Daily Brief Energy/Materials: Berry Global Group, Orla Mining , Natural Gas, Crude Oil, Daido Steel, Halliburton Co, Panoro Energy ASA, SGX Rubber Future TSR20, US Energy , Capitan Silver and more

• 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.