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.

Equity Bottom-Up

<ul>
<li>TotalEnergies’ Q4 revenue is expected to drop 22.5% YoY, with EPS down 14.8% YoY. For 2024, revenue and EPS are projected to fall 5.2% and 17.8%, respectively.</li>
<li>TotalEnergies expects lower crude prices to weigh on earnings but anticipates gains from higher LNG output, stronger gas trading, and rising LNG prices, setting it apart from peers.</li>
<li>TotalEnergies expects a slight increase in Q4 oil and gas production, with its Integrated LNG segment benefiting from an output rise and higher realizations.</li>
</ul>


TotalEnergies’ Q4 revenue is expected to drop 22.5% YoY, with EPS down 14.8% YoY. For 2024, revenue and EPS are projected to fall 5.2% and 17.8%, respectively.
TotalEnergies expects lower crude prices to weigh on earnings but anticipates gains from higher LNG output, stronger gas trading, and rising LNG prices, setting it apart from peers.
TotalEnergies expects a slight increase in Q4 oil and gas production, with its Integrated LNG segment benefiting from an output rise and higher realizations.


[Earnings Preview] TotalEnergies Banks on LNG Growth to Offset Weak Oil Prices

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Thematic (Sector/Industry)

<ul>
<li>Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026 – Corcel has raised £3 mm of new equity at a price of 0.35 p per share from two blue chip new investors.</li>
<li>Following the raise, Corcel’s cash balance is expected to reach ~£6 mm by YE25.</li>
<li>In addition, Sintana Energy will pay Corcel ~US$2 mm in cash upon closing the acquisition of a 5% interest in KON‑16.</li>
</ul>


Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026 – Corcel has raised £3 mm of new equity at a price of 0.35 p per share from two blue chip new investors.
Following the raise, Corcel’s cash balance is expected to reach ~£6 mm by YE25.
In addition, Sintana Energy will pay Corcel ~US$2 mm in cash upon closing the acquisition of a 5% interest in KON‑16.


<ul>
<li>ADX Energy (ADX AU)C; Target price of A$0.20 per share: Resource estimates boost in Sicily – ADX has increased its aggregated prospective gas resource estimates for its Sicily Channel permit from 103–369–772 bcf to 188–484–1,265 bcf (P90–P50–P10 cases).</li>
<li>The new mean prospective resource of 619 bcf reflects the increased upside potential for the permit.</li>
<li>Individual prospect sizes range between 37–111 bcf (P50 case), with four prospects each estimated at 60–68 bcf (P50).</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.20 per share: Resource estimates boost in Sicily – ADX has increased its aggregated prospective gas resource estimates for its Sicily Channel permit from 103–369–772 bcf to 188–484–1,265 bcf (P90–P50–P10 cases).
The new mean prospective resource of 619 bcf reflects the increased upside potential for the permit.
Individual prospect sizes range between 37–111 bcf (P50 case), with four prospects each estimated at 60–68 bcf (P50).


Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

Baseoilnews.com combines daily, weekly and monthly base oils and lubes fundamentals data from every region of the world to build the most comprehensive and up-to-date global picture of the state of the market.

The data and analysis provide key tools to understand current market developments and opportunities and to anticipate how the market is likely to behave in the coming months.

Base oils producers, lube blenders and consumers can then better plan accordingly.

Baseoilnews.com analyses and publishes market news and data every day as it breaks.

Commodities

<ul><li>US base oils prices stay relatively firm in narrow range vs vacuum gasoil prices.</li><li>Firm margins in recent weeks coincide with shutdown of key US Group II base oils unit for maintenance work.</li><li>Firm margins in recent months coincide with surge in US domestic base oils output in July-Aug 2025.</li></ul>

US base oils prices stay relatively firm in narrow range vs vacuum gasoil prices.Firm margins in recent weeks coincide with shutdown of key US Group II base oils unit for maintenance work.Firm margins in recent months coincide with surge in US domestic base oils output in July-Aug 2025.

Americas/EMEA base oils supply outlook: Week of 10 November

<ul><li>US base oils demand could be more muted amid expectations of rise in domestic supply over coming weeks following completion of plant-maintenance work.</li><li>Sufficient availability of supply in recent weeks, even during plant-shutdown, points to signs of already-slower demand during that period.</li><li>Expected rise in supply would coincide with time of year when domestic consumption typically slows anyway.</li></ul>

US base oils demand could be more muted amid expectations of rise in domestic supply over coming weeks following completion of plant-maintenance work.Sufficient availability of supply in recent weeks, even during plant-shutdown, points to signs of already-slower demand during that period.Expected rise in supply would coincide with time of year when domestic consumption typically slows anyway.

Americas/EMEA base oils demand outlook: Week of 10 November

France

TOTAL S.A. explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. TOTAL operates gasoline filling stations in Europe, the United States, and Africa.

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TotalEnergies (TTE FP)

[Earnings Preview] TotalEnergies Banks on LNG Growth to Offset Weak Oil Prices

TotalEnergies anticipates a drop in revenue and EPS for Q4 and 2024 due to lower crude prices, but expects gains from higher LNG output and...

Mint Finance

AUCTUS ON FRIDAY - 12/12/2025

Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026

Auctus Advisors

AUCTUS ON FRIDAY - 05/12/2025

Resource estimates boost in Sicily – ADX has increased its aggregated prospective gas resource estimates for its Sicily Channel permit from...

Auctus Advisors

Americas/EMEA base oils supply outlook: Week of 10 November

US base oils prices stay relatively firm in narrow range vs vacuum gasoil prices. Firm margins in recent weeks coincide with shutdown of key US...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 10 November

US base oils demand could be more muted amid expectations of rise in domestic supply over coming weeks following completion of plant-maintenance...

Base Oil News

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Earnings Preview] TotalEnergies Banks on LNG Growth to Offset Weak Oil Prices

​TotalEnergies anticipates a drop in revenue and EPS for Q4 and 2024 due to lower crude prices, but expects gains from higher LNG output and...

Mint Finance

AUCTUS ON FRIDAY - 12/12/2025

Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026

Auctus Advisors

AUCTUS ON FRIDAY - 05/12/2025

Resource estimates boost in Sicily – ADX has increased its aggregated prospective gas resource estimates for its Sicily Channel permit from...

Auctus Advisors

Americas/EMEA base oils supply outlook: Week of 10 November

US base oils prices stay relatively firm in narrow range vs vacuum gasoil prices. Firm margins in recent weeks coincide with shutdown of key US...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 10 November

US base oils demand could be more muted amid expectations of rise in domestic supply over coming weeks following completion of plant-maintenance...

Base Oil News

TotalEnergies anticipates a drop in revenue and EPS for Q4 and 2024 due to lower crude prices, but expects gains from higher LNG output and...