China Petroleum and Chemical Corporation (Sinopec) has reported a 57.2% year-on-year (YoY) increase in its net profit during the third quarter (Q3) of 2026, as stronger refining margins and higher crude oil prices offset weaker fuel demand, Reuters reported on October 29.

Sinopec posted net income of 13.36 billion yuan ($2.01 billion) for July-September, while net profit for the first nine months of the year rose 30% to 38.99 billion yuan.

Sinopec processed 167.37 million metric tons (mmt) of crude oil in the first nine months, equivalent to about 4.48 million barrels per day (mmbbl/d), down 10.2% from a year earlier.

Diesel output recorded the steepest decline among major fuels, falling 9.2% YoY. Gasoline production dropped 6.4%, while jet fuel output decreased 5.9%.

Sales of refined oil products fell 11.4% to 151.91 mmt during the period. Domestic sales declined 10.7% to 118.90 mmt.

Despite lower sales, Sinopec’s refining segment recorded earnings before interest and taxes of 30.10 billion yuan in the first nine months, up from 7 billion yuan a year earlier.

Ethylene production dropped 19%, while the company’s chemicals segment posted an operating loss of 1.69 billion yuan, compared with a loss of 8.22 billion yuan in the same period last year.

Sinopec is a Beijing-based integrated energy and petrochemical company whose operations span crude oil and natural gas production, refining, fuel marketing and chemicals manufacturing. Its refining and petrochemical businesses make it a major player in China’s energy supply chain.