S&P 500
7,226.20
+0.01%
Dow Jones
49,494.60
-0.62%
Nasdaq 100
27,685.40
+0.66%
Russell 2000
2,804.78
-0.02%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,260.50
-0.78%

Energy

Sinopec to Shuffle Assets (SNP, DVN, CEO)

Photo of Paul Ausick
By Paul Ausick Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

China Petroleum & Chemical Corp., known popularly as Sinopec (NYSE: SNP), has said that it will acquire all the overseas oil & gas assets of parent company China Petrochemical Corp., better known as Sinopec Group. Sinopec, which is China’s largest refining company, plans to become an integrated oil company through the acquisitions.

Even China’s largest refining company understands that the money in oil & gas is at the upstream end, not the downstream end of the value chain. Sinopec Group owns about 75% of Sinopec, as well as about $14 billion in overseas assets. Sinopec Group paid $2.5 billion to Devon Energy Corp. (NYSE: DVN) in 2010 for a stake in five of Devon’s fields.

The move should not be too surprising. Sinopec’s CEO, Fu Chengyu, was head of Cnooc Ltd. (NYSE: CEO), which aggressively sought overseas assets during his term.

Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for a673b.bigscoots-temp.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

Continue Reading

Paul Ausick |

Sinopec Profit Rises as Company Moves Upstream (SNP, CEO)

China Petroleum and Chemical Corp., commonly called Sinopec, (NYSE: SNP) reported a 2% profit gain for the 2011 fiscal year,…
Paul Ausick |

Another Piece of Chesapeake Going to China

ThinkstockChesapeake Energy Inc. (NYSE: CHK) parted with about $13 billion in assets last year in an effort to reduce the…
Jon C. Ogg |

China’s Oil Companies Could Help Slow Credit Demands (SNP, COP, CEO, PTR, BP)

Like oil refiners everywhere, China Petroleum and Chemical Co. (NYSE:SNP), better known as Sinopec, had a tough year in 2009.…
Jon C. Ogg |

China to Begin Serious Hunt for Shale Gas (SNP, PTR, CEO, RDS-A, CVX, BP, STO, HAL, SLB, BHI, NOV, DVN, CHK)

None of China’s three largest oil companies is having a particularly good year as far as refining profits go. China…
Paul Ausick |

China Loading Up with US Assets (DVN, SNP, NXY, CEO, CHK, CS, GS, C)

While M&A activity might be slower this year than it was last, there is one buyer that has picked up…
Paul Ausick |

Chesapeake Looking to China Buyer (CHK, SNP, CEO, DVN)

An asset sale to a Chinese buyer would not be a first for Chesapeake Energy Co. (NYSE: CHK), but if…
Paul Ausick |

Platts Ranks Top 250 Global Energy Companies

ThinkstockOil industry data and publishing firm Platts announced on Tuesday its annual list of the top 250 global energy companies.…
Paul Ausick |

China’s Big Oil Companies Battered by Low Crude Oil Prices

China’s big three oil companies have recently reported earnings that are significantly below expectations.
World’s Most Valuable Publicly Traded Oil Companies
Paul Ausick |

World’s Most Valuable Publicly Traded Oil Companies

[cnxvideo id=”655423″ placement=”ros”]The world consumed nearly 98.5 million barrels of oil every day in 2017. This year the U.S. Energy…

Top Gaining Stocks

Cboe Global Markets
CBOE • Vol: 1,568,143
New Pluto Global
PSKY • Vol: 12,285,993
Seagate Technology
STX • Vol: 7,378,346
Oracle
ORCL • Vol: 26,317,675
Datadog
DDOG • Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ • Vol: 4,367,433
Clorox
CLX • Vol: 13,260,523
Stryker
SYK • Vol: 4,519,455
Mohawk Industries
MHK • Vol: 1,859,865
Amgen
AMGN • Vol: 3,818,618