China Petroleum & Chemical Corp. provided earnings guidance for the first quarter of 2015. The company announced the price of international crude oil has declined significantly since the fourth quarter of 2014 and still remained at a low level in the first quarter of 2015.

The crude oil realised price of the company experienced sharp decline, and refining segment and sales of refined oil products digested high cost crude oil and refined oil product inventories, leading to significant decrease in the net profit attributable to shareholders of the company for the profit warning period which is estimated to be in the vicinity of the breakeven point. The company plans to cut capital expenditure by 12% to CNY 135.9 billion this year.