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>The second quarter earnings report for ConocoPhillips presented a mixed scenario, affirming the company's continued operational strength along with areas that may trigger concern for prospective investors.</li><li>On a positive note, ConocoPhillips announced a 34% increase in its ordinary dividend, signaling confidence in sustainable financial health and a strong commitment to returning value to shareholders.</li><li>Furthermore, the acquisition of Marathon Oil was a highlight, poised to enhance ConocoPhillips' operational scale and resource base, which could lead to improved efficiencies and broader market reach.</li></ul>

The second quarter earnings report for ConocoPhillips presented a mixed scenario, affirming the company's continued operational strength along with areas that may trigger concern for prospective investors.On a positive note, ConocoPhillips announced a 34% increase in its ordinary dividend, signaling confidence in sustainable financial health and a strong commitment to returning value to shareholders.Furthermore, the acquisition of Marathon Oil was a highlight, poised to enhance ConocoPhillips' operational scale and resource base, which could lead to improved efficiencies and broader market reach.

ConocoPhillips (COP): Will The Marathon Oil Acquisition Be A Game Changer? - Major Drivers

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,324/1,332 points and the support at 1,314/1,310 points.</li><li>The market assigns a 45% probability that the BoE will cut interest rates by 25 bps to 5.0%.</li><li>The ISM manufacturing PMI is expected to increase to 48.8 (vs. June at 48.5), while the S&P Global manufacturing PMI is expected to drop sharply to 49.5 (vs. June at 51.6).</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,324/1,332 points and the support at 1,314/1,310 points.The market assigns a 45% probability that the BoE will cut interest rates by 25 bps to 5.0%.The ISM manufacturing PMI is expected to increase to 48.8 (vs. June at 48.5), while the S&P Global manufacturing PMI is expected to drop sharply to 49.5 (vs. June at 51.6).

July's Manufacturing Figures in the US, EU and China and Earnings Results

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Conocophillips is set to acquire Marathon Oil in an all-stock deal (0.2550 COP US per 1 MRO US) valued at $22.5 billion ($30.33/share), including $5,379 million in net debt.</li>
<li>Most of the frenzy in the US oil industry has focused on the consolidation within the Permian Basin, a maturing region that offers opportunities to reduce costs and increase profitability.</li>
<li>The acquisition of Marathon will add highly complementary acreage to ConocoPhillips’ existing U.S. onshore portfolio. Spread as of 4 June is 2.6%/4.7% (gross/annualised, assuming settlement by late Q4).</li>
</ul>


Conocophillips is set to acquire Marathon Oil in an all-stock deal (0.2550 COP US per 1 MRO US) valued at $22.5 billion ($30.33/share), including $5,379 million in net debt.
Most of the frenzy in the US oil industry has focused on the consolidation within the Permian Basin, a maturing region that offers opportunities to reduce costs and increase profitability.
The acquisition of Marathon will add highly complementary acreage to ConocoPhillips’ existing U.S. onshore portfolio. Spread as of 4 June is 2.6%/4.7% (gross/annualised, assuming settlement by late Q4).


ConocoPhillips/Marathon Oil and Shale Consolidation

<ul><li>The latest earnings for ConocoPhillips for Q1 2024 showcased the company's steady execution of its strategic plan inclusive of new projects and capital-efficient growth within the lower 48 states, with expectations of low single-digit production growth while spending less capital than the prior year.</li><li>Starting with the global portfolio, ConocoPhillips ramped up production at Surmont Pad 267 in Canada, Bohai Bay 4B in China, and three subsea tiebacks in Norway, with another subsea tieback in Norway expected to start within the next month.</li><li>Production at Montney, Canada reached a record level, motivated by the startup of the second central processing facility.</li></ul>

The latest earnings for ConocoPhillips for Q1 2024 showcased the company's steady execution of its strategic plan inclusive of new projects and capital-efficient growth within the lower 48 states, with expectations of low single-digit production growth while spending less capital than the prior year.Starting with the global portfolio, ConocoPhillips ramped up production at Surmont Pad 267 in Canada, Bohai Bay 4B in China, and three subsea tiebacks in Norway, with another subsea tieback in Norway expected to start within the next month.Production at Montney, Canada reached a record level, motivated by the startup of the second central processing facility.

ConocoPhillips: Increasing Focus On Permian Gas & LNG Expansion! - Major Drivers

<ul><li>In the Fourth Quarter 2023 Earnings, ConocoPhillips maintained a solid execution across all aspects of its investment mandate.</li><li>The company reported record production, marking itself as an industry leader in reserve replacement.</li><li>It advanced its global liquified natural gas (LNG) strategy with expansion in Qatar, final investment decision (FID) at Port Arthur, and several offtake and regasification agreements.</li></ul>

In the Fourth Quarter 2023 Earnings, ConocoPhillips maintained a solid execution across all aspects of its investment mandate.The company reported record production, marking itself as an industry leader in reserve replacement.It advanced its global liquified natural gas (LNG) strategy with expansion in Qatar, final investment decision (FID) at Port Arthur, and several offtake and regasification agreements.

ConocoPhillips: Will The Expansion Of LNG Operations Result In A Solid 2024? - Major Drivers

United States

ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis.

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Conocophillips (COP US)

ConocoPhillips (COP): Will The Marathon Oil Acquisition Be A Game Changer? - Major Drivers

The second quarter earnings report for ConocoPhillips presented a mixed scenario, affirming the company's continued operational strength along...

Baptista Research

July's Manufacturing Figures in the US, EU and China and Earnings Results

Technically, the SET Index is expected to move sideways up, with the resistance at 1,324/1,332 points and the support at 1,314/1,310 points. The...

Krungthai XSpring

ConocoPhillips/Marathon Oil and Shale Consolidation

Conocophillips to acquire Marathon Oil in $22.5 billion all-stock deal, focusing on consolidation in Permian Basin for cost reduction and...

Jesus Rodriguez Aguilar

ConocoPhillips: Increasing Focus On Permian Gas & LNG Expansion! - Major Drivers

The latest earnings for ConocoPhillips for Q1 2024 showcased the company's steady execution of its strategic plan inclusive of new projects and...

Baptista Research

ConocoPhillips: Will The Expansion Of LNG Operations Result In A Solid 2024? - Major Drivers

In the Fourth Quarter 2023 Earnings, ConocoPhillips maintained a solid execution across all aspects of its investment mandate. The company...

Baptista Research

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

ConocoPhillips (COP): Will The Marathon Oil Acquisition Be A Game Changer? - Major Drivers

The second quarter earnings report for ConocoPhillips presented a mixed scenario, affirming the company's continued operational strength along...

Baptista Research

July's Manufacturing Figures in the US, EU and China and Earnings Results

Technically, the SET Index is expected to move sideways up, with the resistance at 1,324/1,332 points and the support at 1,314/1,310 points. The...

Krungthai XSpring

ConocoPhillips/Marathon Oil and Shale Consolidation

​Conocophillips to acquire Marathon Oil in $22.5 billion all-stock deal, focusing on consolidation in Permian Basin for cost reduction and...

Jesus Rodriguez Aguilar

ConocoPhillips: Increasing Focus On Permian Gas & LNG Expansion! - Major Drivers

The latest earnings for ConocoPhillips for Q1 2024 showcased the company's steady execution of its strategic plan inclusive of new projects and...

Baptista Research

ConocoPhillips: Will The Expansion Of LNG Operations Result In A Solid 2024? - Major Drivers

In the Fourth Quarter 2023 Earnings, ConocoPhillips maintained a solid execution across all aspects of its investment mandate. The company...

Baptista Research

Conocophillips to acquire Marathon Oil in $22.5 billion all-stock deal, focusing on consolidation in Permian Basin for cost reduction and...