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China Petroleum & Chemical Corporation Q1 2006 Results Announcement

China Petroleum & Chemical Corporation Q1 2006 Results Announcement. 28 April 2006. Market Environment in Q1 2006. Chinese economy maintained rapid growth Domestic demand of oil and chemical products sustained growth momentum Crude oil prices kept hiking

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China Petroleum & Chemical Corporation Q1 2006 Results Announcement

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  1. China Petroleum & Chemical CorporationQ1 2006 Results Announcement 28 April 2006

  2. Market Environment in Q1 2006 • Chinese economy maintained rapid growth • Domestic demand of oil and chemical products sustained growth momentum • Crude oil prices kept hiking • Prices of chemical products remained at high levels • According to the comprehensive scheme to further improve petroleum pricing mechanism, the government began to impose special income levy on E&P companies and moderately raised domestic oil product prices from 26 March.

  3. Results of Operation 1Q06 1Q05 Change %

  4. Financial Status At 31 March 2006 At 31 December 2005 1Q06 1Q05

  5. Crude production (mmbbls) 69.57 67.67 2.81 Gas production (bcf) 64.02 51.87 23.42 Crude realised price (USD/bbl) 54.53 36.19 50.68 Gas realised price (USD/kcf) 2.62 2.24 16.96 Lifting cost (USD/bbl) 7.47 6.47 15.46 EBIT (RMB million) 16,623 6,394 159.98 E & P Segment 1Q06 1Q05 Change% Note: 1 tonne = 7.1 barrel, 1 cubic meter = 35.31 cubic feet Exchange rate: 1 USD=8.04 RMB for 1Q 2006 and 1 USD=8.28 RMB8.28 for 1Q 2005

  6. Refining Segment 1Q06 1Q05 Change % 2.45 35.17 5.53

  7. Refining Segment Earnings Refining Margin/ Cash Operating Cost Refining Segment EBIT (RMB million) (USD/bbl) (USD/bbl) Note: Exchange rate: 1 USD=8.04 RMB for 1Q 2006 and 1 USD=8.28 RMB8.28 for 1Q 2005

  8. Marketing Segment 1Q06 1Q05 Change %

  9. Marketing Segment Earnings Domestic RON 90# Gasoline Retail Guidance Price Marketing Segment EBIT (RMB/Tonne) (RMB million) Domestic 0# Diesel Retail Guidance Price (RMB/Tonne)

  10. Chemicals Segment 1Q06 1Q05 Change % Note: The ethylene and synthetic resin production in 1Q 06 include 100% of those of YPC- Basf and Shanghai Secco

  11. Chemicals Segment Earnings Chemicals Segment EBIT Chemicals price spread (1990 through Apr. 2006) (RMB million) (USD/tonne)

  12. Capital Expenditure • Capex in 1Q 06 totaled RMB 14.39 billion • E & P – RMB 5.372 billion. Newly added crude production capacity of 1.27 million tonnes/year and gas production capacity of 469 million cubic meters/year • Refining – RMB 2.821 billion. The revamping of Guangzhou and Yanshan refining units and some other secondary processing units went on smoothly • Marketing – RMB 4.136 billion, mainly used for establishing logistics system, constructing and purchasing gas stations. 97 new gas stations were added during the reporting period • Chemicals – RMB 1.725 billion. Revamping of Maoming ethylene and Shanghai ethylene glycol, Yangzi aromatics and PTA, and coal gasification projects for three chemical fertilizers plants, progressed smoothly (RMB billion)

  13. For Further Information http://www.sinopec.com.cn Investor Relations Beijing: Tel: (8610) 64990060 Fax: (8610) 64990489 Email: ir@sinopec.com.cn Hong Kong: Tel: (852) 28242638 Fax: (852) 28243669 Email: ir@sinopechk.com New York: Tel: (212) 759 5085 Fax: (212) 759 6882 Email: fangzq@sinopecusa.com Media Relations Tel: (8610) 64990092 Fax: (8610) 64990093 Email: media@sinopec.com.cn

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