Sinopec's (SNP +2%
) H1 net profit plunged 41%
, a much bigger drop than rival PetroChina (PTR -1.8%
), but the results were far above analysts’ expectations. Jefferies finds the report "mysterious
," as SNP badly missed Q1 earnings and beat in Q2 despite higher expected refining losses and lower expected upstream earnings; PTR's Q2 results were flat vs. Q1.