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Sinopec Group corporate report

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26 December 2018

Sinopec Group corporate report

Report summary

Sinopec's greater exposure to downstream saw it outperform through the oil price downturn. Sinopec Corp successfully de-leveraged its balance sheet through a focus on cost reduction and portfolio management. Sinopec is now in a better position to address underlying strategic challenges. And there are plenty of issues to address, including a maturing upstream portfolio, a scattered international portfolio and a slow-down in domestic refining and marketing growth.  

Table of contents

  • Other Sinopec research
    • SWOT Analysis
    • Organisational Structure
    • Overview
    • Financial framework
    • Upstream
      • Current Strategic position
      • Strategic priorities and opportunities
        • 1. Maximising the potential of the domestic business
        • 2. Gas procurement
        • 4. The longer-term outlook requires a new phase of business development
    • Wood Mackenzie base case valuation metrics
  • Investment
    • Wood Mackenzie base case production metrics
    • Wood Mackenzie base case reserve and resource metrics
    • Economic assumptions

Tables and charts

This report includes 46 images and tables including:

  • Forecast development
  • Forecast operating expenditure (nominal)
  • Reported and unit development costs (SNP Corp)
  • New project returns)
  • Executive summary: Table 1
  • Relative share price performance (SNP Corp)
  • Sinopec Corp: WM valuation vs enterprise value
  • Net cash outlook (Sinopec Corp)
  • Upstream cash flow outlook (Sinopec Group)
  • Base case upstream NPV10
  • Current NPV10 vs. future NPV10
  • Upstream EV vs Upstream NPV10 (SNP Corp)
  • Upstream portfolio sensitivities vs Upstream EV
  • Reported and WM forecast production
  • Liquids vs. Gas
  • Liquid production
  • Gas production
  • Total reserves: Wood Mackenzie commerical
  • Total reserves: reported vs Wood Mackenzie (SNP Corp)
  • Total reserves: reported vs Wood Mackenzie
  • Reserve life: reported vs Wood Mackenzie
  • Base price assumptions (nominal terms)
  • Economic assumptions: Image 1
  • Base, high, and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Value assumptions
  • Foreign exchange rate assumptions
  • Strategic fit of upstream regions
  • Benchmarking: production CAGR
  • Sinopec Group: production by resource theme
  • Domestic asset NPV,10 (SNP Corp)
  • Domestic production
  • Sinopec Group/Corp LNG related interests
  • International asset NPV,10
  • Non core country NPV,10
  • Benchmark: net acreage in key deepwater exploration provinces
  • Benchmark: Chinese NOC M&A deal value
  • Sinopec Corp: reported earnings by segment
  • Benchmark: historic downstream ROACE
  • Strategy: Table 1
  • Strategy: Table 2
  • Sinopec Corp: evolution of marketing sites
  • Sinopec Corp: marketing profit
  • China ethylene producer share 2018
  • China ethylene producer share 2021

What's included

This report contains:

  • Document

    Sinopec Group corporate report

    PDF 1.76 MB

  • Document

    Sinopec Group corporate report

    ZIP 2.52 MB

  • Document

    Sinopec Group Corporate Report.xlsx

    XLSX 1.25 MB

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