Sinopec reports earnings for first half

China Petroleum & Chemical Corp. (Sinopec) reported a first-half operating loss in exploration and production of 1.8 billion yuan while refining earned 15.3 billion yuan.

Companywide operating profit—including marketing, distribution, chemicals, and corporate—was 39.3 billion yuan, a 12.4% decline compared with first-half 2014.

Oil and gas production was 232.95 million boe, down 1.7% compared with first-half 2014.

Sinopec processed 119 million tonnes of crude, up 2.7%, and had a refining yield of 94.98%. It plans to process 122.7 million tonnes in the second half. The company said China’s consumption of refined oil products grew by 3% compared with first-half 2014.

First-half capital expenditures were 23.5 billion yuan. Exploration and production spent 13.4 billion yuan, with much going to the Shengli oil field, Tahe oil field, and Sichuan basin (OGJ Online, Mar. 20, 2012).

Sinopec said it produced 5.457 million tonnes of ethylene, up 7.3%, and plans to produce 5.6 million tonnes in the second half.

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