Sinopec Reports Drop in Q1 Profit
China's majority state-owned Sinopec April 29 said net profit attributable to equity shareholders of the company during the three months to March 31 (Q12019) was yuan 14.76bn ($2.19bn), down 21.3% year-on-year.
During the quarter, oil and gas production was 113.46mn barrels of oil equivalent, up by 1.9% over the same period of last year, among which crude oil dropped 0.8% while natural gas rose by 6.7%, compared with the same period of last year, Sinopec said.
Sinopec said its realised crude oil price during Q1 was $57.66/b, down 3.6% from a year earlier. Its realised natural gas price was $7.07/’000 ft3, up 12.6% year-on-year.