Enerquill Advisory · Research Work with us
Screening universe › NOC / state › 0386.HK

Sinopec (0386.HK · HKEX / Shanghai)

NOC / state — HQ China. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.
Category NOC / stateRegion ChinaCEO Ma Yongsheng (Chairman)Jurisdiction risk Med (43)

Overview

World's largest oil refiner and China's biggest fuels retailer (~30,000 stations); upstream (Shengli oilfield, Sichuan/Fuling shale gas, Tahe) is a minority of earnings; plus a large chemicals business.

State-controlled (~68% Sinopec Group), a low-margin refining-heavy model, high dividend payout and low valuation. Flags: refining-dominated (not upstream-focused), domestic price regulation, state control.

Valuation snapshot (FY2025)

Market cap
$91.5bn
Enterprise value
$167bn
EV / EBITDA
6.8x
P / E
20.3x
FCF yield
2.3%
Dividend yield
5.3%
ROACE
5%
Debt / equity
64%
Net debt / EBITDA
2.2x
EV / reserves
$59.64/boe
EV / flowing
$116k/boe/d
Free cash flow
$2.1bn

Its EV/EBITDA of 6.8x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 2.3% is lower than the 6.5% median, and at $59.64/boe of proved reserves it is richer than the $13.51/boe median.

On a balanced screen across the universe, Sinopec scores 26/100, strongest on valuation (33/100). Sub-scores: value 33, quality 13, growth 23, risk 67 (higher = riskier).

Reserves & production

Sinopec holds approximately 2.8 billion boe of proved (1P) reserves with FY2025 production of about 1,440 thousand boe/d (54% liquids), a reserve life of roughly 5.3 years. Break-even: n/a (refining-led; upstream a minority) — Sinopec is the world's largest refiner; earnings are dominated by refining/marketing/chemicals, not upstream, so an upstream breakeven is not the key metric.

Net asset value (public-source)

For Sinopec, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

43 /100
Medium jurisdiction risk
Production-weighted average of the country scores below (0 = safest, 100 = riskiest).
Country / regionProd. shareCountry riskKey jurisdiction risk
China95%43State control, NOC dominance, limited foreign upstream access.
Overseas5%50diversified/unspecified exposure — universe-average proxy
How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

Need this for a live deal on 0386.HK?

Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.

Work with us →About Enerquill

Key assets & projects

AssetLocationTypeNotes
Shengli OilfieldChinaOnshore oilLargest upstream asset, mature
Fuling / Sichuan shale gasChinaShale gasChina's flagship shale gas development
Tahe (Tarim)ChinaOnshore oilNorthwest oil production
Refining networkChinaDownstreamWorld's largest refining capacity
Fuel retail (~30,000 stations)ChinaMarketingChina's largest fuels retailer + Easy Joy convenience
ChemicalsChinaPetrochemicalsMajor ethylene/petrochemical producer
Gas pipelines/LNGChinaGas midstreamGas transmission & LNG terminals
Overseas upstreamVariousUpstreamMinor international E&P interests

Five-year trend (FY2021–FY2025)

Metric20212022202320242025
Production (mboe/d)14201450148014501440
Proved reserves (bnboe)3.203.103.002.952.80
Revenue ($bn)380.0461.0446.0426.0388.8
EBITDA ($bn)30.032.030.028.024.5
Net income ($bn)10.09.28.47.04.5
Free cash flow ($bn)12.08.010.09.02.1

Get the 0386.HK one-page tearsheet (PDF)

Enter your email and we'll open a print-ready one-page tearsheet for Sinopec — and add you to the monthly oil & gas valuation screen.

Peer companies — NOC / state

2222 · Saudi Aramco0857.HK · PetroChina0883.HK · CNOOCPBR · PetrobrasEQNR · EquinorPKN · OrlenONGC · ONGCEC · EcopetrolPTT · PTT PCLYPF · YPFOQEP · OQ Exploration & ProductionOIL · Oil India

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare 0386.HK against 141 peers in the interactive screener

Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com