The Chinese state-owned energy company Sinopec has released its 2022 results, in which it posts a net profit of CNY66.3bn (US$9.65bn), a 7% drop compared to 2021 (CNY71.2bn) explained by a dip in demand due to COVID-19 restrictions in China. Its total revenue came in at CNY3,320bn (US$482bn), up 21% year-on-year.
Sinopec’s crude oil production stood at 281 mbl in 2022, stable compared to 2021 (280 mbl), of which 251 mbl were produced in China (89%). The company’s crude oil reserves stood at 1,962 mbl in 2022 (+12%). Sinopec produced 1,249 bcf (35.3 bcm) of natural gas in 2022, a 4% increase compared to 2021 (1,199 bcf). Its gas reserves stood at 8,806 bcf (249.3 bcm), a 4% increase year-on-year. The company’s refinery throughput declined by 5.1% to 242 Mt in 2022. Sinopec’s total sales volume of oil products decreased by more than 6% to 207 Mt in 2022. Domestic sales dipped by 5% to reach 162.5 Mt. The group had 30,808 service stations under its brand at the end of 2022, a very slight increase compared to the previous year (+0.3%).