Sinopec's profit drops 6% in January-September
Chinese state-run energy company Sinopec on October 28 reported a 5.6% year/year decline in net profit in the first nine months of 2022.
Net profit came in at 56.66bn yuan ($7.81bn) for the January-September period compared with 60.02bn yuan last year. Revenue rose 23% yr/yr to 2.45 trillion yuan.
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The company’s production of oil and gas reached 363.18mn barrels of oil equivalent, up by 2.3% yr/yr, with crude oil production reaching 210.82mn barrels, up by 1% yr/yr. Natural gas output was 913.8bn ft3, up by 4.1% yr/yr.
Capital expenditure in the first three quarters was 104bn yuan, of which 51.6bn yuan was spent in E&P segment, mainly for the crude oil capacity building in Shunbei and Tahe, natural gas capacity building in Chuanxi and Dongsheng, and the construction of storage and transportation facilities such as the relocation of Dongying crude oil depot and Longkou LNG projects.