In today’s briefing:
- Need a Game Plan to Tackle Korea Zinc’s Buyback Tender with a 20% Proration Risk
- [ETP 2024/42] WTI Falls as Supply Disruption Fears Subside, Nat-Gas Slides on Weaker Demand Outlook
- Market Commentary Snapshot: Delaying EUDR Likely To Bring Supply Glut Back
- Criterium Energy Ltd (TSX-V: CEQ): Encouraging drilling results. Decreasing opex
- Energy Transfer LP: Expansion of Energy Transfer’s Export Terminals & Other Major Developments! – Key Drivers
- Sealed Air Corporation: Enhanced Commercial Execution in Protective Packaging Driving Our Optimism! – Major Drivers
Need a Game Plan to Tackle Korea Zinc’s Buyback Tender with a 20% Proration Risk
- NPS is now viewing their voting rights on Korea Zinc purely from a returns angle, shifting from earlier expectations of siding with Choi due to political pressure.
- We need a tendering strategy for a 20% proration risk, focusing on when MBK will buy that extra 3.7% stake to cut losses on untendered shares.
- MBK will aim to buy leftover shares cheaply. Their approach depends on the progress of Choi and Trafigura’s talks
[ETP 2024/42] WTI Falls as Supply Disruption Fears Subside, Nat-Gas Slides on Weaker Demand Outlook
- For the week ending 11/Oct, US crude inventories decreased by 2.2m barrels, diverging from expectations of a 1.8m barrel build. Additionally, gasoline and distillate stockpiles also declined more than anticipated.
- US natural gas inventories rose 76 Bcf for the week ending 11/Oct, lower than analyst expectations of an 80 Bcf buildup. Inventories are 4.6% above the 5-year seasonal average.
- Halliburton, Schlumberger, and Occidental’s target prices were cut. Notably, analysts kept their Buy ratings on Reliance despite its net profit falling by 4.8% YoY.
Market Commentary Snapshot: Delaying EUDR Likely To Bring Supply Glut Back
- Requests for retraction in contracts by buyers
- Oversupply of spot cargoes feeds pessimistic expectations
Criterium Energy Ltd (TSX-V: CEQ): Encouraging drilling results. Decreasing opex
- • Production to date in October is 950 bbl/d, the same level as reported on 24 September.
- • The MGH-43 well has encountered 41 m of prospective gross sand intervals with good to excellent oil shows in the main TAF target that will now be perforated.
- Due to unstable hole conditions in MGH-43, Criterium was unable to conduct pressure testing and resistivity calculations on the zones of interest and therefore could not determine the estimated productivity rates.
Energy Transfer LP: Expansion of Energy Transfer’s Export Terminals & Other Major Developments! – Key Drivers
- Energy Transfer’s Q2 2024 earnings report reveals a company navigating complex operational landscapes with a mixture of robust results and strategic adjustments, providing a broad perspective on its strengths and challenges as it plans forward.
- The company reported a noticeable rise in their financial and operational metrics indicating vital signs of growth.
- However, certain segments experienced downturns that could suggest areas requiring attention for future stability and improvement.
Sealed Air Corporation: Enhanced Commercial Execution in Protective Packaging Driving Our Optimism! – Major Drivers
- Sealed Air’s Q2 2024 earnings presentation provided detailed insights into the company’s financial health and strategic direction under the leadership of the newly appointed CEO, Patrick Kivits.
- This period also marked a reshuffling in the executive roles with Dustin Semach stepping up as President and CFO.
- Sealed Air reported a quarter with mixed results, highlighting successes in its Food segment and ongoing challenges in the Protective segment.
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