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China's Sinopec defied expectations by posting a 19.3% surge in net profit for the first half of 2026, reaching 25.63 billion yuan. This unexpected growth occurred despite significant global headwinds, including the ongoing Middle East conflict and a domestic slowdown in fuel demand.

The world's largest refiner managed to boost its refining margin by a remarkable 44.1% year-on-year. This improvement stemmed from strategic shifts, such as sourcing crude oil from outside the Middle East and carefully timing purchases. The company also optimized its product mix to capitalize on profitability.

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sharp volatility in international crude oil prices and a substantial increase in imported crude procurement costs

Despite these successes, Sinopec recorded a 16 billion yuan inventory write-down due to sharp volatility in oil and fuel prices. The company's refining segment saw a 381.5% jump in operating profit, attributed to its ability to broaden crude oil sourcing and manage market conditions effectively. Management noted that the conflict in the Middle East caused "sharp volatility in international crude oil prices and a substantial increase in imported crude procurement costs," while domestic markets remained weak.

Sinopec stated it "closely monitored changing conditions, dynamically adjusted production and operating arrangements, and effectively responded to unexpected shocks and challenges on multiple fronts." The chemicals segment, though still loss-making, saw its operating losses narrow significantly by around 4 billion yuan. However, ethylene output fell 15.5% due to industry over-capacity and competition.

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closely monitored changing conditions, dynamically adjusted production and operating arrangements, and effectively responded to unexpected shocks and challenges on multiple fronts.