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>Permian Resources Corporation demonstrated solid performance in the second quarter of 2024, continuing to enhance operational efficiencies and strategically expand through acquisitions.</li><li>Operational successes have allowed the company to revise its production forecasts upward for the second consecutive quarter.</li><li>The inclusion of the newly acquired Barilla Draw assets poses an opportunity to further enhance Permian Resources Corporation’s asset base and cash flow profiles.</li></ul>

Permian Resources Corporation demonstrated solid performance in the second quarter of 2024, continuing to enhance operational efficiencies and strategically expand through acquisitions.Operational successes have allowed the company to revise its production forecasts upward for the second consecutive quarter.The inclusion of the newly acquired Barilla Draw assets poses an opportunity to further enhance Permian Resources Corporation’s asset base and cash flow profiles.

Permian Resources Corporation: How They Are Leveraging Midstream Assets! - Major Drivers

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>US crude inventories fell for the fifth consecutive week by 3.4 mb, exceeding the 1.6 mb decline expected by analysts. Gasoline stocks also decreased by 3.7 mb.</li>
<li>As of the week ending 26/Jul, US natural gas inventories were up 8.4% YoY and 15.7% above the 5-year seasonal average.</li>
<li>European oil majors beat Q2 profit estimates. BP’s Q2 underlying net profit beat estimates by 7.7%. Shell’s Q2 EPS beat estimates by 5.1%. </li>
</ul>


US crude inventories fell for the fifth consecutive week by 3.4 mb, exceeding the 1.6 mb decline expected by analysts. Gasoline stocks also decreased by 3.7 mb.
As of the week ending 26/Jul, US natural gas inventories were up 8.4% YoY and 15.7% above the 5-year seasonal average.
European oil majors beat Q2 profit estimates. BP’s Q2 underlying net profit beat estimates by 7.7%. Shell’s Q2 EPS beat estimates by 5.1%. 


[ETP 31/2024] Oil Prices Surge on Middle East Tensions; BP and Shell Beat Earnings Expectations

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>In the first quarter of 2024, Permian Resources, led by co-CEOs Will Hickey and James Walter, achieved production and free cash flow above expectations, integrated Earthstone ahead of schedule, increased its annual synergy target by $50 million, and executed on accretive mergers and acquisitions with around $270 million of acquisitions announced that quarter.</li><li>Notably, they reported total production of 320,000 barrels of oil equivalent per day and oil production of 152,000 barrels of oil per day.</li><li>To maintain a robust balance sheet, the company minimized its financial leverage to approximately 1x and increased its liquidity to over $2 billion.</li></ul>

In the first quarter of 2024, Permian Resources, led by co-CEOs Will Hickey and James Walter, achieved production and free cash flow above expectations, integrated Earthstone ahead of schedule, increased its annual synergy target by $50 million, and executed on accretive mergers and acquisitions with around $270 million of acquisitions announced that quarter.Notably, they reported total production of 320,000 barrels of oil equivalent per day and oil production of 152,000 barrels of oil per day.To maintain a robust balance sheet, the company minimized its financial leverage to approximately 1x and increased its liquidity to over $2 billion.

Permian Resources Corporation: Consistent D&C Efficiency Improvement & Accretive Transactions Are Driving Its Recent Performance! - Major Drivers

<ul><li>This is our first report on Permian Resources, a Delaware-based independent oil and natural gas company.</li><li>The company reported its Q4 and full-year 2023 earnings with significant growth and progress.</li><li>The company finished the year delivering industry-leading returns, exceeding both internal and external expectations.</li></ul>

This is our first report on Permian Resources, a Delaware-based independent oil and natural gas company.The company reported its Q4 and full-year 2023 earnings with significant growth and progress.The company finished the year delivering industry-leading returns, exceeding both internal and external expectations.

Permian Resources Corporation: Initiation Of Coverage - 5 Major Drivers

United States

Permian Resources Corporation operates as an oil and gas company. The Company focuses on the development of unconventional oil and associated liquid-rich natural gas reserves in the Permian Basin, as well as offers geology, engineering, and drilling services. Permian Resources serves customers in the United States.

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Permian Resources (PR US)

Permian Resources Corporation: How They Are Leveraging Midstream Assets! - Major Drivers

Permian Resources Corporation demonstrated solid performance in the second quarter of 2024, continuing to enhance operational efficiencies and...

Baptista Research

[ETP 31/2024] Oil Prices Surge on Middle East Tensions; BP and Shell Beat Earnings Expectations

US crude inventories and gasoline stocks continue to decline, while US natural gas inventories are up YoY. European oil majors surpass Q2 profit...

Mint Finance

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

Permian Resources Corporation: Consistent D&C Efficiency Improvement & Accretive Transactions Are Driving Its Recent Performance! - Major Drivers

In the first quarter of 2024, Permian Resources, led by co-CEOs Will Hickey and James Walter, achieved production and free cash flow above...

Baptista Research

Permian Resources Corporation: Initiation Of Coverage - 5 Major Drivers

This is our first report on Permian Resources, a Delaware-based independent oil and natural gas company. The company reported its Q4 and full-year...

Baptista Research

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Permian Resources Corporation: How They Are Leveraging Midstream Assets! - Major Drivers

Permian Resources Corporation demonstrated solid performance in the second quarter of 2024, continuing to enhance operational efficiencies and...

Baptista Research

[ETP 31/2024] Oil Prices Surge on Middle East Tensions; BP and Shell Beat Earnings Expectations

​US crude inventories and gasoline stocks continue to decline, while US natural gas inventories are up YoY. European oil majors surpass Q2 profit...

Mint Finance

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

Permian Resources Corporation: Consistent D&C Efficiency Improvement & Accretive Transactions Are Driving Its Recent Performance! - Major Drivers

In the first quarter of 2024, Permian Resources, led by co-CEOs Will Hickey and James Walter, achieved production and free cash flow above...

Baptista Research

Permian Resources Corporation: Initiation Of Coverage - 5 Major Drivers

This is our first report on Permian Resources, a Delaware-based independent oil and natural gas company. The company reported its Q4 and full-year...

Baptista Research

US crude inventories and gasoline stocks continue to decline, while US natural gas inventories are up YoY. European oil majors surpass Q2 profit...

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