Sinopec reports increased output for H1

China Petroleum & Chemical Corp, or Sinopec, reported an increased gas output during the first half of this year, a number of oil and gas discoveries and breakthroughs and intensified efforts in high quality exploration.

The company's production of oil and gas in the first half of 2023 reached 250 million barrels of oil equivalent, up 3.3 percent year-on-year, with natural gas production of 660.9 billion cubic feet, up 7.6 percent year-on-year, it said in a report released on Sunday.

The company has strengthened integrated operation of natural gas production, supply, storage and sales and improved the profitability of the whole natural gas business chain.

The company also reported higher refinery output and growth in fuel sales during the first six months. Refinery throughput reached 127 million tons, a year-on-year increase of 4.8 percent, while total sales volume of refined oil products reached 117 million tons, a year-on-year increase of 18.5 percent. Ethylene production was 6.875 million tons, up by 0.4 percent year-on-year.

Interim net profit for the first half of the year was 35.11 billion yuan ($4.82 billion), on lower crude prices despite higher refinery output and growth in fuel sales. Turnover and other operating revenues in the first half of 2023 were 1.59 trillion yuan, down 1.1 percent from the year prior.