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Sinopec, China’s second-largest oil company, earned a spot on the Global 500 for the 24th consecutive year with revenue of $401.3 billion and profits of $8.3 billion, as demand for gas returned to pre-pandemic levels. Its 2021 revenue haul left it just short of its pre-pandemic 2019 total of $407 billion. Soaring crude oil prices, which rose nearly 70% in 2021, and booming demand for natural gas—up 13% as measured by cubic feet—buoyed Sinopec’s results. As it raced to meet the world’s need for energy, state-owned Sinopec allocated 27% more to operating expenses in 2021 compared with the year prior, as the company spent freely to secure more crude oil and identify potential new drilling locations.
Wu Junjie—China News Service/Getty Images
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Global 500 - 2022Aggregate sales hit $37.8 trillion last year—an in...READ MOREview in list
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