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.

Commodities

<ul>
<li>For the week ending 06/Dec, US crude inventories fell by 1.4m barrels, beating expectations of a 1m barrel decrease. However, gasoline and distillate stocks rose more than expected again.</li>
<li>US natural gas inventories fell by 190 Bcf for the week ending 06/Dec, beating analyst expectations of a 175 Bcf drawdown. Inventories are 4.6% above the 5-year seasonal average.</li>
<li>Wells Fargo raised its 12-month PT for Chevron but lowered targets for Shell and Occidental. Exxon targets a CAGR of 10% in earnings and 8% in cash flow through 2030.</li>
</ul>


For the week ending 06/Dec, US crude inventories fell by 1.4m barrels, beating expectations of a 1m barrel decrease. However, gasoline and distillate stocks rose more than expected again.
US natural gas inventories fell by 190 Bcf for the week ending 06/Dec, beating analyst expectations of a 175 Bcf drawdown. Inventories are 4.6% above the 5-year seasonal average.
Wells Fargo raised its 12-month PT for Chevron but lowered targets for Shell and Occidental. Exxon targets a CAGR of 10% in earnings and 8% in cash flow through 2030.


[ETP 2024/50] WTI Rebounds on Outlook of Better Demand in 2025; Henry Hub Rises but Remains Volatile

Equity Bottom-Up

<ul>
<li>Halliburton’s Q3 revenue fell by 1.8% YoY and missed estimates by 2.2% dragged down by an 8.5% YoY fall in revenue from North America.</li>
<li>The Completion and Production division’s revenue dropped 5.4% YoY and 3% QoQ, while the Drilling and Evaluation division posted a 3.5% YoY increase but declined 1.4% QoQ.</li>
<li>Operating cash flow declined 23.5% QoQ, while free cash flow dropped 31.5%. Earnings were impacted by lost revenue from the cybersecurity incident and Gulf storms.</li>
</ul>


Halliburton’s Q3 revenue fell by 1.8% YoY and missed estimates by 2.2% dragged down by an 8.5% YoY fall in revenue from North America.
The Completion and Production division’s revenue dropped 5.4% YoY and 3% QoQ, while the Drilling and Evaluation division posted a 3.5% YoY increase but declined 1.4% QoQ.
Operating cash flow declined 23.5% QoQ, while free cash flow dropped 31.5%. Earnings were impacted by lost revenue from the cybersecurity incident and Gulf storms.


[Earnings Review] Halliburton Misses Q3 Estimates on Persistent Weakness in North America

<ul>
<li>For the week ending 15/Nov, US crude inventories rose by 0.5m barrels, exceeding expectations of a 0.4m barrel increase. Gasoline stocks exceeded estimates, while distillates declined less than expected.</li>
<li>US natural gas inventories fell by 3 Bcf for the week ending 15/Nov, contrasting analyst expectations of a 2 Bcf buildup. Inventories are 6.4% above the 5-year seasonal average.</li>
<li>TD Cowen raised its PT on Exxon, while Morgan Stanely lowered its PT on Halliburton. Aramco and Sinopec began the construction of a refining and petrochemical complex in China.</li>
</ul>


For the week ending 15/Nov, US crude inventories rose by 0.5m barrels, exceeding expectations of a 0.4m barrel increase. Gasoline stocks exceeded estimates, while distillates declined less than expected.
US natural gas inventories fell by 3 Bcf for the week ending 15/Nov, contrasting analyst expectations of a 2 Bcf buildup. Inventories are 6.4% above the 5-year seasonal average.
TD Cowen raised its PT on Exxon, while Morgan Stanely lowered its PT on Halliburton. Aramco and Sinopec began the construction of a refining and petrochemical complex in China.


[ETP 2024/47] WTI Rises on Ukraine-Russia Tensions; Henry Hub Jumps on Cold Weather Forecasts

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.

<ul><li>Halliburton Company reported its third-quarter 2024 earnings showcasing mixed performance, with total company revenue reaching $5.7 billion.</li><li>While the international sector showed promising expansion, particularly in the Middle East/Asia region which grew by 9% year-over-year to $3.3 billion, the North American market exhibited a downturn with a 9% year-over-year revenue decrease to $2.4 billion.</li><li>The adjusted operating margin was pegged at 17%, an indication of Halliburton's consistent cost management and pricing strategies in an unstable market environment.</li></ul>

Halliburton Company reported its third-quarter 2024 earnings showcasing mixed performance, with total company revenue reaching $5.7 billion.While the international sector showed promising expansion, particularly in the Middle East/Asia region which grew by 9% year-over-year to $3.3 billion, the North American market exhibited a downturn with a 9% year-over-year revenue decrease to $2.4 billion.The adjusted operating margin was pegged at 17%, an indication of Halliburton's consistent cost management and pricing strategies in an unstable market environment.

Halliburton Company: International Market Expansion Driving Our Bullishness! - Major Drivers

<ul>
<li>For the week ending 08/Nov, US crude inventories rose by 2.1m barrels, surpassing expectations of a 0.4m barrel increase. Meanwhile, gasoline and distillate stocks unexpectedly declined.</li>
<li>US natural gas inventories rose 42 Bcf for the week ending 08/Nov, exceeding analyst expectations of a 34 Bcf buildup. Inventories are 6.1% above the 5-year seasonal average.</li>
<li>Occidental beat revenue and EPS estimates by 0.7% and 34.8%, respectively led by higher hydrocarbon output. Analysts upgraded their 12-month PTs on Occidental, Chevron, Exxon, and Halliburton.</li>
</ul>


For the week ending 08/Nov, US crude inventories rose by 2.1m barrels, surpassing expectations of a 0.4m barrel increase. Meanwhile, gasoline and distillate stocks unexpectedly declined.
US natural gas inventories rose 42 Bcf for the week ending 08/Nov, exceeding analyst expectations of a 34 Bcf buildup. Inventories are 6.1% above the 5-year seasonal average.
Occidental beat revenue and EPS estimates by 0.7% and 34.8%, respectively led by higher hydrocarbon output. Analysts upgraded their 12-month PTs on Occidental, Chevron, Exxon, and Halliburton.


[ETP 2024/46] WTI Drops on Strong Dollar, Henry Hub Gains on Lower Output and Better Demand Outlook

United States

Halliburton Company provides energy services and engineering and construction services, as well as manufactures products for the energy industry.  The Company offers services and products and integrated solutions to customers in the exploration, development, and production of oil and natural gas.

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Halliburton Co (HAL US)

[ETP 2024/50] WTI Rebounds on Outlook of Better Demand in 2025; Henry Hub Rises but Remains Volatile

US crude inventories fell more than expected, but gasoline and distillate stocks rose. Natural gas inventories beat expectations. Wells Fargo...

Mint Finance

[Earnings Review] Halliburton Misses Q3 Estimates on Persistent Weakness in North America

Halliburton's Q3 revenue fell by 1.8% YoY, missing estimates by 2.2%, with North America revenue down 8.5%. Operating cash flow and free cash flow...

Mint Finance

[ETP 2024/47] WTI Rises on Ukraine-Russia Tensions; Henry Hub Jumps on Cold Weather Forecasts

US crude and gasoline inventories increased more than expected. Exxon's PT increased while Halliburton's was lowered. Aramco and Sinopec started...

Mint Finance

Halliburton Company: International Market Expansion Driving Our Bullishness! - Major Drivers

Halliburton Company reported its third-quarter 2024 earnings showcasing mixed performance, with total company revenue reaching $5.7 billion. While...

Baptista Research

[ETP 2024/46] WTI Drops on Strong Dollar, Henry Hub Gains on Lower Output and Better Demand Outlook

US crude inventories rose more than expected, while gasoline and distillate stocks fell; nat-gas stocks also exceeded analyst expectations....

Mint Finance

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[ETP 2024/50] WTI Rebounds on Outlook of Better Demand in 2025; Henry Hub Rises but Remains Volatile

​US crude inventories fell more than expected, but gasoline and distillate stocks rose. Natural gas inventories beat expectations. Wells Fargo...

Mint Finance

[Earnings Review] Halliburton Misses Q3 Estimates on Persistent Weakness in North America

​Halliburton's Q3 revenue fell by 1.8% YoY, missing estimates by 2.2%, with North America revenue down 8.5%. Operating cash flow and free cash flow...

Mint Finance

[ETP 2024/47] WTI Rises on Ukraine-Russia Tensions; Henry Hub Jumps on Cold Weather Forecasts

​US crude and gasoline inventories increased more than expected. Exxon's PT increased while Halliburton's was lowered. Aramco and Sinopec started...

Mint Finance

Halliburton Company: International Market Expansion Driving Our Bullishness! - Major Drivers

Halliburton Company reported its third-quarter 2024 earnings showcasing mixed performance, with total company revenue reaching $5.7 billion. While...

Baptista Research

[ETP 2024/46] WTI Drops on Strong Dollar, Henry Hub Gains on Lower Output and Better Demand Outlook

​US crude inventories rose more than expected, while gasoline and distillate stocks fell; nat-gas stocks also exceeded analyst expectations....

Mint Finance

US crude inventories fell more than expected, but gasoline and distillate stocks rose. Natural gas inventories beat expectations. Wells Fargo...

Halliburton's Q3 revenue fell by 1.8% YoY, missing estimates by 2.2%, with North America revenue down 8.5%. Operating cash flow and free cash flow...

US crude and gasoline inventories increased more than expected. Exxon's PT increased while Halliburton's was lowered. Aramco and Sinopec started...

US crude inventories rose more than expected, while gasoline and distillate stocks fell; nat-gas stocks also exceeded analyst expectations....