Sinopec’s profit falls as high oil prices COVID curbs bite
SINGAPORE, Oct 28 (Reuters) – Top Asian refiner Sinopec Corp (600028.SS), saw net profit fall 5.6% in the first nine months of 2022, a company filing showed on Friday, dragged down by tepid domestic fuel demand and strong global oil prices .
Net income totalled 56.66 billion yuan ($7.81 billion) for the January-September period. Revenue rose 23% to 2.45 trillion yuan.
That translates into net earnings for the third quarter of 13.13 billion yuan, according to a Reuters calculation based on company fillings on Friday, down from 20.67 billion yuan during the same period last year and the lowest third quarter profit since 2019.Sinopec’s refinery crude throughput rebounded in the third quarter from the prior three months, at 59.31 million tonnes, or 4.71 million barrels per day.However, it was still 8% lower than the same period a year earlier, as China’s zero-COVID policy dampened fuel demand and an incident at Sinopec’s Shanghai refinery led to a three month-long outage at the 320,000 barrels-per-day plant. Refined oil product sales at home totalled 43.53 million tonnes, up 16% from the previous quarter and around the same level as a year earlier.In oil and gas production, the firm churned out 210.82 million barrels of crude oil in the first nine months, up 1% year on year . Its natural gas output was at 913.81 billion cubic feet, up 4%.
That translates into net earnings for the third quarter of 13.13 billion yuan, according to a Reuters calculation based on company fillings on Friday, down from 20.67 billion yuan during the same period last year and the lowest third quarter profit since 2019.
However, it was still 8% lower than the same period a year earlier, as China’s zero-COVID policy dampened fuel demand and an incident at Sinopec’s Shanghai refinery led to a three month-long outage at the 320,000 barrels-per-day plant.
Refined oil product sales at home totalled 43.53 million tonnes, up 16% from the previous quarter and around the same level as a year earlier.
In oil and gas production, the firm churned out 210.82 million barrels of crude oil in the first nine months, up 1% year on year.
