Welcome to our dedicated page for SNP news (Ticker: SNP), a resource for investors and traders seeking the latest updates and insights on SNP stock.
The news associated with Sinopec’s historical ticker SNP in the provided materials appears through its role as a major customer of Recon Technology, Ltd. Recon’s press releases repeatedly identify Sinopec as one of China’s largest oil exploration companies that receives oilfield automation technologies, gathering and transportation equipment, and reservoir stimulation measures from Recon.
News items from Recon describe how demand from large domestic oil companies affects its business performance. These companies include Sinopec and The China National Petroleum Corporation (CNPC). When Recon reports changes in revenue or margins in its oilfield services segments, the commentary often refers to the investment behavior and production intensity of such customers. As a result, Sinopec is indirectly present in discussions of oilfield automation, environmental protection services, and related equipment.
Readers following SNP-related context can use this news flow to see how Sinopec’s procurement and operating environment influence suppliers in the oilfield service chain. Recon’s announcements discuss revenue trends in automation products and software, equipment and accessories, and oilfield environmental protection, and they attribute some of these trends to the behavior of large oil exploration customers in China.
By monitoring these releases, investors and analysts can gain additional perspective on how Sinopec’s upstream activities may translate into demand for third-party technologies and services. This page therefore serves as a useful companion to Sinopec’s own disclosures, offering a view from the standpoint of an independent oilfield service provider that lists Sinopec as a key customer.
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On March 26, 2023, Sinopec Corp. (SNP) reported its 2022 financial results, revealing a revenue of RMB 3.32 trillion, a 21.1% increase from 2021. Profit attributable to shareholders was RMB 66.153 billion, with basic earnings per share at RMB 0.547. The company completed a share buyback program, advocating for fair valuation. Despite achieving a record domestic oil and gas production and significant operational results, challenges arose from fluctuating oil prices and weak domestic demand. Shareholder returns included a total profit distribution of RMB 46.9 billion, with a dividend payout ratio of 71%, leading to dividend yields of 9.1% for A-shares and 12.3% for H-shares.
Recon Technology, Ltd. (NASDAQ: RCON) reported a 16.3% decline in total revenue to RMB45.6 million ($6.6 million) for the first six months of fiscal 2023, compared to RMB54.4 million in 2021. Net losses increased to RMB29.9 million ($4.3 million), down from net income of RMB111.4 million ($17.5 million) in the prior year. Despite a decrease in gross profit by 9.5% to RMB13.1 million ($1.9 million), the gross margin improved from 26.7% to 28.8%. The company aims to tap into new markets and technologies, particularly in the plastics recycling sector, leveraging recent funding of approximately $8 million for expansion and R&D efforts.
Recon Technology, Ltd. (NASDAQ: RCON) has successfully closed a registered direct offering, raising approximately
On March 15, 2023, Recon Technology, Ltd. (NASDAQ: RCON) announced a securities purchase agreement with accredited investors to raise approximately $8 million through a registered direct offering. The agreement includes the sale of 10,002,500 Class A ordinary shares and warrants to purchase an equal number of shares. The pre-funded warrants will have an exercise price of $0.01 and the ordinary share warrants will be priced at $0.80, both exercisable immediately. The offering is set to close on or around March 17, 2023.
Recon Technology, Ltd (NASDAQ: RCON) announced plans to expand into the plastics chemical recycling industry, following its attendance at the 27th China Plastics Recycling Conference on February 28. This initiative aims to support a circular economy, addressing climate change and plastic pollution. The market potential for chemical recycling is vast, potentially worth hundreds of billions, making it a promising growth area. CEO Shenping Yin highlighted the increasing demand for recycled polymers and the necessity for sustainable practices. Recon's entry aligns with rising petroleum prices and aims to leverage its technical expertise for environmental benefit.
Sinopec Corp. reported a 22.6% increase in operating income to RMB 2.45 trillion for the nine months ending September 30, 2022. However, net profit decreased by 5.6% to RMB 57.284 billion, with basic earnings per share at RMB 0.473. Domestic crude oil production rose by 0.8% to 188 million barrels, and natural gas production increased by 4.1% to 913.81 billion cubic feet. The company faced challenges from high crude oil prices and a fluctuating market, leading to a 49.3% decline in cash flow from operating activities.
China Petroleum & Chemical Corporation (SNP) announced its decision to voluntarily delist its American depositary shares (ADSs) from the New York Stock Exchange (NYSE) on August 12, 2022. The board of directors cited the limited trading volume of ADSs and substantial administrative burdens as key reasons. The delisting application will be filed by August 29, 2022, with an expected effective date ten days later. Additionally, the company may seek to deregister its ADSs and underlying H Shares and terminate disclosure obligations in the future.
