| Sinopec (SNP) 1H15 Earnings Fall Y/Y on Lower Production | |
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China Petroleum and Chemical Corporation SNP or Sinopec reported first-half 2015 net income of 25.4 billion yuan ($4.14 billion), down 22.3% from the prior-year period. Earnings per share of 0.211 yuan declined 23.8% year over year. The downside mainly stemmed from a decrease in crude oil and gas production. Revenues fell 23.3% in the first half of 2015 to 1,040.36 billion yuan ($169.47 billion).
Operational Performance
During the six-month period ending Jun 30, 2015, Sinopec’s crude oil production decreased 2.14% year over year to 174.07 million barrels. Natural gas volumes fell 0.43% to 353.26 billion cubic feet in the same period. Domestic crude oil production declined 4.33% year over year to 147.47 million barrels, while overseas volumes increased 12.09% year over year to 26.60 million barrels.
Total oil and gas production dipped 1.71% to 232.95 million barrels of oil equivalent.
A sharp decline in international crude oil prices led to a decrease of 30.1 billion yuan in the Exploration and Production (E&P) segment’s operating profit from that in the previous year. The figure came in at a loss of 1.8 billion yuan ($0.2932 billion).
The company’s Refining business recorded refinery throughput of 118.89 million tons (up 2.7% year over year). It also produced approximately 74.75 million tons of oil products, which represents a 4.4% rise from the first half of 2014.
The Marketing and Distribution segment sold 92.97 million tons of refined oil products, which reflects a 5.34% year-over-year increase.
The output of ethylene from the Chemicals segment was 5.457 million tons, up 7.34% from the year-ago level.
Capital Expenditure
Capital expenditures for the first half of 2015 totaled 23.508 billion yuan. Out of this, 13.418 billion yuan was spent on exploration and production projects. Sinopec spent 3.187 billion yuan for the Refining segment, while the Chemical Business segment was allocated 2.519 billion yuan. The company had set aside 3.781 billion yuan for the Marketing and Distribution segment. The company also spent 603 million yuan on its scientific research facilities and IT projects.
Zacks Rank
Sinopec currently has a Zacks Rank #4 (Sell). Some better-ranked stocks from the same space are Alon USA Partners, LP ALDW, BraskemS.A. BAK and Renewable Energy Group, Inc. REGI. All these stocks sport a Zacks Rank #1 (Strong Buy).
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China Petroleum & Chemical is a oil exploration company based in China. China Petroleum & Chemical is listed in United States of America. Its market capitalisation is US$ 50.7 billions as of today (€ 52.0 billions). Its stock quote reached its lowest recent point on September 21, 2001 at US$ 10.05, and its highest recent level on May 16, 2008 at US$ 99.92. China Petroleum & Chemical has 1 210 710 016 shares outstanding. |