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2015-08-26 18:20:00

SINOPEC DOWN 22%

SINOPEC DOWN 22%

China Petroleum & Chemical Corp., Asia's biggest oil refiner, posted a 22 percent decline in profit for the first half of the year as the slump in prices outweighed the benefit of cheaper crude to its refining business.

Net income dropped to 25.4 billion yuan ($4 billion), or 0.21 yuan a share, from 32.5 billion yuan, or 0.28 yuan, a year earlier, the Beijing-based company, known as Sinopec, said in a statement to the Hong Kong stock exchange Wednesday.

Sinopec sought to counter the fall in crude by increasing oil refining, which along with marketing accounted for half of the company's revenue last year. Refinery runs rose 2.7 percent to almost 119 million tons, while upstream output dropped 1.8 percent from a year earlier to about 233 million barrels of oil equivalent, the company said last month.

Brent, benchmark for half the world's crude, averaged about $59 a barrel in the first half of the year, down 45 percent from the same period in 2014. Sinopec's

"Upstream performance remains an area of concern with declining domestic oil and gas production," Neil Beveridge, an analyst at Sanford C. Bernstein & Co. in Hong Kong, said before the earnings. "Sinopec will benefit from a substantially better downstream performance as a result of lower feedstock prices" for the rest of the year, he said.

bloomberg.com

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More: 

CHINA'S OIL PRODUCTION UP 

CHINA'S OIL PURGE 

SINOPEC PRESIDENT DETAINED 

CNPC & SINOPEC DENIES 

SINOPEC WOULD CUT 

SINOPEC USE $17.5 BLN 

EAST CHINA SEA DISPUTE 

SINOPEC SELLS $17.5 BLN

 

Tags: OIL, PRICES, SINOPEC, CHINA

Chronicle:

SINOPEC DOWN 22%
October, 20, 12:10:00

NORWAY'S PRODUCTION DOWN 171 TBD

NPD - Preliminary production figures for September 2017 show an average daily production of 1 772 000 barrels of oil, NGL and condensate, which is a decrease of 171 000 barrels per day compared to August.

SINOPEC DOWN 22%
October, 20, 12:05:00

ЦЕНА URALS: $ $55,55881

Средняя цена на нефть Urals за период мониторинга с 15 сентября по 14 октября 2017 года составила $55,55881 за баррель, или $405,6 за тонну.

SINOPEC DOWN 22%
October, 18, 19:10:00

OIL PRICE: ABOVE $58

Brent crude futures, the international benchmark for oil prices, were at $58.16 at 0643 GMT, up 28 cents, or 0.5 percent from their last close - and almost a third above mid-year levels. U.S. West Texas Intermediate (WTI) crude futures were at $52.03 per barrel, up 15 cents, or 0.3 percent, and almost a quarter above mid-June levels.

SINOPEC DOWN 22%
October, 18, 19:05:00

РОССИЯ: БОЛЬШЕ НЕФТИ И ГАЗА

Александр Новак отметил рост основных показателей всех отраслей энергетики в прошлом году: «Мы имеем рекордные показатели за прошлый год по добыче нефти, угля. Идёт рост добычи и экспорту газа, в том числе в Европу на уровне 15 процентов. По углю мы наблюдаем рост добычи даже больше уровня прошлого рекордного года. Также отмечается рост производства электроэнергии на 2%, что говорит об оживлении экономики».

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