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.

Thematic (Sector/Industry)

<ul>
<li>This paper contrasts performance of integrated oil exploration and refining firms ("Explorers") with oil refineries ("Refiners").</li>
<li>Hypothesis is that Refiners outperform Explorers when the crack spread widens. Back testing based on select firms proves the hypothesis.</li>
<li>This paper posits that Refiners will outdo Explorers when crack spreads tear based on historical performance.</li>
</ul>


This paper contrasts performance of integrated oil exploration and refining firms ("Explorers") with oil refineries ("Refiners").
Hypothesis is that Refiners outperform Explorers when the crack spread widens. Back testing based on select firms proves the hypothesis.
This paper posits that Refiners will outdo Explorers when crack spreads tear based on historical performance.


Widening Crack Spreads Enable Oil Refiners to Outdo Oil Explorers

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.

<ul>
<li>ADX Energy (ADX AU)C; target price of A$1.00 per share: Restarting production at Anshof – The Permanent Production Facility (PPF), with a capacity of 3,000 bbl/d of liquids, has been commissioned and the Anshof-3 well has recommenced production at a rate of 134 bbl/d with no water.</li>
<li>The operation has been undertaken in line with expectations and within budget.</li>
<li>The oil production rate at Anshof-3 is 16% above the rate prior to shut-in.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$1.00 per share: Restarting production at Anshof – The Permanent Production Facility (PPF), with a capacity of 3,000 bbl/d of liquids, has been commissioned and the Anshof-3 well has recommenced production at a rate of 134 bbl/d with no water.
The operation has been undertaken in line with expectations and within budget.
The oil production rate at Anshof-3 is 16% above the rate prior to shut-in.


Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Exxon Mobil's share price has come under pressure in recent months as investor sentiment shifts.</li>
<li>It is too early to consider this retracement as an attractive buying opportunity as short-term headwinds are to be expected.</li>
<li>Exxon's management continues to make the right moves from a capital allocation point of view.</li>
</ul>


Exxon Mobil's share price has come under pressure in recent months as investor sentiment shifts.
It is too early to consider this retracement as an attractive buying opportunity as short-term headwinds are to be expected.
Exxon's management continues to make the right moves from a capital allocation point of view.


Exxon Mobil: Investor Pessimism Is Creeping Up And This Is Good News For Long-Term Holders

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 once again produced impressive financial results in the most recent quarter and delivered an all-around beat.</li><li>Despite 20% lower oil prices, adjusted first-quarter earnings increased by more than $200 million over the previous year.</li><li>Adjusted upstream earnings decreased due to realizations, while adjusted downstream earnings grew due to greater refining margins.</li></ul>

Chevron once again produced impressive financial results in the most recent quarter and delivered an all-around beat.Despite 20% lower oil prices, adjusted first-quarter earnings increased by more than $200 million over the previous year.Adjusted upstream earnings decreased due to realizations, while adjusted downstream earnings grew due to greater refining margins.

Chevron Corporation: Acquisition of PDC Energy As A Part Of Oil & Gas Industry Consolidation & Other Drivers

<ul><li>Chevron had a decent year in 2022, with improved financial performance, increased production of traditional energy, and progress in developing lower carbon businesses.</li><li>The company had a mixed result in the last quarter as it surpassed the revenue expectations of Wall Street but delivered lower-than-expected earnings.</li><li>The company generated decent free cash flows, surpassing its previous high in 2021 by over $15 billion, resulting in a strong dividend increase and a buyback of almost 4% of its shares.</li></ul>

Chevron had a decent year in 2022, with improved financial performance, increased production of traditional energy, and progress in developing lower carbon businesses.The company had a mixed result in the last quarter as it surpassed the revenue expectations of Wall Street but delivered lower-than-expected earnings.The company generated decent free cash flows, surpassing its previous high in 2021 by over $15 billion, resulting in a strong dividend increase and a buyback of almost 4% of its shares.

Chevron Corporation: U.S. Production Growth & Other Developments

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)

Widening Crack Spreads Enable Oil Refiners to Outdo Oil Explorers

Pure play crude oil refining and marketing firms outperformed integrated oil E&P companies during times of widening crack oil spreads.

Mint Finance

AUCTUS ON FRIDAY - 12/04/2024

ADX anticipates increasing production from the well to 150 bbl/d. No permanent staff will be required on the site, which should reduce opex.

Auctus Advisors

Exxon Mobil: Investor Pessimism Is Creeping Up And This Is Good News For Long-Term Holders

It is too early to consider this retracement as an attractive buying opportunity as short-term headwinds are to be expected.

Vladimir Dimitrov, CFA

Chevron Corporation: Acquisition of PDC Energy As A Part Of Oil & Gas Industry Consolidation & Other Drivers

Chevron once again produced impressive financial results in the most recent quarter and delivered an all-around beat. Despite 20% lower oil...

Baptista Research

Chevron Corporation: U.S. Production Growth & Other Developments

Chevron had a decent year in 2022, with improved financial performance, increased production of traditional energy, and progress in developing...

Baptista Research

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