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.

Equity Bottom-Up

<ul>
<li>BP will increase oil and gas spending to USD 10 billion annually through 2027, comprising 66%-70% of total capex, while slashing renewable energy investments by over USD 5 billion. </li>
<li>BP reduced its quarterly buybacks to USD 0.75–1 billion from USD 1.75 billion and lowered annual capex to USD 13–15 billion through 2027.  </li>
<li>Elliott Investment Management is reportedly dissatisfied with BP’s strategy reset, criticizing it for lacking urgency and ambition, potentially prompting further strategic adjustments from the company. </li>
</ul>


BP will increase oil and gas spending to USD 10 billion annually through 2027, comprising 66%-70% of total capex, while slashing renewable energy investments by over USD 5 billion. 
BP reduced its quarterly buybacks to USD 0.75–1 billion from USD 1.75 billion and lowered annual capex to USD 13–15 billion through 2027.  
Elliott Investment Management is reportedly dissatisfied with BP’s strategy reset, criticizing it for lacking urgency and ambition, potentially prompting further strategic adjustments from the company. 


BP’s Strategy Reset Stumbles as Dividend Cut, Oil & Gas Output Target Disappoints

<ul>
<li>Saudi Aramco’s Q4 revenue is expected to fall 2.6% QoQ but rise by 10.6% YoY, while its EPS is anticipated to drop 7.5% QoQ and 11.9% YoY.</li>
<li>With OPEC likely extending supply cuts past April 2025, Saudi Aramco has little room to raise output, leaving growth largely dependent on oil prices.</li>
<li>Aramco acquired a 25% stake in Unioil Petroleum Philippines, expanding its retail presence, and partnered with Linde and Schlumberger to develop a major CCS hub.</li>
</ul>


Saudi Aramco’s Q4 revenue is expected to fall 2.6% QoQ but rise by 10.6% YoY, while its EPS is anticipated to drop 7.5% QoQ and 11.9% YoY.
With OPEC likely extending supply cuts past April 2025, Saudi Aramco has little room to raise output, leaving growth largely dependent on oil prices.
Aramco acquired a 25% stake in Unioil Petroleum Philippines, expanding its retail presence, and partnered with Linde and Schlumberger to develop a major CCS hub.


[Earnings Preview] Aramco to Face Pressure in Q4 as Weak Oil Prices Squeeze Margins

<ul>
<li>ExxonMobil’s Q4 revenue is expected to rise 2.5% YoY while its EPS is anticipated to fall 36.3%. Annual revenue and EPS are expected to fall by 1.9% YoY and 18.1%.</li>
<li>Exxon expects Q4 2024 upstream earnings to drop USD 500–900 million QoQ due to lower crude prices, with refining margins further reducing earnings by USD 300–700 million.</li>
<li>ExxonMobil plans to invest up to USD 30 billion in low-emission projects by 2030, with its Low Carbon Solutions business expected to contribute an additional USD 2 billion in earnings.</li>
</ul>


ExxonMobil’s Q4 revenue is expected to rise 2.5% YoY while its EPS is anticipated to fall 36.3%. Annual revenue and EPS are expected to fall by 1.9% YoY and 18.1%.
Exxon expects Q4 2024 upstream earnings to drop USD 500–900 million QoQ due to lower crude prices, with refining margins further reducing earnings by USD 300–700 million.
ExxonMobil plans to invest up to USD 30 billion in low-emission projects by 2030, with its Low Carbon Solutions business expected to contribute an additional USD 2 billion in earnings.


[Earnings Preview] Exxon Q4 Profitability Faces Pressure from Lower Oil Prices and Refining Margins

<ul>
<li>Schlumberger’s Q4 2024 revenue is expected to increase by 2.6% YoY and EPS by 7.1%. For fiscal 2024, revenue is expected to rise 9.3% YoY and EPS by 14.4%.  </li>
<li>SLB surpassed analyst EPS projections for the past four consecutive quarters, despite facing headwinds from lower drilling activity in North America and slowing international expenditures.</li>
<li>SLB completed the construction of the world's first industrial-scale carbon capture facility in Q4. It also enhanced its digital solutions portfolio and secured major contracts for deepwater operations.</li>
</ul>


Schlumberger’s Q4 2024 revenue is expected to increase by 2.6% YoY and EPS by 7.1%. For fiscal 2024, revenue is expected to rise 9.3% YoY and EPS by 14.4%.  
SLB surpassed analyst EPS projections for the past four consecutive quarters, despite facing headwinds from lower drilling activity in North America and slowing international expenditures.
SLB completed the construction of the world's first industrial-scale carbon capture facility in Q4. It also enhanced its digital solutions portfolio and secured major contracts for deepwater operations.


[Earnings Preview] Can Schlumberger Defy a Sluggish Q4 to Keep Beating Expectations?

<ul>
<li>Aramco’s Q3 operating revenue fell 1.8% YoY and missed estimates by 0.5%. Similarly, its net profit fell by 15.4% YoY and its EPS missed expectations by 1%.</li>
<li>Aramco’s total hydrocarbon production fell 0.8% YoY but rose 3.3% QoQ in Q3. Its average crude oil price realisation dropped 11.2% YoY and 7.5% QoQ.</li>
<li>Despite a decline in net profit, Aramco maintained its dividend, which led to a shift from net cash to a net debt position as dividend payouts exceeded free cash flow.</li>
</ul>


Aramco’s Q3 operating revenue fell 1.8% YoY and missed estimates by 0.5%. Similarly, its net profit fell by 15.4% YoY and its EPS missed expectations by 1%.
Aramco’s total hydrocarbon production fell 0.8% YoY but rose 3.3% QoQ in Q3. Its average crude oil price realisation dropped 11.2% YoY and 7.5% QoQ.
Despite a decline in net profit, Aramco maintained its dividend, which led to a shift from net cash to a net debt position as dividend payouts exceeded free cash flow.


[Earnings Review] Saudi Aramco Maintains Dividend Despite Decline in Net Profit in Q3

Saudi Arabia

Saudi Arabian Oil Co., doing business as Saudi Aramco, operates as an oil exploration company. The Company focuses on hydrocarbons exploration, production, refining, distribution, and shipping, as well as provides crude oil marketing services. Saudi Aramco serves customers worldwide.

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Saudi Aramco (ARAMCO AB)

BP’s Strategy Reset Stumbles as Dividend Cut, Oil & Gas Output Target Disappoints

BP plans to increase oil and gas spending while cutting back on renewable energy investments. Elliott Investment Management criticizes this...

Mint Finance

[Earnings Preview] Aramco to Face Pressure in Q4 as Weak Oil Prices Squeeze Margins

Saudi Aramco's Q4 revenue and EPS expected to dip QoQ, but rise YoY. Growth reliant on oil prices as OPEC extends supply cuts. Expanding retail...

Mint Finance

[Earnings Preview] Exxon Q4 Profitability Faces Pressure from Lower Oil Prices and Refining Margins

ExxonMobil's Q4 revenue to rise YoY but EPS to fall. Annual revenue and EPS expected to decline. Exxon plans significant investments in low-carbon...

Mint Finance

[Earnings Preview] Can Schlumberger Defy a Sluggish Q4 to Keep Beating Expectations?

SLB's Q4 revenue and EPS are expected to rise YoY. However, whether it will beat analyst projections remains to be seen. SLB made landmark...

Mint Finance

[Earnings Review] Saudi Aramco Maintains Dividend Despite Decline in Net Profit in Q3

Aramco shifted to a net debt position as dividend payouts surpassed cash flow. Profit dropped 15.4% YoY on weaker oil prices and refining margins,...

Mint Finance

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BP’s Strategy Reset Stumbles as Dividend Cut, Oil & Gas Output Target Disappoints

​BP plans to increase oil and gas spending while cutting back on renewable energy investments. Elliott Investment Management criticizes this...

Mint Finance

[Earnings Preview] Aramco to Face Pressure in Q4 as Weak Oil Prices Squeeze Margins

​Saudi Aramco's Q4 revenue and EPS expected to dip QoQ, but rise YoY. Growth reliant on oil prices as OPEC extends supply cuts. Expanding retail...

Mint Finance

[Earnings Preview] Exxon Q4 Profitability Faces Pressure from Lower Oil Prices and Refining Margins

​ExxonMobil's Q4 revenue to rise YoY but EPS to fall. Annual revenue and EPS expected to decline. Exxon plans significant investments in low-carbon...

Mint Finance

[Earnings Preview] Can Schlumberger Defy a Sluggish Q4 to Keep Beating Expectations?

​SLB's Q4 revenue and EPS are expected to rise YoY. However, whether it will beat analyst projections remains to be seen. SLB made landmark...

Mint Finance

[Earnings Review] Saudi Aramco Maintains Dividend Despite Decline in Net Profit in Q3

Aramco shifted to a net debt position as dividend payouts surpassed cash flow. Profit dropped 15.4% YoY on weaker oil prices and refining margins,...

Mint Finance

BP plans to increase oil and gas spending while cutting back on renewable energy investments. Elliott Investment Management criticizes this...

Saudi Aramco's Q4 revenue and EPS expected to dip QoQ, but rise YoY. Growth reliant on oil prices as OPEC extends supply cuts. Expanding retail...

ExxonMobil's Q4 revenue to rise YoY but EPS to fall. Annual revenue and EPS expected to decline. Exxon plans significant investments in low-carbon...

SLB's Q4 revenue and EPS are expected to rise YoY. However, whether it will beat analyst projections remains to be seen. SLB made landmark...