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According to an announcement from the official website of Sinopec, the company's crude oil processing volume in 2006 was 146.3 million tons, which achieved a target production of 146 million tons, an increase of 4.56% over the previous year. The company's 2005 crude oil processing volume was 139.9 million tons. At the same time, Sinopec’s total domestic gasoline and diesel oil sales in 2006 reached 111.7 million tons, an increase of 6.81% from 2005’s 1.046 billion tons.
In this regard, Guotai Junan analyst Hou Jixiong told the Morning Post reporter on the 18th, this growth is basically in line with market expectations, but the growth rate of refined oil sales has declined. “Over the past few years, domestic sales of refined oil products have risen by more than 10%, but last year it was only over 6%. This may be related to high oil prices and consumer pressures. Usually high oil prices will inhibit the growth of refined oil consumption.â€
According to the announcement, Sinopec’s natural gas production increased significantly by 15.60% last year to 256.54 billion cubic feet, exceeding the target of 247.170 billion cubic feet. The company produced 221.92 billion cubic feet of natural gas in 2005. “This is a trend in recent years. Sinopec has been expanding its production of natural gas and has maintained rapid growth for several years.†Hou Jixiong said.
However, the announcement on the 18th also showed that Sinopec’s crude oil production in 2006 increased by more than 2.28% to 285.2 million barrels, failing to reach the target of 291.7 million barrels. The company produced 278.88 million barrels of crude oil in 2005.
An analyst from DBS Vickers said that Sinopec’s 2006 operating data is basically in line with market expectations. Affected by the continued decline in crude oil prices, large oil producers have reduced the use of high-cost wells, which has caused Sinopec and PetroChina (0857.HK) to reduce their oil production in the fourth quarter of 2006. The analyst said that Sinopec is the only oil company that has given him a Buy rating and the only oil company that can maintain growth in 2007. The reason is that the company has benefited from the turnaround of downstream business caused by the drop in crude oil price, so it maintains Sinopec’s Buy rating. As for the other two major oil giants, PetroChina and CNOOC, which are tied with Sinopec, he said that the share price of the latter two companies has reached a reasonable level, and its performance this year may be muted, because the possibility of unexpected growth of the two companies’ earnings is not likely. too. Sinopec received a government subsidy of 5 billion yuan at the end of last year to compensate for the lower price of domestic refined oil. However, the company said that because of the high cost of crude oil, government subsidies are not enough to make up for the operating losses of the refining business last year.
Sinopec crude oil production did not reach the target target
Sinopec, Asia’s largest refiner, announced its 2006 production and operation data on January 18. The company’s crude oil processing volume increased by 4.56% over the previous year; however, its crude oil production was only 285.2 million barrels, which did not reach the target of 297.1 million barrels. aims.