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.

Commodities

<ul>
<li>For the week ending 01/Nov, US crude inventories rose by 2.1m barrels, contrary to expectations of a 0.3m barrel decrease. Gasoline and distillate stocks also bucked forecasts of a decline.</li>
<li>US natural gas inventories rose 69 Bcf for the week ending 01/Nov, higher than analyst expectations of a 67 Bcf buildup. Inventories are 5.8% above the 5-year seasonal average.</li>
<li>Halliburton missed revenue and EPS estimates by 2.2% and 2.7%. While Aramco beat revenue and EPS estimates by 11.2% and 2.2%. Numerous analysts upgraded their 12-month PT for Chevron.</li>
</ul>


For the week ending 01/Nov, US crude inventories rose by 2.1m barrels, contrary to expectations of a 0.3m barrel decrease. Gasoline and distillate stocks also bucked forecasts of a decline.
US natural gas inventories rose 69 Bcf for the week ending 01/Nov, higher than analyst expectations of a 67 Bcf buildup. Inventories are 5.8% above the 5-year seasonal average.
Halliburton missed revenue and EPS estimates by 2.2% and 2.7%. While Aramco beat revenue and EPS estimates by 11.2% and 2.2%. Numerous analysts upgraded their 12-month PT for Chevron.


[ETP 2024/45] WTI Drops on Trump’s Win and Rising Inventories, Henry Hub Gains on Supply Disruptions

<ul>
<li>For the week ending 25/Oct, US crude inventories fell by 0.5m barrels, against expectations of a 1.5m barrel increase. Gasoline stocks also bucked forecasts of a build. </li>
<li>US natural gas inventories rose 78 Bcf for the week ending 25/Oct, marginally lower than analyst expectations of a 79 Bcf buildup. Inventories are 4.8% above the 5-year seasonal average.</li>
<li>Shell and Chevron exceeded both revenue and EPS estimates, while Exxon and BP topped EPS but missed on revenue. TotalEnergies beat revenue expectations but fell short on EPS.</li>
</ul>


For the week ending 25/Oct, US crude inventories fell by 0.5m barrels, against expectations of a 1.5m barrel increase. Gasoline stocks also bucked forecasts of a build. 
US natural gas inventories rose 78 Bcf for the week ending 25/Oct, marginally lower than analyst expectations of a 79 Bcf buildup. Inventories are 4.8% above the 5-year seasonal average.
Shell and Chevron exceeded both revenue and EPS estimates, while Exxon and BP topped EPS but missed on revenue. TotalEnergies beat revenue expectations but fell short on EPS.


[ETP 2024/44] WTI Rallies on Healthier Demand Outlook; Henry Hub Stumbles Under Weather Woes

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Thematic (Sector/Industry)

<ul>
<li>Condor Energies (CDR CN) C ; Target price of C$5.80 per share: Another positive operating update – The workovers of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed.</li>
<li>The first well is producing 410 boe/d. It was previously shut-in. The second well is producing an extra 31 boe/d (+65%) and continues to clean-up.</li>
<li>With a total cost of &lt;US$0.2 mm, the pay back of theses workovers is ~2 months. This is a very good result that showcases the opportunity in Uzbekistan. </li>
</ul>


Condor Energies (CDR CN) C ; Target price of C$5.80 per share: Another positive operating update – The workovers of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed.
The first well is producing 410 boe/d. It was previously shut-in. The second well is producing an extra 31 boe/d (+65%) and continues to clean-up.
With a total cost of &lt;US$0.2 mm, the pay back of theses workovers is ~2 months. This is a very good result that showcases the opportunity in Uzbekistan. 


Equity Bottom-Up

<ul>
<li>Exxon Mobil will report Q3 earnings on 01/Nov, with analysts expecting a 6.3% YoY rise in revenue but an 11% fall in EPS, due to weaker crude oil prices.</li>
<li>Exxon Mobil's OI PCR at 0.69 signals neutral sentiment, while an 84% IV percentile indicates high volatility. Its volume PCR is also in the neutral territory.</li>
<li>Exxon Mobil’s short interest rose from the previous biweekly period, reaching 41.27 million shares as of 15/Oct—a 6.3% increase from 30/Sep and a 16.5% rise since 15/Jul.</li>
</ul>


Exxon Mobil will report Q3 earnings on 01/Nov, with analysts expecting a 6.3% YoY rise in revenue but an 11% fall in EPS, due to weaker crude oil prices.
Exxon Mobil's OI PCR at 0.69 signals neutral sentiment, while an 84% IV percentile indicates high volatility. Its volume PCR is also in the neutral territory.
Exxon Mobil’s short interest rose from the previous biweekly period, reaching 41.27 million shares as of 15/Oct—a 6.3% increase from 30/Sep and a 16.5% rise since 15/Jul.


[Pre Earnings Options Flash] Exxon Mobil OI PCR Neutral While Short Interest Rises

<ul>
<li>For the week ending 18/Oct, US crude inventories increased by 5.5m barrels, exceeding expectations of a 0.8m barrel build. Gasoline stocks defied expectations of decline while distillate inventories fell lesser-than-expected.  </li>
<li>US natural gas inventories rose 80 Bcf for the week ending 18/Oct, higher than analyst expectations of an 61 Bcf buildup. Inventories are 4.6% above the 5-year seasonal average.</li>
<li>Schlumberger missed revenue estimates by 1.2% but beat EPS forecasts by 0.6%, prompting analysts to cut target prices. Meanwhile, Saudi Aramco's CEO anticipates improved Chinese oil demand post-stimulus.</li>
</ul>


For the week ending 18/Oct, US crude inventories increased by 5.5m barrels, exceeding expectations of a 0.8m barrel build. Gasoline stocks defied expectations of decline while distillate inventories fell lesser-than-expected.  
US natural gas inventories rose 80 Bcf for the week ending 18/Oct, higher than analyst expectations of an 61 Bcf buildup. Inventories are 4.6% above the 5-year seasonal average.
Schlumberger missed revenue estimates by 1.2% but beat EPS forecasts by 0.6%, prompting analysts to cut target prices. Meanwhile, Saudi Aramco's CEO anticipates improved Chinese oil demand post-stimulus.


[ETP 2024/43] WTI Rebounds as Middle East Conflict Escalates; Henry Hub Rises on Improving Demand

United Kingdom

BP plc is an oil and petrochemicals company.  The Company explores for and produces oil and natural gas, refines, markets, and supplies petroleum products, generates solar energy, and manufactures and markets chemicals.  BP's chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and polyethylene.

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BP PLC (BP/ LN)

[ETP 2024/45] WTI Drops on Trump’s Win and Rising Inventories, Henry Hub Gains on Supply Disruptions

US crude and natural gas inventories rose above expectations, while Halliburton missed estimates and Aramco exceeded them. Analysts upgrade target...

Mint Finance

[ETP 2024/44] WTI Rallies on Healthier Demand Outlook; Henry Hub Stumbles Under Weather Woes

US crude and gasoline inventories defy expectations, while natural gas storage sees above normal increase. Shell & Chevron outperform revenue and...

Mint Finance

AUCTUS ON FRIDAY - 01/11/2024

Another positive operating update – The workovers of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated...

Auctus Advisors

[Pre Earnings Options Flash] Exxon Mobil OI PCR Neutral While Short Interest Rises

Exxon Mobil’s Q3 revenue is expected to rise but its EPS is anticipated to fall due to weak refining margins. OI and volume PCR imply neutral...

Mint Finance

[ETP 2024/43] WTI Rebounds as Middle East Conflict Escalates; Henry Hub Rises on Improving Demand

US crude inventories surged, natural gas inventories rose, Schlumberger missed revenue but beat EPS, Saudi Aramco CEO optimistic about Chinese oil...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[ETP 2024/45] WTI Drops on Trump’s Win and Rising Inventories, Henry Hub Gains on Supply Disruptions

​US crude and natural gas inventories rose above expectations, while Halliburton missed estimates and Aramco exceeded them. Analysts upgrade target...

Mint Finance

[ETP 2024/44] WTI Rallies on Healthier Demand Outlook; Henry Hub Stumbles Under Weather Woes

​US crude and gasoline inventories defy expectations, while natural gas storage sees above normal increase. Shell & Chevron outperform revenue and...

Mint Finance

AUCTUS ON FRIDAY - 01/11/2024

Another positive operating update – The workovers of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated...

Auctus Advisors

[Pre Earnings Options Flash] Exxon Mobil OI PCR Neutral While Short Interest Rises

Exxon Mobil’s Q3 revenue is expected to rise but its EPS is anticipated to fall due to weak refining margins. OI and volume PCR imply neutral...

Mint Finance

[ETP 2024/43] WTI Rebounds as Middle East Conflict Escalates; Henry Hub Rises on Improving Demand

​US crude inventories surged, natural gas inventories rose, Schlumberger missed revenue but beat EPS, Saudi Aramco CEO optimistic about Chinese oil...

Mint Finance

US crude and natural gas inventories rose above expectations, while Halliburton missed estimates and Aramco exceeded them. Analysts upgrade target...

US crude and gasoline inventories defy expectations, while natural gas storage sees above normal increase. Shell & Chevron outperform revenue and...

US crude inventories surged, natural gas inventories rose, Schlumberger missed revenue but beat EPS, Saudi Aramco CEO optimistic about Chinese oil...