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.

Thematic (Sector/Industry)

<ul>
<li>This paper contrasts performance of integrated oil exploration and refining firms ("Explorers") with oil refineries ("Refiners").</li>
<li>Hypothesis is that Refiners outperform Explorers when the crack spread widens. Back testing based on select firms proves the hypothesis.</li>
<li>This paper posits that Refiners will outdo Explorers when crack spreads tear based on historical performance.</li>
</ul>


This paper contrasts performance of integrated oil exploration and refining firms ("Explorers") with oil refineries ("Refiners").
Hypothesis is that Refiners outperform Explorers when the crack spread widens. Back testing based on select firms proves the hypothesis.
This paper posits that Refiners will outdo Explorers when crack spreads tear based on historical performance.


Widening Crack Spreads Enable Oil Refiners to Outdo Oil Explorers

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 announced another solid year of earnings for 2023, despite geopolitical turbulence and economic uncertainty.</li><li>The company delivered an adjusted Return on Capital Employed (ROCE) of 14% and returned a record $26 billion in cash to shareholders.</li><li>Moreover, Chevron's production reached a record high as the company continued to advance on reducing its carbon footprint.</li></ul>

Chevron announced another solid year of earnings for 2023, despite geopolitical turbulence and economic uncertainty.The company delivered an adjusted Return on Capital Employed (ROCE) of 14% and returned a record $26 billion in cash to shareholders.Moreover, Chevron's production reached a record high as the company continued to advance on reducing its carbon footprint.

Chevron Corporation: Expanding Horizons In Uruguay's Offshore Waters & 5 Major Developments - Key Drivers

<ul><li>Chevron Corporation delivered a mixed set of results for the previous quarter, with revenues above the analyst consensus.</li><li>The company unveiled a robust quarter marked by formidable earnings, cash flow, and ROCE.</li><li>Solid cash flow facilitated the realization of financial priorities, allowing for the repurchase of Chevron shares exceeding $3 billion, even amidst PDC transaction restrictions.</li></ul>

Chevron Corporation delivered a mixed set of results for the previous quarter, with revenues above the analyst consensus.The company unveiled a robust quarter marked by formidable earnings, cash flow, and ROCE.Solid cash flow facilitated the realization of financial priorities, allowing for the repurchase of Chevron shares exceeding $3 billion, even amidst PDC transaction restrictions.

Chevron Corporation: Will The Hess Acquisition Be A Game Changer? - Major Drivers

<ul><li>Chevron Corporation delivered an all-around beat in the previous quarter.</li><li>While the company faced challenges, with adjusted earnings down $5.6 billion compared to the same quarter the previous year, it also achieved notable successes.</li><li>Lower refining margins impacted adjusted downstream earnings, and there was a decrease in upstream earnings primarily due to lower realizations.</li></ul>

Chevron Corporation delivered an all-around beat in the previous quarter.While the company faced challenges, with adjusted earnings down $5.6 billion compared to the same quarter the previous year, it also achieved notable successes.Lower refining margins impacted adjusted downstream earnings, and there was a decrease in upstream earnings primarily due to lower realizations.

Chevron Corporation: Is The Strategic Acquisition Of PDC Energy A Major Enhancement Of The US Portfolio? – Key Drivers

Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>Exxon Mobil's share price has come under pressure in recent months as investor sentiment shifts.</li>
<li>It is too early to consider this retracement as an attractive buying opportunity as short-term headwinds are to be expected.</li>
<li>Exxon's management continues to make the right moves from a capital allocation point of view.</li>
</ul>


Exxon Mobil's share price has come under pressure in recent months as investor sentiment shifts.
It is too early to consider this retracement as an attractive buying opportunity as short-term headwinds are to be expected.
Exxon's management continues to make the right moves from a capital allocation point of view.


Exxon Mobil: Investor Pessimism Is Creeping Up And This Is Good News For Long-Term Holders

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Chevron Corp (CVX US)

Widening Crack Spreads Enable Oil Refiners to Outdo Oil Explorers

Pure play crude oil refining and marketing firms outperformed integrated oil E&P companies during times of widening crack oil spreads.

Mint Finance

Chevron Corporation: Expanding Horizons In Uruguay's Offshore Waters & 5 Major Developments - Key Drivers

Chevron announced another solid year of earnings for 2023, despite geopolitical turbulence and economic uncertainty. The company delivered an...

Baptista Research

Chevron Corporation: Will The Hess Acquisition Be A Game Changer? - Major Drivers

Chevron Corporation delivered a mixed set of results for the previous quarter, with revenues above the analyst consensus. The company unveiled a...

Baptista Research

Chevron Corporation: Is The Strategic Acquisition Of PDC Energy A Major Enhancement Of The US Portfolio? – Key Drivers

Chevron Corporation delivered an all-around beat in the previous quarter. While the company faced challenges, with adjusted earnings down $5.6...

Baptista Research

Exxon Mobil: Investor Pessimism Is Creeping Up And This Is Good News For Long-Term Holders

It is too early to consider this retracement as an attractive buying opportunity as short-term headwinds are to be expected.

Vladimir Dimitrov, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)