Sinopec’s Oil Refining Overcomes Continued Upstream Losses

China Petroleum & Chemical Corp., the world’s biggest refiner, said third-quarter profit advanced 13 percent as earnings from refining offset upstream and impairment losses.

Net income at the state-owned energy producer increased to 11.5 billion yuan ($1.7 billion) in the three months to Sept. 30, the Beijing-based company known as Sinopec said in a statement to the Hong Kong stock exchange Monday. That missed a JPMorgan Chase & Co. estimate of 12.1 billion yuan. Revenue rose 19 percent to 579.1 billion yuan.

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