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Sinopec H1 profit falls 22% but refining helps beat Chinese rivals

  • Sinopec (SNP -0.1%) says its H1 net profit fell 22% to 19.9B yuan ($2.98B) from 25.4B yuan in the year-ago quarter, but that's more than double its net income in H2 of last year when it posted its weakest earnings since 2002.
  • SNP outshined domestic state-run rivals PetroChina (PTR -0.3%) and Cnooc (CEO -0.3%) in H1 as its refining business helped it weather the drops in crude oil and natural gas prices.
  • SNP's H1 refining margin rose nearly 48% Y/Y to 514.4 yuan/ton, processing 115.9M tons of crude into fuels (4.67M bbl/day).
  • However, SNP's H1 crude production fell to 154.2M barrels, down 11.4% Y/Y, nearly all from domestic operations, which accounts for more than 80% of its crude output; SNP forecasts total H2 production will slip to 147M barrels.

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