Sinopec's Oil Empire Hits The Skids As EVs Steal The Show
Key Points
- Sinopec's net income dropped 16.8% to $6.94 billion as gasol...
Looks like Big Oil's having a rough time at the pump! China's petroleum powerhouse Sinopec just released their 2024 financials, and let's just say they might need more than a few fortune cookies to turn this ship around.
Black Gold Loses Its Sparkle
The numbers paint a picture that's about as pretty as a oil spill in a tuxedo. Net income plummeted 16.8% to 50.3 billion yuan ($6.94 billion), making 2023's 9.9% drop look like a mere speed bump. Meanwhile, gasoline sales slipped 0.7% and diesel took a more dramatic 4.8% nosedive. At least aviation fuel soared 7.3% - apparently some things stil...
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