Sinopec posts resilient Q1–Q3 performance with upstream breakthroughs

Financial performance

Under IFRS, profit attributable to shareholders for the first three quarters was RMB 40.167 billion, up 25.3% year on year. Third‑quarter profit was RMB 13.6 billion, an increase of 63.6% year on year.

Upstream operations

The company advanced efficient exploration and value‑driven development with breakthroughs in Bohai Bay shale oil, Sichuan Basin tight gas and offshore natural gas exploration. Ziyang shale gas and Yu'e coalbed methane were efficiently proven. Crude capacity construction at Jiyang and Tahe and natural gas capacity construction offshore and in western Sichuan accelerated. Oil and gas output in the first three quarters reached 396.93 million barrels of oil equivalent, including 192.48 million barrels of domestic crude and 1.1 trillion cubic feet of natural gas.

Refining and marketing

Sinopec diversified crude procurement, increased processing volume with favourable returns and advanced 'oil‑to‑chemicals' and 'oil‑to‑specialty' development. It processed 167.37 million tonnes of crude, produced 102.97 million tonnes of refined oil products and 26.83 million tonnes of chemical light oil. Domestic refined oil sales were 118.90 million tonnes, with higher shares for high‑grade gasoline. Vehicle charging, LNG vehicle sales and hydrogen refuelling volumes grew significantly.

Chemicals and markets

The company optimised chemical unit operations, prioritised high‑load runs of profitable units, expanded new and high‑value products and deepened strategic customer cooperation. Ethylene output was 9.391 million tonnes and total chemical product sales reached 61.92 million tonnes, with continued focus on domestic and overseas market development.