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China Petroleum & Chemical Corporation

5/24/2013, 3:17 AM ET

Quote & Headlines Market Currents StockTalk

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| Earnings
| Dividends
| M&A
| On the move

Wednesday, May 22, 8:36 AM Cleantech Solutions (CLNT) +22.2% premarket on news it has become a certified supplier of components to Sinopec (SNP) and China National Petroleum (PTR). As a certified supplier, CLNT is able to market its components to the subsidiary companies of Sinopec and CNPC throughout China, CEO Jianhua Wu says. Comment! [Energy, On the Move]
Friday, April 26, 6:57 AM China Petroleum & Chemical (SNP): Q1 Net profit of $2.7B (+25% Y/Y). Comment! [Earnings, Breaking News]
Thursday, April 25, 10:22 AM Sinopec's (SNP -0.4%) Q1 net profit jumped 25% Y/Y to 16.7B yuan ($2.7B) from 13.4B yuan, due to an improved refining business. SNP processed 58.7M metric tons of crude oil in the quarter, up 5.9% from 55.4M tons. The average selling price of its oil fell to $98.83/bbl from $106.10 a year earlier. Agrees to sell a 30% stake in an oil and gas block in Myanmar to Taiwan's CPC Corp. Comment! [Energy, Earnings, Global & FX]
Friday, April 19, 9:34 AM China's Sinopec (SNP +1.2%), Asia's biggest oil refiner, sold $3.5B in U.S. dollar bonds yesterday in Asia's biggest bond offering in a decade. Demand was strong, as investors submitted bids totaling more than 4x the debt on offer; SNP is attractive to Western investors partly because it's deemed a proxy for exposure to the world's second-largest economy. Comment! [Energy, Global & FX]
Tuesday, April 16, 6:28 PM Get used to slowing China growth, J.P. Morgan says in noting disappointing GDP data "underscore the challenge facing an economy burdened with overcapacity.” While Chinese stocks are cheap at 9.7x 2013 earnings, the weak data suggests earnings estimates might be too high. The firm thinks investors in China should stick with defensive stocks such as Sinopec (SNP) and China Unicom (CHU). Comment! [Global & FX, Quick Ideas]
Wednesday, April 10, 10:21 AM Staying away from headline-grabbing overseas M&A deals and instead taking over upstream oil and gas assets held by its parent is a wise strategy for Sinopec (SNP +0.3%), analysts say. “Unlike its peers, Sinopec appears insulated from overseas M&A risks. We view parent asset injection as a much safer way to increase shareholders’ value," Nomura says in lifting shares to Buy. Comment! [Energy, Global & FX, Quick Ideas]
Friday, April 5, 5:45 PM A recent report from Barclays highlights energy stock opportunities from around the world, with expectations running especially high for U.S. refiners such as VLO and TSO despite losses this week. U.S. E&P companies expected to do well are EOG, NBL and APC. CVX is cheaper than integrated rivals, and SU offers top risk-reward potential. In Asia, go-to names are PTR and SNP. 1 Comment [Energy, Global & FX, Quick Ideas]
Tuesday, March 26, 3:38 PM China will cut domestic prices for gasoline and diesel fuel by ~$50/metric ton effective Wednesday, a move that could hurt consumers and business if prices surge but could benefit refiners. The changes are a boon for China's major oil companies such as Sinopec (SNP +1.2%), which have long complained the old system artificially depressed their earnings. Comment! [Energy, Global & FX]
Tuesday, March 26, 8:54 AM Sinopec (SNP) and PetroSA, South Africa’s state-owned oil company, sign a framework agreement to build a crude refinery that’s set to be the country’s biggest. The 400K bbl/day plant would almost double South Africa’s current combined capacity of 497K barrels from four refineries. Comment! [Energy, Global & FX]
Monday, March 25, 4:03 AM Sinopec Corp (SNP) and parent company Sinopec Group are setting up a 50-50- joint venture that will acquire $3B worth of oil and assets owned by Sinopec Group, with Sinopec Corp's contribution $1.5B. The move is part of a long-awaited rebalancing the subsidiary toward the upstream and away from its unprofitable refining operations. Comment! [Energy]
Sunday, March 24, 3:43 AM China Petroleum & Chemical Corp. (SNP): 2012 net profit -13% to 63.9B yuan ($10.3B) vs consensus of 61.8B yuan. Operating loss for refining narrows 26% to 11.9B yuan. Oil and natural gas production +4.9% 428M. Comment! [Earnings, Energy]
Monday, March 11, 6:05 PM A closer look at China’s plans to unlock what could be the world’s biggest shale gas reserves shows shows 16 firms winning exploration rights in the latest auction had never drilled a gas well before. They have little idea about the costs, but they're "getting in early into what could be a huge market." It also offers the potential for lucrative contracts for specialist foreign firms such as SLB or HAL. 2 Comments [Energy, Global & FX]
Monday, February 25, 6:53 PM Chesapeake (CHK) owes at least a hat tip to Canada for its role in the $1B joint venture with Sinopec (SNP); the government's stamp of approval for Cnooc’s (CEO) $15B takeover of Nexen (NXY) surely "gave a green light for upstream investment” from China. Late today, Cnooc's contentious takeover closed after it was first announced seven months ago. 7 Comments [Energy, Global & FX]
Monday, February 25, 12:27 PM Chinese energy firms got good news yesterday when China hiked the price they’re allowed to charge for gasoline to account for a rise in the price of oil. The move means the companies, especially Sinopec (SNP), should continue to see profitable profit margins on gas refining, Citigroup says. The news isn’t helping China’s U.S.-traded energy stocks: SNP -0.1%, CEO -0.1%, PTR -0.5%. Comment! [Energy, Global & FX]
Monday, February 25, 10:37 AM Chesapeake (CHK -2.8%) is obviously a distressed seller, so that helps explain why the $1B Sinopec (SNP +0.6%) paid to get into its Mississippi Lime acreage is below expectations. But the Mississippi Lime hasn’t shown great results: "It seems that foreign investors have been less willing over the last few years to come in and pay a large amount for unproven acreage,” Wells Fargo’s David Tameron says. 2 Comments [Energy, On the Move]
Monday, February 25, 7:48 AM Chesapeake Energy (CHK) sells a 50% interest in its Mississippi Lime play to Sinopec (SNP) for $1.02B in cash. CHK -0.5% premarket. (PR) 1 Comment [Energy, On the Move]

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