Sinopec’s 2024 Profits Declined 13% After Oil Prices Fell

China’s largest oil refining company China Petroleum & Chemical Corp. aka Sinopec, recorded a 13% decline in its 2024 profits due to lower oil and gas prices. Sinopec reported FY 2024 net income of 58.3 billion yuan ($8 billion) compared with 66.2 billion yuan posted in 2022 with global oil prices17% lower in 2023 compared to the previous year. The lower oil prices reduced the value of Sinopec’s drilling output and also cut its crude costs. Sinopec’s latest results missed the analyst consensus despite…