Sinopec reports 25% jump in net income in Q1
Chinese state-run energy company Sinopec on April 27 reported a 25% year/year jump in net income in the first quarter (Q1) of 2022 on the back of high oil prices.
The company posted a net profit of 22.61bn yuan ($3.45bn) compared with 17.93bn yuan in the same period of last year. It realised an average oil price of $89.02/barrel, up 62.2% yr/yr, while the average gas price was up 15.2% yr/yr.
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In Q1, Sinopec’s oil and gas production reached 121.41mn barrels of oil equivalent (boe), up by 3.7% yr/yr, with natural gas production reaching 313.94bn ft3, up by 7.7% yr/yr. Capital expenditure in Q1 was 25.38bn yuan, up from 23mn yuan a year earlier.