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.
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