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  • Wed, Oct. 19, 1:45 PM
    • China's crude oil production fell 9.8% in September from a year ago, following a record 9.9% drop in August, with major producers continuing to shut high-cost wells to curb spending.
    • Domestic crude output tumbled to 15.98M metric tons, or 3.89M bbl/day, near the lowest in six years on a daily basis, according to government data.
    • The back-to-back sharp declines are a sign that a prolonged efficiency drive by drillers in one of the world's top five producers may help to rebalance the oversupplied global market.
    • Related tickers: PTR, CEO, SNP
    | Wed, Oct. 19, 1:45 PM | 1 Comment
  • Mon, Oct. 10, 4:32 PM
    • The ConocoPhillips (NYSE:COP) operated Australia Pacific liquefied natural gas plant confirms that production had started at the second of its two units.
    • Australia Pacific LNG, a 9M metric tons/year project co-owned by COP, Origin Energy (OTCPK:OGFGF) and China's Sinopec (NYSE:SNP), is among three coal seam gas-to-LNG plants to have opened on Curtis Island off Australia's east coast over the past two years.
    • Traders believe APLNG will ship its first cargo from the second production train in the second half of October; The plant has loaded 47 cargoes since starting up last December.
    | Mon, Oct. 10, 4:32 PM | 2 Comments
  • Thu, Sep. 15, 8:58 AM
    • At least three chemical companies are set to bid for BP's 50% stake in Chinese petrochemicals joint venture SECCO which could fetch more than $2B, Reuters reports.
    • SK Chemicals, a pharmaceutical unit of South Korea's SK Group; Austrian plastics group Borealis, owned by Abu Dhabi's sovereign wealth fund IPIC and oil and gas company OMV; and privately-owned Switzerland-based chemicals company Ineos reportedly will bid for the asset, BP's largest investment in China.
    • Sinopec (NYSE:SNP), BP's partner in the joint venture, has a right of first refusal on any deal, and it is not known what the state-owned group may decide.
    | Thu, Sep. 15, 8:58 AM
  • Mon, Aug. 29, 11:20 AM
    • Sinopec (SNP -0.1%) says its H1 net profit fell 22% to 19.9B yuan ($2.98B) from 25.4B yuan in the year-ago quarter, but that's more than double its net income in H2 of last year when it posted its weakest earnings since 2002.
    • SNP outshined domestic state-run rivals PetroChina (PTR -0.3%) and Cnooc (CEO -0.3%) in H1 as its refining business helped it weather the drops in crude oil and natural gas prices.
    • SNP's H1 refining margin rose nearly 48% Y/Y to 514.4 yuan/ton, processing 115.9M tons of crude into fuels (4.67M bbl/day).
    • However, SNP's H1 crude production fell to 154.2M barrels, down 11.4% Y/Y, nearly all from domestic operations, which accounts for more than 80% of its crude output; SNP forecasts total H2 production will slip to 147M barrels.
    | Mon, Aug. 29, 11:20 AM
  • Mon, Aug. 29, 7:42 AM
    | Mon, Aug. 29, 7:42 AM
  • Fri, Aug. 26, 5:55 PM
    • China’s struggling oil sector is entering a long-term decline of its domestic production, a development that has significant global implications including the potential for higher crude oil prices over time as China steps up imports to meet rising demand at home, WSJ reports.
    • Oil production in China is believed that have peaked last year at ~4.3M bbl/day, as output fell 5% in H1 2016 and 8% in July to 3.95M bbl/day, its lowest daily average in nearly five years; the country’s three biggest oil fields likely experienced production declines of 7%-9% during H1.
    • It means that the assets that long served as the cornerstone for revenue for China's energy giants PetroChina (NYSE:PTR), Sinopec (NYSE:SNP) and Cnooc (NYSE:CEO) are drying up, and if the companies want to be more profitable - as outside investors and China’s government are pressuring them to do - they will need to diversify their revenue sources and expand their global presence.
    | Fri, Aug. 26, 5:55 PM
  • Wed, Aug. 3, 7:36 AM
    • China's Sinopec (NYSE:SNP) says it plans to sell half of its premium natural gas pipeline business, a move prompted by the Chinese government's push for greater outside investment in the sector's infrastructure.
    • SNP says it would continue to hold a 50% stake in the unit that operates the Sichuan-to-East China gas pipeline that connects production in central China with demand in eastern industrial centers.
    • Analysts at the CLSA brokerage say the divestment could raise 20B yuan in fresh capital for SNP, although the state-owned Chinese group is not saying how much it expects to raise from the sale or when it would be completed.
    | Wed, Aug. 3, 7:36 AM
  • Wed, Jul. 20, 1:10 PM
    • Sinopec (SNP +0.6%) says its H1 crude oil production fell 11.4% Y/Y to 154.2M barrels, while natural gas output rose 10% to 388.7B cf, and oil processing fell 2.5% to 115.9M metric tons, highlighting the shift toward gas by the world's biggest refiner.
    • SNP says the 13% drop in domestic crude oil output, which makes up more than 80% of of its production, outpaced the 3% slide overseas.
    • SNP has said it plans to double annual gas production to 40B cm by 2020 as China pushes to replace coal with the cleaner fuel.
    | Wed, Jul. 20, 1:10 PM
  • Wed, Jul. 13, 4:59 PM
    • China's demand for oil has helped soak up some of the world's surplus crude oil, but the country’s refiners are now flooding markets with products including diesel and gasoline, WSJ reports.
    • China says its total exports of refined fuels jumped 38% Y/Y to 4.2M tons, or ~1.02M bbl/day, in June, sending its refined fuel exports up 45% overall so far this year.
    • Slowing domestic demand has left China’s oil refiners with huge surpluses they are looking to sell abroad, a trend that mirrors similar increases in China’s exports of processed basic materials such as steel in recent months and has provoked complaints from governments and industries around the world.
    • Another key factor is the resurgence of China’s independent crude refiners: Last year, the government allowed them to directly import crude from abroad for the first time instead of buying more expensive crude from domestic state-owned oil companies, and the subsequent ramp-up in production has provided big state-owned refiners such as Sinopec (NYSE:SNP) and China National Petroleum (NYSE:PTR) with greater competition at home, leading them to sell more abroad.
    | Wed, Jul. 13, 4:59 PM
  • Thu, Jun. 30, 9:44 AM
    • Some Sinopec (SNP +0.7%) subsidiaries inflated their 2014 revenue and costs by 20.2B yuan ($3.04B) by manipulating their financial reports through fake invoices of fuel sales, among other discrepancies, according to a report by China's auditing department.
    • The audit also showed SNP lost 1.29B yuan after it acquired a 49% stake in an overseas project, nd that crude output from 29 overseas production projects fell short of targets stated in feasibility studies.
    • The auditing office also highlighted wasted investments by the SNP subsidiaries, such as 14 unused chemical plants, and raised red flags on two dozen "illegally acquired" fuel stations.
    | Thu, Jun. 30, 9:44 AM
  • Sun, Jun. 26, 7:02 AM
    • Strengthening their economic ties, Russia and China sealed a raft of energy deals during President Vladimir Putin's visit to Beijing on Saturday.
    • ChemChina agreed to take a 40% stake in Rosneft's (OTC:RNFTF) planned petrochemical complex VNHK in Russia's Far East and signed a new one-year supply contract.
    • The Russian firm also committed to negotiating the sale of 20% of its Verkhnechonsk unit to Beijing Enterprises (OTCPK:BJINY) and signed a framework agreement with Sinopec (NYSE:SNP).
    • Previously: Putin weighs $11B Rosneft sale to China, India (Jun. 20 2016)
    | Sun, Jun. 26, 7:02 AM | 18 Comments
  • Fri, Jun. 17, 10:53 AM
    • Repsol (OTCQX:REPYF, OTCQX:REPYY) says Sinopec (NYSE:SNP) has served an arbitration claim demanding ~$5.5B in compensation for the repayment of an investment in a 2012 joint venture.
    • SNP and its subsidiary Addax Petroleum UK are seeking compensation for their initial investment and lost investment opportunities related to a North Sea oil and gas joint venture with Talisman Energy, which Repsol bought in 2014.
    • "The arbitration notice is unfounded and does not reflect the loyal attitude one would expect from a partner," Repsol says.
    | Fri, Jun. 17, 10:53 AM
  • Wed, Jun. 1, 6:47 PM
    • Traders expect deliveries from the Syncrude project in Alberta for June to be cut by ~85%, Reuters reports.
    • Unipec, the trading arm of Chinese refiner Sinopec (NYSE:SNP), advised customers this week it would cut its sales of Syncrude for June due to the force majeure on Syncrude's production, according to the report.
    • Syncrude has not specified when operations would restart after closing a month ago during Alberta's wildfires, but says the facility is finalizing its safe return to operations.
    • Suncor Energy (NYSE:SU) owns 53.74% of Syncrude, with Imperial Oil (NYSEMKT:IMO), SNP and Nexen (NYSE:CEO) the leading minority partners.
    | Wed, Jun. 1, 6:47 PM
  • Mon, May 9, 3:23 AM
    • Saudi Arabia is hoping to lure ExxonMobil (NYSE:XOM), Sinopec (NYSE:SNP) and BP into buying stakes of state-run oil company Aramco, when it sells 5% of its equity, according to the U.K.'s Telegraph newspaper.
    • The country is planning a three-way listing for London, Hong Kong, and New York as early as 2017 that would in be 5x larger than any IPO in history (shares could be valued at $100B-$150B).
    • Deputy Crown Prince Mohammed bin Salman first announced the decision in April, looking to spearhead his "2030 Vision" by diversifying and breaking the country's addiction to oil.
    | Mon, May 9, 3:23 AM | 38 Comments
  • Thu, Apr. 28, 8:59 AM
    • Sinopec (NYSE:SNP) says its Q1 net income jumped threefold to 6.66B yuan ($1.03B) from 2.17B yuan a year ago as lower oil prices were outweighed by the benefit of improved refining margins.
    • China said in January that fuel prices would not be adjusted when oil falls below $40/bbl in an attempt to support the domestic energy industry and reduce pollution; the policy helped lift Q1 domestic refining margins to $16/bbl, up 45% Y/Y.
    • SNP says Q1 sales fell 13% to 413.8B yuan, while oil and gas production fell 2.7% to 114.7M boe and total refining output fell 2.4% to 57.2M tons.
    • Now read Sinopec's full-year profit slides 30% but beats estimates
    | Thu, Apr. 28, 8:59 AM
  • Wed, Apr. 20, 6:58 PM
    | Wed, Apr. 20, 6:58 PM | 2 Comments