Daily Brief Energy/Materials: Crude Oil, Deep Value Driller, Occidental Petroleum, Pulsar Helium and more

• US commercial crude inventory buildup slows down and comes below analyst estimates.
• US oil rig count is anticipated to remain flat in 2024 and crude production is expected to slightly pick up due to better productivity.
• Demand is expected to rise in the near term as US refineries may start increasing utilisation rates given forecasts of warmer weather.

Key points

• Oslo-listed company focused on residual value of a 7th generation UDW drillship acquired at low cost before offshore market downturn
• Market cap of USD 187 million with potential for dividends and special payouts
• Secured charter contract with Saipem, poised to generate significant revenue and deliver solid returns 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.

• Occidental Petroleum’s Q4 2023 has displayed a robust performance in recent quarters, achieving a strong free cash flow of $5.5 billion.
• Significantly, this has facilitated the company in paying dividends, repurchasing common shares, and investing back into the business.
• The primary driver of this achievement is accredited to technical expertise, leading-edge technologies, and innovation, showcasing the company’s operational strength.

• The drilling of the Jetstream #1 helium appraisal well at Topaz is taking longer than anticipated due to drilling fluid losses in a void section above the reservoir.
• This prevents fluid circulation and the recovery of drill cuttings to the surface.
• • The Company has made the decision to pivot from drilling with water, to drilling with air.