In today’s briefing:
- GAPack (468 HK): No Further Progress On Co-Founder’s Offer. That’s Good For XJF
- EUDR Is Delayed By One More Year Amid Retraction On Amendment
- Oil Prices Recover from Last Week’s Fall as Markets Bet on OPEC Postponing Output Hikes
- [ETP 2024/49] WTI Recovers on OPEC Extending Cuts; Henry Hub Drops on Volatile Weather Forecasts
- Pactiv Evergreen’s Acquisition Interest: What Value Can It Attract From Apollo!
- Pharos Energy Plc (LSE: PHAR): Delivering on Expectations. Continued Payments from EGPC
GAPack (468 HK): No Further Progress On Co-Founder’s Offer. That’s Good For XJF
- In Greatview Aseptic Packaging (468 HK) (GAPack)’s monthly update, there is no update.
- No further progress on the management Offer. Four months and counting. In the meantime, Shandong Xinjufeng Technology (301296 CH) (XJF) secured SAMR approval; and the appointment of two friendly directors.
- IF (and when) XJF’s Offer becomes open to acceptance and the IFA is supportive, management should back the Offer if their own Offer is unlikely to materialise.
EUDR Is Delayed By One More Year Amid Retraction On Amendment
- European bodies agree to dump ‘no risk’ category of countries
- Dec 30 is deadline for endorsing delay by publishing in official journal
- ETRMA, GPSNR ask European Parliament to solve remaining issues
Oil Prices Recover from Last Week’s Fall as Markets Bet on OPEC Postponing Output Hikes
- OPEC+ will meet today (05/Dec), following a postponement from 01/Dec, to decide whether to delay planned output increases further.
- The postponement caused market jitters, with WTI and Brent futures falling 1.1% and 0.6%, respectively, on 29/Nov. The uncertainty eased as the delay was attributed to scheduling conflicts.
- For the week starting 02/Dec, WTI and Brent crude oil futures rebounded, rising 0.9% and 0.8%, respectively, driven by expectations of OPEC+ delaying planned output hikes due to price declines.
[ETP 2024/49] WTI Recovers on OPEC Extending Cuts; Henry Hub Drops on Volatile Weather Forecasts
- For the week ending 29/Nov, US crude inventories fell by 5.1m barrels, beating expectations of a 1.6m barrel decrease. However, gasoline and distillate stocks rose more than expected.
- US natural gas inventories fell by 30 Bcf for the week ending 29/Nov. Inventories are 7.8% above the 5-year seasonal average.
- UBS raised its 12-month price target on Chevron. Shell and Equinor plan to merge their UK offshore oil and gas assets to create a new company.
Pactiv Evergreen’s Acquisition Interest: What Value Can It Attract From Apollo!
- Pactiv Evergreen, a leading manufacturer of packaging solutions, reported its third-quarter 2024 financial results, highlighting both challenges and strategic advancements.
- The company generated revenues of $1.3 billion and an adjusted EBITDA of $214 million, representing a 16% margin.
- Adjusted earnings per share stood at $0.36, and free cash flow was strong at $190 million.
Pharos Energy Plc (LSE: PHAR): Delivering on Expectations. Continued Payments from EGPC
- Production from January to the end of November 2024 was 5,760 boe/d. This is line with our expectations.
- FY24 production is expected to be around the same level. This is in line with our forecasts and within the FY24 production guidance range of 5.2-6.5 mboe/d.
- The new wells at TGT are also performing in line with expectations and production in Vietnam from January to the end of November was 4,324 boe/d. This is in line with our forecasts.
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