Chinese Energy Giant Sinopec's Interim Profit Surges 10% On Higher Crude Prices: Here's Its H2 Outlook

China Petroleum and Chemical Corporation SNP, or Sinopec, registered a 10.4% increase in its H1 net profit at 43.53 billion yuan ($6.3 billion), led by higher global crude and gas prices, despite domestic demand remaining sluggish.

Sinopec reported revenues of 1.61 million yuan in the first half of 2022 as against 1.26 million yuan in the same period last year, according to a company statement.

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It registered earnings per share of 0.36 yuan in the first half, rising from 0.326 yuan a year earlier.

Crude Production: In the first half, Sinopec’s production of oil and gas reached 242 million barrels of oil equivalent, up by 2.9% year-on-year, it said in its report. Domestic crude oil production reached 124.6 million barrels, up 0.8% year-on-year, and natural gas production totaled 613.92 billion cubic feet, up 5.4%, it said.

Total sales volume of refined oil products stood at 98.42 million tonnes, of which total domestic sales volume accounted for 78.46 million tonnes, it said.

Outlook: In the second half of the year, Sinopec said it plans to produce 141 million barrels of crude oil and 642.9 billion cubic feet of natural gas. The company is also looking forward to processing 120 million tonnes of crude oil during the period.