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China’s state-owned petroleum and chemical giant held steady at No. 2 in this year's ranking, even as its profits fell 16.2% to $6.8 billion. Sinopec bet big on expanding production capacity last year just as oil prices grew volatile, and 2020 has been even bumpier. China's lockdown measures to counter the coronavirus pandemic clobbered energy demand as industrial activity paused. The result was a record quarterly loss in the first quarter for Sinopec, and cuts to capital spending. However, there were signs of a swift recovery: by April, the company said daily sales had returned to 90% of their pre-lockdown levels.