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
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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 p.l.c.: A Focus On Value Over Volume In Hydrocarbon Production – Major Drivers
- 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.
Occidental Petroleum Corporation: Battleground Plant Expansion & Other Major Drivers
- 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.