Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>ExxonMobil recently reported its first quarter results, presenting a mixed but generally robust outlook for the energy giant.</li><li>The company posted earnings of $7.7 billion, marking a 4% sequential rise, despite significant market volatility and pressures due to a combination of slower economic growth forecasts and potential increases in OPEC supply.</li><li>This environment is driving down prices and margins, emphasizing the importance of ExxonMobil's strategy focused on operational efficiency, cost control, and a strong portfolio.</li></ul>

ExxonMobil recently reported its first quarter results, presenting a mixed but generally robust outlook for the energy giant.The company posted earnings of $7.7 billion, marking a 4% sequential rise, despite significant market volatility and pressures due to a combination of slower economic growth forecasts and potential increases in OPEC supply.This environment is driving down prices and margins, emphasizing the importance of ExxonMobil's strategy focused on operational efficiency, cost control, and a strong portfolio.

Exxon Mobil: Will Its Expansion of Liquefied Natural Gas (LNG) Capacity Help Capture A Larger Share In The Cleaner Fuel Sector?

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>For the week ending 20/Jun, U.S. crude inventories fell by 5.8m barrels (vs. expectations of a 1.2m barrel decline). Meanwhile, gasoline stockpiles fell more than expected.</li>
<li>The EIA reported a 96 Bcf storage build, while analysts forecasted an 88 Bcf increase. Storage levels are 6.6% above the five-year average but 6.3% below year-ago levels.</li>
<li>Shell denied reports of merger talks with BP. TD Cowen raised its price target on Exxon to USD 128, citing its technological edge in resource recovery and strategic deal-making capacity.</li>
</ul>


For the week ending 20/Jun, U.S. crude inventories fell by 5.8m barrels (vs. expectations of a 1.2m barrel decline). Meanwhile, gasoline stockpiles fell more than expected.
The EIA reported a 96 Bcf storage build, while analysts forecasted an 88 Bcf increase. Storage levels are 6.6% above the five-year average but 6.3% below year-ago levels.
Shell denied reports of merger talks with BP. TD Cowen raised its price target on Exxon to USD 128, citing its technological edge in resource recovery and strategic deal-making capacity.


[ETP 2025/26] WTI Set for Deepest Weekly Drop Since March 2023; Henry Hub Slides on Tepid Demand

<ul>
<li>Exxon Mobil’s Q4 revenue fell by 0.8% YoY and net profit decreased by 25.8%. Revenue missed estimates by 3.4% but EPS exceeded expectations by 7.6%.</li>
<li>Upstream production rose 0.4% QoQ and 20.3% YoY to 4.6 mboepd, driven by record output in Guyana and the Permian, while crude price realizations declined sequentially and annually.</li>
<li>Low Permian production costs and high-margin Guyana projects sustained profitability despite weaker oil prices and declining refining margins.</li>
</ul>


Exxon Mobil’s Q4 revenue fell by 0.8% YoY and net profit decreased by 25.8%. Revenue missed estimates by 3.4% but EPS exceeded expectations by 7.6%.
Upstream production rose 0.4% QoQ and 20.3% YoY to 4.6 mboepd, driven by record output in Guyana and the Permian, while crude price realizations declined sequentially and annually.
Low Permian production costs and high-margin Guyana projects sustained profitability despite weaker oil prices and declining refining margins.


[Earnings Review] Exxon Topped Q4 EPS Estimates on Low Costs and High-Margin Projects

<ul><li>ExxonMobil reported earnings of $34 billion for the year, marking its third-highest result over the past decade, despite facing softer market conditions.</li><li>This financial outcome underscores ExxonMobil's robust operational efficiency and strategic agility.</li><li>The five-year average return on capital employed (ROCE) stands at an industry leading 11%.</li></ul>

ExxonMobil reported earnings of $34 billion for the year, marking its third-highest result over the past decade, despite facing softer market conditions.This financial outcome underscores ExxonMobil's robust operational efficiency and strategic agility.The five-year average return on capital employed (ROCE) stands at an industry leading 11%.

ExxonMobil: Liquefied Natural Gas (LNG) Strategy As A Crucial Pillar In Global Energy!

<ul>
<li>Exxon will be announcing its Q4 earnings on 31/Jan, with its EPS projected to fall sequentially and annually. For fiscal 2024, revenue and EPS are expected to drop.</li>
<li>As of 28/Jan, Exxon’s implied volatility (IV) stands at 21.86%, with an IV rank of 40.38% and an IV percentile of 57%.</li>
<li>Exxon’s OI by strike for the 31/ Jan expiry shows calls concentrated at strikes 112, 114, and 115, while puts dominate at 102, 104, and 108.</li>
</ul>


Exxon will be announcing its Q4 earnings on 31/Jan, with its EPS projected to fall sequentially and annually. For fiscal 2024, revenue and EPS are expected to drop.
As of 28/Jan, Exxon’s implied volatility (IV) stands at 21.86%, with an IV rank of 40.38% and an IV percentile of 57%.
Exxon’s OI by strike for the 31/ Jan expiry shows calls concentrated at strikes 112, 114, and 115, while puts dominate at 102, 104, and 108.


[Pre Earnings Options Flash] Exxon’s OI PCR Indicates Neutral Sentiment Ahead of Earnings

United States

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis.  The Company's operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

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Exxon Mobil (XOM US)

[ETP 2025/26] WTI Set for Deepest Weekly Drop Since March 2023; Henry Hub Slides on Tepid Demand

US crude inventories fell more than expected. However, EIA reports gas storage build slightly above forecast. Shell denies merger talks with BP,...

Mint Finance

[Earnings Review] Exxon Topped Q4 EPS Estimates on Low Costs and High-Margin Projects

Exxon Mobil's Q4 revenue and net profit declined, but strong upstream production in Guyana and the Permian helped sustain profitability despite...

Mint Finance

ExxonMobil: Liquefied Natural Gas (LNG) Strategy As A Crucial Pillar In Global Energy!

ExxonMobil reported earnings of $34 billion for the year, marking its third-highest result over the past decade, despite facing softer market...

Baptista Research

[Pre Earnings Options Flash] Exxon’s OI PCR Indicates Neutral Sentiment Ahead of Earnings

Exxon's Q4 earnings expected to decline, with options market showing calls at higher strikes and puts at lower strikes for 31/Jan expiry.

Mint Finance

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Exxon Mobil: Will Its Expansion of Liquefied Natural Gas (LNG) Capacity Help Capture A Larger Share In The Cleaner Fuel Sector?

ExxonMobil recently reported its first quarter results, presenting a mixed but generally robust outlook for the energy giant. The company posted...

Baptista Research

[ETP 2025/26] WTI Set for Deepest Weekly Drop Since March 2023; Henry Hub Slides on Tepid Demand

​US crude inventories fell more than expected. However, EIA reports gas storage build slightly above forecast. Shell denies merger talks with BP,...

Mint Finance

[Earnings Review] Exxon Topped Q4 EPS Estimates on Low Costs and High-Margin Projects

​Exxon Mobil's Q4 revenue and net profit declined, but strong upstream production in Guyana and the Permian helped sustain profitability despite...

Mint Finance

ExxonMobil: Liquefied Natural Gas (LNG) Strategy As A Crucial Pillar In Global Energy!

ExxonMobil reported earnings of $34 billion for the year, marking its third-highest result over the past decade, despite facing softer market...

Baptista Research

[Pre Earnings Options Flash] Exxon’s OI PCR Indicates Neutral Sentiment Ahead of Earnings

​Exxon's Q4 earnings expected to decline, with options market showing calls at higher strikes and puts at lower strikes for 31/Jan expiry.

Mint Finance

US crude inventories fell more than expected. However, EIA reports gas storage build slightly above forecast. Shell denies merger talks with BP,...

Exxon Mobil's Q4 revenue and net profit declined, but strong upstream production in Guyana and the Permian helped sustain profitability despite...

Exxon's Q4 earnings expected to decline, with options market showing calls at higher strikes and puts at lower strikes for 31/Jan expiry.