Guangzhou (JLC), April 29, 2026--Sinopec's net profit attributable to its shareholders leapt by 28.2% year on year in Q1 2026, thanks to rising crude oil prices, and improved spreads for by-products of oil refining, according to the company's Q1 2026 report.
Its net profit came in at around CNY17.01 billion in Q1 2026, up from CNY13.26 billion in Q1 2025, data prepared in accordance with Chinese Accounting Standards (CAS) showed.
Meanwhile, the company's revenue fell by 3.9% year on year to CNY706.70 billion.
Sinopec processed about 62.02 million mt of crude oil in the first three months of 2026, a slip of 0.2% from the same period one year earlier.
Its combined output of gasoline, diesel, and kerosene went up by 2.3% year on year. Specifically, the company boosted its production of gasoline, diesel and kerosene by 1.4%, 2.2%, 4.3% to 16.41 million mt, 12.98 million mt, and 8.67 million mt, respectively.
In Q1 2026, the company sold 55.46 million mt of oil products, a decline of 0.2% year on year. Nevertheless, its domestic oil product sales gained 0.6% from the same period of 2025.
At the same time, Sinopec's oil and gas production amounted to 131.49 million barrels of oil equivalent, up 0.4% year on year. Its crude output edged up by 0.4% to 69.80 million barrels, while the natural gas output grew by 0.4% to 370 billion cubic feet, the data indicated.
In addition, Sinopec recorded 3.55 million mt for ethylene output, and 20.06 million mt for chemical product sales in the first quarter this year, the report added.
In terms of capital expenditure, the company's capital expenditure in January-March 2026 added up to CNY25.17 billion, which was primarily allocated to the construction of crude oil production capacity in areas such as Jiyang and Tahe, and natural gas production capacity in areas like western Sichuan and southern Sichuan, along with oil and gas storage and transportation facilities; the advancement of transformation and upgrade projects at Guangzhou Petrochemical and Maoming Petrochemical; the development of integrated fueling station networks; and the construction of aromatics and ethylene projects in Jiujiang and Maoming, the report said.
