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 Sinopec Records Net Profit RMB 43.7 Billion in 2015
   Tuesday, March 29, 2016 9:09:00 AM ET

China Petroleum & Chemical Corporation ("Sinopec Corp." or the "Company") (HKEX: 386; SSE: 600028; NYSE: SNP) today announced its annual results for the twelve months ended 31 December 2015.

Financial Highlights:

-- In accordance with the International Financial Reporting Standards (IFRS), the Company’s net profit was RMB 43.7 billion, decreased by 8.9% year-on-year. In accordance with China Accounting Standards for Business Enterprises ("ASBE"), the Company’s net profit was RMB 43.3 billion, decreased by 11.4% year-on-year. The net profits reflect integrated advantages amid sluggish oil price. The operating profits for the refinery segment and the chemical segment significantly increased to RMB 21.0 billion and RMB 19.7 billion, respectively. Both segments became the main drivers of the Company’s profit and offset the less favorable upstream results.

-- In accordance with IFRS, the Company’s total turnover and other operating revenue was RMB 2,018.9 billion, down by 28.6% year-on-year. The Company’s operating profit was RMB 57.0 billion, representing a decline of 22.4% from last year. Profit attributable to shareholders of the company was RMB 32.4 billion, 30.2% lower than last year. Basic earnings per share was RMB 0.268.

-- In accordance with ASBE, the Company’s net profit was RMB 43.3billion, down by 11.4% year-on-year. The Company’s operating profit was RMB 52.1 billion, a 20.4% decrease as compared with 2014. Profit attributable to shareholders of the company was RMB 32.2 billion, 32.1% lower than last year. Basic earnings per share was RMB 0.266.

-- In accordance with IFRS, the Company’s liability-to-asset ratio was 45.66%, representing a decrease of 9.89 percentage points compared with the end of last year, lowest level since its debut on the capital market and liabilities structure further optimized. As of 31 December 2015, the Company’s cash and cash equivalents were RMB67.8 billion. The Company’s cash flow was significant improved.

-- The Board of Directors proposed a final dividend of RMB 0.06 per share. Combined with the interim dividend of RMB 0.09 per share, the total annual cash dividend for 2015 is RMB 0.15 per share. Dividend payout ratio reached 56%. Total cash dividend paid for the full year was RMB 18.2 billion.

Business Highlights:

In 2015, the global economic recovery remained weak, and Chinese economy maintained steady growth with GDP up by 6.9%. International oil prices were under downward pressure while fluctuating to new lows. Growth of oil products demand slowed, yet demand for chemicals was stable. Meanwhile, domestic environmental requirements became more stringent, the Company intensified its evaluation of the macro economy and market trends so that it actively respond to these changes. With a focus on growth quality and efficiency, the Company emphasized on reform and innovation, stringent management and tight coordination of all aspects of our work.

-- Exploration and production segment: optimised exploration and development projects. The Company implemented dynamic investment decision-making mechanism as oil prices fluctuated and reduced high cost oil production. The proved reserves of natural gas increased mainly driven by Fuling shale gas reserves.

-- Refining segment: further upgraded oil products quality as scheduled. The mix of high-value-added products was increased, indicating the advantages of economic of scale, specialisation and integrated operations. At the same time, stringent safety policy was implemented to ensure safe and stable operation and improve all economical and technical standards.

-- Marketing and Distribution: adjusted our marketing strategies; optimised marketing networks; positively transformed from a fuel supplier to a comprehensive service provider, and the marketing segment unleashed great potential in complementary fuel and non-fuel businesses, which sustained the growth of total retail volume and per-station pumped volume.

-- Chemicals: enhanced the operations of manufacturing facilities; cut feedstock cost; deepened the links among research and development, production, marketing and sales of new products, and maximized production of high-value-added products tailored to market demands. .

Mr. Wang Yupu, Chairman of Sinopec said, " During the year, despite the extremely challenging environment for production and operation, the Company managed to make progress on many fronts as we fully leverage our advantages in business integration, take effective measures to broaden source of income while cutting cost, and continue to drive structural adjustment and scientific innovation. The Company practiced its belief that corporate social responsibility creates value and has been actively involved in the philanthropic projects, leading Chinese enterprises to be practitioners of green and low-carbon development. In the first year of China’s national ’Five-Year Plan’, the Company will be implementing five growth strategies focusing on value-oriented, innovation-driven, integrated resource management, open & cooperative, as well as green & low-carbon development. The Company will focus on improving quality and efficiency, speeding up the economic transformation and structure adjustment, collectively driving the quality, efficient and sustainable development of the Company. "

Business Review

Exploration and Production

In exploration, we actively carried forward high-efficiency exploration activities, making a number of new discoveries in Beibu Gulf of the South China Sea, the Sichuan Basin, the Ordos Basin, and the Central Tahe Basin. In development, we completed building the production capacity of the Fuling shale gas field at 5 billion cubic meters per year, optimised development programs in mature oilfields and increased the production capacity in frontier acreages. In 2015, our production dropped by 1.7% to 471.91 million barrels of oil equivalent, with domestic crude oil production down by 4.7% and overseas production up by 6.6%. Natural gas production rose by 2.6%. Impacted by low oil prices, proved reserves of crude dropped over 2014 while proved reserves of natural gas increased by 12.3% mainly driven by Fuling shale gas reserves.

In 2015, the operating revenues of this segment were RMB 138.7 billion, representing a decrease of 39.1% over 2014. Impacted by the significant decrease in oil prices, upstream segments recorded operating loss RMB 17.4 billion.

The oil and gas lifting cost was USD 17.62 per barrel, representing a year-on-year decrease of 4.3%. This was mainly attributable to the strict cost cutting efforts put forward by the Company while decreasing production volume.

Exploration and Production: Summary of Operations
                               Twelve-month periods ended 31 December  Changes
                               2015                2014                %
Oil and gas production (mmboe) 471.91              480.22              (1.7)
Crude oil production (mmbbls)  349.47              360.73              (3.1)
China                          296.34              310.8               (4.7)
Overseas                       53.13               49.86               6.6
Natural gas production (bcf)   734.79              716.35              2.6

Refining

In 2015, the Company adjusted the product mix in response to market demand by increasing production of gasoline and kerosene, maintained safe and reliable refinery operations and further upgraded oil products quality as scheduled. We optimised resource allocation, controlled costs and took advantage of our strong economies of scale. By tapping our well-established advantages in specialization, we improved our margins in lubricants, LPG and asphalt. In 2015, we processed

236 million tonnes of crude oil, up by 0.5% from the previous year, and produced 148 million tonnes of refined oil products, up by 1.5%.

In 2015, the operating revenues of this segment were RMB 926.6 billion, representing a decrease of 27.2% over 2014. This was mainly attributable to the decreased price of refined oil products. In 2015, the operating profit of the segment totaled RMB 21.0 billion, representing an increase of RMB 22.9 billion as compared with 2014. This was mainly due to domestic pricing mechanism of refined oil products implemented timely, tapping the Company’s well established advantages in scale of refining, as well as increasing production of oil products and high-value-added products for which demand was strong.

In 2015, refining gross margin was RMB 318.1 per tonne, representing an increase of RMB 105.1 per tonne compared with 2014. In 2015, refining gross margin was USD 6.95 per barrel, representing a year-on-year increase of 47.2%. The unit refining cash operating cost remained flat despite of investments in refined oil products quality upgrading.

Refining: Summary of Operations
                                     Twelve-month periods ended 31 December  Changes
                                     2015                2014                (%)
Refinery throughput (million tonnes) 236.49              235.38              0.5
Gasoline, diesel and kerosene        148.38              146.23              1.5
production (million tonnes)
Gasoline (million tonnes)            53.98               51.22               5.4
Diesel (million tonnes)              70.05               74.26               (5.7)
Kerosene (million tonnes)            24.35               20.75               17.4
Light chemical feedstock production  38.81               39.17               (0.9)
(million tonnes)
Light yield (%)                      76.50               76.52               (0.02) percentage points
Refining yield (%)                   94.75               94.66               0.09 percentage points
Note: Includes 100% of production of joint ventures.

Marketing and Distribution

In 2015, in light of the new pattern of supply and demand balance for oil products, we adjusted our marketing strategies and promoted the sales of high-octane gasoline and high-value-added products. We optimised oil products pipeline layout and marketing network, accelerated the construction of compressed natural gas service stations. In its transformation from a fuel supplier to an comprehensive service provider, the marketing segment unleashed great potential in complementary fuel and non-fuel businesses. As a result, total retail volume and per-station pumped volume sustained growth despite intense market competition. In 2015, the total sales volume of refined oil products was 189 million tonnes, of which domestic sales accounted for 171 million tonnes. In the meantime, our non-fuel businesses achieved stronger momentum in specialization, market orientation,

Marketing scale and profitability. Nonfuel business transactions increased by 45.2% from the previous year to RMB 24.83 billion.

In 2015, the operating revenues of this segment were RMB 1,106.7 billion, a decrease of 25.1% over 2014. The operating profit of this segment was RMB 28.9 billion, representing a decrease of 2.0% compared with 2014.

Marketing and Distribution: Summary of Operations
                                            Twelve-month periods ended 31 December  Changes
                                            2015                2014                (%)
Total sales volume of refined oil products  189.33              189.17              0.1
(million tonnes)
Total domestic sales volume of refined oil  171.37              170.79              0.2
products (million tonnes)
Retail (million tonnes)                     119.03              117.84              1.0
Direct sales and Wholesale (million tonnes) 52.34               53.13               (1.5)
Annualised average throughput per station   3,896               3,858               1.0
(tonne/station)
                                        As of 31 As of       Change from
                                        December 31 December the end of
                                        2015     2014        last year?^%?%
Total number of Sinopec-branded service 30,560   30,551      0.03
stations
Company-operated                        30,547   30,538      0.03

Chemicals

In 2015, we enhanced the operations of our manufacturing facilities by adjusting utilisation rates to achieve satisfactory marginal profitability while sustained safe and stable operations among principal plants. The Company finetuned its feedstock mix to lower costs, deepened the links among research and development, production, marketing and sales of new products, and maximized production of high-value-added products tailored to market demands. Ethylene output rose by 3.9% from 2014 to 11.12 million tonnes. Meanwhile, by keeping inventories at low levels and implementing a differentiated marketing strategy, our full-year chemicals sales volume increased by 3.4% to 62.87 million tonnes, with all produced chemicals sold.

In 2015, the operating revenues of the chemicals segment were RMB 326.3 billion, representing a decrease of 23.7% as compared with that of 2014, which was mainly attributable to price drop of chemical products partly offset by the volume increase of basic organic chemicals and synthetic resin. In 2015, the operating profit of this segment was RMB 19.7 billion, representing an increase of RMB 21.9 billion as compared with 2014.

In 2015, the Company actively fine-tuned its feedstock and product mix and maximized production of high-value-added products. Despite prices of feedstock and products dropped significantly, chemical unit all-in cost continuously reduced, attributable to feedstock prices decreased more than product prices and the Company’s effective cost reduction efforts. Chemical product processing expenses reduced 8.53% year-on-year. Unit gross margin was RMB 133 / tonne, representing a year-on-year increase of 11.95%.

Major Chemical Products: Summary of Operations Unit of production: 1,000 tonne
                                    Twelve-month periods ended 31           Changes
                                    December
                                    2015                2014                (%)
Ethylene                            11,118              10,698              3.9
Synthetic resin                     15,065              14,639              2.9
Synthetic fiber monomer and polymer 843                 939                 (10.2)
Synthetic fiber                     8,994               8,383               7.3
Synthetic rubber                    1,282               1,315               (2.5)
Note: Includes 100% of production of joint ventures.

R&D

In 2015, the Company insisted on setting innovation as the core of development, further improved the mechanism and institution of R&D, reinforced the integration of production, marketing and R&D, and gave full play to R&D for driving and supporting the growth of the Company. In our upstream business, we successfully completed building the capacity of the Fuling shale gas field to 5 billion cubic meters per year using an in-house package of exploration and development technology. In refining, we commercialised such technologies as the integrated hydrogenation-FCC process for maximising light oil products and high octane gasoline from catalytic diesel process. These technologies provided guarantees for optimising product mix and upgrading oil products quality. In chemicals, we commercialised a number of technologies and products, including the gas-liquid polyethylene process, optical-film-grade polyester performance compounds, and styrene-butyl-rubber for high-performance tyres, strongly facilitating the Company to produce high-value-added products. In 2015, we applied for a total of 5,246 patents at home and abroad, and 3,769 patents were granted. During the year, we won one top award and one second-place award for National Science and Technology Advancement, two second-place awards for Technology Invention, one National Patent Gold Award and six Awards of Excellence.

Capital Expenditures

In 2015, the Company focused on investment quality and efficiency and optimised its asset portfolio and investment projects. Total capital expenditures were RMB 112.249 billion, down by 27.4% from the previous year. Capital expenditures for the exploration and production segment were RMB 54.71 billion, mainly for development in the Fuling shale gas field (First Phase), the liquified natural gas terminal projects in Guangxi and Tianjin, and construction of long-distance gas pipelines such as the Jinan-Qingdao gas pipeline (Second Phase), as well as for overseas projects. Capital expenditures for the refining segment were RMB 15.132 billion, mainly for gasoline and diesel quality upgrading projects and refinery revamping. Capital expenditures for the marketing and distribution segment were RMB 22.115 billion, mainly for revamping service stations and building oil product pipelines, oil depots and storage facilities, as well as for safety retification and vapour recovery facilities. Capital expenditures for the chemicals segment were RMB 17.471 billion, mainly for equity acquisition in Sibur Holding, the East Ningxia and Zhongtian synergetic coal chemical projects, and the Zhenhai ethylene revamping project. Capital expenditures for the corporate and others were RMB 2.821 billion, mainly for R&D facilities and IT application projects.

Social Responsibility

The Company has been committed to sustainable development concept and continued its corporate social responsibility according to the ten principles of UN Global Compact, high corporate responsibility standard, and the green and low-carbon growth requirement in China. In 2015, while providing stable energy supply, quality products and services to the people and the society at large, the Company also strengthened its safety and risk management to ensure its stable and safe operation. The Company integrated efforts in energy conservation, emissions control and carbon reduction by vigorously implementing its energy and environmental management system, the Energy Conservation Plan, the Clear Water and Blue Sky Campaign, and its carbon assets management system. The Company cared about its staff, safeguarded employee occupational health and promoted employee career growth. The Company also strengthen is sub-contractor management, optimised biding and evaluation processing and established a supply chain HSE system, aiming to achieve synergic growth with the supply chain. The Company has been actively supporting various philanthropic projects and participated relief programs including the Lifeline Express project.

Business Prospects

Looking ahead to 2016, the world economy is expected to be weak in recovery while China’s economy maintained steady growth. International oil prices are expected to fluctuate at a low level. A gradual opening up of import license for crude oil will enable more competitions in the domestic market. Quality upgrading for oil products will advance steadily and the demand pattern will be further adjusted. Growth in domestic demand for major petrochemical products will be steady. In 2016, we will focus on improving development quality and profitability. We will work hard to create market opportunities while controlling costs and risk. In the meantime, we will deepen reforms, strengthen innovation and implement rigorous management programs. We will make special efforts in the following areas:

Exploration and production: In exploration and production, we will continue to focus on investment return and maintain domestic exploration activities at a reasonable level in a bid to lower development costs. In exploration, we will reinforce risk management, optimise evaluation of projects, and focus on key projects with strong reserve potentials, thus improving the success rate of exploration. In oil development, we will press ahead with implementation of dynamic decision-making and operating mechanisms and cut low-efficiency production and high-cost enhanced oil recovery activities to optimise our production structure. In gas development, the second phase of the capacity building project for the Fuling shale gas field will be in full swing. We will advance the shale gas resource assessment in the Sichuan Basin and nearby blocks, striving for new commercial discoveries. In 2016, we plan to produce 332 million barrels of crude oil, of which 58 million barrels will be overseas production. We plan to produce 865 billion cubic feet of natural gas.

Refining: In refining, we will continue to embrace a strategy that is market-oriented and driven by profitability, increase output of products with high added value and optimal market potential, and speed the quality upgrading of oil products to ensure the supply of clean fuels. We will optimise resource allocation of crude oil, lower crude costs and adjust our production plan to ensure safe and reliable operations. We will actively enhance the marketing of lubricants, LPG and asphalt for better profits. In 2016, we plan to process 238 million tonnes of crude oil and produce 149 million tonnes of oil products.

Marketing and distribution: In marketing and distribution, we will intensify the analysis of our marketing strategy and actively respond to competition. We will take measures to optimise our sales structure, expand retail and per-station pumped volume, improve our logistics system to reduce costs and drive our non-fuel businesses by improving mechanisms to facilitate the synergy between our fuel and non-fuel businesses. China’s Internet+ economy presents new opportunities for us to establish an Online-to-Offline service platform, create new business models, and advance our transformation to an integrated service provider. In 2016, we plan to sell 171 million tonnes of oil products in the domestic market.

Chemicals: In chemicals, we will continue our policy of structural adjustments, further optimise our feedstocks to lower costs and operate our facilities at reasonable utilisation rates based on market conditions and profitability. We will tighten the links among production, sales, research and client, continue to cut costs of commodity products and raise the added value of differentiated products, and increase the output of products with the greatest market acceptance and profitability. Meanwhile, we will enhance our marketing strategy, improve customer service and offer our customers products and services that cover the whole value chain. In 2016, we plan to produce 11.20 million tonnes of ethylene.

R&D: In research and development, we will continue to implement our strategy of development driven by innovation, improve and create new R&D mechanisms, and move scientific and technological achievements into production more quickly. The exploration and production segment will focus on technological breakthroughs that help us increase oil reserves and enhance conventional and unconventional exploration and development and oilfield services. In refining, we will undertake activities in such areas as heavy crude processing, the quality upgrading of oil products and adjustments to the product slate. In chemicals, we will focus on adjustments to the product mix along with R&D initiatives in basic chemicals, coal chemicals, fine chemicals, bio chemicals and synthetic materials. We also expect to make progress in energy-conserving, environmental and low-carbon technologies as well as prospective and fundamental research to improve innovation capabilities and to support and drive the sustainable growth of the Company.

Capital expenditures: In capital expenditures, we will make greater efforts to optimise our investments in line with market changes. Capital expenditures for the year are budgeted at RMB 100.4 billion, down by 10.6% from 2015, of which the exploration segment will account for RMB 47.9 billion, mainly for domestic oil and gas exploration projects, for development projects in the Fuling shale gas field (Second Phase), the Pingbei and Huangyan gas field and the Daniudi gas field, and for the first-phase pressure boosting project to transport gas from Sichuan to Eastern China. The refining segment will account for RMB 19.5 billion, mainly for revamping the Zhenjiang and Maoming refineries as well as quality upgrading for gasoline and diesel. The marketing and distribution segment will account for RMB 17.9 billion, mainly for revamping service stations, improving the pipeline network and building non-fuel business facilities that promote integrated services. The chemicals segment will account for RMB 10.8 billion, mainly for the Zhongtian synergetic coal chemical project, the Jinling propylene oxide and LPG project, and the Maoming ethylene oxide project. The corporate and other segment will account for RMB 4.3 billion, mainly for R&D and IT projects.

In 2016, the Company will leverage the opportunities arising from favorable national policies and economic growth in China to drive quality upgrading and efficiency growth. By stimulating the endogenous impetus through reform and innovation, we continuously aim for sharpened competitive edge and will speed up the transformation and structural adjustment of the Company.

Appendix: Key financial data and indicators

FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH ASBE

Principal accounting data
Items                                    Twelve-month periods ended 31 December  Changes
                                                                                 over the same
                                                                                 period of the
                                                                                 preceding year
                                                                                 (%)
                                         2015                2014
                                         RMB million         RMB million
Operating income                         2,018,883           2,825,914           (28.6)
Net profit attributable to equity        32,207              47,430              (32.1)
shareholders of the Company
Net profit attributable to equity        28,901              43,238              (33.2)
shareholders of the Company
after deducting extraordinary gain/loss
items
Net cash flows from operating activities 165,818             148,347             11.8
                                         At 31 December 2015 At 31 December 2014 Change from the
                                         RMB million         RMB million         end of last year
                                                                                 (%)
Total equity attributable to equity      675,370             594,483             13.6
shareholders of the Company
Total assets                             1,443,129           1,451,368           (0.6)
Principal financial indicators
Items                                       Twelve-month periods ended 31 December  Changes
                                                                                    over the same
                                                                                    period of the
                                                                                    preceding year
                                                                                    (%)
                                            2015                2014
                                            RMB                 RMB
Basic earnings per share                    0.266               0.406               (34.5)
Diluted earnings per share                  0.266               0.406               (34.5)
Basic earnings per share after deducting    0.239               0.370               (35.4)
extraordinary gain/loss items
Weighted average return on net assets (%)   5.04                8.14                (3.10) percentage
                                                                                    points
Weighted average return on net assets       4.52                7.42                (2.90) percentage
after deducting extraordinary gain/loss                                             points
items (%)
Net cash flow from operating activities per 1.372               1.270               8.0
share

FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH IFRS

Principal accounting data
Items                                        Twelve-month periods ended 31 December  Changes
                                                                                     over the same
                                                                                     period of the
                                                                                     preceding year (%)
                                             2015                2014
                                             RMB million         RMB million
Operating Profit                             57,028              73,487              (22.4)
Net profit attributable to owners of the     32,438              46,466              (30.2)
Company
Net cash generated from operating            165,818             148,347             11.8
activities
                                             At 31 December 2015 At 31 December 2015 Change from the
                                             RMB million         RMB million         end of last year
                                                                                     (%)
Equity attributable to owners of the Company 674,029             593,041             13.7
Total assets                                 1,443,129           1,451,368           (0.6)
Principal financial indicators
Items                          Twelve-month periods ended 31 December  Changes
                                                                       over the same
                                                                       period of the
                                                                       preceding year
                                                                       (%)
                               2015                2014
                               RMB                 RMB
Basic earnings per share       0.268               0.398               (32.7)
Diluted earnings per share     0.268               0.397               (32.5)
Return on capital employed (%) 5.24                6.05                (13.4) percentage
                                                                       points

The following table sets forth the operating revenues, operating expenses and operating profit/(loss) by each segment before elimination of the inter-segment transactions for the periods indicated, and the percentage changes between the first half of 2015 and the first half of 2014.

                                   Twelve-month periods ended 31 December  Changes
                                   2015                2014
                                   RMB million                             (%)
Exploration and Production Segment
Operating revenues                 138,653             227,597             (39.1)
Operating expenses                 156,071             180,540             (13.6)
Operating (loss)/profit            (17,418)            47,057              -
Refining Segment
Operating revenues                 926,616             1,273,095           (27.2)
Operating expenses                 905,657             1,275,049           (29.0)
Operating (loss)/profit            20,959              (1,954)             -
Marketing and Distribution Segment
Operating revenues                 1,106,666           1,476,606           (25.1)
Operating expenses                 1,077,811           1,447,157           (25.5)
Operating (loss)/profit            28,855              29,449              (2.0)
Chemicals Segment
Operating revenues                 326,308             427,485             (23.7)
Operating expenses                 306,626             429,666             (28.6)
Operating (loss)/profit            19,682              (2,181)             -
Corporate and others
Operating revenues                 783,874             1,310,236           (40.2)
Operating expenses                 783,490             1,311,299           (40.3)
Operating (loss)/profit            384                 (1,063)             -
Elimination of inter-segment       4,566               2,179               -
profit/(loss)

About Sinopec Corp.

Sinopec Corp. is one of the largest integrated energy and chemical companies in China. Its principal operations include the exploration and production, pipeline transportation and sale of petroleum and natural gas; the sale, storage and transportation of petroleum products, petrochemical products, coal chemical products, synthetic fibre, fertiliser and other chemical products; the import and export, including an import and export agency business, of petroleum, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information.

Sinopec sets ’fueling beautiful life’ as its corporate mission, puts ’people, responsibility, integrity, precision, innovation and win-win’ as its corporate core values, pursues strategies of value-orientation, innovation-driven development, integrated resource allocation, open cooperation, and green and low-carbon growth, and strives to achieve its corporate vision of building a world leading energy and chemical company.

Disclaimer

This press release includes "forward-looking statements". All statements, other than statements of historical facts that address activities, events or developments that Sinopec Corp. expects or anticipates will or may occur in the future (including but not limited to projections, targets, reserve volume, other estimates and business plans) are forward-looking statements. Sinopec Corp.’s actual results or developments may differ materially from those indicated by these forward-looking statements as a result of various factors and uncertainties, including but not limited to the price fluctuation, possible changes in actual demand, foreign exchange rate, results of oil exploration, estimates of oil and gas reserves, market shares, competition, environmental risks, possible changes to laws, finance and regulations, conditions of the global economy and financial markets, political risks, possible delay of projects, government approval of projects, cost estimates and other factors beyond Sinopec Corp.’s control. In addition, Sinopec Corp. makes the forward-looking statements referred to herein as of today and undertakes no obligation to update these statements.

Beijing

Investor Inquiries:     Media Inquiries:
Tel?s(86 10) 5996 0028 Tel?s(86 10) 5996 0028
Fax?s(86 10) 5996 0386 Fax?s(8610) 5996 0386
Email?sir@sinopec.com  Email?sir@sinopec.com

Hong Kong

Investor Inquiries:      Media Inquiries:
Tel?s(852) 2824 2638    Tel?s(852) 2522 1838
Fax?s(852) 2824 3669    Fax?s(852) 2521 9955
Email?sir@sinopechk.com Email?ssinopec@prchina.com.hk

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sinopec-records-net-profit-rmb-437-billion-in-2015-300242533.html

SOURCE China Petroleum & Chemical Corporation

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