China s state-run Sinopec saw revenues rise 42.2% year-on-year as increase gas output and stronger crude prices gave a boost to its upstream operations.
The company s total revenue for last year was 1.9 trillion yuan, compared to 1.3 trillion yuan booked in 2009.
The rise in revenue helped drive Sinopec s net profits to 70.7 billion yuan, a 12.6% rise on the 62.7 billion yuan it recorded the previous year.
The rise in profits was largely driven by the company s exploration and production segment which saw operating profit rise 97.3%, from 23.9 billion yuan in 2009, to 47.2 billion yuan.
However, the result was slightly offset by 42.4% fall in profits from the company s refining segment, from 27.5 billion yuan, to 15.9 billion yuan last year.
The company pumped 441.4 billion cubic feet of gas over the 12 months to 31 December, representing a 47.6% increase over the 299 Bcf produced in 2009. It attributed the rise in gas output to the start of commercial production from the Puguang gas field in Sichuan province.
Oil output remained steady at 328 million barrels, however a 29.2% rise in crude prices, to an average of $79.47 per barrel, helped push the segments revenues up 38.8% to 187.1 billion yuan.
In a statement to the Hong Kong stock exchange Sinopec said it would make a greater push into its exploration and production segment this year, intensifying exploration efforts in frontier blocks for new discoveries in west China.
"In 2011, the company will continue to increase resources, expand markets, cut costs and improve efficiency, while pursuing economic benefits," the company said..
Sinopec shares closed up 1.3% ahead of the results. They gained % in 2010, underperforming offshore producer CNOOC's 51% gain and PetroChina's 10% rise in the same period.
