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China Petroleum and Chemical Corporation or Sinopec reported 2016 earnings per ADR of 99 cents. The company had posted earnings per ADR of 69 cents in 2015.
Revenues declined 4.4% year over year to 1,930 trillion yuan ($277.86 billion) due to lower oil and gas production.
Operational Performance
During the twelve-month period ending Dec 31, 2016, Sinopec’s crude oil production decreased 13.1% year over year to 303.51 million barrels. Natural gas volumes rose 4.3% year over year to 766.12 billion cubic feet over the same period. Domestic crude oil production declined 14.6% year over year to 253.15 million barrels, while overseas volumes were down 5.2% year over year to 50.36 million barrels. Total oil and gas production dipped 8.6% year over year to 431.29 million barrels of oil equivalent.
The company’s Refining business recorded a 0.4% year-over-year decline in refinery throughput to 235.53 million tons. Production of petroleum products decreased 0.7% from 2015 to approximately 38.54 million tons.
The Marketing and Distribution segment sold 194.84 million tons of refined oil products, up 2.9% year over year.
China Petroleum & Chemical Corporation Price, Consensus and EPS Surprise
Capital expenditures for 2016 totaled 76.456 billion yuan, down 32.1% year over year. Out of this, 32.187 billion yuan was spent on exploration and production. Sinopec spent 14.347 billion yuan on the Refining segment, while the Chemical Business segment was allocated 8.849 billion yuan. The company used 18.493 billion yuan for the Marketing and Distribution segment. The company also spent 2.58 billion yuan on its scientific research facilities and IT projects.
Zacks Rank
Currently, Sinopec carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Energy Transfer Equity, L.P. , Crescent Point Energy Corp. (CPG - Free Report) and Cenovus Energy Inc. (CVE - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Energy Transfer Equity posted a negative earnings surprise of 16.00% in the preceding quarter. It had an average negative earnings surprise of 9.62% in the four trailing quarters.
Crescent Point Energy posted a positive earnings surprise of 244.44% in the preceding quarter. It beat estimates in all the four trailing quarters with an average positive earnings surprise of 127.16%.
Cenovus Energy posted a positive earnings surprise of 583.33% in the preceding quarter. It beat estimates in two of the four trailing quarters with an average positive earnings surprise of 74.89%.
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In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017? Who wouldn't? Last year's market-beating Top 10 portfolio produced 5 double-digit winners. For example, oil and natural gas giant Pioneer Natural Resources and First Republic Bank racked up stellar gains of +44.9% and +44.3% respectively. Now a brand-new list for 2017 has been hand-picked from 4,400 companies covered by the Zacks Rank. See the 2017 Top 10 right now>>
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Sinopec's (SNP) 2016 Earnings Grow, Revenues Decrease Y/Y
China Petroleum and Chemical Corporation or Sinopec reported 2016 earnings per ADR of 99 cents. The company had posted earnings per ADR of 69 cents in 2015.
Revenues declined 4.4% year over year to 1,930 trillion yuan ($277.86 billion) due to lower oil and gas production.
Operational Performance
During the twelve-month period ending Dec 31, 2016, Sinopec’s crude oil production decreased 13.1% year over year to 303.51 million barrels. Natural gas volumes rose 4.3% year over year to 766.12 billion cubic feet over the same period. Domestic crude oil production declined 14.6% year over year to 253.15 million barrels, while overseas volumes were down 5.2% year over year to 50.36 million barrels. Total oil and gas production dipped 8.6% year over year to 431.29 million barrels of oil equivalent.
The company’s Refining business recorded a 0.4% year-over-year decline in refinery throughput to 235.53 million tons. Production of petroleum products decreased 0.7% from 2015 to approximately 38.54 million tons.
The Marketing and Distribution segment sold 194.84 million tons of refined oil products, up 2.9% year over year.
China Petroleum & Chemical Corporation Price, Consensus and EPS Surprise
China Petroleum & Chemical Corporation Price, Consensus and EPS Surprise | China Petroleum & Chemical Corporation Quote
Capital Expenditure
Capital expenditures for 2016 totaled 76.456 billion yuan, down 32.1% year over year. Out of this, 32.187 billion yuan was spent on exploration and production. Sinopec spent 14.347 billion yuan on the Refining segment, while the Chemical Business segment was allocated 8.849 billion yuan. The company used 18.493 billion yuan for the Marketing and Distribution segment. The company also spent 2.58 billion yuan on its scientific research facilities and IT projects.
Zacks Rank
Currently, Sinopec carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Energy Transfer Equity, L.P. , Crescent Point Energy Corp. (CPG - Free Report) and Cenovus Energy Inc. (CVE - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Energy Transfer Equity posted a negative earnings surprise of 16.00% in the preceding quarter. It had an average negative earnings surprise of 9.62% in the four trailing quarters.
Crescent Point Energy posted a positive earnings surprise of 244.44% in the preceding quarter. It beat estimates in all the four trailing quarters with an average positive earnings surprise of 127.16%.
Cenovus Energy posted a positive earnings surprise of 583.33% in the preceding quarter. It beat estimates in two of the four trailing quarters with an average positive earnings surprise of 74.89%.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017? Who wouldn't? Last year's market-beating Top 10 portfolio produced 5 double-digit winners. For example, oil and natural gas giant Pioneer Natural Resources and First Republic Bank racked up stellar gains of +44.9% and +44.3% respectively. Now a brand-new list for 2017 has been hand-picked from 4,400 companies covered by the Zacks Rank. See the 2017 Top 10 right now>>