Daily Brief Energy/Materials: Zijin Mining Group Co Ltd H, BP , Occidental Petroleum and more

In today’s briefing:

HSCEI Index Rebalance: Zijin Mining In; Xinyi Solar Out; SenseTime Survives (For Now)
BP p.l.c.: A Focus On Value Over Volume In Hydrocarbon Production – Major Drivers
Occidental Petroleum Corporation: Battleground Plant Expansion & Other Major Drivers

HSCEI Index Rebalance: Zijin Mining In; Xinyi Solar Out; SenseTime Survives (For Now)

Zijin Mining Group Co Ltd H (2899 HK) will replace Xinyi Solar Holdings (968 HK) in the Hang Seng China Enterprises Index (HSCEI INDEX) after the close on 7 June.
An increase in the FAF for SenseTime Group (20 HK) results in the stock avoiding deletion at the June rebalance.
Estimated one-way turnover at the rebalance is 2.9% resulting in a round-trip trade of HK$3.8bn with over 1x ADV to trade on the add and delete.

BP, the energy giant has reaffirmed its annual target and unveiled a new cost-cutting measure, reflecting its bid for financial resilience in an increasingly competitive energy market.
Despite an unplanned outage at its Whiting refinery, BP posted an adjusted EBITDA of $10.3bn in the first quarter of 2024, underlining a robust financial performance.
Its operating cash flow, adjusting for seasonal working capital build, was $7.4bn in the reported quarter.

In the first quarter 2024 earnings, Occidental (OXY) management displayed confidence in their operational execution and diversified asset portfolio.
OXY reported a strong start to 2024, overcoming a challenging third party outage in the Eastern Gulf of Mexico and exceeding the midpoint of their production guidance.
The revenue was driven primarily by robust production results in their oil and gas business and outperformance in their Midstream and OxyChem businesses.

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