China Coatings network
March 22, China Petrochemical Co., Ltd. announced its annual results for the year ended December 31, 2014. As a result of the decline in the prices of petroleum and petrochemical products, the Company achieved turnover and other operating income of RMB2,825.914 billion, down 1.9% YoY. Net profit attributable to shareholders of the parent company was RMB47.430 billion, down 29.4% YoY; Basic earnings per share of 0.406 yuan. The Board of Directors of the Company recommends the final dividend of RMB0.11 per share (including tax).
sub-sector, Sinopec's exploration and development business achieved operating income of RMB47.1 billion in 2014, down 14.1% YoY, due to lower crude oil prices year-on-year. The company achieved full-year oil and gas equivalent production of 480.22 million barrels, up 8.4% YoY; Production of natural gas was 716.4 billion cubic feet, up 8.5 percent year-on-year.
refining margins have also been sharply squeezed by lower oil prices and the digestion of high-cost inventories. In 2014, the company's refining business lost 2 billion yuan.
marketing and distribution business is Sinopec's most market-focused sector in 2014, when the company launched a sales business reform and restructuring, the introduction of social and private capital, with 25 investors signed a capital increase agreement, at present, about 105 billion yuan of equity financing has been achieved as planned. However, due to the need to digest high-cost inventory and other factors, the company's operating income in this sector decreased by 16.2% YoY to 29.4 billion yuan.
chemical business sector remains depressed. Due to the decline in the price of chemical products and other reasons, the company's full-year chemical business operating loss of 2.2 billion yuan.
for 2015, Sinopec said in its annual report that the exploration and production sector plans to produce 3 million barrels of crude oil in China and 48 million barrels abroad. Planned production of 886.3 billion cubic feet of natural gas; The refining sector plans to process 243 million tons of crude oil and produce 152 million tons of refined oil; Sales sector plans to domestic refined oil sales of 173 million tons; The chemical sector plans to produce 10.9 million tons of ethylene.
note that Sinopec's capital expenditure continued to be squeezed in 2015. According to the annual report, the company's capital expenditure in 2014 was 154.640 billion yuan, 4.2% lower than planned at the beginning of the year. In 2015, the company's planned capital expenditure was $135.9 billion, down 12% from 2014.
also expects the company's net profit attributable to shareholders of listed companies to fall sharply year-on-year as a result of the sharp decline in crude oil prices and the digestion of high-cost crude oil and refined oil inventories by refining and refined oil sales, and that first-quarter 2015 results are expected to be near break-even.