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Sinopec's (SNP) Earnings and Revenues Increase Y/Y in Q1

Zacks Equity Research
Updated

China Petroleum and Chemical Corporation SNP or Sinopec reported first-quarter 2017 earnings per ADR of U.S$1.98 compared with 81 U.S cents in the year-ago comparable quarter. Also, revenues surged 40.6% year over year to 582,185 million yuan.

Higher oil price realizations as well as improved refinery throughput led to the solid first-quarter results.

Price Performance in the First Quarter

During the first quarter, Sinopec shares outperformed the Zacks categorized Emerging Markets Integratedindustry. During the aforesaid period, the company’s shares gained 14.8% compared with only 4.1% improvement for the broader industry.

Operational Performance

Exploration and Production: During the three-month period ending Mar 31, 2017, Sinopec’s crude oil production decreased 9.2% year over year to 72.08 million barrels. However, natural gas volumes rose 12.8% year over year to 238.35 billion cubic feet over the same period. Domestic crude oil production declined 8.6% year over year to 60.67 million barrels. Overseas volumes were down 12.7% year over year to 11.41 million barrels. Total oil and gas production dipped 2.4% year over year to 111.93 million barrels of oil equivalent.    

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Realized oil price during the first quarter was U.S$49.09 per barrel, up more than 81% year over year. However, realized natural gas price fell 8.6% year over year to U.S$5 per thousand cubic feet.

Higher oil price realizations primarily resulted in the segment incurring a loss of 5.8 billion yuan, much narrower than the loss of 12.5 billion yuan in the year-ago quarter.

Refining: The Refining business recorded a 3.1% year-over-year improvement in refinery throughput to 58.95 million tons. Production of petroleum products increased 1.9% from the prior-year quarter to approximately 37.03 million tons. Improvements in this front led the business unit to report a profit of 16.8 billion yuan compared with 13.4 billion yuan in the January–March quarter of 2016.

Marketing and distribution:The segment recorded a profit of 9.2 billion yuan as against 7.7 billion yuan in the year-ago quarter. The improvement may be attributed to the unit selling 47.44 million tons of refined oil products, up 0.5% year over year.

Capital Expenditure

Capital expenditures for the January–March quarter of 2017 totaled 2.7 million yuan, down 50% year over year. Out of this, 1.5 billion yuan was spent on exploration and production. Sinopec spent 804 million yuan on the Refining segment, while the Chemical Business segment was allocated 225 million yuan. The company used 180 million yuan for the Marketing and Distribution segment. The company also spent 46 million yuan on its scientific research facilities and IT projects.

Zacks Rank

Currently, Sinopec sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.   

Other players from the energy sector that warrant a look include McDermott International Inc. MDR, W&T Offshore Inc. WTI and Bellatrix Exploration Ltd. BXE. McDermott and Bellatrix Exploration sport a Zacks Rank #1 (Strong Buy), while W&T Offshore carries a Zacks Rank #2 (Buy). 

McDermott beat the Zacks Consensus Estimate in each of the trailing four quarters with an average positive surprise of 387.50%.  

W&T Offshore had an average positive earnings surprise of 50.53% for the last four quarters.

Bellatrix Exploration surpassed the Zacks Consensus Estimate in three of the prior four quarters with an average positive earnings surprise of 58.54%.

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China Petroleum & Chemical Corporation (SNP): Free Stock Analysis Report
 
McDermott International, Inc. (MDR): Free Stock Analysis Report
 
Bellatrix Exploration Ltd (BXE): Free Stock Analysis Report
 
W&T Offshore, Inc. (WTI): Free Stock Analysis Report
 
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Zacks Investment Research