Sinopec 2026 mid-year results

Financial results

On August 24 the company reported H1 operating revenue of RMB 1,436.6 billion, total profit of RMB 36.6 billion (up 27.4% year‑on‑year) and net profit attributable to shareholders of RMB 25.6 billion (up 19.3% year‑on‑year). The board approved an interim dividend of RMB 0.105 per share, a cash payout ratio of 49.5%, and the company continued share repurchases domestically and internationally for a fifth consecutive year.

Upstream performance

Upstream production hit a new historical high for the same period domestically. Oil and gas equivalent production was 263.47 million barrels, including 127.68 million barrels of domestic crude oil and 7,415.70 billion cubic feet of natural gas. The company reported breakthroughs in Bohai Bay shale oil, Sichuan Basin tight gas and offshore natural gas exploration, plus proven reserves in Ziyang shale gas and Yuxi coalbed methane.

Refining, chemicals and sales

Refining processed 113 million tonnes of crude and produced 69.16 million tonnes of refined oil products. Total refined oil sales were 100.99 million tonnes, with 79 million tonnes sold domestically. Chemical ethylene output was 6.394 million tonnes; total chemical product sales were 37.86 million tonnes and exports rose 70% year‑on‑year to a historical high. Retail formats, vehicle LNG and hydrogen refuelling volumes increased significantly.

Technology and strategy

The company reported advances in core technologies, including T1000 wet‑process carbon fiber production, development of SHX60 carbon fiber, commissioning of CHPPO and polypropylene insulation units, and release of a digital industrial agent "Fenghuo." Management outlined a "second round of entrepreneurship" and six strategic priorities: innovation‑driven development, transformation and upgrading, resource security, market expansion, cost leadership and open cooperation, and promoted a new industrial pattern of "one foundation, two wings, three chains, and four innovations."