HONG KONG - China Petroleum & Chemical Corporation ('Sinopec Corp.' or 'the Company') (HKEX:00386)(SSE:600028) today announced its unaudited results for the nine months ended 30 September 2023.

Financial Highlights

In accordance with IFRS, the Company achieved revenue of RMB 2.47 trillion in the first three quarters, profit attributable to shareholders of the Company was RMB 54.060 billion, and basic earnings per share were RMB 0.451. Profit attributable to shareholders of the Company for the third quarter was RMB 17.938 billion, up by 37.7% year-on-year and 16.6% quarter-on-quarter. High-quality operating results were made for each business segment. In accordance with CASs, net profit attributable to equity shareholders of the Company for the first three quarters was RMB 52.966 billion, and basic earnings per share were RMB 0.442. Net profit attributable to equity shareholders of the Company for the third quarter was RMB 17.855 billion, up by 34.0% year-on-year and 19.0% quarter-on-quarter. The Company's financial position remained sound, with net cash flow generated from operating activities reached RMB 70.747 billion in the third quarter.

The Company gave full play to the advantages of its integrated business and actively responded to market changes. It carried out in-depth optimization of the whole industrial chain, enhanced the coordination of production and marketing, and achieved high-quality results. In the first three quarters, the Company's production of oil and gas was 376 million barrels of oil equivalent, up by 3.6% year-on-year; natural gas production was 992.98 billion cubic feet, up by 8.7% year-on-year; refinery throughput reached 194 million tonnes, up by 7.6% year-on-year; total sales volume of refined oil products was 181 million tonnes, up by 19.1% year-on-year and ethylene production was 10.662 million tonnes, up by 6.6% year-on-year.

The Company attached great importance to corporate value enhancement and the protection of shareholders' rights and interests through the implementation of A shares and H shares repurchase program. As of 26 October 2023, the Company has repurchased 80.68 million of A shares, with a total amount of RMB 474 million; the Company has repurchased 65.27 million of H Shares, with a total amount of HKD 288 million.

Operating Review

In the first three quarters of 2023, China's economy continued to recover and showed a good momentum, with its GDP grew by 5.2% year-on-year. International oil prices fluctuated downwards in the first half of 2023, and rose rapidly in the third quarter. The average spot price of Platts Brent was USD82.1 per barrel, down by 19.9% year-on-year. Based on the statistics of the Company, domestic natural gas demand grew steadily with apparent consumption up by 6.4% year-on-year. Domestic demand for refined oil products rebounded with apparent consumption up by 15.1% year-on-year; of which, gasoline, diesel and kerosene consumption increased by 20.4%, 4.3% and 68.6% respectively. Domestic demand for chemicals picked up with ethylene equivalent consumption up by 6.0% year-on-year.

The Company gave full play to the advantages of its integrated business, actively responded to market changes, carried out in-depth optimization of the whole industrial chain, enhanced production and marketing coordination and achieved high-quality operating results. In accordance with CASs, net profit attributable to equity shareholders of the Company in the first three quarters was RMB 52.966 billion, down by 7.5% year-on-year; that for the third quarter was RMB 17.855 billion, up by 34.0% year-on-year. In accordance with IFRS, profit attributable to shareholders of the Company in the first three quarters was RMB 54.060 billion, down by 6.6% year-on-year; that for the third quarter was RMB 17.938 billion, up by 37.7% year-on-year.

Exploration and Production: The Company intensified efforts in high quality exploration and profitable development with sound achievements made in increasing reserves, stabilizing oil production, boosting gas output and cutting cost. In terms of exploration, we strengthened risk exploration in new regions and areas and integrated evaluation exploration, and achieved a number of oil and gas discoveries and breakthroughs in Tarim Basin and Junggar Basin etc. The construction of Shengli Jiyang Shale Oil National Demonstration Zone was moving forward efficiently. In terms of development, we continued to scale up profitable production, carried forward the capacity building of Jiyang, Tahe and West Junggar, and deepened fine-tuned development of mature oil fields. Efforts were made to bring up reserve and production of natural gas and accelerate capacity building in Shunbei Zone II and West Sichuan marine facies gas field. We strengthened integrated operation of natural gas production, supply, storage and sales, and improved the profitability of the whole natural gas business chain. The Company's production of oil and gas in the first three quarters was 376.15 million barrels of oil equivalent, up by 3.6% year-on-year, among which natural gas production reached 992.98 billion cubic feet, up by 8.7% year-on-year. The exploration and production segment realised EBIT of RMB 41.620 billion in the first three quarters, including RMB 14.700 billion in the third quarter

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.

Contact:

Beijing

Tel:(86 10) 5996 0028

Fax:(86 10) 5996 0386

Email:ir@sinopec.com

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