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 23/May, U.S. crude inventories fell by 2.8m barrels (vs. expectations of a 1m barrel build). Meanwhile, gasoline and distillate stockpiles unexpectedly fell.</li>
<li>The EIA reported a 101 Bcf storage build, slightly more than the 98 Bcf forecast. Storage levels are 3.9% above the five-year average.</li>
<li>Chevron will cut 800 Texas jobs in an effort to reduce its global workforce by 20%. TotalEnergies is selling its 12.5% Nigerian offshore stake to Shell for USD 510 million.</li>
</ul>


For the week ending 23/May, U.S. crude inventories fell by 2.8m barrels (vs. expectations of a 1m barrel build). Meanwhile, gasoline and distillate stockpiles unexpectedly fell.
The EIA reported a 101 Bcf storage build, slightly more than the 98 Bcf forecast. Storage levels are 3.9% above the five-year average.
Chevron will cut 800 Texas jobs in an effort to reduce its global workforce by 20%. TotalEnergies is selling its 12.5% Nigerian offshore stake to Shell for USD 510 million.


[ETP 2025/22] WTI Slips on Supply Glut Fears, Henry Hub Dips Amid Demand Drag

External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

International Securities’ equity research analysis and advisory have been a vital source of market intelligence for our distinguished clients over the years. The equity research team’s main objective is to cover listed equities and to provide thoughtful, insightful, differentiated and timely research that can help clients make informed decisions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>We expect ADNOC Drilling to post 1Q25e core attributable profit of USD338mn, up 23% YoY but down 3% QoQ.</li><li>In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to ensure a like for like comparison. </li><li>We expect total rig count to increase to 142 rigs, in line with 4Q24, but up from 137 rigs in 1Q24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect ADNOC Drilling to post 1Q25e core attributable profit of USD338mn, up 23% YoY but down 3% QoQ.In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to ensure a like for like comparison. We expect total rig count to increase to 142 rigs, in line with 4Q24, but up from 137 rigs in 1Q24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q25 Quarterly Result Previews - 24 April 2025

<ul><li>MSCI UAE standard index expected to see an overall inflow of USD303.2mn.</li><li>Emar Development added to the MSCI UAE standard index taking the total number of UAE constituents to 13 in EM standard index </li><li>All existing Standard Index constituents are expected to witness slight inflows in proportion of their weight in the Index. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MSCI UAE standard index expected to see an overall inflow of USD303.2mn.Emar Development added to the MSCI UAE standard index taking the total number of UAE constituents to 13 in EM standard index All existing Standard Index constituents are expected to witness slight inflows in proportion of their weight in the Index. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>We expect ADNOC Drilling to post 4Q24e core attributable profit of USD335mn, up 22% YoY and flat QoQ.</li><li>This would take the FY24 core profits to USD1.24bn, up 27% YoY.</li><li>Core profits remove the impact of one-off USD55mn depreciation reversal booked in 4Q23.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect ADNOC Drilling to post 4Q24e core attributable profit of USD335mn, up 22% YoY and flat QoQ.This would take the FY24 core profits to USD1.24bn, up 27% YoY.Core profits remove the impact of one-off USD55mn depreciation reversal booked in 4Q23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

4Q24 Quarterly Result Previews - 30th January 2025

Index Rebalance

<ul>
<li>We expect Salik and EmaarDev to be added into M. UAE Standard Index in Feb -25 review; DEWA is a price contingent candidate for M. inclusion.</li>
<li>NMDCENR and ADNH are expected to be added in M. UAE small cap index</li>
<li>We share our preview for M. Feb-25 index review. M. review is scheduled on 11 February 2025 with effective date of 3 March 2025.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


We expect Salik and EmaarDev to be added into M. UAE Standard Index in Feb -25 review; DEWA is a price contingent candidate for M. inclusion.
NMDCENR and ADNH are expected to be added in M. UAE small cap index
We share our preview for M. Feb-25 index review. M. review is scheduled on 11 February 2025 with effective date of 3 March 2025.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Arab Emirates

ADNOC Drilling Company P.J.S.C. operates as a drilling company. The Company provides drilling and well construction services for conventional and unconventional reservoirs on land, sea, and artificial islands. ADNOC Drilling serves clients worldwide.

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ADNOC Drilling PJSC (ADNOCDRI UH)

[ETP 2025/22] WTI Slips on Supply Glut Fears, Henry Hub Dips Amid Demand Drag

US crude inventories fell more than expected, while gasoline and distillate stockpiles also dropped. Chevron to cut 800 Texas jobs, TotalEnergies...

Mint Finance

1Q25 Quarterly Result Previews - 24 April 2025

In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to...

International Securities

MSCI EM Feb-2025 Index Review

Emar Development added to the MSCI UAE standard index taking the total number of UAE constituents to 13 in EM standard index

International Securities

4Q24 Quarterly Result Previews - 30th January 2025

We expect ADNOC Drilling to post 4Q24e core attributable profit of USD335mn, up 22% YoY and flat QoQ. This would take the FY24 core profits to...

International Securities

M. EM Feb-2025 Index Preview

We expect Salik and EmaarDev to be added into M. UAE Standard Index in Feb -25 review; DEWA is a price contingent candidate for M. inclusion.

International Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[ETP 2025/22] WTI Slips on Supply Glut Fears, Henry Hub Dips Amid Demand Drag

​US crude inventories fell more than expected, while gasoline and distillate stockpiles also dropped. Chevron to cut 800 Texas jobs, TotalEnergies...

Mint Finance

1Q25 Quarterly Result Previews - 24 April 2025

In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to...

International Securities

MSCI EM Feb-2025 Index Review

Emar Development added to the MSCI UAE standard index taking the total number of UAE constituents to 13 in EM standard index

International Securities

4Q24 Quarterly Result Previews - 30th January 2025

We expect ADNOC Drilling to post 4Q24e core attributable profit of USD335mn, up 22% YoY and flat QoQ. This would take the FY24 core profits to...

International Securities

M. EM Feb-2025 Index Preview

We expect Salik and EmaarDev to be added into M. UAE Standard Index in Feb -25 review; DEWA is a price contingent candidate for M. inclusion.

International Securities

US crude inventories fell more than expected, while gasoline and distillate stockpiles also dropped. Chevron to cut 800 Texas jobs, TotalEnergies...