Employees walk down from a platform at the first shale gas well at the Fuling shale gas project site, operated by Sinopec Chongqing Fuling Shale Gas Exploration and Development Co., a unit of China Petrochemical Corp. (Sinopec), in Jiaoshiba, Chongqing Municipality, China, on Wednesday, June 20, 2018. In 2013, the U.S. Department of Energy estimated China was sitting on the world's largest reserves of shale gas, almost double the U.S. and enough to theoretically supply the country for more than a century. The reserves are also deeper, harder to reach and more broken up than those in North America. Photographer: Qilai Shen/Bloomberg via Getty ImagesQilai Shen—Bloomberg via Getty Images
- Previous Rank3
- Revenues ($M)414649.90
- Revenue Percent Change26.8
- Profits ($M)5845.00
- Profits Percent Change280.1
- Assets ($M)329186.30
- Employees619151
China’s largest state-owned oil and gas company climbed one spot to No. 2, as sharp gains in both revenue and profits last year reflected Sinopec’s ability to dodge geopolitical headwinds. Sales jumped 27% in 2018, while profits more than tripled. The strong results were driven largely by robust demand domestically for gas and chemical products. That surge in Sinopec’s home market balanced out what was otherwise a bumpy year thanks to volatile crude prices, growing tension between the U.S. and China—which saw the company temporarily suspend U.S. crude imports—and a record trading loss of nearly $690 million in the fourth quarter, the result of ill-timed speculative trading.
Company Information
| CEO | Dai Houliang |
| Sector | Energy |
| Industry | Petroleum Refining |
| HQ Location | Beijing |
| Website | www.sinopec.com |
| Years on Global 500 List | 21 |
| Employees | 619,151 |
Key Financials (Last Fiscal Year)
| Revenues ($M) | $414,649.9 |
| Profits ($M) | $5,845 |
| Assets ($M) | $329,186.3 |
| Total Stockholder Equity ($M) | $105,181.5 |
Profit Ratios
| Profit as % of Revenues | 1.4% |
| Profits as % of Assets | 1.8% |
| Profits as % of Stockholder Equity | 5.6% |