Sinopec has reported a net profit attributable to its shareholders of 58.31bn yuan ($8.09bn) for the year 2023, marking a 12.8% decrease from 66.93bn yuan in 2022.  

The company’s financial performance has been impacted by a range of market dynamics including fluctuating international crude oil prices. 

The overall revenue of Sinopec decreased by 3.2% to 3.21tn yuan compared with 3.31tn yuan in the previous year.  

Sinopec’s capital expenditure (capex) saw a reduction, falling to 176.75bn yuan from 189.09bn yuan in 2022. 

The exploration and production (E&P) segment’s capex was primarily allocated to building crude and natural gas production capacities, totalling 78.59bn yuan. 

In 2023, the turnover from externally sold upstream products such as crude oil and natural gas declined by 7.5% year-on-year to 178bn yuan.  

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Sinopec’s total sales volume of refined oil products saw an increase of 15.6%, reaching 239 million tonnes.  

Domestic sales constituted 188 million tonnes of this total, marking a 15.8% rise.  

Oil and gas production volumes also increased, with a 3.1% rise to 504.09 million barrels of oil equivalent. Natural gas production grew by 7.1%, reaching 1.34 trillion cubic feet. 

In 2023, the company processed 258 million tonnes of crude, a 6.3% increase, and produced 156 million tonnes of refined oil products, an 11.3% rise.  

Kerosene output notably surged by 60.7% compared with the previous year. 

Sinopec’s board of directors has proposed a final cash dividend of 0.2 yuan per share. 

Looking ahead to 2024, Sinopec plans to focus on strengthening risk exploration and intensifying efforts in initiatives such as the Deep Earth Project, shale oil and gas exploration and other fields to bolster high-quality reserves.  

The company aims to enhance profitable development, stabilise oil production, increase gas production and reduce costs. 

Planned capex for 2024 is set at 173bn yuan, with 77.8bn yuan earmarked for E&P activities including capacity building in key regions and the construction of oil and gas storage and transportation facilities. 

Sinopec chairman Ma Yongsheng said: “In the face of complicated operating environment and fierce market competition, the company stepped up efforts to promote high-quality development, drove all-round improvement in production and operations management, and proceeded with the customer centric strategy. As a result, we achieved promising operating results with new progress and new developments made in various aspects of work.  

“In 2024, Sinopec will continue to act on the principle of seeking progress while maintaining stability, promoting stability through progress. We will improve the operation and profitability, transformation and upgrading, reform and innovation, and risk management.”