• Natural Gas News

    Sinopec reports 11% drop in profit in Q1

Summary

The profit was impacted due to lower realised oil price.

by: Shardul Sharma

Posted in:

Natural Gas & LNG News, Asia/Oceania, Corporate, News By Country, China

Sinopec reports 11% drop in profit in Q1

Chinese state-run energy company Sinopec on April 27 reported a net profit of 20.1bn yuan ($2.90bn) in the January-March quarter (Q1), down 11% year/year due to lower realised oil price.

The company's oil and gas production reached 124.6mn barrels of oil equivalent, up by 2.6% yr/yr, with natural gas production reaching 330.47bn ft3, up by 5.3% yr/yr.  Sinopec’s realised oil price during Q1 was $75.21/b, down 15.5% yr/yr.

Capital expenditure was 23.4bn yuan, down from 25.38bn yuan a year earlier. About 15bn yuan were spent on the exploration and development sector for the crude oil and gas production capacity construction in Shunbei, Tahe, Western Sichuan and Southeast Sichuan, and construction of the Shengli shale oil national demonstration zone and storage and transportation facilities of Shandong LNG.