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>US crude inventories fell for the fifth consecutive week by 3.4 mb, exceeding the 1.6 mb decline expected by analysts. Gasoline stocks also decreased by 3.7 mb.</li>
<li>As of the week ending 26/Jul, US natural gas inventories were up 8.4% YoY and 15.7% above the 5-year seasonal average.</li>
<li>European oil majors beat Q2 profit estimates. BP’s Q2 underlying net profit beat estimates by 7.7%. Shell’s Q2 EPS beat estimates by 5.1%. </li>
</ul>


US crude inventories fell for the fifth consecutive week by 3.4 mb, exceeding the 1.6 mb decline expected by analysts. Gasoline stocks also decreased by 3.7 mb.
As of the week ending 26/Jul, US natural gas inventories were up 8.4% YoY and 15.7% above the 5-year seasonal average.
European oil majors beat Q2 profit estimates. BP’s Q2 underlying net profit beat estimates by 7.7%. Shell’s Q2 EPS beat estimates by 5.1%. 


[ETP 31/2024] Oil Prices Surge on Middle East Tensions; BP and Shell Beat Earnings Expectations

Equity Bottom-Up

<ul>
<li>TotalEnergies missed Q2 revenue and EPS estimates by 7.3% and 7.2%, respectively, with a 7.4% YoY drop in net profit due to contracting refining margins.</li>
<li>TotalEnergies' hydrocarbon production hit 2.44 mboe/d in Q2, near the top of its guidance. Projects production in Q3 at 2.4-2.49 mboe/d.</li>
<li>In Q2, TotalEnergies generated USD 7.8 billion in cash flow and completed USD 2 billion in buybacks. Authorized up to USD 2 billion in buybacks for Q3.</li>
</ul>


TotalEnergies missed Q2 revenue and EPS estimates by 7.3% and 7.2%, respectively, with a 7.4% YoY drop in net profit due to contracting refining margins.
TotalEnergies' hydrocarbon production hit 2.44 mboe/d in Q2, near the top of its guidance. Projects production in Q3 at 2.4-2.49 mboe/d.
In Q2, TotalEnergies generated USD 7.8 billion in cash flow and completed USD 2 billion in buybacks. Authorized up to USD 2 billion in buybacks for Q3.


[Earnings Review] TotalEnergies Misses Estimates on Lower Sales and Shrinking Margins

<ul>
<li>US crude inventories fell for the fourth straight week, with a 3.7 mb drawdown. Gasoline stocks dropped by 5.6 mb, the largest decline since March.</li>
<li>As of 19/Jul, US natural gas inventories were up 8.4% YoY and 16.4% above the 5-year seasonal average.</li>
<li>TotalEnergies’ Q2 revenue fell 5.2% YoY, missing estimates by 7.3%. EPS dropped 7.5% YoY and missed estimates by 7.2%.</li>
</ul>


US crude inventories fell for the fourth straight week, with a 3.7 mb drawdown. Gasoline stocks dropped by 5.6 mb, the largest decline since March.
As of 19/Jul, US natural gas inventories were up 8.4% YoY and 16.4% above the 5-year seasonal average.
TotalEnergies’ Q2 revenue fell 5.2% YoY, missing estimates by 7.3%. EPS dropped 7.5% YoY and missed estimates by 7.2%.


[ETP 30/2024] Oil Reels Under Macroeconomic Headwinds; Nat-Gas Sheds Gains to Oversupply Concerns

<ul>
<li>TotalEnergies' robust hydrocarbon production in Q2 2024 will be offset by lower gas realizations and refining margins.</li>
<li>Higher utilisation rates are expected to partially mitigate reduced refining margins in Europe and the Middle East.</li>
<li>Seasonal factors are expected to lower the Integrated Power segment's adjusted net operating income by 18.2% QoQ to USD 500 million.</li>
</ul>


TotalEnergies' robust hydrocarbon production in Q2 2024 will be offset by lower gas realizations and refining margins.
Higher utilisation rates are expected to partially mitigate reduced refining margins in Europe and the Middle East.
Seasonal factors are expected to lower the Integrated Power segment's adjusted net operating income by 18.2% QoQ to USD 500 million.


TotalEnergies Hits Roadblock with Lower Gas Prices and Refining Margins

<ul>
<li>US crude oil inventories fell by 4.9 million barrels in the week ending 12/Jul, marking the third consecutive weekly decline.</li>
<li>As of 12/Jul, US natural gas inventories were up 8.4% YoY and 16.9% above the 5-year seasonal average.</li>
<li>UBS expects Chevron's Q2 earnings to fall short of expectations due to LNG project downtime and lower international refining margins.</li>
</ul>


US crude oil inventories fell by 4.9 million barrels in the week ending 12/Jul, marking the third consecutive weekly decline.
As of 12/Jul, US natural gas inventories were up 8.4% YoY and 16.9% above the 5-year seasonal average.
UBS expects Chevron's Q2 earnings to fall short of expectations due to LNG project downtime and lower international refining margins.


[ETP 29/2024] Oil Rebounds on Inventory Drop; Energy Majors' Targets Cut

France

TotalEnergies SE operates as an energy company. The Company produces, transports, and supplies crude oil, natural gas, and low carbon electricity, as well as refines petrochemical products. TotalEnergies owns and manages gasoline filling stations worldwide.

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TotalEnergies (TTE US)

[ETP 31/2024] Oil Prices Surge on Middle East Tensions; BP and Shell Beat Earnings Expectations

US crude inventories and gasoline stocks continue to decline, while US natural gas inventories are up YoY. European oil majors surpass Q2 profit...

Mint Finance

[Earnings Review] TotalEnergies Misses Estimates on Lower Sales and Shrinking Margins

TotalEnergies missed revenue & EPS estimates by 7.3% and 7.2% respectively. Lower refining margins negatively impact profitability. Upstream...

Mint Finance

[ETP 30/2024] Oil Reels Under Macroeconomic Headwinds; Nat-Gas Sheds Gains to Oversupply Concerns

US crude inventories continue to decline, while gasoline stocks see largest drop since March. US natural gas inventories up YoY, TotalEnergies' Q2...

Mint Finance

TotalEnergies Hits Roadblock with Lower Gas Prices and Refining Margins

Lower gas realisations and refining margins to eat up gains from healthy hydrocarbon production in Q2. Revenue expected to rise YoY and QoQ, but...

Mint Finance

[ETP 29/2024] Oil Rebounds on Inventory Drop; Energy Majors' Targets Cut

US crude inventories fell for the third straight week, while gasoline and distillate stocks exceeded expectations. US & European gas storage above...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[ETP 31/2024] Oil Prices Surge on Middle East Tensions; BP and Shell Beat Earnings Expectations

​US crude inventories and gasoline stocks continue to decline, while US natural gas inventories are up YoY. European oil majors surpass Q2 profit...

Mint Finance

[Earnings Review] TotalEnergies Misses Estimates on Lower Sales and Shrinking Margins

TotalEnergies missed revenue & EPS estimates by 7.3% and 7.2% respectively. Lower refining margins negatively impact profitability. Upstream...

Mint Finance

[ETP 30/2024] Oil Reels Under Macroeconomic Headwinds; Nat-Gas Sheds Gains to Oversupply Concerns

​US crude inventories continue to decline, while gasoline stocks see largest drop since March. US natural gas inventories up YoY, TotalEnergies' Q2...

Mint Finance

TotalEnergies Hits Roadblock with Lower Gas Prices and Refining Margins

Lower gas realisations and refining margins to eat up gains from healthy hydrocarbon production in Q2. Revenue expected to rise YoY and QoQ, but...

Mint Finance

[ETP 29/2024] Oil Rebounds on Inventory Drop; Energy Majors' Targets Cut

US crude inventories fell for the third straight week, while gasoline and distillate stocks exceeded expectations. US & European gas storage above...

Mint Finance

US crude inventories and gasoline stocks continue to decline, while US natural gas inventories are up YoY. European oil majors surpass Q2 profit...

US crude inventories continue to decline, while gasoline stocks see largest drop since March. US natural gas inventories up YoY, TotalEnergies' Q2...