China's largest oil refining companyChina Petroleum & Chemical Corp.akaSinopec, recorded a 13% decline in its 2024 profits due to lower oil and gas prices
China’s largest oil refining company China Petroleum & Chemical Corp. aka Sinopec, recorded a 13% decline in its 2024 profits due to lower oil and gas prices. Sinopec reported FY 2024 net income of 58.3 billion yuan $8 billion compared with 66.2 billion yuan posted in 2022 with global oil prices17% lower in 2023 compared to the previous year. The lower oil prices reduced the value of Sinopec’s drilling output and also cut its crude costs.
Sinopec announced that it expects 2024 capital expenditure budget to clock in at 173 billion yuan, slightly below last year’s 176.8 billion yuan, mainly due to a scale-back in its chemicals segment. The company said it will maintain modest growth in both output and processing in the current year, with oil production projected to increase 1% compared to 2023 levels while refining throughput is set to increase only 0.8%.
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