Sinopec Corp (00386) has released its interim results for the six months ended June 30, 2026, reporting a 19.3% year-on-year increase in net profit attributable to shareholders, which reached RMB 25.627 billion.
The group generated operating revenue of RMB 1,436.561 billion during the period, up 2% compared to the previous year. Basic earnings per share stood at RMB 0.212. The company capitalized on favorable high oil price conditions in the first half of 2026, intensifying efforts in high-efficiency exploration and cost-effective development to boost reserves and production, achieving a record-high domestic oil and gas equivalent output for the corresponding period.
In exploration, the company actively secured premium mining rights and expanded natural gas exploration efforts. Significant breakthroughs were made in shale oil in the Bohai Bay Basin, tight gas in the Sichuan Basin, and offshore natural gas, while the Ziyang shale gas and Yu-E coalbed methane projects were efficiently confirmed. On the development front, Sinopec accelerated crude oil capacity construction at sites such as Jiyang and Tahe, alongside natural gas capacity projects in offshore areas and the western Sichuan marine facies. The company also optimized its natural gas resource pool structure in response to shifting market conditions, targeting high-end, high-value-added segments with precision.
Profitability across the entire natural gas value chain reached a historical best for the interim period. In the first half, oil and gas equivalent output totaled 263.47 million barrels, up 0.3% year-on-year, with domestic crude oil production at 127.68 million barrels, a 0.7% increase, and natural gas output at 741.57 billion cubic feet, also up 0.7%.
During the period, the company navigated challenges from Middle East geopolitical conflicts and volatile international oil prices by integrating trade, storage, transportation, and production operations to maintain stable supply chain performance. Sinopec advanced diversified procurement strategies, promptly adjusting resource allocation, and calculated marginal benefits in response to crude price fluctuations to optimize unit loads and flexibly reshape product portfolios. The company continued its push toward oil-to-chemical and oil-to-specialty transformations, increasing output of high-end carbon materials, and coordinated both domestic and international markets to manage refined oil exports and enhance value creation across the value chain. In the first half, crude oil processing volume reached 113 million tonnes, producing 69.16 million tonnes of refined products.