Sinopec posts 25% higher profit in Q1

China Petroleum & Chemical Corp. (Sinopec) reported net profits of RMB 20.501 billion (US$3.1 billion) for the first quarter of 2011, up 24.49% over the same period a year ago. The company also reported that the company’s turnover was RMB 588.842 billion (US$90.6 billion), up 34.25% over the same period a year ago. The company’s exploration and production segment recorded an operating profit of RMB 13.143 billion (US$2.0 billion) for the first three months, up 14.3%, although crude oil output was down by 5.8% during this period to 10.98 million tons. Natural gas, however, rose almost 30% to 3.627 billion cubic meters. The refining segment recorded an operating loss of RMB 576 million (US$88.6 million). Refinery throughput amounted to 54.256 million tons, up by 7.4% over the same period a year ago. The marketing and distribution segment generated an operating profit of RMB 9.163 billion (US$1.4 billion), up 41.3% over the same period a year ago. Sales of refined oil products amounted to 39.6448 million tons, up by 14.7% over the same period a year ago. The chemicals segment reported an operating profit of RMB 9.312 billion (US$1.4 billion), up 64.0% from the same period a year ago. (April 28, 2011)