Softer Upstream Output Revealed in Sinopec’s Preliminary Production Data
Sinopec’s preliminary operating statistics for 2016 reveal subdued upstream output but we keep our fair value estimate unchanged at HKD 5.50 (USD 71 per ADR) pending the release of additional details from the company’s 2016 results due out in March. While oil production fell generally as anticipated by 13% year over year, we found the uptick in natural gas output disappointing at just 4.3% year over year. We were expecting potentially stronger domestic natural gas sales given the increase in Chi...
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