Sinopec'srecent momentum continued with another solid set of quarterly results. Quarterly net profit ticked up 14% year-on-year, underpinned by another strong performance in refining and an improved upstream result. Surging gas production and higher oil prices helped to narrow quarterly upstream losses. Quarterly domestic oil production also remained stable for a second successive quarter. Progress on costs was another positive and the 2017 capital budget was cut by 10%.