On April 27, Sinopec released its first quarter performance report for 2023. In the first quarter, Sinopec seized market opportunities such as the rapid rebound in domestic demand for refined oil products, carried out in-depth optimization of the entire industrial chain, increased production and sales coordination, and strived to expand markets and sales, and achieved good operating results. In accordance with the International Financial Reporting Standards, the net profit attributable to shareholders of the Company in the first quarter was RMB 20.74 billion.
In terms of exploration and development, we have strengthened high-quality exploration, expanded the scale of profitable production construction, and made positive progress in stabilizing oil production, increasing gas production and reducing costs. In terms of exploration, strengthen risk exploration in new areas and new fields, and make important breakthroughs in oil and gas exploration in areas such as Shunbei, Northern Sichuan, and Jiyang Depression; in terms of development, actively promote the construction of crude oil production capacity in Shunbei, Tahe, etc., strengthen the fine development of old areas, and accelerate the development of western Sichuan , Southeast Sichuan and other key natural gas production capacity construction. Optimize the LNG resource structure, strengthen the optimization of the natural gas management system, and continuously improve the profitability of the entire industry chain. In the first quarter, the oil and gas equivalent output was 17.52 million tons, a year-on-year increase of 2.6%, of which natural gas output was 9.36 billion cubic meters, a year-on-year increase of 5.3%.
Regarding oil refining, actively respond to market changes, make every effort to optimize production organization and operation, and maximize the benefits of the industrial chain. Keep abreast of market changes and maintain high-load operation of the device. Flexible adjustment of procurement strategies to reduce procurement costs. Optimize the product structure and increase the export of refined oil. Accelerate the construction of world-class bases and advance structural adjustment projects in an orderly manner. In the first quarter, 62.24 million tons of crude oil was processed and 37.3 million tons of refined oil were produced.
In terms of marketing and distribution, seize the favorable opportunity of rapid market demand rebound, give full play to the advantages of production and sales integration and marketing network, strengthen resource coordination, increase market expansion and sales expansion, and the level of operating volume and efficiency has been significantly improved. Optimize the network layout, and actively transform into a comprehensive energy service provider of "oil, gas, hydrogen, electricity and service". Carry out characteristic marketing activities to improve the quality and efficiency of non-oil business operations. In the first quarter, the total sales volume of refined oil products was 56.16 million tons, a year-on-year increase of 10.1%.
In terms of chemical industry, keep abreast of market demand, optimize raw materials, equipment, and product structure based on efficiency, maintain high-load production of profitable equipment, increase production of high value-added products such as photovoltaic grade EVA and butadiene rubber, and reduce production of products with no marginal contribution . Accelerate the construction of advantages and advanced production capacity. In the first quarter, the output of ethylene was 3.347 million tons, and the total volume of chemical products was 20.69 million tons, a year-on-year increase of 0.2%.
In terms of capital expenditure, we paid attention to the quality and efficiency of investment, and continued to optimize the management of investment projects. The capital expenditure in the first quarter was 23.4 billion yuan, which was mainly used for the construction of oil and gas production capacity in Shunbei, Tahe, West Sichuan, and Southeast Sichuan, and Shengli Shale The construction of oil national demonstration zone, the construction of Shandong LNG and other storage and transportation facilities, the expansion of Zhenhai refinery, the structural adjustment projects of Anqing and Yangzi refineries, the transformation of the existing terminal sales network, the ethylene projects of Tianjin Nangang and Hainan, Yizheng PTA and Baling caprolactam and other projects, Zhenhai, Tianjin and other new material project construction.
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