Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

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>Occidental will report Q3 earnings after market hours on 12/Nov, with revenue projected to rise 4.8% QoQ but EPS to decline 27.2% reflecting weaker refining margins.</li>
<li>Occidental’s OI PCR at 0.74 signals neutral sentiment, with a 99% IV percentile indicating high volatility. Its OI on 12/Nov was 4.4% higher than its 30-day average.</li>
<li>Occidental's short interest declined in October, reaching 33.75 million shares (6.93% of float) on 15/Oct, a decrease of 0.1% from 30/Sep but a 2.4% rise from 15/Jul.</li>
</ul>


Occidental will report Q3 earnings after market hours on 12/Nov, with revenue projected to rise 4.8% QoQ but EPS to decline 27.2% reflecting weaker refining margins.
Occidental’s OI PCR at 0.74 signals neutral sentiment, with a 99% IV percentile indicating high volatility. Its OI on 12/Nov was 4.4% higher than its 30-day average.
Occidental's short interest declined in October, reaching 33.75 million shares (6.93% of float) on 15/Oct, a decrease of 0.1% from 30/Sep but a 2.4% rise from 15/Jul.


[Pre Earnings Options Flash] Occidental’s OI PCR Shows Neutral Tone Amid High IV Before Earnings

<ul>
<li>Occidental's revenue is projected to grow 4.8% QoQ but dip 0.1% YoY, while EPS may drop 27.2% QoQ and 36.4% YoY due to lower realised prices.</li>
<li>Occidental's average realised worldwide oil price is expected at USD 75.3/b, down 6.7% YoY and 5.7% QoQ, largely due to an 8.1% YoY and 6.2% QoQ decline in US prices.</li>
<li>Occidental has committed to reducing at least USD 4.5 billion in debt within 12 months of acquiring CrownRock, having already cut nearly USD 3.8 billion, nearing 85% of its target.</li>
</ul>


Occidental's revenue is projected to grow 4.8% QoQ but dip 0.1% YoY, while EPS may drop 27.2% QoQ and 36.4% YoY due to lower realised prices.
Occidental's average realised worldwide oil price is expected at USD 75.3/b, down 6.7% YoY and 5.7% QoQ, largely due to an 8.1% YoY and 6.2% QoQ decline in US prices.
Occidental has committed to reducing at least USD 4.5 billion in debt within 12 months of acquiring CrownRock, having already cut nearly USD 3.8 billion, nearing 85% of its target.


[Earnings Preview] Occidental's Q3 Profitability Expected to Contract Due to Declining Oil Prices

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>Occidental Petroleum Corporation exhibited strong execution and financial health in its Second Quarter 2024 earnings, marking numerous operational and strategic accomplishments that further consolidate its market position.</li><li>The company reported its highest quarterly production in four years, both for the total company and U.S. onshore operations, significantly surpassing production guidance with a generation of $1.3 billion in free cash flow before working capital adjustments.</li><li>This performance was mainly driven by remarkable execution across business segments, particularly in the Permian region, including new well performances and production uptime, as well as a robust showing in the Gulf of Mexico.</li></ul>

Occidental Petroleum Corporation exhibited strong execution and financial health in its Second Quarter 2024 earnings, marking numerous operational and strategic accomplishments that further consolidate its market position.The company reported its highest quarterly production in four years, both for the total company and U.S. onshore operations, significantly surpassing production guidance with a generation of $1.3 billion in free cash flow before working capital adjustments.This performance was mainly driven by remarkable execution across business segments, particularly in the Permian region, including new well performances and production uptime, as well as a robust showing in the Gulf of Mexico.

Occidental Petroleum Corporation: Will The CrownRock Acquisition Be A Game Changer? - Major Drivers

Commodities

<ul>
<li>For the week ending 15/Nov, US crude inventories rose by 0.5m barrels, exceeding expectations of a 0.4m barrel increase. Gasoline stocks exceeded estimates, while distillates declined less than expected.</li>
<li>US natural gas inventories fell by 3 Bcf for the week ending 15/Nov, contrasting analyst expectations of a 2 Bcf buildup. Inventories are 6.4% above the 5-year seasonal average.</li>
<li>TD Cowen raised its PT on Exxon, while Morgan Stanely lowered its PT on Halliburton. Aramco and Sinopec began the construction of a refining and petrochemical complex in China.</li>
</ul>


For the week ending 15/Nov, US crude inventories rose by 0.5m barrels, exceeding expectations of a 0.4m barrel increase. Gasoline stocks exceeded estimates, while distillates declined less than expected.
US natural gas inventories fell by 3 Bcf for the week ending 15/Nov, contrasting analyst expectations of a 2 Bcf buildup. Inventories are 6.4% above the 5-year seasonal average.
TD Cowen raised its PT on Exxon, while Morgan Stanely lowered its PT on Halliburton. Aramco and Sinopec began the construction of a refining and petrochemical complex in China.


[ETP 2024/47] WTI Rises on Ukraine-Russia Tensions; Henry Hub Jumps on Cold Weather Forecasts

<ul>
<li>Occidental’s Q2 revenue grew 1.7% YoY but missed estimates by 1.7%. Net profit surged by 34.9% YoY and beat estimates by 32.5%.</li>
<li>Total production rose by 3.3% YoY led by robust growth in the Permian and Gulf of Mexico. Production touched its highest in four years.</li>
<li>Average crude oil realisations rose 8.6% YoY, and natural gas increased by 11.3%, while domestic gas realisations fell sharply by 60.3% YoY.</li>
</ul>


Occidental’s Q2 revenue grew 1.7% YoY but missed estimates by 1.7%. Net profit surged by 34.9% YoY and beat estimates by 32.5%.
Total production rose by 3.3% YoY led by robust growth in the Permian and Gulf of Mexico. Production touched its highest in four years.
Average crude oil realisations rose 8.6% YoY, and natural gas increased by 11.3%, while domestic gas realisations fell sharply by 60.3% YoY.


[Earnings Review] Occidental Beats Q2 Estimates with Boosted Output and Stronger Realisations

United States

Occidental Petroleum Corporation explores for, develops, produces, and markets crude oil and natural gas.  The Company also manufactures and markets a variety of basic chemicals, vinyls and performance chemicals. Occidental also gathers, treats, processes, transports, stores, trades and markets crude oil, natural gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.

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Occidental Petroleum (OXY US)

[Pre Earnings Options Flash] Occidental’s OI PCR Shows Neutral Tone Amid High IV Before Earnings

Occidental's Q3 earnings show revenue up 4.8% but EPS down 27.2% due to weaker refining margins. Neutral sentiment with high volatility and...

Mint Finance

[Earnings Preview] Occidental's Q3 Profitability Expected to Contract Due to Declining Oil Prices

Occidental's Q3 EPS is expected to decline due to a sharp drop in US average realized oil and natural gas prices. The firm’s high debt levels...

Mint Finance

Occidental Petroleum Corporation: Will The CrownRock Acquisition Be A Game Changer? - Major Drivers

Occidental Petroleum Corporation exhibited strong execution and financial health in its Second Quarter 2024 earnings, marking numerous operational...

Baptista Research

[ETP 2024/47] WTI Rises on Ukraine-Russia Tensions; Henry Hub Jumps on Cold Weather Forecasts

US crude and gasoline inventories increased more than expected. Exxon's PT increased while Halliburton's was lowered. Aramco and Sinopec started...

Mint Finance

[Earnings Review] Occidental Beats Q2 Estimates with Boosted Output and Stronger Realisations

Occidental's Q2 revenue slightly missed estimates, but net profit surged. Production reached a four-year high. Global oil and gas realisations...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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[Pre Earnings Options Flash] Occidental’s OI PCR Shows Neutral Tone Amid High IV Before Earnings

​Occidental's Q3 earnings show revenue up 4.8% but EPS down 27.2% due to weaker refining margins. Neutral sentiment with high volatility and...

Mint Finance

[Earnings Preview] Occidental's Q3 Profitability Expected to Contract Due to Declining Oil Prices

Occidental's Q3 EPS is expected to decline due to a sharp drop in US average realized oil and natural gas prices. The firm’s high debt levels...

Mint Finance

Occidental Petroleum Corporation: Will The CrownRock Acquisition Be A Game Changer? - Major Drivers

Occidental Petroleum Corporation exhibited strong execution and financial health in its Second Quarter 2024 earnings, marking numerous operational...

Baptista Research

[ETP 2024/47] WTI Rises on Ukraine-Russia Tensions; Henry Hub Jumps on Cold Weather Forecasts

​US crude and gasoline inventories increased more than expected. Exxon's PT increased while Halliburton's was lowered. Aramco and Sinopec started...

Mint Finance

[Earnings Review] Occidental Beats Q2 Estimates with Boosted Output and Stronger Realisations

​Occidental's Q2 revenue slightly missed estimates, but net profit surged. Production reached a four-year high. Global oil and gas realisations...

Mint Finance

Occidental's Q3 earnings show revenue up 4.8% but EPS down 27.2% due to weaker refining margins. Neutral sentiment with high volatility and...

US crude and gasoline inventories increased more than expected. Exxon's PT increased while Halliburton's was lowered. Aramco and Sinopec started...

Occidental's Q2 revenue slightly missed estimates, but net profit surged. Production reached a four-year high. Global oil and gas realisations...