Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.</li>
<li>In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.
In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.


Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

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>Chevron Corporation reported strong operational and financial performance in the second quarter of 2026 amid ongoing global market volatility and geopolitical uncertainties.</li><li>The company’s upstream production increased by over 5% quarter-over-quarter, achieving record U.S. upstream production of nearly 2.1 million barrels of oil equivalent per day and record refinery throughput exceeding 1 million barrels per day.</li><li>This growth was largely supported by the successful integration of Hess Corporation, whose assets contributed significant free cash flow and synergy benefits realized ahead of schedule.</li></ul>

Chevron Corporation reported strong operational and financial performance in the second quarter of 2026 amid ongoing global market volatility and geopolitical uncertainties.The company’s upstream production increased by over 5% quarter-over-quarter, achieving record U.S. upstream production of nearly 2.1 million barrels of oil equivalent per day and record refinery throughput exceeding 1 million barrels per day.This growth was largely supported by the successful integration of Hess Corporation, whose assets contributed significant free cash flow and synergy benefits realized ahead of schedule.

Chevron Corporation’s Hidden Growth Engine: Hess, Guyana & Tengiz Expand The Long-Term Opportunity!

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.

<ul>
<li>Hess added roughly 455 MBOED from Guyana and the Bakken, accounting for most of Chevron’s 20% production growth and sharply lifting international upstream earnings.</li>
<li>Chevron delivered USD 1.5 billion in annual Hess synergies, 50% above its original target, while reaching USD 3 billion in structural cost savings six months early.</li>
<li>Hess was the biggest driver of Q2, but higher oil prices and one-off gains also helped. The key test is whether Chevron can sustain these gains.</li>
</ul>


Hess added roughly 455 MBOED from Guyana and the Bakken, accounting for most of Chevron’s 20% production growth and sharply lifting international upstream earnings.
Chevron delivered USD 1.5 billion in annual Hess synergies, 50% above its original target, while reaching USD 3 billion in structural cost savings six months early.
Hess was the biggest driver of Q2, but higher oil prices and one-off gains also helped. The key test is whether Chevron can sustain these gains.


How Much Did Hess Really Add to Chevron’s Q2?

<ul><li>Chevron has spent decades building one of the world’s most productive oil operations in Kazakhstan, but the Russia-Ukraine war has now reached the project’s most vulnerable link.</li><li>CEO Mike Wirth recently spoke with Trump administration officials about protecting Chevron’s interests after Ukrainian drones struck four tankers near the Russian Black Sea port of Novorossiysk, including one vessel chartered by the company.</li><li>The attacks restricted crude loadings from the Caspian Pipeline Consortium, or CPC, a critical export system carrying approximately 2% of the world’s daily oil supply.</li></ul>

Chevron has spent decades building one of the world’s most productive oil operations in Kazakhstan, but the Russia-Ukraine war has now reached the project’s most vulnerable link.CEO Mike Wirth recently spoke with Trump administration officials about protecting Chevron’s interests after Ukrainian drones struck four tankers near the Russian Black Sea port of Novorossiysk, including one vessel chartered by the company.The attacks restricted crude loadings from the Caspian Pipeline Consortium, or CPC, a critical export system carrying approximately 2% of the world’s daily oil supply.

Chevron’s $6 Billion Black Sea Gamble Is Suddenly In Danger!

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>Asia's spare capacity is filling gaps left by tighter US, European and Middle East supply, but recovering demand and fourth-quarter maintenance will test its limits.</li></ul><ul><li>Traditional suppliers are losing export availability, giving Asian producers more room to meet requirements in the US, Europe and other overseas markets.</li><li>The response spans the region, with South Korea, Taiwan, India, Singapore and China all sending cargoes beyond Asia.</li></ul>

Asia's spare capacity is filling gaps left by tighter US, European and Middle East supply, but recovering demand and fourth-quarter maintenance will test its limits.Traditional suppliers are losing export availability, giving Asian producers more room to meet requirements in the US, Europe and other overseas markets.The response spans the region, with South Korea, Taiwan, India, Singapore and China all sending cargoes beyond Asia.

Base Oils and Lubricants: Weekly Global Market Review - 25 Sep '26

United States

Chevron Corporation is an integrated energy company with operations in countries located around the world.  The Company produces and transports crude oil and natural gas.  Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.

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Chevron Corp (CVX US)

Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

The SP500 will to see up to 4 intra-review changes before the June 2024 rebal. 3 near certain. The interesting ones? Two SP600 deletions due to...

Travis Lundy

Chevron Corporation’s Hidden Growth Engine: Hess, Guyana & Tengiz Expand The Long-Term Opportunity!

Chevron Corporation reported strong operational and financial performance in the second quarter of 2026 amid ongoing global market volatility and...

Baptista Research

How Much Did Hess Really Add to Chevron’s Q2?

Chevron's production growth and earnings boosted by Hess acquisition, surpassing synergy and cost savings targets. Key challenge is sustaining gains.

Mint Finance

Chevron’s $6 Billion Black Sea Gamble Is Suddenly In Danger!

Chevron has spent decades building one of the world’s most productive oil operations in Kazakhstan, but the Russia-Ukraine war has now reached the...

Baptista Research

Base Oils and Lubricants: Weekly Global Market Review - 25 Sep '26

Asia's spare capacity is filling gaps left by tighter US, European and Middle East supply, but recovering demand and fourth-quarter maintenance...

Base Oil News

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

The SP500 will to see up to 4 intra-review changes before the June 2024 rebal. 3 near certain. The interesting ones? Two SP600 deletions due to...

Travis Lundy

Chevron Corporation’s Hidden Growth Engine: Hess, Guyana & Tengiz Expand The Long-Term Opportunity!

Chevron Corporation reported strong operational and financial performance in the second quarter of 2026 amid ongoing global market volatility and...

Baptista Research

How Much Did Hess Really Add to Chevron’s Q2?

​Chevron's production growth and earnings boosted by Hess acquisition, surpassing synergy and cost savings targets. Key challenge is sustaining gains.

Mint Finance

Chevron’s $6 Billion Black Sea Gamble Is Suddenly In Danger!

Chevron has spent decades building one of the world’s most productive oil operations in Kazakhstan, but the Russia-Ukraine war has now reached the...

Baptista Research

Base Oils and Lubricants: Weekly Global Market Review - 25 Sep '26

Asia's spare capacity is filling gaps left by tighter US, European and Middle East supply, but recovering demand and fourth-quarter maintenance...

Base Oil News

Chevron's production growth and earnings boosted by Hess acquisition, surpassing synergy and cost savings targets. Key challenge is sustaining gains.