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China Petroleum & Chemical Corporation 3Q 2004 Results Announcement

China Petroleum & Chemical Corporation 3Q 2004 Results Announcement. October 29, 2004. Agenda. Performance review of 1Q-3Q04 Operational plan for 4Q 2004. Performance Review of 1Q-3Q04. Market Environment in 1Q-3Q04. GDP growth rate was 9.5%

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China Petroleum & Chemical Corporation 3Q 2004 Results Announcement

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  1. China Petroleum & Chemical Corporation3Q 2004 Results Announcement October 29, 2004

  2. Agenda • Performance review of 1Q-3Q04 • Operational plan for 4Q 2004

  3. Performance Review of 1Q-3Q04

  4. Market Environment in 1Q-3Q04 • GDP growth rate was 9.5% • Prices of crude oil fluctuated and climbed up to a high level • Strong domestic demand for oil and chemical products, and prices of chemical products remained at high level

  5. 36.09 318,636 433,646 66,978 37.22 48,811 50.18 29,673 44,563 54.88 17,209 26,653 0.197 0.307 54.88 Results of Operations – Significant Earnings Growth EBIT Contribution by Segment 1Q-3Q03 1Q-3Q04 Change(%) (RMB million) (RMB million) Revenue EBITDA EBIT Profit attributable to shareholders EPS (RMB/share)

  6. E & P Segment – Oil and Gas Production Increased Steadily E&P Segment EBIT 1Q-3Q03 1Q-3Q04 Change(%) (RMB million) Crude Production (MM bbl) 202.70 204.50 0.89 Gas Production (bcf) 138.34 152.18 10.00 Lifting cost (USD/ bbl) 6.30 6.35 0.79 Crude Realized Price (USD/ bbl) 27.82 31.27 12.38 Gas Realized Price (USD/kcf) 2.05 2.07 0.98

  7. Refining Segment – Improved Refinery Efficiency 1Q-3Q03 1Q-3Q04 Change(%) Refining Segment EBIT Crude Oil Processed (MT) 84,906 98,678 16.22 (RMB million) Refinery utilization(%) 85.7 92.38 668 bps Sour crude processed (MT) 16,944 20,418 20.50 Gasoline Production (MT) 15,812 17,481 10.38 Diesel Production (MT) 30,575 37,763 23.51 Chemical feedstock (MT) 12,323 13,022 5.67 Kerosene Production (MT) 3,842 4,643 20.85 Light product yield(%) 73.50 73.94 44 bps Refining yield(%) 92.71 92.93 22 bps Refining margin (USD/bbl) 3.90 3.86 -1.03

  8. Marketing Segment — Continued to Increase Sales Volume 1Q-3Q03 1Q-3Q04 Change(%) Marketing Segment EBIT Domestic Sales of Oil Products (MT) 55,171 70,188 27.22 (RMB million) Retail (MT) 27,992 38,571 37.79 Distribution (MT) 11,316 15,025 32.78 Wholesale (MT) 15,864 16,591 4.59 Total No. of Gas Stations 29,612 31,030 4.79 Owned and Operated 24,286 25,654 5.63 Franchised 5,326 5,376 0.94 Annual Throughput per Station (tonne/site) 1,652 2,005 21.37

  9. Chemical Segment — Earnings Significantly Improved 1Q-3Q03 1Q-3Q04 Change(%) Unit: ‘000 tonnes Chemical Segment EBIT 2,613.8 2,670.1 2.15 Ethylene (RMB million) 3,828.8 4,061.9 6.09 Synthetic Resins 1,771.3 2,104.8 18.83 Performance compound 392.5 414.6 5.63 Synthetic Rubber 3,302.6 3,620.1 9.61 Synthetic Fiber Monomer & Polymer 935.3 971.5 3.87 Synthetic Fiber 379.8 430.1 13.24 Differential fiber 1,617.1 2,151.6 33.05 Urea

  10. Improved Asset Efficiency, Strengthened Core Business • In 3Q04, the company made provisions for some inefficient gas stations, oil tanks and chemical assets. • According to IFRS, write off and provisions on long-lived assets during the 3Q04 amounted to RMB 1.63 billion. Among which, Marketing Segment accounted for RMB1.142 billion, Chemical Segment accounted for RMB332 million, Refining Segment accounted for RMB156 million. Depreciation reduction of RMB209 million is expected next year.

  11. Capital Expenditure Total Capex during 1Q-3Q04: RMB 42.33 bn • E&P – RMB 14.25 bn, newly added 3.33 MM tpa oil production capacity and 0.158 bcm per year gas production capacity • Refining – RMB 7.33 bn， refinery projects aimed to add a comprehensive capacity of 9.5 MM tpa is under construction • Marketing – RMB 14.37 bn, newly added 1,148 company-owned gas stations • Chemical – RMB 5.71 bn, Qilu ethylene capacity expansion up to 720 M tpa has been successfully completed • Corporate and others – RMB 0.67 bn Capex Distribution during 1Q-3Q2004 In addition, RMB 5 bn of Capex in Secco and other JV projects

  12. Operational Plan for 4Q 2004

  13. Market Outlook for 4Q04 • Domestic demand for oil and chemical products will maintain a strong growth momentum • Prices of crude oil will continue to fluctuate at high level • Chemical business is expected to remain in the cycle upturn

  14. Operational Plan for 4Q 2004 Q4 ’04E 2004E Crude Production (MM Tonnes) 38.62 9.82 Gas Production (bcm) 5.81 1.50 Refining Throughput (MM Tonnes) 132.92 34.24 Domestic Sale of Refined Products(MM Tonnes) 94.19 24.00 Of which： Retail(MM Tonnes) 51.17 12.60 Ethylene Production (kt) 3642 972

  15. 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) 28242638Fax: (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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