Sinopec released its third-quarter results

On October 28, Sinopec released its 2022 third quarter performance report
.
In the first three quarters, the company achieved oil and gas equivalent production of 51.
082 million tons of oil equivalent and natural gas output of 25.
88 billion cubic meters
.
Among them, the total sales volume of domestic refined oil products in the third quarter was 43.
53 million tons, an increase of 16.
4%
from the previous quarter.

According to Chinese accounting standards for business enterprises, the company's net profit attributable to shareholders of the parent company in the first three quarters was RMB56.
66 billion
.
According to IFRS, the net profit attributable to shareholders of the Company in the first three quarters was RMB57.
284 billion
.

In terms of exploration and development, the company seized the opportunity of high oil prices, continued to increase exploration and development, consolidated the resource base, improved operating efficiency, and achieved increased production and efficiency
.
In terms of exploration, it has strengthened risk exploration and trap pre-exploration in new areas and made a number of new oil and gas discoveries, among which major breakthroughs
have been made in Shunbei oil and gas in the Tarim Basin, shale oil in the Bohai Bay Basin and Subei Basin, and deep natural gas in the Sichuan Basin.
In terms of development, we will accelerate the construction of key crude oil production capacity such as Shunbei, Tahe and offshore, strengthen the efficient adjustment and fine potential mining of old oilfields, actively promote the construction of key natural gas production capacity in Shunbei and Sichuan Basin, and strengthen the optimization and efficiency
of the entire natural gas industry chain.
In the first three quarters, the oil and gas equivalent output was 51.
082 million tons of oil equivalent, a year-on-year increase of 2.
3%, of which crude oil output was 29.
693 million tons, a year-on-year increase of 1.
0%, and natural gas output was 25.
88 billion cubic meters, a year-on-year increase of 4.
1%.

In terms of oil refining, the company actively responded to the challenges brought by the sharp fluctuation of high oil prices and the epidemic, adhered to the coordinated optimization of production and marketing, gave full play to the adaptability of the equipment, and maintained the stable operation of
the equipment.
Flexibly adjust processing load, product structure and export rhythm to reduce inventory levels
in line with the market.
Optimize the pace of crude oil procurement and resource allocation to reduce procurement costs
.
Continue to promote "oil conversion" and "oil to special", accelerate the construction of advanced production capacity, orderly promote structural adjustment projects, and accelerate the construction of
hydrogen supply projects.
In the first three quarters, 180 million tons of crude oil were processed and 103 million tons of refined oil were produced, of which diesel production increased by 4.
7%
year-on-year.

In terms of marketing and distribution, in the face of the unfavorable situation spread by the epidemic in many places, the company strengthened the integration of production and marketing synergy to create effects, scientifically optimized business strategies, dynamically optimized resource allocation, especially seized the favorable opportunity of the gradual recovery of consumer demand in the third quarter and the continuous standardization of market order, and made every effort to expand sales and increase efficiency
.
Actively explore the low-sulfur marine fuel market, and further consolidate
its market position.
Expand business scope, strengthen brand building, and improve the quality and efficiency
of non-oil business operations.
Effectively develop the sales network, accelerate digital construction, and actively transform
into an integrated energy service provider of "oil, gas, hydrogen and electric services".
In the first three quarters, the total sales volume of domestic refined oil products was 122 million tons, of which 43.
53 million tons were in the third quarter, an increase of 16.
4%
from the previous quarter.

In terms of chemical industry, in the face of the difficult situation of high cost, high inventory and low gross profit in the industrial chain, the company closely follows the market demand and dynamically optimizes the raw material and product structure; Optimize the load of the plant as the benefit guide, maintain the high-load production of profitable equipment, increase the output of EVA, cis-butadiene rubber and other products, and achieve increased production and efficiency
in the coal chemical industry.
Comprehensively promote the construction of production capacity in
Zhenhai, Tianjin Nangang, Hainan and Jiujiang.
In the first three quarters, ethylene output was 10 million tons, a year-on-year increase of 2.
6%.

Make every effort to stabilize the supply of strategic customers, actively expand export business, and vigorously explore the high-end market
.
In the first three quarters, the total operating volume of chemical products was 60.
4 million tons
.

In terms of capital expenditure, the company's capital expenditure in the first three quarters was RMB 104 billion, of which RMB 51.
6 billion was in the exploration and development sector, mainly used for the construction of crude oil production capacity in Shunbei and Tahe, the construction of natural gas production capacity in western Sichuan and Dongsheng, the relocation of Dongying crude oil depot and the construction of storage and transportation facilities such as Longkou LNG.
The refining sector is RMB13.
6 billion, mainly used for the construction of Anqing and Yangtze refining structure adjustment projects and Zhenhai Refining and Chemical Phase II; The marketing and distribution segment is RMB6.
5 billion, mainly used for the renovation of the existing terminal sales network, the construction of the "oil, gas, hydrogen and electric service" integrated refueling station and logistics facilities; The chemical sector is RMB 29.
5 billion, mainly used for ethylene projects such as Hainan and Tianjin Nangang, Jiujiang aromatic hydrocarbons, Zhenhai Refining Phase II, Yizheng PTA and other projects; The headquarters and other RMB 2.
8 billion are mainly used for the construction
of scientific and technological research and development and informatization projects.