What was Sinopec's preliminary net income for the first half of 2026, and how does it compare to the same period last year?

Sinopec's preliminary net income was 26.6 billion yuan ($4 billion) for the six months through June 2026, representing a 12% increase from 23.8 billion yuan in the first half of 2025.

How did surging global energy prices affect Sinopec’s upstream and downstream operations in the first half of 2026?

The surge in global energy prices—Brent crude averaging $87/barrel (up from ~$71 in the same period in 2025) and peaking above $126 in late April—boosted Sinopec’s upstream revenues from well-head production and increased the value of its stored oil; however, higher feedstock costs squeezed its refining business, as the company could not fully pass on cost increases to consumers due to government-imposed fuel export curbs and domestic price caps aimed at controlling inflation.

Sinopec First-Half Profit Rises 12% After Surge in Energy Prices

Aug 23, 2026

Sinopec reported a 12% rise in first-half net income to 26.6 billion yuan, driven by higher global energy prices boosting upstream revenues despite refining margin pressures.

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Sinopec First-Half Profit Rises 12% After Surge in Energy Prices

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