SINOPEC SSC (01033) has announced its financial results for the first half of 2026, reporting a 1.7% year-on-year increase in revenue to RMB 37.664 billion. Net profit attributable to shareholders of the listed company reached RMB 510 million, up 3.5% from the corresponding period last year, with basic earnings per share of RMB 0.027.

During the January-June period, the company's geophysical exploration services segment generated core business revenue of RMB 1.70 billion, a 6.2% decrease compared with RMB 1.81 billion in the prior-year period. The company completed 3,482 kilometers of 2D seismic surveys, representing a substantial 87.3% year-on-year increase, while 3D seismic surveys covered 5,429 square kilometers, up 3.9%. The qualification rate for both 2D and 3D data recording stood at 100%, and the first-grade product rate for seismic acquisition data improved by 1.4 percentage points.

In the first half, the company promoted the application of new geophysical technologies, including drone inspections, aerial drone photography, and the I-BBS autonomous excitation system, effectively enhancing service quality and production efficiency. The company successfully executed five seismic projects within the internal market of Sinopec Group, with contract value of RMB 160 million. Newly signed external domestic seismic project contracts reached RMB 460 million, a 39.8% year-on-year increase. The company also continued to advance new business areas such as borehole seismology, pipeline services, surveying and mapping, gravity-magnetic-electric surveys, and environmental energy solutions, with the Beidou business demonstrating sustained growth as newly signed contracts rose 26.5% year-on-year.

For the first half of 2026, the drilling services segment posted core business revenue of RMB 18.20 billion, essentially flat compared with RMB 18.19 billion in the same period last year. Drilling footage reached 5.74 million meters, up 2.5% year-on-year, completing 54.2% of the annual target and running ahead of schedule. The company deepened integrated operations between owners and contractors, strengthened operational management and technical support in key work areas and demonstration zones, and continued to improve service quality and efficiency. Notable achievements in drilling "four enhancements" included a 4.3% year-on-year increase in average drilling mechanical speed.

The Fan Ye 2-6HF well reached a total depth of 5,867 meters with a drilling cycle of 16.87 days, setting a new record for the shortest drilling cycle for shale oil wells in Shengli. The TK169 well was completed at 5,400 meters in just 10.98 days, establishing a new record for the shortest drilling cycle for wells between 5,000 and 5,500 meters deep within Sinopec Group. Rig utilization continued to improve, with average deployment rate of drilling crews up 0.8 percentage points and footage per crew up 3% year-on-year.

For the ultra-deep shale gas operations in Ziyang, the company implemented intensive factory-style wellsite construction and refined reservoir stimulation, with first-section daily footage exceeding 1,000 meters and the mechanical drilling speed of the horizontal section of the Zi Ye 16 well improving by 12%. In Fuling normal-pressure shale gas development, the company fully deployed the iDrilling (Yinglong) scientific drilling system, achieving a 10.5% increase in average mechanical speed and a 14.2% reduction in average drilling cycle across applied intervals. For tight gas development, the company tackled key technologies, reducing the drilling cycle in the Xujiahe formation in western Sichuan by 5.4% and improving mechanical drilling speed by 7.3%.