China Petroleum and Chemical Corporation
) , also known as Sinopec, reported first quarter 2013 net income
of 15.834 billion yuan (US$2.52 billion), up 23.4% from the
prior-year quarter. Earnings per share of 0.178 yuan ($2.83 per
ADS) jumped 21.1% year over year, as per the Chinese reporting
standards. The growth was mainly backed by higher oil and gas
production as well as improved refinery throughput.
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Revenues in the first quarter improved 3.6% to 695.6 billion yuan
from 671.4 billion in the prior year.
During the quarter ended Mar 31, 2013, Sinopec's crude oil
production grew 0.8% year over year to 82.2 million barrels,
while natural gas volumes surged 14.0% to 163.2 billion cubic
feet. Domestic crude oil production increased 0.6% year over year
to 76.2 million barrels, while overseas volumes increased 3.5%
year over year to 6.0 million barrels.
Total oil and gas production expanded 3.8% to 109.4 million
barrels of oil equivalent.
The average realized crude oil prices were $98.83 per barrel,
down from $106.1 per barrel in the prior-year quarter. Average
realized natural gas price was $5.86 per thousand cubic feet
compared with $5.64 per thousand cubic feet in the first quarter
The company's Refining business recorded refinery throughput of
58.7 million tons (up nearly 6% year over year). It also produced
approximately 35.3 million tons of oil products, representing a
7.4% improvement from the year-ago quarter.
The Marketing and Distribution segment sold 42.2 million tons of
refined oil products, reflecting a 1.9% year-over-year increase.
The output of ethylene from the Chemicals segment was 2.442
million tons, down 0.5% from the year-ago level.
Capital expenditures for the quarter totaled 21.535 billion yuan,
of which 9.416 billion yuan was spent on exploration and
production projects. In the Refining segment, Sinopec spent 2.837
billion yuan, while the chemical business and marketing and
distribution segment were allocated 277 billion yuan and 6.396
billion yuan, respectively. The company also spent 609 million
yuan for the company's scientific research facilities and IT
Sinopec currently retains a Zacks Rank #3 (Hold). However, there
are certain Zacks Ranked #1 stocks -
Harvest Natural Resources, Inc.
Lehigh Gas Partners LP
EPL Oil & Gas, Inc.
) - that appear more rewarding in the short term.