Sinopec Reports Solid Operating Results for First Half of 2026 Amidst Challenging Market Conditions

China Petroleum & Chemical Corporation (Sinopec) announced solid operating results for the first half of 2026, demonstrating resilience despite severe market challenges. The company's oil and gas output increased by 0.3% year-on-year to approximately 263 million barrels of oil equivalent, with natural gas production rising by 0.7%. The refining throughput reached 113 million tonnes, and total refined oil product sales were 101 million tonnes. The chemicals segment saw ethylene production at 6.394 million tonnes. The exploration and production segment's operating profit increased by 21.5% year-on-year to RMB28.7 billion, driven by rising international crude oil prices. The company anticipates stable growth in China's economy for the second half of 2026, with rising domestic natural gas demand but continued weakness in chemical products and refined oil products due to alternative energy and geopolitical uncertainties affecting crude oil prices.