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 rankings used for the September 2025 index rebal event will be based on yesterday's (3rd September 2025) opening prices. The announcement will be made after the close on Friday.</li>
<li>In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next two quarters).</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 rankings used for the September 2025 index rebal event will be based on yesterday's (3rd September 2025) opening prices. The announcement will be made after the close on Friday.
In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next two quarters).


[Quiddity Index] S&P500/600 Sep25 Rebal: Final Predictions

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>Devon Energy Corporation's latest quarterly results reveal a blend of operational, financial, and strategic activities that highlight both its accomplishments and challenges.</li><li>The company has surpassed expectations with its production performance, particularly from its asset in the Delaware Basin, while also achieving a 7% reduction in capital spending from guided figures.</li><li>This effective cost management and operational excellence generated a significant free cash flow of $589 million for the quarter.</li></ul>

Devon Energy Corporation's latest quarterly results reveal a blend of operational, financial, and strategic activities that highlight both its accomplishments and challenges.The company has surpassed expectations with its production performance, particularly from its asset in the Delaware Basin, while also achieving a 7% reduction in capital spending from guided figures.This effective cost management and operational excellence generated a significant free cash flow of $589 million for the quarter.

Devon Energy: Gas Marketing & Infrastructure Optimization For A Competitive Edge!

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a> has disclosed a “final” non-binding proposal from the XRG consortium at US$5.76 (A$8.89), a 27.7% premium to the undisturbed price of A$6.96 (13 June).</li>
<li>The offer is subject to several regulatory approvals. FIRB approval is the primary risk due to a foreign government-controlled entity controlling critical domestic infrastructure assets.</li>
<li>The offer is attractive compared to peer multiples and historical trading ranges. Retail has a mixed view on the offer, which should not be an issue for the vote.  </li>
</ul>



Santos Ltd (STO AU) has disclosed a “final” non-binding proposal from the XRG consortium at US$5.76 (A$8.89), a 27.7% premium to the undisturbed price of A$6.96 (13 June).
The offer is subject to several regulatory approvals. FIRB approval is the primary risk due to a foreign government-controlled entity controlling critical domestic infrastructure assets.
The offer is attractive compared to peer multiples and historical trading ranges. Retail has a mixed view on the offer, which should not be an issue for the vote.  


Santos (STO AU): XRG’s Non-Binding Offer Faces an FIRB Challenge

<ul><li>In the first quarter of 2025, Devon Energy demonstrated a balanced performance through a combination of operational discipline and capital efficiency.</li><li>The quarter saw the company showcasing its ability to adapt and thrive despite fluctuating commodity price environments.</li><li>Devon Energy's results were characterized by a focus on maintaining a strong balance sheet, optimizing operational efficiency, and committing to shareholder returns even in adverse market conditions.</li></ul>

In the first quarter of 2025, Devon Energy demonstrated a balanced performance through a combination of operational discipline and capital efficiency.The quarter saw the company showcasing its ability to adapt and thrive despite fluctuating commodity price environments.Devon Energy's results were characterized by a focus on maintaining a strong balance sheet, optimizing operational efficiency, and committing to shareholder returns even in adverse market conditions.

Devon Energy: How Is The Management Dealing With Market Volatility and Demand Uncertainty?

<ul><li>Devon Energy Corporation's fourth-quarter 2024 report presents both positive performance details and areas needing consideration.</li><li>The company announced an impressive operational performance, yielding substantial financial results, particularly noted by the generation of $3 billion in free cash flow.</li><li>This financial strength enabled a return of $2 billion to shareholders, aligning with Devon’s strategic commitment to delivering shareholder value.</li></ul>

Devon Energy Corporation's fourth-quarter 2024 report presents both positive performance details and areas needing consideration.The company announced an impressive operational performance, yielding substantial financial results, particularly noted by the generation of $3 billion in free cash flow.This financial strength enabled a return of $2 billion to shareholders, aligning with Devon’s strategic commitment to delivering shareholder value.

Devon Energy: Operational Efficiency In The Eagle Ford As A Strategic Growth Enabler!

United States

Devon Energy Corporation is an independent energy company that is involved primarily in oil and gas exploration, development and production, the transportation of oil, gas, and NGLs and the processing of natural gas. The Company also has marketing and midstream operations primarily in North America that include gas, crude oil and NGLs.

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Devon Energy (DVN US)

[Quiddity Index] S&P500/600 Sep25 Rebal: Final Predictions

The S&P500/400/600 Sep Rebal cutoff was decided at y/day's open. S&P500 predictions are like tilting at windmills, but we like windmills. We...

Travis Lundy

Devon Energy: Gas Marketing & Infrastructure Optimization For A Competitive Edge!

Devon Energy Corporation's latest quarterly results reveal a blend of operational, financial, and strategic activities that highlight both its...

Baptista Research

Santos (STO AU): XRG’s Non-Binding Offer Faces an FIRB Challenge

The offer is subject to several regulatory approvals. FIRB approval is the primary risk due to a foreign government-controlled entity controlling...

Arun George

Devon Energy: How Is The Management Dealing With Market Volatility and Demand Uncertainty?

In the first quarter of 2025, Devon Energy demonstrated a balanced performance through a combination of operational discipline and capital...

Baptista Research

Devon Energy: Operational Efficiency In The Eagle Ford As A Strategic Growth Enabler!

Devon Energy Corporation's fourth-quarter 2024 report presents both positive performance details and areas needing consideration. The company...

Baptista Research

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