China Petroleum and Chemical Corporation SNP, also known as Sinopec, reported first-quarter 2016 earnings per ADR of 81 cents, up a massive 350% from year-earlier earnings per ADR of 18 cents. Net profit also soared 206.8% year over year to 6.66 billion yuan ($1.0 billion). Despite the lower oil price realizations, the bottom line benefited from midstream and downstream segments.Operational PerformanceDuring the first quarter, Sinopec’s crude oil production decreased 9.3% year over year to 79.42 million barrels. Natural gas volumes increased 16.7% year over year to 211.36 billion cubic feet in the same period. Domestic crude oil production declined 10.3% year over year to 66.3 million barrels, while overseas volumes slipped 3.5% year over year to 13.07 million barrels. Total oil and gas production fell 2.7% year over year to 114.68 million barrels of oil equivalent.The company’s Refining business recorded refinery throughput of 57.18 million tons (down 2.4% year over year). It also produced approximately 36.33 million tons of petroleum products, which represents a 1.4% decline from the prior-year period.The Marketing and Distribution segment sold 47.21 million tons of refined oil products, up 1.6% year over year.Capital ExpenditureCapital expenditures for the first quarter totaled 5.53 billion yuan. Out of this, 1.34 billion yuan was spent on exploration and production projects. Sinopec spent 1.4 billion yuan on the Refining segment, while the Chemical Business segment was allocated 1.53 billion yuan. The company had set aside 1.23 billion yuan for the Marketing and Distribution segment.Zacks RankSinopec currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the oil and gas sector such as ReneSola Ltd. SOL, Seadrill Partners LLC SDLP and Braskem S.A. BAK. All these sport a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CHINA PETRO&CHM (SNP): Free Stock Analysis Report BRASKEM SA (BAK): Free Stock Analysis Report RENESOLA LT-ADR (SOL): Free Stock Analysis Report SEADRILL PTNRS (SDLP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research