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    386   CNE1000002Q2

CHINA PETROLEUM & CHEMICAL CORPORATION

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Delayed Hong Kong Stock Exchange  -  11:59 2022-08-15 pm EDT
3.570 HKD   -1.38%
08/15Sinopec, PetroChina, Chalco, Two Others to Delist From NYSE Amid New US Auditing Rules
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08/12CHINA PETROLEUM & CHEMICAL : 6-K With Two Documents - Form 6-K
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08/12Sinopec, PetroChina, Three Other Major Chinese Firms to Delist from NYSE
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Sinopec Taps Trillion Cubic Meter Shale-Gas Resource Reserve in China

07/04/2022 | 01:23am EDT

By Yongchang Chin


Chinese energy major China Petroleum & Chemical Corp., also known as Sinopec, has developed a trillion cubic meter shale-gas resource reserve after ramping up production at one of its gas wells, the company said Monday.

Sinopec said it has achieved a daily shale-gas production capacity of 530,000 cubic meters as of end-June at the 5,756-meter-deep Xinye Well-1 in Chongqing, China. This takes total output at the company's southeastern Sichuan basin--comprising Xinchang South, Dongxi, Dingshan and Lintanchang--to 1.193 trillion cubic meters.

This would be the company's second trillion cubic meter shale-gas resource reserve after its Fuling shale-gas field development, which will contribute to China's energy security, it said.

Sinopec said it will seek to continue with its exploration breakthroughs with its shale-gas resources in the area.


Write to Yongchang Chin at yongchang.chin@wsj.com


(END) Dow Jones Newswires

07-04-22 0122ET

Stocks mentioned in the article
ChangeLast1st jan.
CHINA PETROLEUM & CHEMICAL CORPORATION -1.38% 3.57 Delayed Quote.2.75%
CHINESE ENERGY HOLDINGS LIMITED 0.00% 0.45 Delayed Quote.-16.67%
All news about CHINA PETROLEUM & CHEMICAL CORPORATION
08/15Sinopec, PetroChina, Chalco, Two Others to Delist From NYSE Amid New US Auditing Rules
MT
08/12CHINA PETROLEUM & CHEMICAL : 6-K With Two Documents - Form 6-K
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08/12Sinopec, PetroChina, Three Other Major Chinese Firms to Delist from NYSE
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08/12SECTOR UPDATE : Energy Stocks Slip Pre-Bell Friday
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08/12China Petroleum & Chemical Plans to Delist ADSs From NYSE
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08/12China Petroleum & Chemical To Apply For Delisting From New York Stock Exchange
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08/12Five U.S.-Listed Chinese Companies Seek to Delist From NYSE
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07/29INEOS and SINOPEC sign three significant petrochemical deals with an aggregate value of..
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Financials
Sales 2022 3 189 B 471 B 471 B
Net income 2022 70 084 M 10 348 M 10 348 M
Net cash 2022 26 879 M 3 969 M 3 969 M
P/E ratio 2022 5,35x
Yield 2022 12,6%
Capitalization 475 B 70 193 M 70 193 M
EV / Sales 2022 0,14x
EV / Sales 2023 0,17x
Nbr of Employees 385 691
Free-Float 31,4%
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 3,13 CNY
Average target price 3,84 CNY
Spread / Average Target 22,6%
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Managers and Directors
Bao Cai Yu President & Executive Director
Dong Hua Shou Chief Financial Officer
Yong Sheng Ma Chairman
Shao Feng Zhang Chairman-Supervisory Board
Zizong Wang GM-Information & Digital Management Department
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