The Chinese oil and gas company Sinopec has released its 2024 results, in which the group posted a net profit CNY50.3bn (US$6.9bn), a 17% decrease compared to 2023. Sinopec’s hydrocarbon production reached 515.3 mboe in 2024, a 2.2% increase compared to the previous year. The company produced 281.8 mbl of crude oil (stable), including 254 mbl in China (+0.9%) and 27.8 mbl overseas (-5.6%). Natural gas production increased by nearly 5% to 1,400 bcf (39.6 bcm).
Sinopec’s crude oil proved reserves rose by 4.7% to reach 2,097 mbl, including 1,805 mbl in China and 292 mbl overseas. Its natural gas reserves increased by 6% to 9,870 bcf (279 bcm), almost entirely located in China (only 9 bcf or 255 mcm overseas).
The company’s refinery throughput reached 252.3 Mt in 2024, a 2% decrease compared to 2023. Sinopec’s diesel production fell by more than 10% in 2024 to reach 57.9 Mt, while gasoline and kerosene production rose by 2.6% to 64.15 Mt and by 8.6% to 31.4 Mt, respectively. The group sold 239 Mt of refined oil products in 2024 (stable). In addition, 29 service stations were added by Sinopec, reaching a total of 30,987.