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.

Equity Bottom-Up

<ul><li>Marathon Petroleum Corporation reported third quarter earnings per share of $1.87 with a refining utilization rate of 94%.</li><li>The company continues to deliver solid performance in its refining and marketing (R&M) segment, boasting a 96% capture rate, a 2% improvement quarter-over-quarter, reflecting strong commercial performance.</li><li>The refining operating costs were at $5.30 per barrel, a slight increase primarily due to decreased throughputs and higher project expenses linked to intensified turnaround activity.</li></ul>

Marathon Petroleum Corporation reported third quarter earnings per share of $1.87 with a refining utilization rate of 94%.The company continues to deliver solid performance in its refining and marketing (R&M) segment, boasting a 96% capture rate, a 2% improvement quarter-over-quarter, reflecting strong commercial performance.The refining operating costs were at $5.30 per barrel, a slight increase primarily due to decreased throughputs and higher project expenses linked to intensified turnaround activity.

Marathon Petroleum Corporation: Refining Utilization & Operational Excellence To Redefine the Industry! - Major Drivers

<ul><li>Marathon Petroleum Corporation has reported its results for the second quarter of 2024, underlining resilience in its operational and financial performance despite varying market conditions.</li><li>This period marked a continuation of strategic initiatives aimed at enhancing long-term shareholder value and adapting to global market demands.</li><li>Positively, Marathon Petroleum demonstrated constructive operational execution with refinery utilization rates reaching 97%, a notable achievement that underscores its capacity to operate efficiently and effectively.</li></ul>

Marathon Petroleum Corporation has reported its results for the second quarter of 2024, underlining resilience in its operational and financial performance despite varying market conditions.This period marked a continuation of strategic initiatives aimed at enhancing long-term shareholder value and adapting to global market demands.Positively, Marathon Petroleum demonstrated constructive operational execution with refinery utilization rates reaching 97%, a notable achievement that underscores its capacity to operate efficiently and effectively.

Marathon Petroleum Corporation: A Tale Of Refinery Optimization and Competitive Cost Structure! - Major Drivers

<ul><li>Marathon Petroleum Corporation (MPC) exhibits strong financial health and is investing in growth.</li><li>MPC added two new independent directors to its board demonstrating positive signs of expansion and diversification.</li><li>Additionally, the company maintains an optimistic view of the macro refining environment, with a forecasted increase in oil demand driven predominantly by the growing need for transportation fuels.</li></ul>

Marathon Petroleum Corporation (MPC) exhibits strong financial health and is investing in growth.MPC added two new independent directors to its board demonstrating positive signs of expansion and diversification.Additionally, the company maintains an optimistic view of the macro refining environment, with a forecasted increase in oil demand driven predominantly by the growing need for transportation fuels.

Marathon Petroleum Corporation (MPC): Initiation Of Coverage - Strategic Synergies From M&A & Future Outlook! - Major Drivers

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>US crude inventories fell for the fifth consecutive week by 3.4 mb, exceeding the 1.6 mb decline expected by analysts. Gasoline stocks also decreased by 3.7 mb.</li>
<li>As of the week ending 26/Jul, US natural gas inventories were up 8.4% YoY and 15.7% above the 5-year seasonal average.</li>
<li>European oil majors beat Q2 profit estimates. BP’s Q2 underlying net profit beat estimates by 7.7%. Shell’s Q2 EPS beat estimates by 5.1%. </li>
</ul>


US crude inventories fell for the fifth consecutive week by 3.4 mb, exceeding the 1.6 mb decline expected by analysts. Gasoline stocks also decreased by 3.7 mb.
As of the week ending 26/Jul, US natural gas inventories were up 8.4% YoY and 15.7% above the 5-year seasonal average.
European oil majors beat Q2 profit estimates. BP’s Q2 underlying net profit beat estimates by 7.7%. Shell’s Q2 EPS beat estimates by 5.1%. 


[ETP 31/2024] Oil Prices Surge on Middle East Tensions; BP and Shell Beat Earnings Expectations

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

United States

Marathon Petroleum Corporation refines, transports, and markets petroleum products. The Company sells its products to resellers and consumers in the mid-west, gulf coast, and southeast United States.

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Marathon Petroleum (MPC US)

Marathon Petroleum Corporation: Refining Utilization & Operational Excellence To Redefine the Industry! - Major Drivers

Marathon Petroleum Corporation reported third quarter earnings per share of $1.87 with a refining utilization rate of 94%. The company continues...

Baptista Research

Marathon Petroleum Corporation: A Tale Of Refinery Optimization and Competitive Cost Structure! - Major Drivers

Marathon Petroleum Corporation has reported its results for the second quarter of 2024, underlining resilience in its operational and financial...

Baptista Research

Marathon Petroleum Corporation (MPC): Initiation Of Coverage - Strategic Synergies From M&A & Future Outlook! - Major Drivers

Marathon Petroleum Corporation (MPC) exhibits strong financial health and is investing in growth. MPC added two new independent directors to its...

Baptista Research

[ETP 31/2024] Oil Prices Surge on Middle East Tensions; BP and Shell Beat Earnings Expectations

US crude inventories and gasoline stocks continue to decline, while US natural gas inventories are up YoY. European oil majors surpass Q2 profit...

Mint Finance

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

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52-week Range

Market Cap (USDm)

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Marathon Petroleum Corporation: Refining Utilization & Operational Excellence To Redefine the Industry! - Major Drivers

Marathon Petroleum Corporation reported third quarter earnings per share of $1.87 with a refining utilization rate of 94%. The company continues...

Baptista Research

Marathon Petroleum Corporation: A Tale Of Refinery Optimization and Competitive Cost Structure! - Major Drivers

Marathon Petroleum Corporation has reported its results for the second quarter of 2024, underlining resilience in its operational and financial...

Baptista Research

Marathon Petroleum Corporation (MPC): Initiation Of Coverage - Strategic Synergies From M&A & Future Outlook! - Major Drivers

Marathon Petroleum Corporation (MPC) exhibits strong financial health and is investing in growth. MPC added two new independent directors to its...

Baptista Research

[ETP 31/2024] Oil Prices Surge on Middle East Tensions; BP and Shell Beat Earnings Expectations

​US crude inventories and gasoline stocks continue to decline, while US natural gas inventories are up YoY. European oil majors surpass Q2 profit...

Mint Finance

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

US crude inventories and gasoline stocks continue to decline, while US natural gas inventories are up YoY. European oil majors surpass Q2 profit...