Company Report
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
-
Executive summary
- SWOT Analysis
- Organisational Structure
-
Strategy
- 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
-
Valuation
- Wood Mackenzie base case valuation metrics
- Investment
-
Production
- Wood Mackenzie base case production metrics
-
Reserves and resources
- Wood Mackenzie base case reserve and resource metrics
-
Economic assumptions
- 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:
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