Sinopec Full-Year Profit of $5 Billion Beats Estimates

  • Net income cushioned from price crash by refining, chemicals
  • Falls below Cnooc as the country's third-biggest producer

Sinopec Beats Estimates as Refining Offsets Oil Drop

China Petroleum & Chemical Corp. earnings beat analyst estimates as profit from turning crude oil into fuels offset the plunge in energy prices and more than $1 billion in writedowns by Asia’s biggest refiner.

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