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 sixth straight week by 3.7 mb, exceeding the 1.6 mb decline expected by analysts. However, gasoline stocks rise by 1.3 mb.</li>
<li>For the week ending 02/Aug, US natural gas inventories were up 8.2% YoY and 14.9% above the 5-year seasonal average.</li>
<li>Occidental shares surged as it beat Q2 EPS estimates by 32.5%. Exxon and Aramco also exceeded EPS forecasts, while Chevron fell short.</li>
</ul>


US crude inventories fell for the sixth straight week by 3.7 mb, exceeding the 1.6 mb decline expected by analysts. However, gasoline stocks rise by 1.3 mb.
For the week ending 02/Aug, US natural gas inventories were up 8.2% YoY and 14.9% above the 5-year seasonal average.
Occidental shares surged as it beat Q2 EPS estimates by 32.5%. Exxon and Aramco also exceeded EPS forecasts, while Chevron fell short.


[ETP 32/2024] Oil Prices Rebound; Occidental, Exxon, and Aramco Beat Earnings Estimates

<ul>
<li>The milder drop in crude oil prices was reflected in energy stocks on Monday, with most major oil and gas companies, outperforming the S&amp;P 500.</li>
<li>Most of the oil companies’ volume PCR was elevated on Monday and Friday, with Haliburton’s volume PCR exceptionally high at 3.66 on Monday (5/Aug).</li>
<li>On 5/Aug, all major energy companies saw a rise in implied volatility due to recession fears, except Shell, whose IV dropped slightly to 20.01% from 20.28% on Friday.</li>
</ul>


The milder drop in crude oil prices was reflected in energy stocks on Monday, with most major oil and gas companies, outperforming the S&amp;P 500.
Most of the oil companies’ volume PCR was elevated on Monday and Friday, with Haliburton’s volume PCR exceptionally high at 3.66 on Monday (5/Aug).
On 5/Aug, all major energy companies saw a rise in implied volatility due to recession fears, except Shell, whose IV dropped slightly to 20.01% from 20.28% on Friday.


Oil & Gas Giants Hit by Recession-Driven Sell-Off but Outperform the S&P 500

<ul>
<li>US crude inventories fell for the fourth straight week, with a 3.7 mb drawdown. Gasoline stocks dropped by 5.6 mb, the largest decline since March.</li>
<li>As of 19/Jul, US natural gas inventories were up 8.4% YoY and 16.4% above the 5-year seasonal average.</li>
<li>TotalEnergies’ Q2 revenue fell 5.2% YoY, missing estimates by 7.3%. EPS dropped 7.5% YoY and missed estimates by 7.2%.</li>
</ul>


US crude inventories fell for the fourth straight week, with a 3.7 mb drawdown. Gasoline stocks dropped by 5.6 mb, the largest decline since March.
As of 19/Jul, US natural gas inventories were up 8.4% YoY and 16.4% above the 5-year seasonal average.
TotalEnergies’ Q2 revenue fell 5.2% YoY, missing estimates by 7.3%. EPS dropped 7.5% YoY and missed estimates by 7.2%.


[ETP 30/2024] Oil Reels Under Macroeconomic Headwinds; Nat-Gas Sheds Gains to Oversupply Concerns

Equity Bottom-Up

<ul>
<li>Schlumberger’s revenue grew 12.9% YoY and beat estimates by 0.7%, while its net profit rose by 7.65% YoY and beat estimates by 2.9%.</li>
<li>Revenue from North America grew 3% sequentially but fell 6% YoY due to lower drilling activity in the US.</li>
<li>Management expects low single-digit sequential revenue growth in Q3 2024 and free cash flow in H2 2024 to be higher than in H1 2024.</li>
</ul>


Schlumberger’s revenue grew 12.9% YoY and beat estimates by 0.7%, while its net profit rose by 7.65% YoY and beat estimates by 2.9%.
Revenue from North America grew 3% sequentially but fell 6% YoY due to lower drilling activity in the US.
Management expects low single-digit sequential revenue growth in Q3 2024 and free cash flow in H2 2024 to be higher than in H1 2024.


[Earnings Review] Schlumberger Beats Estimates as International Operations Shine

<ul>
<li>Schlumberger’s revenue is expected to rise 12.1% YoY and net profit by 15.3% YoY in Q2 2024. Management sees sequential margin growth across divisions.</li>
<li>Q2 growth is expected to be driven by SLB’s International segment, offsetting North American weakness. The International segment contributed 82% of Q1 revenue.</li>
<li>SLB announced plans to increase shareholder returns from USD 2.5 billion to USD 3 billion in 2024 and to USD 4 billion in 2025.</li>
</ul>


Schlumberger’s revenue is expected to rise 12.1% YoY and net profit by 15.3% YoY in Q2 2024. Management sees sequential margin growth across divisions.
Q2 growth is expected to be driven by SLB’s International segment, offsetting North American weakness. The International segment contributed 82% of Q1 revenue.
SLB announced plans to increase shareholder returns from USD 2.5 billion to USD 3 billion in 2024 and to USD 4 billion in 2025.


Schlumberger’s International Strength to Propel Q2 Growth

United States

Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Schlumberger Ltd (SLB US)

[ETP 32/2024] Oil Prices Rebound; Occidental, Exxon, and Aramco Beat Earnings Estimates

US crude inventory falls. Nat-gas inventory up YoY. Oxy beats Q2 EPS estimates by 32%. XOM & Aramco beat forecasts. WTI IVs soared to YTD high of...

Mint Finance

Oil & Gas Giants Hit by Recession-Driven Sell-Off but Outperform the S&P 500

Energy stocks outperformed the S&P 500 on Monday despite a drop in crude oil prices, with elevated volume PCR and rising IV for most oil & gas...

Mint Finance

[ETP 30/2024] Oil Reels Under Macroeconomic Headwinds; Nat-Gas Sheds Gains to Oversupply Concerns

US crude inventories continue to decline, while gasoline stocks see largest drop since March. US natural gas inventories up YoY, TotalEnergies' Q2...

Mint Finance

[Earnings Review] Schlumberger Beats Estimates as International Operations Shine

Schlumberger beat Q2 estimates due to strong international growth, with significant contributions from the Middle East and Asia. Management...

Mint Finance

Schlumberger’s International Strength to Propel Q2 Growth

International and Aker's subsea operations will drive Q1 growth. SLB expects new subsea bookings to grow 25% YoY to over USD 4 billion in 2024. The...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[ETP 32/2024] Oil Prices Rebound; Occidental, Exxon, and Aramco Beat Earnings Estimates

US crude inventory falls. Nat-gas inventory up YoY. Oxy beats Q2 EPS estimates by 32%. XOM & Aramco beat forecasts. WTI IVs soared to YTD high of...

Mint Finance

Oil & Gas Giants Hit by Recession-Driven Sell-Off but Outperform the S&P 500

​Energy stocks outperformed the S&P 500 on Monday despite a drop in crude oil prices, with elevated volume PCR and rising IV for most oil & gas...

Mint Finance

[ETP 30/2024] Oil Reels Under Macroeconomic Headwinds; Nat-Gas Sheds Gains to Oversupply Concerns

​US crude inventories continue to decline, while gasoline stocks see largest drop since March. US natural gas inventories up YoY, TotalEnergies' Q2...

Mint Finance

[Earnings Review] Schlumberger Beats Estimates as International Operations Shine

Schlumberger beat Q2 estimates due to strong international growth, with significant contributions from the Middle East and Asia. Management...

Mint Finance

Schlumberger’s International Strength to Propel Q2 Growth

International and Aker's subsea operations will drive Q1 growth. SLB expects new subsea bookings to grow 25% YoY to over USD 4 billion in 2024. The...

Mint Finance

Energy stocks outperformed the S&P 500 on Monday despite a drop in crude oil prices, with elevated volume PCR and rising IV for most oil & gas...

US crude inventories continue to decline, while gasoline stocks see largest drop since March. US natural gas inventories up YoY, TotalEnergies' Q2...