Sinopec's profit down 8% in January-September
Chinese state-run energy company Sinopec on October 26 reported a 7.5% year/year drop in net profit during the January-September period. The company's net profit came in at 52.96bn yuan ($7.2 billion), down from 56.66bn yuan in the same period last year.
The drop in profit was attributed to lower oil and gas prices, which have declined significantly since the start of the year. Sinopec's realised oil price for the January-September period was $75.73/barrel, down 19.6% year/year. The realised gas price during the period was $7.1/'000 ft3, down 5.8% year/year.
The company booked a net profit of 17.86bn yuan during the July-September quarter, up 34% year/year thanks to higher refinery output and strong fuel sales.
During the first nine months of the year, Sinopec produced 210.6mn barrels of crude oil, down 0.1% year/year. Its natural gas output, on the other hand, rose 8.7% year/year to 993bn ft3.