Daily Brief Energy/Materials: Aarti Industries, Chevron Corp, Siemens Energy AG, Crude Oil, Gold, Chesapeake Energy , Fmc Corp, DuPont, Dic Corp, Mitsubishi Steel Mfg and more

• Aarti Industries (ARTO IN)  is planning a huge capex of 2500 Cr, which will increase their PPE by more than 50% from current CWIP and new capex.
• Company is targeting 1450 to 1700Cr EBITDA in next year which is almost 1.5x to 2x of the existing EBITDA.
• Introducing new products in the value chain, which has high-value added and high margins.

• Chevron’s Q2 revenue grew 4.7% YoY but its net profit fell by 26.2%. Revenue beat estimates by 1% while EPS missed expectations by 13%.
• Production grew 11% YoY, driven by record output in the Permian, strong growth in the DJ Basin, and successful PDC Energy integration.
• Q2 capex rose 5.2% YoY to USD 4 billion from higher upstream investments and PDC asset spending. Free cash flow dropped 8% YoY to USD 2.3 billion.

• Siemens Energy is a spin-off from Siemens focused on gas, power, and renewables, positioning itself at the forefront of the energy transition.
• The company faces challenges, particularly in its renewables division, dealing with supply chain disruptions and technical issues.
• Mark Heiley, founder of The Analyst, discusses Siemens Energy’s history, impetus for demerger, and potential in addressing renewable energy challenges.

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• US crude inventories fell for the sixth straight week by 3.7 mb, exceeding the 1.6 mb decline expected by analysts. However, gasoline stocks rise by 1.3 mb.
• For the week ending 02/Aug, US natural gas inventories were up 8.2% YoY and 14.9% above the 5-year seasonal average.
• Occidental shares surged as it beat Q2 EPS estimates by 32.5%. Exxon and Aramco also exceeded EPS forecasts, while Chevron fell short.

• Discussion on the recent market volatility, particularly in metals markets
• Gold being a standout performer, while other commodities struggle
• Challenges in finding solid investment opportunities and concerns about earnings for gold companies

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• Chesapeake Energy Corporation’s second quarter 2024 earnings underscore a strategic balance between operational efficiency and financial stewardship amidst the dynamic conditions of the natural gas market.
• The company has effectively reduced its operating costs and improved capital efficiency, pivotal in maneuvering through low-price environments.
• Chesapeake has achieved a 50% improvement in Marcellus drilling performance since 2022, attributed to a 50% increase in daily drilling over the past two years and an extension in average lateral well length by nearly 3,000 feet in Q2.

• FMC Corporation reported its second quarter 2024 earnings with what can be described as a mixed but cautiously optimistic outlook amidst a complex market environment.
• CEO Pierre Brondeau, after reassuming his role, provided a comprehensive reassessment of the company’s position and future expectations.
• During the earnings call, FMC Corporation outlined both achievements and challenges, as well as strategic adjustments aimed at long-term ustainability and growth.

• DuPont’s second quarter 2024 earnings reflected a strong recovery trajectory, with CEO Lori Koch and CFO Antonella Franzen outlining improvements across key performance metrics.
• The company reported revenue and earnings that surpassed previous guidance, buoyed by a broad-based electronics recovery and gains in the Water and Protection (W&P) business.
• On the financial front, DuPont registered an increase in net sales by 2% compared to the previous year, totaling $3.2 billion.

• Sales in 1H FY12/24 were JPY538.8bn (+4.6% YoY), with a 1.5% decrease on a local currency basis.
• Operating profit in 1H FY12/24 was JPY21.9bn (+120.3% YoY), with a 116.7% increase on a local currency basis.
• The company revised its FY12/24 forecast to JPY1.10tn in sales and JPY40.0bn in operating profit.

• Consolidated Q1 FY03/25 results: Revenue JPY40.6bn (-1.7% YoY), Operating profit JPY1.3bn (+66.7% YoY), Recurring profit JPY1.2bn (+87.9% YoY), Net loss JPY147mn (+345.5% YoY).
• Segment performance: Revenue JPY20.5bn (-11.4% YoY), Operating profit JPY562mn (-40.6% YoY); Revenue JPY18.1bn (+12.1% YoY), Operating profit JPY580mn (JPY295mn loss in Q1 FY03/24).
• Additional segments: Revenue JPY2.4bn (+8.3% YoY), Operating profit JPY157mn (+582.6% YoY); Revenue JPY1.6bn (-19.3% YoY), Operating loss JPY12mn; Revenue JPY967mn (+14.0% YoY), Operating profit JPY59mn (+145.8% YoY).