The Chinese oil major China Petroleum & Chemical Corp. (commonly known as Sinopec) (SNP) is well positioned to withstand weak oil prices. The company pumps more than a million barrels of oil equivalents per day, but its strength lies in its vast oil refining, petrochemical manufacturing, and oil marketing and distribution businesses. It also offers an attractive dividend yield and the payouts are backed by strong levels of cash flows. The company also has a rock solid balance sheet. Sinopec, however, is facing some headwinds which may drag the stock in the short