A Presentation at JP Morgan China Summit 2013

Transcription

1 A Presentation at JP Morgan China Summit 2013 Mr. MAO Zefeng Senior Assistant Secretary to the Board of Directors And Head of Investor Relations Beijing,June 2013

2 Disclaimer This presentation contains forward-looking statements that involve risks and uncertainties. These statements are generally indicated by the use of forward-looking terminology such as believe, expect, anticipate, estimate, plan, project, target, may, will or other similar words that express an indication of actions or results of actions that may or are expected to occur in the future. You should not place undue reliance on these forwardlooking statements, which apply only as of the date of this presentation. These forward-looking statements are based on our own information and on information from other sources we believe to be reliable. Our actual results may be materially less favorable than those expressed or implied by these forward-looking statements which could affect the market price of our shares. 2

3 Agenda First Quarter Results Business Outlook 3. Q&A 3

4 2013 First Quarter Results

5 First Quarter Financial Highlights Financial highlights of the first three months ended March 31 RMB Million (except EPS) Y-o-Y Change Q-o-Q Change Turnover 525, , % -9.5% Profit from Operations 54,850 53, % 19.1% Net Profit 39,153 36, % 27% Basic EPS* *Earnings per share in RMB 5

6 Exploration & Production Highlights Crude Output, Y-o-Y MM bbl Crude Output, Q-o-Q MM bbl % % 1Q2012 1Q2013 4Q2012 1Q2013 Marketable Natural Gas, Y-o-Y Bln cf Marketable Natural Gas, Q-o-Q Bln cf % +9.68% 1Q2012 1Q2013 4Q2012 1Q2013 6

7 Exploration & Production Highlights Oil & Gas Output Average Realized Crude Price MM bbl USD/bbl % - 2.3% Average Realized Natural Gas Price USD/thousand cubic feet Operating Profit RMB Million 60,376 56, % - 5.6%

8 Refining & Chemicals Highlights Crude Processing Volume MM bbl Production of Major Oil Products 000 tons % Y-o-Y Change Gasoline 6,869 7, % Kerosene % Diesel 15,385 14, % Operating Profit Production of Major Chemical Products 000 tons RMB Million 1,762 1, % 921 1,071 1, ,815-4,743 Ethylene Synthetic Resin Synthetic Fiber Raw Materials Synthetic Rubber Urea 8

9 Refining & Chemicals Highlights Refining Operating Profit 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 Chemical Operating Profit 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 9

10 Marketing Highlights Sales Volume of Major Oil Products Sales Volume of Major Oil Products Domestic Market 000 tons Change Sales of Oil Products 36,500 37, % 000 tons Change Sales of Oil Products 22,542 21, % Including: Gasoline 11,956 12, % Including: Gasoline 6,790 7, % Kerosene 2,741 3, % Diesel 21,803 21, % Kerosene 2,741 3, % Diesel 13,002 11, % 10

11 Marketing Highlights Operating Profit RMB Million Factors Impacting the Operating Profit Inventory increased - RMB 1.5 Billion 6, % 2,122 Domestic Sales Volume Decreased - RMB0.5Billion Lower Price RMB 0.9 Billion

12 Natural Gas and Pipeline Highlights Operating Profit RMB Million Factors Impacting the Operating Profit 1, % 1,100 Import Nature Gas 9.15bcm,including: Natural gas from Central Asia: 6.22 bcm, a loss of RMB 8.16 billion LNG 2.93bcm, a loss of RMB 8.62billion Total loss: RMB14.5billion, Vat rebate RMB2.3billion

13 International Business Highlights Overseas Oil Net Production MM boe Overseas Oil & Gas Net Production MM boe % %

14 2013 Capex 2013 Capex Y-o-Y Capex Comparison RMB Million 9.13% 0.84% 4.03% 352, % 355, % 67.49% Capex: RMB355 billion Exploration & Production Natrual Gas & Pipeline Refining & Chemicals Marketing Others 14

15 2013 Business Outlook

16 World economy is slowly recovering while China s economy is growing steadily World economy enters in-depth adjustment, countries are facing lots of difficulties when adjusting economic structures. IMF expects world economy growth of 3.4% for China s macro-economy continued its momentum of a stable growth, forecasting a 8% GDP growth rate for the 1H 2013 by China State Information Center. 16

17 World oil supply is sufficient with oil price fluctuating at moderate high level IEA forecasts that the world oil demand will be at 89.5 million bbls/d for the 2Q, up 0.3 million bbls/d. IEA estimates that oil price fluctuates at high level in the 2Q, with Brent oil price ranging among $ /bbl. 17

18 A slight increase in domestic oil products demand, hoping for an increase in chemicals demand Affected by a sluggish economy, oil products demand may grow at 3.7% in 2Q and 4.9% in With the progress of China s urbanization, there is a hope for a slight increase in chemicals demand, with ethylene consumption growth of 4.2% in

19 Adhere to Resources Strategy, Maintain Dominance in Domestic Upstream Business Oil and gas exploration: Strive for new discoveries in 10 key zones of 7 basins Exploration & Production Oil and gas production: Speed up capacity construction of 24 oil and gas projects 19

20 Focus on Efficiency Principle, Continue Adjustment for Refining and Chemical Business Resource optimization Layout adjustment, product structure optimization and quality enhancement Refining & Chemicals Improve marketing efficiency for chemicals 20

21 Adhere to Market Strategies, Improve Marketing Business Improve quality of marketing Enhance inventory management Marketing Maximize profitability of fuel oil, lube oil, jet fuel and non-oil business Strengthen oil & gas station development and construction 21

22 Strengthen Natural Gas Market Development, Work for Price Change Accelerate the construction of key projects Actively develop Sichuan-Chongqing, Bohai Rim, Yangtze River Delta, Pearl River Delta, and other key high-effective areas Natural Gas & Pipeline Implement gas-for-oil projects Work for price change 22

23 Further Enhance International Oil & Gas Cooperation to Become More International Lay a solid resource foundation by a) Mainly independent exploration b) M & A c) New Projects Stabilize and increase production from existing overseas projects International Business Construction of the three oil and gas operating centers 23

24 Investor Relations Tel: (852) Fax: (852) Media Relations Tel: (852) Fax: (852)