SSC Released the 2021 Interim Results in Beijing

On August 26, 2021, Sinopec Oilfield Service Corporation held 2021 Interim Results Announcement Conference at North Base of Shanghai Stock Exchange in Beijing. The meeting was carried out simultaneously in three ways: live video broadcast, telephone connection and network text interaction, communicating with investors from both A-share and H-share. A total of 16239 investors, analysts and media reporters participated in the conference. The company’s chairman Mr. Chen Xikun,Executive Director and CEO Mr. Yuan Jianqiang, Deputy General Manager Mr. Zhang Jiankuo and CFO and Board Secretary Mr. Cheng Zhongyi attended the meeting. At the meeting, the management firstly introduced the operations, financials of 1H 2021 and outlook for 2H 2021. Then in Q&A session, the management answered the questions in which investment institutions and medias were interested

In 1H 2021, seizing favorable opportunities such as rising oil prices and continued recovery of domestic oilfield service market, the company normalized the actions of “Continuously Tackling Toughness and Creating Profits”, expanded premium markets, optimized production and operation, reduced costs and expenses, deepened reform and innovation, optimized resource allocation and achieved steady growth in operation. In 1H 2021, the company recorded a revenue of 31.57 billion yuan, increased by 0.4% YOY, and a net profit of 369 million yuan, up by 23.6% YoY.

Mr. Chen Xikun said, looking into 2021, opportunities and challenges coexist. The oilfield service industry was affected from the recurrence of Covid-19, the broad fluctuations of oil price, and the rapid development of new energy business. The surging international oil price fueled upstream Capex of oil companies, and the major three domestic oil companies are scaling up their E&P efforts, posing incredible opportunities for our growth. Meanwhile, as we overcame the adversity of low oil prices, SSC has gained greater vitality and stronger competitiveness. SSC will further optimize the system underpinned by services, move faster to guide optimal resources to highly efficient markets, raise the quality and efficiency of market development, enhance scientific R&D and investment, make greater breakthroughs in key technologies which used to be our bottleneck, speed up the transformation to a technology leading oilfield service company, actively plan for our development in the long run, and accelerate the deployment in emerging fields as CCUS and clean energy, so as to realize the transformation and development against the background of dual-carbon targets. The company will surely write a new chapter in the new stage and create greater value for shareholders and society.

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