Sinopec Posts Surprise Upstream Profit but Things May Normalize, our FVE Up Slightly
China Petroleum & Chemical Corp, or Sinopec, posted first-quarter 2019 net profit of CNY 15.5 billion that is slightly better than we expected, driven by an unexpected rebound to profit in its upstream exploration and production, or E&P, segment. Given management guidance that sharply lower selling, general and administrative, or SGA, expenses will normalize, we are, however, not changing the bulk of our assumptions. The only change we make is to raise our average oil prices for 2019 and...
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