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

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>EOG Resources delivered a solid first quarter 2024 performance thanks to a range of factors, among them solid operational execution, underlining future value creation potential.</li><li>EOG's commitment to capital discipline, operational excellence, and pioneering sustainability initiatives have set the company up to deliver significant returns.</li><li>It reported a strong financial performance during the quarter, with adjusted net income totaling $1.6 billion and free cash flow generation of $1.2 billion.</li></ul>

EOG Resources delivered a solid first quarter 2024 performance thanks to a range of factors, among them solid operational execution, underlining future value creation potential.EOG's commitment to capital discipline, operational excellence, and pioneering sustainability initiatives have set the company up to deliver significant returns.It reported a strong financial performance during the quarter, with adjusted net income totaling $1.6 billion and free cash flow generation of $1.2 billion.

EOG Resources Inc.: Continued Focus on Utica Play! - Major Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We have discussed for weeks that we will need to see the SPX and Nasdaq 100 close below their 20-day MAs for 2-3 consecutive days in order to get cautious.</li>
<li>This still hasn't happened (short-term trend remains bullish). If we get 2-3 closes below the 20-dayMAs, next support would be 4983-5050 on SPX, $425-$433 on QQQ (gap supports from 2/22/24)</li>
<li>If some or all of these gaps remain unfilled, it is a sign that bulls remain in control. We are seeing a rotation into commodity Sectors, we highlight several buys</li>
</ul>


We have discussed for weeks that we will need to see the SPX and Nasdaq 100 close below their 20-day MAs for 2-3 consecutive days in order to get cautious.
This still hasn't happened (short-term trend remains bullish). If we get 2-3 closes below the 20-dayMAs, next support would be 4983-5050 on SPX, $425-$433 on QQQ (gap supports from 2/22/24)
If some or all of these gaps remain unfilled, it is a sign that bulls remain in control. We are seeing a rotation into commodity Sectors, we highlight several buys


Upgrading Materials to Market Weight; Rotation into Commodity Sectors; SPX/NDX Holding Above Support

<ul><li>EOG Resources had an impressive financial performance in Q4 and 2023, primarily characterized by strong volume growth, the delivery of their production milestone, and the generation of significant free cash flow.</li><li>EOG achieved their production milestone, producing more than 1 million barrels of oil equivalent per day, beating their volume targets.</li><li>Their adjusted net income was $6.8 billion, a return on capital employed of 31%.</li></ul>

EOG Resources had an impressive financial performance in Q4 and 2023, primarily characterized by strong volume growth, the delivery of their production milestone, and the generation of significant free cash flow.EOG achieved their production milestone, producing more than 1 million barrels of oil equivalent per day, beating their volume targets.Their adjusted net income was $6.8 billion, a return on capital employed of 31%.

EOG Resources Inc.: Can Its Investment in Organic Exploration Drive Growth? - Financial Forecasts

<ul><li>EOG Resources surpassed the revenue expectations as well as the earnings expectations of Wall Street.</li><li>The company has displayed a commendable trajectory, with a 33% increase in production, a 17% reduction in per unit operating costs, and the generation of substantial free cash flow and net income, surpassing $20 billion each.</li><li>These achievements have not only surpassed expectations in production volumes, capital expenditures, and per-unit operating costs but have also empowered EOG to enhance its full-year oil production guidance and diminish its full-year cash operating cost projections.</li></ul>

EOG Resources surpassed the revenue expectations as well as the earnings expectations of Wall Street.The company has displayed a commendable trajectory, with a 33% increase in production, a 17% reduction in per unit operating costs, and the generation of substantial free cash flow and net income, surpassing $20 billion each.These achievements have not only surpassed expectations in production volumes, capital expenditures, and per-unit operating costs but have also empowered EOG to enhance its full-year oil production guidance and diminish its full-year cash operating cost projections.

EOG Resources Inc.: Powering the Future - How This Energy Leader is Defying Odds! - Major Drivers

United States

EOG Resources, Inc. explores for, develops, produces and markets natural gas and crude oil. The Company operates in major producing basins in the United States, Canada, Trinidad, the United Kingdom North Sea, China and, from time to time, select other international areas.

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Eog Resources (EOG US)

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

EOG Resources Inc.: Continued Focus on Utica Play! - Major Drivers

EOG Resources delivered a solid first quarter 2024 performance thanks to a range of factors, among them solid operational execution, underlining...

Baptista Research

Upgrading Materials to Market Weight; Rotation into Commodity Sectors; SPX/NDX Holding Above Support

Upgrading Materials $XLB to Market Weight; Rotation into Commodity Sectors $XLE. $SPX and $QQQ holding above gap supports at 4983-5050 and $425...

Vermilion Research

EOG Resources Inc.: Can Its Investment in Organic Exploration Drive Growth? - Financial Forecasts

EOG Resources had an impressive financial performance in Q4 and 2023, primarily characterized by strong volume growth, the delivery of their...

Baptista Research

EOG Resources Inc.: Powering the Future - How This Energy Leader is Defying Odds! - Major Drivers

EOG Resources surpassed the revenue expectations as well as the earnings expectations of Wall Street. The company has displayed a commendable...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

EOG Resources Inc.: Continued Focus on Utica Play! - Major Drivers

EOG Resources delivered a solid first quarter 2024 performance thanks to a range of factors, among them solid operational execution, underlining...

Baptista Research

Upgrading Materials to Market Weight; Rotation into Commodity Sectors; SPX/NDX Holding Above Support

Upgrading Materials $XLB to Market Weight; Rotation into Commodity Sectors $XLE. $SPX and $QQQ holding above gap supports at 4983-5050 and $425...

Vermilion Research

EOG Resources Inc.: Can Its Investment in Organic Exploration Drive Growth? - Financial Forecasts

EOG Resources had an impressive financial performance in Q4 and 2023, primarily characterized by strong volume growth, the delivery of their...

Baptista Research

EOG Resources Inc.: Powering the Future - How This Energy Leader is Defying Odds! - Major Drivers

EOG Resources surpassed the revenue expectations as well as the earnings expectations of Wall Street. The company has displayed a commendable...

Baptista Research

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