.03

32.40

     (7.3)

Diesel (million tonnes)

30.65

28.54

      7.4

Kerosene (million tonnes)

8.31

11.24

   (26.1)

Light chemical feedstock production (million tonnes)

22.01

22.26

     (1.1)

Note: Includes 100% of the production of domestic joint ventures.

 

 

Marketing and Distribution

 

In the first half of 2022, facing fierce market competition and once severe pandemic situation, the Company strengthened the integration of production and marketing, adjusted business strategy in a timely manner, dynamically optimised the allocation of resources, and spared no effort to expand sales and increase profitability. We focused on customer experience and carried out targeted marketing strategies. We actively expanded the low-sulfur bunker fuel market and further consolidated our market position. We also promoted company branding products and improved the quality and profitability of non-fuel business. In addition, Efforts were made to accelerate sales network development, digitisation and transformation to an integrated energy service provider of petrol, gas, hydrogen, power and services. In the first half, total sales volume of refined oil products was 98.42 million tonnes, of which total domestic sales volume accounted for 78.46 million tonnes.

 

In the first half of 2022, the operating revenues of this segment were RMB792.0 billion, increased by 24.7% year-on-year. This was mainly attributable to increased prices of refined oil products. In the first half of 2022, the segment proactively integrated and coordinated production and marketing, expanded market to address the severe situation of resurging pandemic, and realised an operating profit of RMB16.9 billion, representing an increase of RMB800 million or 4.9% year-on-year. Profit of non-fuel business was RMB2.6 billion, representing an increase of RMB300 million year-on-year. This was mainly because the Company proactively promoted the sales volume of company branding products and expanded new business models.

 

Marketing and Distribution: Summary of Operations

 

Six-month period ended 30 June

Changes

2021

2020

(%)

Total sales volume of refined oil products (million tonnes)

98.42

109.13

(9.8)

Total domestic sales volume of refined oil products (million tonnes)

78.46

84.01

(6.6)

Retail (million tonnes)

51.23

55.50

(7.7)

Direct sales and Wholesale
(million tonnes)

27.23

28.51

(4.5)

Annualised average throughput per station (tonne/station)

3,333

3,614

(7.8)

Note: The total sales volume of refined oil products includes the amount of refined oil marketing and trading sales volume.

 

 

As of 30 June 2022

As of 31 December 2021

Change from the end of last year (%)

Total number of Sinopec-branded service stations

30,740

30,725

0.05

Number of convenience stores

27,950

27,618

1.2

 

 

Chemicals

 

In the first half of 2022, facing difficult situation of high cost, high inventory, low utilisation and low margin in domestic chemical industry, the Company optimised the structure of facilities, feedstock and products, properly scheduled maintenance operations, and maintained high utilisation rate in profitable facilities, responding to market demand. We comprehensively promoted the construction of advanced capacity in Zhenhai, Jiujiang, Tianjin Nangang and Hainan. We also promoted operation stabling and production increasing in coal chemical business, and its profits realised a significant increase. The proportion of high value-added products continued to increase, with ratio of new and specialty products of synthetic resin reached 69.5%, increased by 1.4 percentage points year-on-year, ratio of high-value-added products of synthetic rubber and fiber reached 36.8% and 40.7%, increased by 0.7 and 6.8 percentage points year-on-year respectively, and ratio of fine chemicals reached 35.8%, increased by 1.1 percentage points over the previous year. Ethylene production in the first half was 6.85 million tonnes, with a year-on-year increase of 5.9%. We made full efforts to ensure sufficient supply to our strategic customers, actively increased export, and vigorously expanded high-end markets. In the first half, the total sales volume of chemical products was 40.38 million tonnes, up by 1% year-on-year.

 

In the first half of 2022, the operating revenues of this segment were RMB278.2 billion, increased by 19.6% year-on-year. This was mainly due to the increased chemical prices, as well as sales volume growth of some products. In the first half of 2022, the segment vigorously optimised structural of feedstock, product and facilities, increased production of high value-added products, but impacted by significant decrease in chemical margin, resulting from significant increase of naphtha and other feedstock prices, weak chemical demand, and relatively low downstream utilisation rate, operating profit was RMB800 million, decreased by RMB12.6 billion year-on-year.

 

Major Chemical Products: Summary of Operations     Unit of production: 1,000 tonne

 

Six-month period ended 30 June

Changes

2022

2021

(%)

Ethylene

6,846

6,463

5.9

Synthetic resin

9,275

9,292

(0.2)

Synthetic fiber monomer and polymer

4,656

4,507

3.3

Synthetic fiber

555

676

(17.9)

Synthetic rubber

646

594

8.8

Note: Includes 100% of the production of domestic joint ventures.

 

 

Science and Technology Innovation

 

In the first half of 2022, the Company deepened the reform of its science and technology system and mechanism, enhanced investment in science and technology, and strengthened the protection of intellectual property rights, leading to the overall results of science and technology innovation continuing to improve and scientific research payoffs emerging. In upstream, breakthroughs were made in the geological theory and exploration and production of continental facies shale oil, high-efficiency exploration and production of ultra-deep oil and gas, and EOR in mature oilfields. In refining, new progress was made in core technologies such as direct crude oil cracking to ethylene, high-end carbon materials, high-end lubricants, and catalytic materials for fuel cells. In chemicals, the first unit of the third generation aromatics was completed and put into operation. New progress was made in the research and development of key technologies, such as the high isotactic polybutene-1. The one-million-tonne CCUS project was completed and commissioned. Bio-jet fuel achieved large-scale trial production. National pilot demonstration projects such as “Industrial Internet+” and the construction of smart “fields, plants, stations and institutes” progressed smoothly.

 

 

Environmental Responsibility

 

In the first half of 2022, the Company actively practiced the green and clean development strategy, comprehensively promoted the construction and operation of HSE system, persistently carried out Green Enterprise Action, deepened the campaign of pollution prevention, enhanced ecological environment protection of enterprises in key river basins such as the Yangtze River and Yellow River, kept environment risk from occurring, thus no substantial or sudden environmental incident happened. The COD and sulphur dioxide emissions decreased by 2.1% and 4.1% respectively, and the solid waste was 100% properly treated.

 

 

Responding to Climate Change

 

In the first half of 2022, the Company, guided by the carbon peak and carbon neutrality target, advanced the Energy Efficiency Improvement Plan in depth, actively implemented emissions reduction measures of GHG, such as CO2 and methane, and continuously promoted the clean utilisation of fossil energy, scaling up of clean energy, and low-carbon of production process. In the first half of 2022, the Company continuously promoted energy conservation and consumption reduction and GHG emissions decreased by 1.59 million tonnes of CO2 equivalent, 745 thousand tonnes of CO2 were recycled, 390 million cubic meters of methane were recovered which was equivalent to reducing 5.85 million tonnes of CO2 emissions.

 

 

Capital Expenditures

 

The Company continued to optimise its investment management and focused on improving the quality and return of its investments. Capex in the first half of 2022 was RMB 64.65 billion, of which RMB 33.34 billion was spent in the E&P segment, mainly on the crude oil production capacity building in Shunbei and Tahe, natural gas capacity building in western Sichuan and Dongsheng, and the construction of storage and transportation facilities such as the relocation of Dongying crude oil depot and Longkou LNG projects; RMB 8.93 billion was spent in the refining segment, mainly for Anqing and Yangzi refining upgrading projects and the second phase of Zhenhai refining and chemical project; RMB 3.07 billion was spent in the marketing and distribution segment, mainly for the construction of gas stations, integrated energy stations covering gasoline, gas, hydrogen, power and service and logistics facilities; RMB 18.21 billion was spent in the chemicals segment, mainly for Hainan and Tianjin Nangang ethylene projects, Jiujiang aromatics project, Zhenhai Refining and Chemical project Phase II and Yizheng PTA project; RMB 1.10 billion was used on corporate and others, mainly for science and technology research and IT.

 

 

Business Prospects

 

Looking ahead to the second half of the year, the risk of stagflation in the global economy is expected to rise, while China’s economic growth is anticipated to rebound and remain within a reasonable range. Domestic demands for refined oil products and chemical products are expected to pick up, and demand for natural gas will maintain growth. Taking into account the comprehensive impact of geopolitics and changes in global supply and demand, international crude oil prices are expected to remain high and volatile.

 

In the face of the current situation, the Company will pay more attention to enhancing market foresight, strengthening operational synergies, prioritising innovation and development, synergy and optimisation, market expansion, reform management and safety and environmental protection. We will focus on the following aspects:

 

In E&P, the Company will continue to increase exploration efforts, strive to achieve strategic breakthroughs in exploration and increase reserves with scale and profit, boost oil and gas production and profitability, and lower the oil and gas break-even point. We will accelerate the oil and gas production capacity building in Shunbei, Tahe, western Sichuan and Zhongjiang, promote the construction of the national demonstration area for continental shale oil in Jiyang, strengthen the research and application of EOR technologies, and continue to promote profitable oil and gas production. In the second half of the year, we plan to produce 141 million barrels of crude oil and 642.9 billion cubic feet of natural gas.

 

In refining, the Company will integrate and coordinate production and marketing, optimise utilisation rate closely in line with the market and flexibly adjust the product slate. We will dynamically optimise the procurement structure and pace and strive to reduce procurement cost. We will vigorously shift from producing refined oil products to chemicals and specialty products, increase production of high value-added products and specialty products, and promote the growth of lubricants, sulfur and asphalt. In the second half of the year, we plan to process 120 million tonnes of crude oil.

 

In marketing and distribution, the Company will seize the opportunity of rebounding market demand, with leverage on our integration advantages, to precisely implement targeted marketing strategy, improve retail volume and profits, provide tailor-made services for direct sale and distribution customers, and strive to increase the total sales volume and market share. We will further optimise the network layout and consolidate and reinforce network advantages, seize market opportunities and further expand low-sulfur bunker fuel sales, enhance the comprehensive service capability and synergy of non-fuel business. In the second half of the year, we plan to sell 87.1 million tonnes of refined oil products in domestic market.

 

In chemicals, the Company will closely follow market demand, optimise feedstocks, products, facilities and regional resources, and strive to achieve efficient plant operation. We will integrate production, marketing, research and application, strengthen the research and development of high-end products and new materials. We will improve the quality and profitability of coal chemical business and maintain good profit momentum. We will also strengthen the integration of internal and external resources, improve export business and make every effort to expand the market and increase the volume. In the second half of the year, we plan to produce 7.2 million tonnes of ethylene.

 

In Capex, the Company plans to spend RMB 133.35 billion in the second half of the year, and will dynamically optimise and adjust its investment projects in the future in accordance with market changes. RMB 48.16 billion will be spent in the E&P segment, mainly for the crude oil production capacity building in Shunbei and Tahe, natural gas production capacity building in western Sichuan and Dongsheng, and LNG storage and transportation facilities. RMB 11.47 billion will be spent in the refining segment, mainly for Anqing and Yangzi refining upgrading projects and the second phase of Zhenhai refining and chemical project. RMB 20.63 billion will be spent in the marketing and distribution segment, mainly for the construction of gas stations, “petrol, gas, hydrogen, power and services” integrated energy stations and logistics facilities. RMB 47.89 billion will be spent in the chemicals segment, mainly for the construction of ethylene projects in Hainan and Tianjin Nangang, the second phase of Zhenhai refining and chemical project and the PTA project in Yizheng. RMB 5.20 billion will be spent for corporate and others, mainly for the scientific and technological research and IT.


Appendix: Key financial data and indicators

FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH CASs

 

Principal accounting data

Items

Six-month period ended 30 June

Changes

over the same period of the preceding year (%)

2022

(RMB million)

2021

(RMB million)

(adjusted)

Operating income

1,612,126

1,260,773

27.9

Net profit attributable to equity shareholders of the Company

43,530

39,426

10.4

Net profit attributable to equity shareholders of the Company excluding extraordinary gains and losses

42,960

38,420

11.8

Net cash flow from operating activities

4,947

48,347

(89.8)

 

At 30 June2022

(RMB million)

At 31 December 2021

(RMB million)

Change from the end of last year (%)

Total equity attributable to equity shareholders of the Company

 787,134

775,102

1.6

Total assets

 2,059,814

1,889,255

9.0

 

Principal financial indicators

Items

Six-month period ended 30 June

Changes

over the same period of the preceding year (%)

2022

(RMB)

2021

(RMB)

(adjusted)

Basic earnings per share

0.360

0.326

10.4

Diluted earnings per share

0.360

0.326

10.4

Basic earnings per share (excluding extraordinary gains and losses)

0.355 

0.317

12.0

Weighted average return on net assets (%)

5.57

5.20

0.37 percentage points

Weighted average return (excluding extraordinary gains and losses) on net assets (%)

5.50 

5.06

0.44 percentage points

 

 

FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH IFRS

 

Principal accounting data

Items

Six-month period ended 30 June

Changes

over the same period of the preceding year (%)

2022

(RMB million)

2021

(RMB million)

(adjusted)

Operating profit

62,924

58,486

7.6

Profit attributable to shareholders of the Company

44,451

40,227

10.5

Net cash generated from operating activities

4,947

48,347

(89.8)

 

At 30 June 2022

(RMB million)

At 31 December 2021

(RMB million)

Change from the end of last year (%)

Total equity attributable to shareholders of the Company

786,249

774,182

1.6

Total assets

2,059,814

1,889,255

9.0

 

Principal financial indicators

Items

Six-month period ended 30 June

Changes

over the same period of the preceding year (%)

2022

(RMB)

2021

(RMB)

(adjusted)

Basic earnings per share

0.367

0.332

10.5

Diluted earnings per share

0.367

0.332

10.5

Return on capital employed (%)

5.75

6.14

(0.39) percentage points

 

 


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 percentage change between the first half of 2022 and the first half of 2021.

 

 

Six-month period ended 30 June

Changes

2022

2021

(RMB million)

(%)

Exploration and Production Segment

 

 

 

 Operating revenues

158,168

109,526

44.4

 Operating expenses

131,866

103,293

27.7

 Operating profit

26,302

6,233

322.0

Refining Segment

 

 

 

 Operating revenues

775,636

625,865

23.9

 Operating expenses

745,868

586,467

27.2

 Operating profit

29,768

39,398

(24.4)

Marketing and Distribution Segment

 

 

 

 Operating revenues

791,993

635,170

24.7

 Operating expenses

775,138

619,102

25.2

 Operating profit

16,855

16,068

4.9

Chemicals Segment

 

 

 

 Operating revenues

278,210

232,643

19.6

 Operating expenses

277,400

219,261

26.5

 Operating profit

810

13,382

(93.9)

Corporate and Others

 

 

 

 Operating revenues

912,272

614,339

48.5

 Operating expenses

911,873

618,074

47.5

 Operating profit / (loss)

399

(3,735)

-

Elimination

(11,210)

(12,860)

-

 

 

 

 

 

About Sinopec Corp.

 

Sinopec Corp. is one of the largest integrated energy and chemical companies in China. Its principal operations include the exploration and production, pipeline transportation and sale of petroleum and natural gas; the production, sale, storage and transportation of refinery products, petrochemical products, coal chemical products, synthetic fibre, and other chemical products; the import and export, including an import and export agency business, of petroleum, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information; hydrogen energy business and related services such as hydrogen production, storage, transportation and sales; battery charging and swapping, solar energy, wind energy and other new energy business and related services.

 

 

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.

 

 

Investor Inquiries     Media Inquiries

Beijing                           Hong Kong

Tel(86 10) 5996 0028    Tel(852) 2522 1838

Fax(86 10) 5996 0386    Fax(852) 2521 9955

Emailir@sinopec.com    Emailsinopec@prchina.com.hk

 



File: Sinopec 2022 Interim Profit Reached Record High Level H-Shares Annualized Dividend Yield Exceeding 10% Coupled with Shares Repurchase Plan

28/08/2022 Dissemination of a Financial Press Release, transmitted by EQS Group.
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