Daily Brief Energy/Materials: Westgold Resources, Yancoal Australia, Martin Marietta Materials, Cheniere Energy, Pembina Pipeline , Petroleo Brasileiro and more

• With 2 trading days left in the review period, there could be 30 adds/deletes across the S&P/ASX family of indices in September.
• Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to the S&P/ASX 200 and S&P/ASX 300.
• The forecast adds have hugely outperformed the forecast deletes. Borrow recall on the deletes and increased borrow availability on the adds could result in underperformance following announcement of the changes.

• Company had strong half year results with 990 million in operating EBITDA and 420 million NPAT
• They have 1.55 billion in cash and are debt-free, with majority of revenue from thermal coal production
• Despite recent 20% drop in share price, company is on track and has good long-term prospects

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• Martin Marietta’s second quarter 2024 earnings highlighted several key developments and challenges that reflect both positive and negative aspects impacting its performance and future outlook.
• The company experienced a decrease in product shipments primarily due to an unprecedented increase in rainfall, specifically in the Dallas Fort Worth area, which is a critical market for Martin Marietta.
• Furthermore, the lagging effects of restrictive monetary policy also pressured demand for private construction, exacerbating the decrease in shipments.

• Cheniere Energy’s second-quarter earnings for 2024 show a company that is navigating its growth and contractual commitments adeptly amidst a fluctuating energy market.
• The company, led by President and CEO Jack Fusco, announced exceeding expectations on financial metrics and operational execution, which bodes well for its strategic positioning as a major LNG supplier.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Pembina Pipeline Corporation reported a strong second quarter, showcasing significant increases in several financial metrics, most notably achieving record adjusted EBITDA of $1.091 billion and record adjusted cash flow from operating activities of $837 million.
• These achievements were underpinned by strategic acquisitions, notably the closure of the Alliance and Aux Sable acquisition early in April, resulting in increased ownership and contributing positively to Pembina’s financial performance.
• These assets, including the full acquisition of Aux Sable’s U.S. operations, are reportedly exceeding expectations.

• In analyzing Petrobras’ earnings for the second quarter of 2024, several key factors emerge highlighting the company’s current performance and future outlook.
• The leadership, under CEO Magda Chambriard, emphasized solid quarterly results shaped mainly by a blend of recurring and nonrecurring financial activities, alongside a strategic pivot towards sustainable energy practices and robust exploration activities.
• Despite the complex overlay of global economic conditions, such as significant exchange rate volatility, Petrobras managed to navigate these with agility, thereby safeguarding its financial stability.