Sinopec Profit Drops

Sinopec of China said its first quarter net income was 14.12 billion yuan (US$2.26 billion), down 15.3% from the same quarter a year ago.

The company’s turnover, other operating revenues and other income was RMB 641.065 billion, a decrease of 7.8% year-on-year, while operating profit was RMB 24.817 billion in the first quarter, down 9.98% year-on-year but increasing 34.17% quarter-on-quarter.

“Sinopec achieved a steady increase in oil and gas output. In terms of exploration, major progress was made in marine facies natural gas in western Sichuan and central Yuanba exploration in northeastern Sichuan. While in production, construction of Fuling shale gas production capacity progressed smoothly, and the construction of key crude oil production capacity also made further progress,” Sinopec said in  a statement.

1 Chinese yuan = 0.160133 U.S. dollars