Sinopec Profit Surges 12% Amid Energy Price Boom

Sinopec, China's largest oil refiner, saw its first-half profit rise 12% from last year due to higher energy prices. The company's preliminary net income was 26.6 billion yuan ($4 billion) for the six months through June, up from 23.8 billion yuan in the same period a year ago.

The surge in global energy prices boosted Sinopec's upstream revenues, but it had a negative impact on fuel sales. Despite this, the company was able to maintain its profitability. China Petroleum & Chemical Corp., officially known as Sinopec, released its preliminary results for the first half of 2026.