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.
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).
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.
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.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| China | 95% | 43 | State control, NOC dominance, limited foreign upstream access. |
| Overseas | 5% | 50 | diversified/unspecified exposure — universe-average proxy |
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| Asset | Location | Type | Notes |
|---|---|---|---|
| Shengli Oilfield | China | Onshore oil | Largest upstream asset, mature |
| Fuling / Sichuan shale gas | China | Shale gas | China's flagship shale gas development |
| Tahe (Tarim) | China | Onshore oil | Northwest oil production |
| Refining network | China | Downstream | World's largest refining capacity |
| Fuel retail (~30,000 stations) | China | Marketing | China's largest fuels retailer + Easy Joy convenience |
| Chemicals | China | Petrochemicals | Major ethylene/petrochemical producer |
| Gas pipelines/LNG | China | Gas midstream | Gas transmission & LNG terminals |
| Overseas upstream | Various | Upstream | Minor international E&P interests |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 1420 | 1450 | 1480 | 1450 | 1440 |
| Proved reserves (bnboe) | 3.20 | 3.10 | 3.00 | 2.95 | 2.80 |
| Revenue ($bn) | 380.0 | 461.0 | 446.0 | 426.0 | 388.8 |
| EBITDA ($bn) | 30.0 | 32.0 | 30.0 | 28.0 | 24.5 |
| Net income ($bn) | 10.0 | 9.2 | 8.4 | 7.0 | 4.5 |
| Free cash flow ($bn) | 12.0 | 8.0 | 10.0 | 9.0 | 2.1 |
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✓ FY2025 figures verified against primary sources:
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