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Sinopec 2010 Profit Up Nearly 14%

BEIJING ( TheStreet) -- China Petroleum & Chemical Corp. (SNP - Get Report), also known as Sinopec, Sunday reported full-year 2010 results, saying net profit rose almost 14%.

In a news release, the Beijing-based petroleum giant said profit attributable to equity shareholders was 71.80 billion renminbi, up 13.7% compared with 2009. Basic earnings per share were 0.828 renminbi, also up 13.7%.

The company attributed its rising profits to the fast growth of the Chinese economy and increasing prices of crude oil and oil products.

Sinopec said it produced 328 million barrels of crude oil, the same amount as 2009, and 441.4 billion cubic feet of natural gas, a year-over-year increase of 47.6%.

The refining segment saw weakness, however, and its operating profits were 15.86 billion renminbi, a decline of 42.4% from 2009, the company said.

Looking ahead, the company said it expects 2011 capital expenditures to total 124.1 billion renminbi. It also plans to produce 45.59 million tonnes of crude oil and 14.1 billion cubic meters of natural gas, and process 222 million tonnes of crude oil.

The company's board recommends a final dividend of 0.13 renminbi per share, bringing the 2010 full-year dividend to 0.21 renminbi per share.

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Shares of Sinopec ended New York trading Friday up 13 cents at $101.22.

This article was written by a staff member of TheStreet.

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