RANK

For evidence that China’s industrial sector rebounded with a vengeance in 2021, look no further than China National Petroleum’s balance sheet. The state-owned energy company earned $9.6 billion in profit in 2021—a 111% uptick from 2020, when China’s early COVID outbreak shuttered factories. CNP reported $411.7 billion in revenue, a 45% increase from the prior year. Reduced travel still weighed on sales of gasoline and jet fuel, but CNP more than made up for those declines with sales of chemicals that are used in the manufacturing of pharmaceuticals, automobiles, and packaging. China’s 2021 announcement that it aims to be carbon-neutral by 2060 is forcing the country’s industrial sector to reckon with its environmental footprint. In an effort to comply with Beijing’s target, CNP says its production of renewables will equal its output of oil and gas by 2035.

Li Yan operates valves at a plant of China National Petroleum Corporation's CNPC's Jilin branch in Jilin, northeast China's Jilin Province.

Xu Chang—Xinhua/Getty Images

Company Information

As of 8/3/2022

Country/Territory

China

Headquarters

Beijing

Industry

Petroleum Refining

CEO

Hou Qijun

Website

www.cnpc.com.cn

Company Type

Private

Ticker

Revenues ($M)

$411,693

Profits ($M)

$9,638

Market Value ($M)

Employees

1,090,345

Government owned 50% or more. Includes revenues from discontinued operations. Excise taxes have been deducted.

Key Financials (Last Fiscal Year)
As of 8/3/2022

($ Millions)

% change

Revenues ($M)

$411,692.9

45%

Profits ($M)

$9,637.5

110.6%

Assets ($M)

$660,007.6

Total Stockholder Equity ($M)

$313,308.5

Profit Ratios
As of 8/3/2022

Profit as % of Revenues

2.3%

Profits as % of Assets

1.5%

Profits as % of Stockholder Equity

3.1%