Sinopec Reports $2.8bn Loss in Q1
Chinese state-run Sinopec slipped into the red during the three months to March 31 (Q1 2020) due to the sharp decline in average realised oil and gas prices, it said on April 29 in a statement.
Sinopec posted a net loss of yuan 19.78bn ($2.8bn) in Q1 compared with a net profit of yuan 14.76bn in the year-ago period. The company produced 70.65mn barrels of crude oil during the quarter, down 0.2% yr/yr. Its natural gas output fell 2.4% yr/yr to 249.68bn ft3.
Sinopec’s average realised crude oil price during Q1 was $49.15/b, down 14.8% yr/yr while average realised gas price was $6.43/’000 ft3, down 9.2% from a year ago, it reported.