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Company Description

Contact Info

No. 22 Chaoyangmen North Street

Chaoyang District

Beijing, 100728

China

Phone: 86 10 5996 0114

Fax: 86 10 5976 0111

China Petroleum & Chemical Corporation engages in petroleum and petrochemical businesses in China and internationally. The company’s businesses include exploration for, development, production, and marketing of crude oil and natural gas; the refining of crude oil and marketing and distribution of refined petroleum products, including transportation, storage, trading, import and export of petroleum products; and the production and sales of petrochemical products. The company is a subsidiary of China Petrochemical Corporation. As of December 31, 2015, the company held 202 production licenses in China, with an aggregate acreage of 25,748 square kilometers and with terms ranging from 10 to 80 years. As of December 31, 2015, the company held 269 exploration licenses in China for various blocks in which it engaged in exploration activities, with an aggregate acreage of approximately 857,421 square kilometers and with the maximum term of 7 years. As of December 31, 2015, the company’s overseas subsidiary held two production licenses, with an aggregate acreage of 323 square kilometers. Its overseas equity-accounted investments held 72 production licenses, with an aggregate acreage of 4,660 square kilometers, and 5 exploration and licenses. Properties The company operates 12 oil and gas production fields in China, each of which consists of many oil and gas producing fields and blocks. Shengli production field is the company’s primary crude oil production field. It consists of 73 producing blocks of various sizes extending approximately an area of 2,549 square kilometers in northern Shandong province, all of which are its net developed acreage. Most of Shengli’s blocks are located in the Jiyang trough with various oil producing layers. In 2015, Shengli production field produced 192 million barrels of crude oil and 16.12 billion cubic feet of natural gas, with an average daily production of 535 thousand barrels-of-oil equivalent (BOE). As of December 31, 2015, the total acreage of the company’s oil and gas producing fields and blocks in China was 10,829 square kilometers, including 8,267 square kilometers of developed acreage, all of which were net developed acreage; and 2,562 square kilometers of gross undeveloped acreage, all of which were net undeveloped acreage. As of December 31, 2015, the total acreage of the company’s oil and gas producing fields and blocks of its overseas subsidiary was 323 square kilometers, including 169 square kilometers of developed acreage, of which 30 square kilometers were net developed acreage; and 153 square kilometers of gross undeveloped acreage, of which 8 square kilometers were net undeveloped acreage. As of December 31, 2015, the total acreage of the company’s oil and gas producing fields and blocks of its overseas equity-accounted investments was 1,737 square kilometers, including 1,624 square kilometers of developed acreage, of which 1,484 square kilometers were net developed acreage; and 113 square kilometers of gross undeveloped acreage, of which 113 square kilometers were net undeveloped acreage. Oil and Natural Gas Reserves As of December 31, 2015, the company’s estimated proved reserves of crude oil and natural gas in China were 3,160.3 million BOE (including 1,901.9 million barrels of crude oil and 7,550.7 billion cubic feet of natural gas), and its estimated proved reserves of crude oil and natural gas outside of China, which included a share of the estimated proved reserves of its equity-accounted investments, were 344.2 million BOE. During 2015, a total of 1,092 wells were drilled by the company in China and 150 wells were drilled internationally. Refining In 2015, the company’s refinery throughputs were approximately 236 million tonnes. It produces a range of refined petroleum products. Refining Facilities: The company operates 34 refineries in China. As of December 31, 2015, the company’s total primary distillation capacity of crude oil was 293.20 million tonnes per annum. In 2015, the company’s primary distillation capacity of crude oil increased by 0.80 million tonnes per annum. In addition, in 2015, its hydrofining capacity increased by 3.9

 

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Valuation SNPMF Industry Range
Price/Earnings 16.8x
Price/Sales 0.3x
Price/Book 0.9x
Price/Cash Flow 3.4x
TEV/Sales 0.0x
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