Daily Brief United States: Meta Platforms (Facebook), Gold, Bitcoin Pro, Intel Corp, Range Resources, Bitcoin, Chord Energy , Antero Midstream Corp, Pbf Energy Inc Class A, Valaris and more

• If you have been following Meta for some time, you probably are accustomed with after-hours (AH) volatility by now.
• While Meta was -20% at one point AH today, it does seem a bit overdone.
• Of all the post-earnings drop that I have experienced following Meta since 2018, this one probably made me nervous the least.

• Gold prices touched a record high in April despite headwinds due to robust demand from Chinese speculators.
• Asian Gold ETFs saw a net inflow of funds in April, while American and European Gold ETFs witnessed net outflows.
• Demand for gold continues to be driven by central banks of emerging markets like China, India, and Türkiye.

• Crypto bankruptcies are complicated as crypto currencies are extremely volatile and there are no regulatory frameworks existing for crypto currencies.
• The treatment of ownership of digital assets as property of the debtor or the depositor is one of the key debates in settling crypto bankruptcy cases.
• One of the key lessons is that crypto investors need to be focused on how they transact with crytpo exchanges in the future.

• Intel misses 1H24 market consensus again, post market correction of over 7%. Can shifting focus away from foundry/manufacturing help?
• Is the breakdown change for future spin off/IPO of foundry/manufacturing, and non focus businesses like Altera and Mobileye positive?
• We disagree Intel foundry to breakeven in two years; we see AI product lagging behind competitors and non AI server CPU being squeezed by AI server GPU and GPU/CPU integration.

• Range Resources’ management highlighted strong operational performance from Q4 2023 earnings.
• The company successfully executed its 2023 plan, driving operational improvements, generating free cash flow with leading capital efficiency, and prudently allocating that cash flow to balance returns for shareholders and further debt reduction.
• The reserves update revealed 16 positive performance revisions, demonstrating the repeatable nature of the company’s Marcellus inventory.

• Will Campion and the speaker met with Nick Carey from Blockchain.com in September 2021 to discuss blockchain and cryptocurrencies
• Despite initial skepticism, the conversation was rich and wide-ranging, spanning two episodes on the Moneymakers podcast
• Blockchain.com, founded in 2011 in York, serves both institutions and retail customers and has over 90 million wallet holders globally

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• Chord Energy has recently revealed its business consolidation with Enerplus during their fourth quarter 2023 earnings call.
• The merger will create a premier Williston Basin company, adding significant value to both companies.
• It offers the opportunity to leverage their combined assets, workforce, and best practices towards the operational, financial, and strategic growth of their unified organization.

• Antero Midstream’s 2023 performance has been analytically described as financially and operationally successful, with record EBITDA earnings of $981 million and an 18% return on invested capital.
• Since the Initial Public Offering in 2014, EBITDA has shown robust growth, with an 18% compound annual growth rate, reflecting the company’s high-quality assets and operational success.
• The 2024 EBITDA is expected to reach an estimated midpoint of $1.04 billion from Antero Resources’ maintenance capital program.

• PBF Energy Inc, during its 2023 4th quarter’s earnings, executed a successful financial year, marked as the second-best in its history.
• It pointed to significant equity value enhancement achieved by reducing the debt by over $700 million.
• About $640 million was also returned directly to shareholders via dividends and share buybacks.

• Valaris plc reported strong financial results for the 4th quarter and offered an optimistic performance outlook, citing their focus on safety, efficient operations, and robust market demand, which is constrained by supply.
• CEO Anton Dibowitz highlighted the significant new contract backlog worth around $3 billion achieved during 2023, nearly 60% higher compared to a year ago.
• 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.