China's Sinopec Books Loss in H1
Chinese state-run Sinopec has reported a loss of yuan 22.88bn ($3.33bn) in the six months to June 30 (H1) due to lower oil and gas prices and demand, it said on August 31 in a statement. The company booked a net profit of yuan 31.34bn in the year ago period.
Production of oil and gas in the first half of 2020 amounted to 225.71 million barrels of oil equivalent, down 0.4% yr/yr. Domestic crude production was 124.05mn barrels, and gas output was 512.41bn ft3. Sinopec’s average realised oil price dropped 33.4% yr/yr while its average realised gas price was down 4% yr/yr.
In in the second half Sinopec expects domestic demand for petroleum and petrochemical products to witness a fast recovery. It said it plans to produce 750,000 b/d of crude oil during the period, including 674,000 b/d domestically and 76,000 b/d abroad, along with 580.5bn ft3 of natural gas.