Sinopec Q3 Profits Surge 34% Amid Higher Refinery Output, Fuel Sales

Sinopec's increased revenue with strong domestic recovery and fuel exports offset by lower realized oil and gas prices; shares in HK market outperform Hang Seng Index.

• In the third quarter of 2023, Sinopec's net profit rose by 34% to 17.86 billion yuan ($2.44 billion), thanks to a higher refinery output and robust fuel sales that countered the impact of lower realized oil and gas prices.
• Sinopec's revenue for the same period reached 876.3 billion yuan, an increase of 4.2% from the previous year.
• Between January and September, Sinopec processed 193.74 million metric tons of crude oil, or 5.18 million barrels per day, up 7.6% from the same period last year.
• Fuel sales for Sinopec surged 19% to 180.55 million tons, reflecting a continuing recovery in domestic demand and escalating fuel exports. Among the total fuel sales, domestic sales grew 16.9% to nearly 143 million tons.
• Despite a slight 0.1% decrease in crude oil production in the first nine months of the year (210.6 million barrels), the company's natural gas output raised by 8.7% to 993 billion cubic feet.

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