Sinopec released its first quarter performance report for 2024. In the first quarter, the company closely followed the market demand, carried out in-depth optimization of the entire industry chain and regional optimization, increased the coordination of production and sales, strived to expand the market and expand sales, and achieved good operating results. In accordance with International Financial Reporting Accounting Standards, operating income in the first quarter was RMB 789.967 billion, and net profit attributable to the company's shareholders was RMB 18.721 billion.
The profitability of oil and gas companies has further improved. The company has strengthened high-quality exploration, expanded the scale of cost-effective production construction, and achieved important breakthroughs in oil and gas exploration in the Tarim Basin, Sichuan Basin, Jianghan Basin and other areas. The construction of key crude oil production capacity in Jiyang and Zhunxi has been accelerated, and key natural gas production capacity in Western Sichuan and Shunbei have been accelerated. The construction is actively promoted, the construction of the natural gas production, supply, storage and marketing system continues to be improved, and the entire industry chain creates profits and maintains growth. In the first quarter, oil and gas equivalent production was 18.12 million tons, a year-on-year increase of 3.4%, of which natural gas production was 9.9 billion cubic meters, a year-on-year increase of 6%.
Refining and chemical companies respond to market changes at low cost. The company closely follows the market demand, makes every effort to optimize the production organization and operation, and promotes the maximization of the benefits of the industrial chain. In terms of refining, the company flexibly adjusts its product structure and implements structural adjustment and transformation and upgrading projects in an orderly manner; in terms of chemical industry, it strengthens cost control, optimizes raw materials, equipment and product structure based on efficiency, operates profitable equipment at high loads, closely integrates production, sales, research and application, and steadily Increase the proportion of high value-added products. In the first quarter, the crude oil processing volume was 63.3 million tons, the refined oil production was 38.83 million tons, a year-on-year increase of 4.1%, the ethylene output was 3.279 million tons, and the total chemical product operation volume was 19.51 million tons.
The profit level of refined oil sales companies has increased steadily. The company gives full play to its integration advantages, strengthens market research and judgment and production and sales coordination, and makes every effort to expand the market, expand sales and create efficiency. Implementing a differentiated strategy, gasoline business volume increased by 5.4% year-on-year, and vehicle LNG retail sales increased by 119.3% year-on-year. At the same time, it actively promotes the development of charging and swapping business, steadily promotes the demonstration application of hydrogen energy transportation, transforms into an integrated energy service provider for oil, gas, hydrogen and electricity services, and continues to improve the quality and efficiency of non-oil business operations. The total sales volume of refined oil products in the first quarter was 59.81 million tons, a year-on-year increase of 6.5%.
Capital expenditure focuses on the quality and effectiveness of investment. The company continues to optimize investment project management. Capital expenditures in the first quarter were mainly used for the construction of crude oil production capacity in Jiyang and Tahe, natural gas production capacity construction in Western Sichuan and other oil and gas storage and transportation facilities such as Longkou LNG, the second phase of the Zhenhai base, and the technological transformation of Guangzhou Petrochemical and Maoming Petrochemical. and other projects, comprehensive refueling station network development, existing terminal sales network transformation, non-oil products business and other projects.
