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Sinopec Group corporate report

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Report summary

Sinopec's greater exposure to downstream has seen it outperform during the oil price downturn.Sinopec Corp successfully de leveraged its balance sheet through a focus on cost reduction and portfolio management.But cost cutting has impacted growth prospects. Domestic oil output decline has accelerated and we expect total Group production will peak in 2017. Sinopec faces a tough balancing act over the next couple of years if it is to address the underlying weaknesses in its upstream business. Efforts to keep costs down will have to be weighed up against a need to address increasing portfolio maturity.

What's included

This report contains

  • Document

    Sinopec Group corporate report

    PDF 956.58 KB

  • Document

    Sinopec Group corporate report

    ZIP 1.81 MB

  • Document

    Sinopec Group Corporate Report.xls

    XLS 3.38 MB

Table of contents

  • Other Sinopec research
  • Executive summary
  • Strategy
  • Valuation
  • Financial health
  • Resources, reserves and production
  • Portfolio summary
  • Economic assumptions

Tables and charts

This report includes 27 images and tables including:

Images

  • Relative share price performance since 2015
  • Evolution of market premium/discount
  • Domestic asset NPV,10
  • Top international assets, NPV,10
  • Upstream Portfolio Analysis by country/province
  • Country distribution of assets with NPV, 10 < US$200 million
  • Sinopec Group: production by resource theme
  • Benchmark: production CAGR
  • Benchmark: net acreage in key deepwater exploration provinces
  • Benchmark: Chinese NOC M&A deal value
  • Cash flow breakevens evolution
  • Benchmark: upstream cash flow breakevens
  • Net debt outlook
  • Upstream cash flow outlook
  • Production Outlook
  • Reserves and resource detail
  • Benchmarking: reserves and resources detail
  • Benchmarking: reserves and resource life
  • Economic assumptions: Image 1
  • Economic assumptions: Image 2

Tables

  • Portfolio summary: Table 1
  • Executive summary: Table 1
  • Base price assumptions (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Value assumptions
  • Foreign exchange rate assumptions

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