Energy & Materials Sector

• In Oct-24, Ambuja Cements (ACEM IN) acquired 46.8% stake in Orient Cement (ORCMNT IN) at Rs. 396 per share.
• Now Orient cement is trading at 20% discount to open offer price.
• This process can take approx. 2 months and can generate ~10-15% risk adjusted return by Jan-25.

• Short term supply shortage 
• US and EU demand uncertain
• Shipping cost spike in short term ahead of Trump’s tariff drive

• Exxon Mobil’s Q3 revenue fell by 0.8% YoY and net profit decreased by 5.1%. Revenue missed estimates by 4.2% but EPS exceeded expectations by 2.3%.
• Exxon Mobil’s Q3 upstream production rose by 24% YoY to 4.6 mboepd, driven by strong output in Guyana and the Permian basin and the acquisition of Pioneer.
• Exxon attributed its better-than-expected earnings in bottom-of-cycle conditions to structural cost savings, reduced expenses, high-return investments, and selective divestments.

• Project quickly shut down by company, but still moving forward
• Concerns about Chinese buying in Australia
• Waiting on cost release for project, anticipating higher costs due to increase in uranium price

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• Chevron’s Q3 revenue declined 6.3% YoY, while its net profit dropped 31.2%. Yet it beat its revenue and EPS estimates by 3.7% and 3.6%, respectively.  
• Chevron achieved a record Q3 output of 3.36 mboepd, up 7% YoY, driven by Permian growth. Full-year production growth is expected near the top of its 4-7% guidance.
• Chevron returned USD 4.7 billion in buybacks and USD 2.9 billion in dividends. Q4 is expected to see USD 1 billion in dividends and USD 4–4.75 billion in buybacks.

• EA’s Q3 results on 14-November was disappointing as expected on the declining EBITDA.
• Criat’s iRAP Global Plus PD Toolkit (iRap) still indicates the implied international credit rating of “B+” which gives us relative comfort for the credit.
• EA’s story rests on the usage of its network to extend debt maturity and sell assets, and not so much on cashflow which may be generated in the near term. 

• Goliath Resources provides investors exposure to gold-silver-copper resource exploration and leverage to an increasing in-ground inventory with discovery upside during a gold price market that reached new all-time highs.
• Downside limited by expected significant positive news flow into 2025.
• The Company’s 2024 exploration program was expanded to 38,125 m based on strong financial support.

• Cold Front in the US dominates Natgas Prices During next week another cold front will arrive in the upper part of the US.
• The temperature anomaly is quite negative – accordingly, natgas prices are currently on the rise.
• As seasonally remain bearish and these temperature anomalies occur often during the winter months, we’ll keep our eye on short opportunities in the market.

• Copper is central to global infrastructure and the transition to renewable energy.
• Zambia, a key player in the Central African Copperbelt, holds immense promise for copper investors, boasting some of the world’s richest geological assets.
• This white paper explores Zambia’s copper mining landscape, highlighting the interplay of global demand, supply challenges, and Zambia’s evolving mining ecosystem.

• The first compressor at Triton has been repaired and the platform is expected to be back online this week.
• This represents a few weeks’ delay but the restart will boost production materially.
• With the recent addition of the B6 well (>5 mboe/d net), total production was already over 50 mboe/d on 2 October.

• The 5% voting gap between Choi and MBK leaves NPS and sideline minority players as key swing factors, with NPS’s stake potentially closing the gap for Choi.
• If NPS sold half its stake in the tenders, it’s down to 4%, not enough to close the gap, likely giving MBK the win and triggering a post-meeting price drop.
• The key to our outright short is NPS’s January 10 disclosure, with market chatter suggesting NPS has likely sold about half its holdings in the two tenders.

• With 4 days left to review cutoff, there is 1 close add and 3 potential deletions for the MV Australia Equal Weight Index at the December rebalance.
• Even if there are no constituent changes, capping changes will lead to one-way turnover of 4.6% and a round-trip trade of A$243m.
• The final list of inclusions/exclusions will depend on price movements till Friday and whether the index provider makes any significant changes to the free float of stocks in the universe.

• Deep Industries (DEEPI IN) targeting 800 Cr worth of revenue by FY26, with 35% CAGR in next 2 years.
• India is opening more oil & gas wells, needs services of company like Deep who can provide one stop shop for all Oil & Gas Needs.
• Key Triggers- Prabha Barge(60% Operating Margins) and Dolphin Offshore(for diversifying into offshore services) will further margin accretive.

• Trump’s energy policy focused on increasing domestic production and exerting pressure on oil exports to bring down prices
• Forecast for 2025 and 2026 predicts global commodities market growth and potential oil price fluctuations
• OPEC members plan to increase capacity in 2025, leading to a large surplus in the oil market and potentially lower prices in 2026

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• In this Insight, we share our channel inputs that might be relevant for SRF Ltd (SRF IN), Navin Fluorine International (NFIL IN), and Gujarat Fluorochemicals (FLUOROCH IN).
• Weak demand and operational conditions in China have forced companies to focus on clearing inventory rather than maintaining prices, which has negatively impacted India’s export-oriented companies.
• Industry-Wide product cycles, especially in Specialty Chemicals, are shortening, which is a potential threat to leaders like SRF Ltd (SRF IN).

• Latex export revenue posts 18% growth YoY during Jan-Sept
• Tire industry can consume 200,000 tons of latex a year at present
• Govt placing a lot of attention on research, downstream foray

• The US oil and gas rig count fell by 1 to 583 for the week ending on 22/Nov, reporting a second consecutive weekly fall.
• For the week ending 15/Nov, US oil production fell to 13.2m bpd from 13.4m bpd. Output was at a record high of 13.5m bpd between 11/Oct through 01/Nov.
• US energy producers added two rigs in Texas and one each in Wyoming and Oklahoma. They cut three rigs in Louisiana and one each in California and Colorado.

• SGX IO Futures closed USD 3.83/ton higher for the week ending on 22/Nov. It traded in a range of USD 6.90/ton, which was smaller than the prior week.
• Chinese portside inventories increased by 350k tons WoW to 148.86 MT as of 22/Nov. Steel mill inventories rose 13.8% to 15.6 MT in mid-November compared to early November.
• Iron ore prices remain well supported in the near term despite high stockpiles at Chinese ports due to strong consumption and robust steel production ahead of the Lunar New Year.

• Disappointing September/October China lending data with TSF down 9%/24% YoY to 3.7/1.4 trillion RMB Vs. (analysts expectations of 4/1.5 trillion RMB) has led to skepticism about China’s recovery story.
• Copper prices have dropped below 9000 USD/ton and stayed there despite the fall of exchange inventories. 
• We like the LT copper story and see long-term benefits for stocks like Southern Copper (SCCO US), Ivanhoe Mines (IVN CN), and Teck Resources (TECK US). 

• ADNOC offers €62/share (54% premium), valuing Covestro at €11.7 billion, with high likelihood of completion despite regulatory and market conditions, closing expected in H2 2025.
• Potential additional offer period will run until December 16. ADNOC partnership offers access to cheaper resources, and supports future growth amid sector challenges and consolidation opportunities in Europe.
• The ADNOC acquisition offers a strong value realization opportunity for shareholders amidst market uncertainty. Gross spread is 6.7%. Long and accept offer.

• Iron ore prices were rangebound and maintained at over 100 USD/ton. In the last four years, they have been in a 95-130 USD/ton range. 
• China TSF (Total Social Financing) disappointed the street with 1.4 trillion RMB (-24% YoY), compared to the street estimates of >1.5 trillion RMB.
• We believe that more significant lending numbers would catalyze the iron ore price, but till then, iron prices will remain stagnant at the 100 USD/ton level. 

• I tally 48 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
• Six new deals this week: Amcor (AMC AU)takes out Berry Global (BERY US);Sayona (SYA AU)and Piedmont (PLL AU) merge; and Integrated Design & Engineering  (9161 JP)‘s TOB. 
• Key updates/news took place on: Arcadium Lithium (LTM AU), Pacific Smiles (PSQ AU), Hotel Property Investments (HPI AU), HKBN (1310 HK), Xingda International (1899 HK), and Malaysia Airports Holdings (MAHB MK).

Sayona Mining is a lithium producer and explorer with projects in Canada, Western Australia and soon in the US and Ghana. A proposed merger of equals with Piedmont Lithium will create a c A$1bn mid-tier lithium player with streamlined asset ownership and significant growth optionality. Sayona and Piedmont’s Canadian and US projects comprise one of the largest advanced hard rock lithium resources in North America and are strategically positioned to supply the region’s growing lithium demand. Following the proposed equity raises, the company will be well capitalised to execute on its growth plans. As a producer, Sayona should also benefit strongly from inevitable recovery in lithium prices, with additional upside coming from the potential downstream expansion.

• Steep dip of 30.6% in NR exports month-on-month in Sept
• Ivory Coast’s infusion touches an abysmal share of 14.9%
• Rubber glove exports to be worth a record RM13.7 billion in 2024

• 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.

• Enterprise Products Partners L.P. recently reported its financial results for the third quarter of 2024, presenting a mixed bag of operational achievements and persisting challenges that are crucial for investors considering the company’s prospects.
• In the financial spectrum, the company experienced a growth in adjusted EBITDA, marking a rise from $2.3 billion in the previous year’s third quarter to $2.4 billion.
• This increment underscores the company’s capability to generate earnings despite fluctuations in market conditions.

• Lanxess has seen a decline in share price due to various factors, but recent developments indicate a potential return on investment of over 30% in the next 3 years
• CEO Matthias Zachert has focused on selling off cyclical and competitively disadvantaged businesses to focus on higher value-added products, strengthening the company’s position
• Lanxess received a significant cash inflow from the sale of Currenta and Warren Buffet’s 3% stake in the company shows confidence in its transformation and future potential

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Sealed Air Company recently held its third quarter earnings call for 2024, highlighting several strategic changes and the financial outlook for the firm.
• The company is advancing its restructuring efforts by reorganizing into two distinct verticals: Food and Protective.
• This reorganization is intended to better align the company’s operations with market demands and customer needs, as well as to enhance shareholder value.

• Valero Energy Corporation recently disclosed its financial performance for the third quarter of 2024.
• The earnings report highlighted various aspects of the company’s operational and financial status, presenting a mixed set of results impacted by significant maintenance activities and a challenging margin environment.
• During the quarter, Valero’s refineries operated at 90% of their throughput capacity, in line with previous guidance, despite a period of heavy maintenance.

• The Arcadium Lithium (ALTM US) scheme meeting relating to Rio Tinto Ltd (RIO AU)’s US$5.85 offer is on 23 December. The transaction is expected to close in mid-2025.
• The high current 12.3% spread reflects risk related to regulatory and shareholder approvals. The numerous required regulatory approvals pose a risk to completion and/or timing.  
• Despite depressed lithium prices, the offer remains unattractive on several fronts. Blackwattle, which opposes the offer, could rally others to force a bump. Rio conceding to a bump is uncertain. 

• Straits Trading (STRTR SP) is a conglomerate-investment company with diversified investments in resources, real estate and hospitality.
• Straits Trading’s key growth engine is its real-estate arm – Straits Real Estate (SRE) which has a diversified property portfolio across different geographies and various sectors.
• Despite fluctuations in STC’s earnings, the company continues to pay stable dividends to its shareholders. As at the end of June 30, 2024, Straits Trading generated cash and bank balances of SGD476.4m. STC continues to generate positive cash from operations.

• Back on the 9th October, Rio Tinto Ltd (RIO AU) reached an agreement to buy Arcadium Lithium (LTM AU/ALTM US) for US$5.85/share (~A$8.70/share), a ~90% premium to undisturbed.
• The proxy statement is now out, with a Scheme Meeting scheduled for 23 December. The transaction is expected to close in mid-2025. The long stop is the 9th October 2025.
• Trading wide-ish at a gross spread of 11.9%, reflecting the timing to secure regulatory approvals – notably from China – as opposed the Offer Price being viewed as opportunistic.

• The Drill: Could nuclear be the next Trump bet?
• This week’s The Drill examines commodities in the aftermath of Trump’s election, where calm has begun to return as risks were initially overestimated.
• Nuclear energy is likely an underappreciated theme in the new Trump administration, while tariff threats appear overblown.

• Solaris Resources (SLS CN) announced sweeping changes to its management and ties to Canada. It will also spin-off some of its exploration targets in a new company.
• While its listing will remain in Canada for now, its physical presence in the country will cease and operations will be run out of Switzerland, Ecuador and Peru.
• The shake-up is an answer to the Canadian government’s decision earlier this year blocking Chinese Zijin Mining Group Co Ltd H (2899 HK) from making an investment in Solaris.

• Vicat is a mid-sized global cement, aggregates, and ready-mix concrete operator with operations in 12 countries, primarily in developed markets.
• Despite its strong presence in the industry, Vicat has traditionally traded at a discount compared to its European peers, but the discount has widened significantly in recent years.
• With a solid balance sheet and attractive valuation metrics, Vicat’s equity is currently trading at historically cheap levels, presenting a potential investment opportunity for investors.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Ovintiv Inc. showcased robust operational and financial performance in its 2024 third-quarter results, underscoring both strengths and areas for cautious consideration.
• The company reported net earnings of $507 million, equivalent to $1.92 per share, along with cash flow of $978 million, or $3.70 per share, which surpassed consensus expectations.
• This was primarily attributed to production exceeding the upper end of guidance ranges for all product categories, coupled with cost efficiency driving performance.

• ~11 high impact appraisal/exploration wells will be drilled on various licences in Namibia over the coming months.
• This is very material and is expected to attract the attention of investors.
• Sintana provides exposure to three out of the six licences with high impact drilling.

• Petroleo Brasileiro S.A., commonly known as Petrobras, has reported its Q3 2024 results, outlining several key operational and financial highlights.
• On the operational front, Petrobras continues to make significant strides in its exploration and production activities.
• The company has successfully started operations on two FPSOs (Floating Production Storage and Offloading), namely Maria Quitéria and Marechal Duque de Caxias, with further developments expected in the Búzios field through the Almirante Tamandaré FPSO.

• Packing giants Amcor Limited (AMCR US/AMC AU) and Berry Global Group (BERY US) announced they will combine in an all-stock transaction, with a ~63%/37% ownership split (respectively) in the MergeCo.
• Amcor will issue 7.25 Amcor shares for each Berry share, for a US$73.59/share implied price. US$650mn of benefits from identified cost, growth and financial synergies by end of third year.
• Closing, subject to shareholder and reg approvals, is targeted in the middle of 2025. The transaction has been unanimously approved by the boards of both Amcor and Berry.

• Orla Mining acquired by Newmont in $850 million deal with production assets in Mexico and development assets in the United States
• Orla Mining has strong shareholder support including PL mining 10% of the company, Fairfax, Newmont, and Agnico
• Muscle White mine in Canada has a 6.23 grams per tonne reserve grade with a reserve life until 2030, operating at 1 million tonnes per annum with high recoveries and FIFO operated mine with camp upgrades in progress

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• US natural gas prices rose 5.77% for the week ending 15/Nov, buoyed by forecasts of cooler weather, rising US LNG exports, and declining production.
• Henry Hub Put/Call volume ratio sharply rose to 1.08 from 0.65 (08/Nov) the previous week as put volumes rose by 53.5% WoW, while call volumes fell by 7.0%. 
• Call OI increased for December, January, February, and March expirations, while put OI was substantial for November, April, May, June, and July contracts.

• WTI futures dropped 4.77% for the week ending 15/Nov, pressured by a bleak demand outlook, a rising dollar, and weak economic data from China.
• WTI options Put/Call volume ratio rose to 1.00 from 0.66 (08/Nov) last week, as call volume dropped by 57.3% WoW and put volume fell by 35.4%.  
• WTI OI PCR climbed to 0.86 from 0.77 (08/Nov) last week. Call OI fell by 37.9% WoW, while put OI fell by 29.9%.

• FY24 GUIDANCE WAS REVISED.
• POST FY24 GROWTH SCENARIO REMAIN UNCHANGED.

• Halliburton Company reported its third-quarter 2024 earnings showcasing mixed performance, with total company revenue reaching $5.7 billion.
• While the international sector showed promising expansion, particularly in the Middle East/Asia region which grew by 9% year-over-year to $3.3 billion, the North American market exhibited a downturn with a 9% year-over-year revenue decrease to $2.4 billion.
• The adjusted operating margin was pegged at 17%, an indication of Halliburton’s consistent cost management and pricing strategies in an unstable market environment.

• There were no surprises in the 3Q24 accounts.
• Since last week, WI production has increased from 12.5 mbbl/d to 13 mbbl/d.
• Gross production in Gabon continues to be ~40 mbbl/d.

• Rubber Meet spots Risk Center, EUDR, industry academy as priorities
• RAOT delegation holds talks with APROMAC top brass
• Ivory Coast cup lump exports ban to stay, says APROMAC official

• U.S. Energy (NASDAQ: USEG) is an independent energy company historically focused on the acquisition and development of oil and natural gas producing properties in the U.S. In June 2024, the company acquired acreage in Montana with the goal of extracting and marketing helium products and other industrial gases.
• Going forward, the primary focus will be on the development and operation of helium and other industrial gases, along with the development of carbon sequestration capabilities.
• The company has no debt and $21.15 million in available liquidity.

• Capitan Silver is focused on resource growth at its high-grade Cruz de Plata silver project in Durango, Mexico.
• The Jesus Maria Silver Zone is the Company’s clear focus, having recently consolidated the land along strike of the multiple parallel high-grade silver veins, CAPT looks to expand these zones with drilling.
• The project is showing early signs of a district-scale silver deposit.

• North American hard-rock lithium plays Piedmont Lithium (PLL AU) and Sayona Mining (SYA AU) are to combine in all-stock merger with a ~50%/50% ownership split on a fully diluted basis.
• Sayona will be the ultimate/surviving parent, via issuing 5.27 Sayona ordinary shares for each Piedmont share. Various equity raisings will also take place, before and after the merger.
• EGMs for both Sayona and Piedmont shareholders are expected to be held in 1H25, with expected completion also in the 1H25. 

• SGX Iron Ore Futures dropped to USD 96.71/ton, down USD 5.49/ton, hitting a low of USD 96.30/ton amid pressure from declining housing prices and industrial output in China.
• Chinese portside inventories increased by 120k tons WoW to 148.51m tons last week, while average daily port discharge volumes rose by 131k tons WoW to 3.18m tons.
• Despite weak economic data from China, SGX Iron Ore Futures may rebound in November-December as pre-Lunar New Year restocking boosts steel demand.

• Compass Minerals Inc. recently reported its second-quarter fiscal 2024 results.
• The quarter demonstrated significant challenges, primarily attributable to unseasonably mild winter weather conditions across North America.
• The Salt segment, a core part of the company’s operations, was notably affected by these conditions, leading to a substantial decrease in deicing salt sales volumes, ultimately reflecting a 14% decline in segment revenue and a 7% drop in adjusted EBITDA compared to the previous year.

HELLENiQ ENERGY’s Q324 results were held back by a weak refining environment, as previously guided by the company, but showed an impressive operational performance. The company noted that the Q424 refining margin is likely to be $2/bbl to $3/bbl above the average for Q3. Q3 refining sales volumes of 4.163m tonnes were up 8% y-o-y, adjusted EBITDA of €183m was down 54% y o y and adjusted net income of €49m was down 77% y-o-y. HELLENiQ’s Q324 benchmark refining margin declined to $3.6/bbl, from $5.5/bbl in Q224, as anticipated by the company at the Q2 results, and at its lowest level since 2021. HELLENiQ announced a €0.2 per share dividend to be paid in January 2025, implying an interim yield of c 3.0%. Management was more confident on the Q424 outlook, expecting a better market and potentially some progress on its DEPA and ELPEDISON business associations that might continue the streamlining of the group.

Nanoco has issued a circular recommending that shareholders vote against both resolutions being proposed by Milkwood in its requisition for a general meeting (scheduled for 11:30am on 13 December 2024). We summarise the board’s key arguments below.

• What you need to know: • EDG announced assay results for five drill holes as part of its 10,000m 2024 drill program; it has completed 26 holes (7,303m) to date.
• • Today’s results continued to confirm strong mineralization in the untested gaps between Eagle & Imperial (Crown Zone), intersecting bonanza grade.
• • Two of five holes intersected significant intercepts (147.5 g/t Au over 1.0m and 7.61 g/t Au over 5.7m).

• 3Q24 update. TMC’s income statement expenses rose from $12.5 million in 3Q23 to $20.0 million in 3Q24 on higher legal and consulting costs, and share-based compensation accounting.
• However, quarterly cash use slowed from $12.5 million in the year-ago period to $5.7 million and management reaffirmed its intention to reduce cash use to less than $5 million/quarter once the ISA exploitation application is submitted for review.
• Submission date set. TMC initially intended to submit its NORI- D application to the ISA before the end of 2024 or before the first ISA meeting in 2025 (scheduled for March).

• European natural gas market facing uncertainty due to potential end of Russian gas flows through Ukraine
• North American LNG supply delays causing imbalance in global market
• Price relationship between summer 2025 and winter 2526 dependent on weather, supply sources, and storage refill mandates

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• Secure Energy Services (SES) operates in the waste management and energy services industry, focusing on recurring revenue and pipeline businesses.
• The company has potential for growth through acquisitions, with a strong focus on tuck-in acquisitions in the metals recycling sector.
• Despite potential risks such as safety concerns and regulatory changes, Secure Energy Services has a strong dividend yield, free cash flow yield, and growth prospects, making it an attractive investment opportunity.

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• The Ministry of Finance has decided to end the 13% export tax rebate on copper effective December 1st, 2024. Copper semi-producers rely on this rebate to remain profitable. 
• Copper semi-producers might rush to sell their inventory by 1st December when changes take effect, which may affect prices and distort differentials on the SHFE-LME. 
• As long-term bulls, we like Southern Copper (SCCO US); under 100 USD/share, it is worth exploring. We also believe a long LME short SHFE trade in the short-term could work.  

• OPEC cut its 2024 demand growth forecast by 5.7%, marking the fourth consecutive monthly downgrade, while the EIA and IEA raised their forecasts by 7.6% and 7%, respectively.
• Although the EIA and IEA raised 2024 demand projections, they lowered 2025 estimates. They anticipate an oversupplied oil market in 2025, with supply growth expected to outpace demand.
• The EIA raised Q4 2024 oil price forecasts on geopolitical tensions and inventory withdrawals but cut post-Q2 2025 estimates due to expectations of rising inventories from higher output.

• The US oil and gas rig count fell by 1 to 584 for the week ending on 15/Nov, after remaining steady for three weeks in a row.
• For the week ending 08/Nov, US oil production inched down to 13.4m bpd after remaining at 13.5m bpd for four consecutive weeks.
• US energy producers added two rigs in New Mexico and one in Pennsylvania while cutting two rigs in Texas and one each in Oklahoma and Utah.

• Albemarle Corporation’s Q3 2024 earnings demonstrated strong execution with volumetric growth in its Energy Storage division and year-over-year EBITDA growth in its Specialties and Ketjen segments.
• The company’s liquidity and leverage metrics are strong, with Albemarle maintaining leverage well below covenant limits and demonstrating operating cash conversion of over 100%.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• EOG Resources’ third-quarter results for 2024 reflect a strong financial and operational performance, marked by substantial free cash flow and a commitment to returning value to shareholders.
• The company generated $1.6 billion in adjusted net income and produced $1.5 billion in free cash flow.
• Notably, EOG has redistributed $1.3 billion of this cash back to shareholders, a strategy underpinned by a 7% increase in its regular dividend and an expanded share repurchase authorization by $5 billion.

• Marathon Oil Company recently reported its earnings for the first quarter of 2024, where several key insights about the company’s financial and operational achievements were shared.
• The company has maintained a strong financial and operational performance, reinforcing its position within the Energy and Petroleum sector.
• One of the highlights from the first quarter is Marathon Oil’s financial strategy, focused primarily on returning shareholder value.

• Alamos Gold Inc.’s third-quarter 2024 earnings presented a comprehensive review of the company’s operational and financial performance following its recent acquisition of the Magino mine from Argonaut Gold.
• This acquisition has significantly shaped the latest results, which reflect a mixed bag of outcomes from this transitional phase.
• The third quarter marked a record production milestone for Alamos, with 152,000 ounces of gold produced.

• Consortium appeals to farmers not to sell below INR 200/kg
• Supply to market expected to fall by 30% in coming days
• Compound rubber imports go up by 47.5% YoY until Sept