Sinopec Reports Robust Interim Financials as Restructuring Drives Operational Resilience

China Petroleum & Chemical Corporation (Sinopec) has unveiled its interim business results for 2026, delivering resilient performance amid unforeseen market shocks through its “second‑venture‑driven” push for high‑quality development.

Under Chinese Accounting Standards, the group registers operating revenue of RMB 1.4366 trillion for the first six months. Its total profit reaches RMB 36.6 billion, marking a 27.4 per cent year‑on‑year rise, whilst net profit attributable to parent‑company shareholders stands at RMB 25.6 billion, up 19.3 per cent compared with the prior‑year period. To safeguard shareholder returns, the board has approved an interim dividend of RMB 0.105 per share, translating to a cash payout ratio of 49.5 per cent. The enterprise has also sustained share‑buy‑back programmes across domestic and overseas markets for five successive years, protecting corporate value and investor interests.

Upstream operations deliver tangible progress in reserve expansion, output growth and cost optimisation. Domestic oil‑and‑gas production hits a new half‑year record. Targeted high‑efficiency exploration and cost‑effective development yield major breakthroughs in shale‑oil plays within the Bohai Bay Basin, tight‑gas reservoirs across the Sichuan Basin and offshore natural‑gas prospects. Major discoveries are unlocked at Ziyang shale‑gas blocks and Yu‑E coal‑bed methane zones. Crude‑oil capacity projects at Jiyang and Tahe, alongside natural‑gas capacity developments in offshore waters and western Sichuan, advance at pace. Continued refinement of its natural‑gas resource portfolio propels the full‑gas‑industry‑chain profitability to its strongest‑ever half‑year level. Total oil‑and‑gas‑equivalent output totals 263.47 million barrels, comprising 127.68 million barrels of domestic crude oil and 741.57 billion cubic feet of domestic natural gas.

Refining and chemical segments maintain stable industrial‑chain performance through cost‑reduction and market‑expansion drives. Within refining operations, integrated planning for trade, storage and production supports flexible unit‑load management and product‑mix adjustment. Output of high‑end carbon‑material products expands to lift value creation across the value chain. The business processes 113 million tonnes of crude oil and manufactures 69.16 million tonnes of refined oil products over the reporting period. Chemical facilities dynamically tweak operating rates, feedstock portfolios and product configurations. R&D for new‑generation and high‑value‑added chemical goods accelerates, paired with vigorous overseas‑market outreach. Ethylene output comes to 6.394 million tonnes, with total chemical product sales hitting 37.86 million tonnes. Export volumes surge by 70 per cent year‑on‑year to set a fresh historical benchmark.

The refined‑oil sales division presses ahead with multi‑format business deployment, keeping its domestic market share steady. Leveraging its extensive retail‑network footprint, the business scales integrated‑energy offerings. Charging throughput, vehicle‑mounted LNG sales and hydrogen refuelling volumes record substantial year‑on‑year increases. Work proceeds on commercially viable “vehicle‑centric ecosystem” and “home‑lifestyle” service frameworks, broadening comprehensive‑service scenarios and elevating the quality of Easy‑Joy retail services. Total refined‑oil sales reach 100.99 million tonnes, of which domestic sales account for 79 million tonnes.

Key core‑technology breakthroughs deepen the integration of scientific and industrial innovation. Fresh understanding of shale‑gas enrichment mechanisms underpins the identification of ultra‑deep shale‑gas fields. Advances emerge in collaborative oil‑displacement theories and intelligent‑drilling methodologies. Domestic production of wet‑process T1000‑grade carbon fibre achieves critical milestones, and the newly‑developed SHX60 carbon fibre delivers ultra‑high strength, modulus and elongation properties. Industrial installations for proprietary‑intellectual‑property CHPPO technology and polypropylene‑insulation compounds successfully commission and commence operation. Roll‑out of the “AI‑plus” initiative gathers momentum. The industry’s first digital expert, the “Fenghuo” industrial‑intelligence agent, is launched, whilst capabilities of the Great Wall large‑language model keep improving.

Six corporate strategies will be fully implemented: innovation‑driven development, industrial transformation and upgrading, resource security reinforcement, market‑space expansion, cost leadership and open‑door collaboration. Sinopec will speed up the formation of its “one foundation, two wings, three chains, four new‑growth areas” industrial landscape, striving to evolve into a world‑leading modern energy and chemical enterprise that generates enhanced value for the state, shareholders, society and its workforce.