(EnergyAsia, March 27 2012, Tuesday) — China Petroleum and Chemical Corp (Sinopec Corp), the country’s second largest integrated oil company, said its 2011 net profits grew by just 1.3% as downstream losses from its refining and marketing operations offset upstream gains. With its net profit at 71.7 billion yuan, the company reported basic earnings of 0.827 yuan per share, also up 1.4% from 2010. Its refining operations, Asia’s largest, reported a loss of 37.6 billion yuan in 2011 reversing an operating profit of 14.9 billion yuan from the previous year. Chinese refiners and retailers have to sell their fuel to domestic consumers at government-set prices that are below international levels. The company’s board has approved paying a final dividend of 0.20 yuan per share which brings the total for 2011 to 0.3 yuan for a 42.8% increase over the previous year. Based on the stock price on December 31 2011, the stock’s yield was 4.5%. Sinopec said it raised oil and gas production by 1.6% to 408 million barrels of oil equivalent while its refinery throughput rose 3% to 217 million tonnes. The company’s sales of refined oil products grew 8.8% to a record 162 million tonnes while its sales volume of chemical products reached 50.8 million tonnes.
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Years ended 31 December | Change | |||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||
Million yuan | (%) | |||||||||||||||||||||||||||||||||||||||||||||
Exploration and Production Segment | ||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | 241,838 | 187,145 | 29.2 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses | 170,207 | 139,996 | 21.6 | |||||||||||||||||||||||||||||||||||||||||||
Operating profit | 71,631 | 47,149 | 51.9 | |||||||||||||||||||||||||||||||||||||||||||
Refining Segment | ||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | 1,212,072 | 971,577 | 24.8 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses | 1,247,852 | 955,726 | 30.6 | |||||||||||||||||||||||||||||||||||||||||||
Operating (loss)/profit | (35,780) | 15,851 | – | |||||||||||||||||||||||||||||||||||||||||||
Marketing and Distribution Segment | ||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | 1,347,626 | 1,040,698 | 29.5 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses | 1,302,930 | 1,009,938 | 29.0 | |||||||||||||||||||||||||||||||||||||||||||
Operating profit | 44,696 | 30,760 | 45.3 | |||||||||||||||||||||||||||||||||||||||||||
Chemicals Segment | ||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | 420,490 | 327,622 | 28.3 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses | 393,758 | 312,611 | 26.0 | |||||||||||||||||||||||||||||||||||||||||||
Operating profit | 26,732 | 15,011 | 78.1 | |||||||||||||||||||||||||||||||||||||||||||
Corporate and others | ||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | 1,134,182 | 796,789 | 42.3 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses | 1,136,822 | 799,131 | 42.3 | |||||||||||||||||||||||||||||||||||||||||||
Operating loss | (2,640) | (2,342) | 12.7 | |||||||||||||||||||||||||||||||||||||||||||
Elimination of inter-segment profit | 891 | (1,455) | – |