Be smarter and faster with PRO Alerts on SNP
From other sites
at Zacks.com (Nov 3, 2014)
at Zacks.com (Nov 3, 2014)
at CNBC.com (Sep 15, 2014)
at MarketWatch.com (Aug 26, 2014)
at CNBC.com (Jun 16, 2014)
at MarketWatch.com (Apr 29, 2014)
at MarketWatch.com (Nov 25, 2013)
at MarketWatch.com (Nov 13, 2013)
at MarketWatch.com (Oct 30, 2013)
Oct. 7, 2013, 7:52 AM
- Singapore's sovereign wealth fund Temasek and Chinese refiner Sinopec (SNP) have approached Repsol (REPYF.PK, REPYY.PK) over its €4.7B ($6.4B) stake in Gas Natural, FT reports.
- Repsol has said it was considering disposing of the stake because the agreed sale of its liquefied natural gas business to Royal Dutch Shell, due to close this year, diminishes the holding's strategic rationale.
- No final decision has been taken and Repsol has received interest from other parties, according to the report.
Oct. 2, 2013, 2:59 PM
- Brazil's National Petroleum Agency says all 11 companies registered for the Oct. 21 auction of the Libra offshore oil field have qualified to participate in the sale.
- Brazil had previously approved eight firms, but was still reviewing technical and legal documents for France's Total (TOT), Colombia's Ecopetrol (EC) and the Brazilian unit of Portugal's Galp Energia (GLPEF.PK, GLPEY.PK).
- Also approved to bid: Chinese oil companies Cnooc (CEO) and China National Petroleum (PTR); China's Sinopec (SNP) also registered via its joint venture with Spain's Repsol (REPYY.PK, REPYF.PK); Malaysia's Petronas; Japan trading firm Mitsui (MITSY.PK, MITSF.PK); India's ONGC; Royal Dutch Shell (RDS.A, RDS.B) and Brazil's own Petrobras (PBR, PBR.A).
- Officials estimate the 11 companies could form up to three potential bidding groups to compete in the auction.
- Several oil majors are not participating in bidding on Libra, whose development is expected to be pricey.
Oct. 1, 2013, 6:23 PM
- Chinese state-controlled oil companies will be limited to joint bids to develop Brazil's Libra prospect, amid concerns the firms could share data and reduce competition at the Oct. 21 auction, Brazilian officials say.
- China's Cnooc (CEO) and China National Petroleum (PTR) are controlled by the Chinese government and would have to team up for a potential bid if both companies want to participate; it's unclear whether Sinopec (SNP) could bid on its own, since it registered for the auction via its joint venture with Spain's Repsol (REPYY.PK, REPYF.PK).
- The move threatens to further water down bidding in Brazil's first-ever auction under new production-sharing agreements after oil majors such as Exxon, BP and Chevron declined to participate.
Sep. 19, 2013, 6:15 PM
- More on Brazil's planned auction of the Libra oil prospect: Only 11 companies registered to participate - far fewer than the expected 40 - and some of the biggest firms backed out, including Exxon (XOM), Chevron (CVX) and BP (earlier).
- Asian state-owned companies dominate the list of participants: India's ONGC, Malaysia's Petronas, Colombia's Ecopetrol (EC), China's Cnooc (CEO) and China National Petroleum (PTR); China's Sinopec (SNP) will take part through joint ventures with Brazilian units of Spain's Repsol (REPYY.PK, REPYF.PK) and Portugal's Galp Energia (GLPEF.PK).
- Also taking part: Shell (RDS.A, RDS.B), Total (TOT) and Mitsui (MITSY.PK, MITSF.PK).
- Analysts blame the lack of interest on new rules drawn up by Brazil's government that place development and profits under greater state control; too many companies don't want "the trouble of dealing with Petrobras (PBR) and the government. You can get good oil assets elsewhere without that."
- ETFs: EWZ, BRF, EWZS, BRAF, BRXX, UBR, BZQ, BRAZ, BRAQ, BRZS, BRZU.
Sep. 17, 2013, 2:44 PM
- China plans to spend ~80B yuan ($13B) exploring oil and gas exploration this year in a quest to bolster energy supplies and reduce dependence on imports, according to state media reports.
- The world's largest energy consumer has steadily increased exploration expenditures to 67.3B yuan in 2011, up from 19B in 2002, leading to discoveries of 5B-plus metric tons (36.75B barrels) in oil reserves and 2.6T cubic meters in nat gas reserves between 2008 and 2011, but China still imported ~58% of its oil and 30% of its natural gas in 2012.
- Related stocks: PTR, SNP, CEO.
Sep. 16, 2013, 2:24 PM
- Chinese state refiner Sinopec (SNP +1.2%) purchases a cargo of North Sea oil, FT reports, in a rare move into the European crude market that highlights the extent to which supply disruptions have left buyers scrambling to secure alternatives.
- Chinese buyers tend to avoid the North Sea market because of the costs and time involved in transporting the oil to China, but with tight supplies from places such as Libya, Nigeria and Iraq, the move appears part of wider buying by Chinese companies.
- Delegates to an industry conference in Singapore last week described a "feeding frenzy" with Asian refiners competing to secure supplies from traders and willing to pay high premiums to obtain cargoes.
- ETFs: BNO, UOIL, DOIL.
Sep. 10, 2013, 6:12 PM
- Noble Energy (NBL), Anadarko Petroleum (APC), Continental Resources (CLR) and EOG Resources (EOG) are the top energy picks at UBS, which says each company delivers above-average cash flow per share growth, deep inventories and attractive pricing.
- BG Group is “on the verge of delivering strong, accretive volume growth from Australia and Brazil," UBS says, and Total (TOT) has the most potential for earnings and share upgrades based on its high dividend yield and conservative expectations for the company.
- Lukoil (LUKOY.PK, LUKOF.PK) is the standout value play in Russia, China's Sinopec (SNP) offers attractive valuation and improving transparency, but Brazil’s Petrobras (PBR) is still too risky.
Sep. 3, 2013, 3:18 PM
- Saudi Aramco extends the deadline to Oct. 20 for companies to bid for construction of a clean fuels and aromatics project at its largest refinery in Ras Tanura, Reuters reports, part of an effort by Middle Eastern refiners to produce cleaner fuels for export markets.
- Aramco also is extending the date for bids to build a 2,400 MW power plant to supply electricity to its new 400K bbl/day refinery in Jizan, one of three refineries the state-run firm is building with help from Exxon (XOM), Sinopec (SNP) and Total (TOT).
- Ras Tanura also will help supply a new petrochemicals joint venture with Dow Chemical (DOW).
Sep. 3, 2013, 9:49 AM
- Apache (APA +0.2%) is upgraded to Buy from Neutral with a $100 target price (up from $90) at Mizuho, which says APA's sale of 33% of its Egyptian assets to Sinopec (SNP) is remarkable given the ongoing upheaval in the country.
- The firm sees the move as excellent for APA since it lowers exposure in a volatile region, brings in a solid partner and marks to market an asset for which the company received little credit.
- Even better, APA could convince SNP to take some of its Argentine assets off its hands, Canaccord analysts say in lifting APA's target price to $113 from $106.
- Johnson Rice also upgrades shares, to Overweight from Equal Weight.
Aug. 30, 2013, 3:48 PM
- Apache (APA +9.2%) may have "knocked it out of the park" with its sale of a third of its Egypt oil and gas assets to Sinopec (SNP -1.2%) for $3.1B (I, II), but the reaction toward SNP is more ambiguous.
- The deal, China's biggest investment in the Middle East to date, shows a continued global search for energy and resources to feed an economy growing at a 7%-plus annual rate and a higher tolerance for risk than its western counterparts; note that PetroChina (PTR) reportedly is in talks to acquire 25% of Exxon's (XOM) West Qurna-1 oilfield in Iraq.
- The deal also could provide a boost for other energy producers with significant operations in the region; Occidental Petroleum (OXY -0.2%) produces ~37% of its total output in the Middle East and North Africa, and is thought to be looking to sell all or part of those assets.
Aug. 30, 2013, 10:46 AM
- Apache's (APA +7.6%) ability to close the $3.1B sale to Sinopec (SNP -1.5%) for its Egypt assets at a surprisingly high price is impressive in light of the political turmoil in the region, Simmons analysts say.
- The deal implied a total Egypt asset value of $9.3B, higher than estimates of ~$7.7B, and it also came early, with expectations centering around a move in 2014, the firm says.
- Egypt likely accounts for 20% of APA's current production, 25% of its cash flow, "and a disproportionately larger share of investor concerns."
Aug. 30, 2013, 9:11 AM
- Apache's (APA) sale of a 33% stake in its Egypt business to Sinopec (SNP) for $3.1B is a "game-changer," Deutsche Bank says, as it increases the momentum of change at APA and obtains value for an asset the market was discounting.
- The deal rebalances the APA portfolio, with Egypt now comprising 15% of production vs. 20% in FY 2012.
- The firm "embraces" the restructuring at APA and believes "there is more to come."
- The lifting and de-risking of $3.1B of additional value from Egypt could see shares up $7-$8, DB says; APA +7.6% premarket.
Aug. 29, 2013, 11:10 PM
- Apache (APA) agrees to sell a 33% stake in its Egypt oil and gas business to Sinopec (SNP) for $3.1B.
- APA says the move continues its strategy of rebalancing its portfolio toward assets with predictable growth rates and attractive rates of return.
- Net production at APA's Egypt operations averaged 100K bbl/day of oil and 354M cf/day of natural gas in 2012; its assets are located in remote areas and have remained unaffected by political events in the region.
Aug. 29, 2013, 9:13 AM
- China's environmental watchdog takes the unusual step of suspending new projects at the country's two largest refining companies - China National Petroleum (PTR) and Sinopec (SNP) - after they missed pollution targets.
- SNP says while more than 120 of its facilities meet environmental requirements, it has made slow progress at certain subsidiaries; SNP says it has spent 22.9B yuan ($3.7B) on 800-plus environmental projects in the past three years.
- Even if the ban lasts six months, it won't have a major impact on China's immediate refinery expansion plans next year, says and analyst at ICIS C1 Energy.
Aug. 26, 2013, 11:08 AM
- Sinopec (SNP) says it has no firm plan to set up an oil service joint venture with Weatherford International (WFT), although it has been looking at the potential of entering tie-ups in that field.
- Chairman Fu Chengyu was speaking at SNP's interim results briefing; SNP posted a 22% rise in Q2 net profit, helped by better refining margins after China introduced measures to let domestic fuel prices follow the international market more closely.
Aug. 25, 2013, 5:19 PM| Comment!
There are no StockTalks on this stock yet.
SNP vs. ETF Alternatives
China Petroleum & Chemical Corp is engaged in the oil & gas and chemical operations & businesses, including exploration, development, production, refining, transportation, storage & marketing of crude oil & natural gas & production of chemicals.
Other News & PR