Sinopec's interim profit up 10% in H1
Chinese state-run Sinopec’s interim net profit during the first half of 2022 (H1) rose 10.4% year/year owing to higher realised oil and gas prices, the company said on August 28 in a stock exchange filing.
The company reported an interim net profit of 43.53bn yuan ($6.33bn) compared with 39.42bn yuan in the same period of last year. It reported revenue of 1.61 trillion yuan, up 27.9% yr/yr.
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Sinopec produced 139.65mn barrels of crude oil during H1, up 1.1% yr/yr, while its natural gas output rose 5.4% yr/yr to 613.92bn ft3. Its average realised crude oil price jumped 61% yr/yr while the realised gas price increased 14% yr/yr.
The company expects crude oil prices to remain elevated and volatile in the second half of the year due to the impact of geopolitics and changes in global supply and demand. In the second half of the year, Sinopec plans to produce 141mn barrels of crude oil and 642.9bn ft3 of natural gas.