Energy Transition | AI | Shifting World Order, Mint Finance

Suhas Reddy

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>Chevron’s Q2 revenue is set to dip 0.6% YoY, with EPS projected to drop 4.5% YoY on the back of lower refinery margins and natural gas prices.</li>
<li>Higher Brent crude prices and strong production may help Chevron partially offset Q2's challenges.</li>
<li>Unplanned downtime at two Australian LNG plants during Q2 raises concerns about a drop in production.</li>
</ul>


Chevron’s Q2 revenue is set to dip 0.6% YoY, with EPS projected to drop 4.5% YoY on the back of lower refinery margins and natural gas prices.
Higher Brent crude prices and strong production may help Chevron partially offset Q2's challenges.
Unplanned downtime at two Australian LNG plants during Q2 raises concerns about a drop in production.


[Earnings Preview] Weak Refining Margins and Gas Prices Dampen Chevron’s Q2 Earnings Outlook

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Chevron Corporation recorded a strong first quarter of 2024, delivering its ninth successive quarter with adjusted earnings exceeding $5 billion and a return of capital employed (ROCE) above 12%.</li><li>The company also posted a more than 10% growth in production compared to the same quarter last year.</li><li>Chevron returned $6 billion in cash to shareholders in Q1 2024, marking its eighth consecutive quarter of returning over $5 billion.</li></ul>

Chevron Corporation recorded a strong first quarter of 2024, delivering its ninth successive quarter with adjusted earnings exceeding $5 billion and a return of capital employed (ROCE) above 12%.The company also posted a more than 10% growth in production compared to the same quarter last year.Chevron returned $6 billion in cash to shareholders in Q1 2024, marking its eighth consecutive quarter of returning over $5 billion.

Chevron Corporation: Improving Productivity in the Permian Basin & 5 Pivotal Growth Drivers

Commodities

<ul>
<li>US crude inventories fell for the fourth straight week, with a 3.7 mb drawdown. Gasoline stocks dropped by 5.6 mb, the largest decline since March.</li>
<li>As of 19/Jul, US natural gas inventories were up 8.4% YoY and 16.4% above the 5-year seasonal average.</li>
<li>TotalEnergies’ Q2 revenue fell 5.2% YoY, missing estimates by 7.3%. EPS dropped 7.5% YoY and missed estimates by 7.2%.</li>
</ul>


US crude inventories fell for the fourth straight week, with a 3.7 mb drawdown. Gasoline stocks dropped by 5.6 mb, the largest decline since March.
As of 19/Jul, US natural gas inventories were up 8.4% YoY and 16.4% above the 5-year seasonal average.
TotalEnergies’ Q2 revenue fell 5.2% YoY, missing estimates by 7.3%. EPS dropped 7.5% YoY and missed estimates by 7.2%.


[ETP 30/2024] Oil Reels Under Macroeconomic Headwinds; Nat-Gas Sheds Gains to Oversupply Concerns

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.</li>
<li>We expect two regular changes during September. More interestingly, a couple of SP500 members are working on spin-offs which could trigger some high-impact deletions over the next few months.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.
We expect two regular changes during September. More interestingly, a couple of SP500 members are working on spin-offs which could trigger some high-impact deletions over the next few months.


Sep24 S&P500 Index Rebal - Two Changes Expected; $6bn One-Way Flow and Two Spinoffs?

<ul><li>Chevron announced another solid year of earnings for 2023, despite geopolitical turbulence and economic uncertainty.</li><li>The company delivered an adjusted Return on Capital Employed (ROCE) of 14% and returned a record $26 billion in cash to shareholders.</li><li>Moreover, Chevron's production reached a record high as the company continued to advance on reducing its carbon footprint.</li></ul>

Chevron announced another solid year of earnings for 2023, despite geopolitical turbulence and economic uncertainty.The company delivered an adjusted Return on Capital Employed (ROCE) of 14% and returned a record $26 billion in cash to shareholders.Moreover, Chevron's production reached a record high as the company continued to advance on reducing its carbon footprint.

Chevron Corporation: Expanding Horizons In Uruguay's Offshore Waters & 5 Major Developments - Key Drivers

United States

Chevron Corporation is an integrated energy company with operations in countries located around the world.  The Company produces and transports crude oil and natural gas.  Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.

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Chevron Corp (CVX US)

[Earnings Preview] Weak Refining Margins and Gas Prices Dampen Chevron’s Q2 Earnings Outlook

Chevron’s Q2 revenue and EPS expected to drop 0.6% and 4.5% YoY due to lower refining margins and natural gas prices, but its low-cost production...

Mint Finance

Chevron Corporation: Improving Productivity in the Permian Basin & 5 Pivotal Growth Drivers

Chevron Corporation recorded a strong first quarter of 2024, delivering its ninth successive quarter with adjusted earnings exceeding $5 billion...

Baptista Research

[ETP 30/2024] Oil Reels Under Macroeconomic Headwinds; Nat-Gas Sheds Gains to Oversupply Concerns

US crude inventories continue to decline, while gasoline stocks see largest drop since March. US natural gas inventories up YoY, TotalEnergies' Q2...

Mint Finance

Sep24 S&P500 Index Rebal - Two Changes Expected; $6bn One-Way Flow and Two Spinoffs?

The S&P500 index rebal is coming in about 7 weeks. There are about 5 weeks of data left to tally. We expect there are two changes, but there are...

Travis Lundy

Chevron Corporation: Expanding Horizons In Uruguay's Offshore Waters & 5 Major Developments - Key Drivers

Chevron announced another solid year of earnings for 2023, despite geopolitical turbulence and economic uncertainty. The company delivered an...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Earnings Preview] Weak Refining Margins and Gas Prices Dampen Chevron’s Q2 Earnings Outlook

Chevron’s Q2 revenue and EPS expected to drop 0.6% and 4.5% YoY due to lower refining margins and natural gas prices, but its low-cost production...

Mint Finance

Chevron Corporation: Improving Productivity in the Permian Basin & 5 Pivotal Growth Drivers

Chevron Corporation recorded a strong first quarter of 2024, delivering its ninth successive quarter with adjusted earnings exceeding $5 billion...

Baptista Research

[ETP 30/2024] Oil Reels Under Macroeconomic Headwinds; Nat-Gas Sheds Gains to Oversupply Concerns

​US crude inventories continue to decline, while gasoline stocks see largest drop since March. US natural gas inventories up YoY, TotalEnergies' Q2...

Mint Finance

Sep24 S&P500 Index Rebal - Two Changes Expected; $6bn One-Way Flow and Two Spinoffs?

The S&P500 index rebal is coming in about 7 weeks. There are about 5 weeks of data left to tally. We expect there are two changes, but there are...

Travis Lundy

Chevron Corporation: Expanding Horizons In Uruguay's Offshore Waters & 5 Major Developments - Key Drivers

Chevron announced another solid year of earnings for 2023, despite geopolitical turbulence and economic uncertainty. The company delivered an...

Baptista Research

US crude inventories continue to decline, while gasoline stocks see largest drop since March. US natural gas inventories up YoY, TotalEnergies' Q2...