Sinopec Group corporate report
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Report summary
Sinopec's greater exposure to downstream has seen it outperform since 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 increased spending in 2017 indicates that the retrenchment of the last few years is in the past. Rationalisation will be increasingly balanced by new business development that builds materiality in growth parts of the business. Action is needed to addresses the increasing maturity of the domestic oil business and an overly diverse international portfolio.
Table of contents
- Other Sinopec research
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Executive summary
- SWOT Analysis
- Organisational Structure
-
Strategy
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Overview
- Valuation dominated by domestic downstream exposure
- Strategic position
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Strategic priorities and opportunities
- 1. Maximising the potential of the domestic business
- 2. International portfolio repositioning
- 3. The longer-term outlook requires a new phase of business development
- 4. Transformed finances could support a renewed push on growth
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Overview
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Valuation
- Wood Mackenzie base case valuation metrics
- Investment
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Production
- Wood Mackenzie base case production metrics
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Reserves and resources
- Wood Mackenzie base case reserve and resource metrics
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Global upstream portfolio
- Summary
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China
- Outlook
- Upside
- Downside
- Timeline
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Oceania and other Asia
- Outlook
- Upside
- Downside
- Timeline
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Africa
- Outlook
- Upside
- Downside
- Timeline
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Russia and the Caspian
- Outlook
- Upside
- Downside
- Timeline
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Middle East
- Outlook
- Upside
- Downside
- Timeline
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Latin America and the Caribbean
- Future focus
- Upside
- Downside
- Timeline
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Europe
- Outlook
- Upsides
- Downside
- Timeline
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North America
- Outlook
- Upside
- Downside
- Timeline
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Economic assumptions
- Economic assumptions
Tables and charts
This report includes 40 images and tables including:
- Forecast development
- Forecast operating expenditure (nominal)
- Reported and unit development costs (SNP Corp)
- New project returns)
- Executive summary: Table 1
- Strategic fit of upstream regions
- Benchmarking: production CAGR
- Sinopec Group: production by resource theme
- 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
- Global footprint
- Top upstream assets by value
- Top assets by value
- 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
- Relative share price performance 2017 (SNP Corp)
- Breakdown of reported earnings (SNP Corp)
- Domestic asset NPV, 10 (SNP Corp)
- Domestic production
- International asset NPV,10
- Country distribution of assets with NPV, 10 < US$200 million
- Benchmark: net acreage in key deepwater exploration provinces
- Benchmark: Chinese NOC M&A deal value
- Net debt outlook (Sinopec Corp)
- Upstream asset cash flow outlook
What's included
This report contains:
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