Sinopec reports record H1 net profit of $6.33B

Aug. 29, 2022 11:57 AM ETChina Petroleum & Chemical Corporation (SNPTY)By: Carl Surran, SA News Editor

Silhouette oil rig

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Sinopec (NYSE:SNP) reported on Sunday its H1 net profit rose 10% Y/Y, mostly due to significant improvement in its upstream business

The Chinese oil producer said H1 net profit jumped to 43.53B yuan (~$6.33B) and revenues rose 28% Y/Y to 1.58T yuan, due to higher prices of major refined oil and chemical products, and increased sales volumes for some petroleum and petrochemical products.

H1 operating costs jumped 33% Y/Y to 1.33T yuan due to higher purchase costs for outsourced crude oil and other raw materials.

The company's core refining business was hurt by COVID-19 lockdowns, as segment operating profit fell 24% Y/Y.

Sinopec (SNP) said H1 capital spending rose 11% to 64.7B yuan former 57.9B yuan in the year-earlier period, and plans to ramp up H2 capex to 133.35B yuan, with nearly half on the exploration and production segment.

Sinopec's (SNP) strong H1 results followed surging profits at Chinese state-owned energy peers PetroChina and Cnooc.

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