Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,300+ insights published on Smartkarma.</li>
<li>In this cut, we review the outlook for energy markets amid the Persian Gulf conflict, highlight coverage of gold miners large and small, and identify opportunities in Japanese financials.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,300+ insights published on Smartkarma.
In this cut, we review the outlook for energy markets amid the Persian Gulf conflict, highlight coverage of gold miners large and small, and identify opportunities in Japanese financials.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

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>Global oil majors are slashing jobs and investments as weak demand, OPEC+ supply hikes, and rising costs drive the sharpest industry retrenchment since the 2020 collapse.</li>
<li>U.S. producers face added strain from tariffs, cost inflation, and consolidation, forcing capex cuts, layoffs, and highlighting the slowdown of shale-driven growth that once powered record output.</li>
<li>ExxonMobil emerges strongest among peers, supported by low debt, robust free cash flow, advantaged low-cost assets, and global diversification, giving it unmatched resilience in a prolonged low-price environment.</li>
</ul>


Global oil majors are slashing jobs and investments as weak demand, OPEC+ supply hikes, and rising costs drive the sharpest industry retrenchment since the 2020 collapse.
U.S. producers face added strain from tariffs, cost inflation, and consolidation, forcing capex cuts, layoffs, and highlighting the slowdown of shale-driven growth that once powered record output.
ExxonMobil emerges strongest among peers, supported by low debt, robust free cash flow, advantaged low-cost assets, and global diversification, giving it unmatched resilience in a prolonged low-price environment.


Oil and Gas Giants Shift from Expansion to Discipline Amid Supply Glut and Cost Pressures

J Capital Research

Independent Insight Provider

J Capital Research, a U.S. company, publishes highly diligenced research reports on publicly traded companies, relying on deep, on-the-ground primary research. J Capital has particular expertise in the Chinese market, but we look at over-valued companies throughout the world. As an activist short- and long-research shop, when we form a clear view, we publish free, public reports to inform the investing public and never disguise our identity. We believe the internet has afforded an opportunity to small, unaffiliated investors to leapfrog the big banks, with their conflicts of interest, and obtain unbiased information on traded companies. We pride ourselves on our independence and the quality of our work. We hope the work speaks for itself.

<ul><li>Since our last newsletter addressing concerns about Schlumberger NV (SLB) dated in October of 2023, the company’s share price has fallen by 41% on an absolute basis, while the S&amp;P 500 is up 50.4% over the same period.</li><li>For a company with a market capitalization of $49.2 bln, this is significant.</li><li>Our primary concerns were that SLB had potential write offs related to outstanding receivables from its Mexican PEMEX customer as well as continued exposure to Russia.</li></ul>

Since our last newsletter addressing concerns about Schlumberger NV (SLB) dated in October of 2023, the company’s share price has fallen by 41% on an absolute basis, while the S&amp;P 500 is up 50.4% over the same period.For a company with a market capitalization of $49.2 bln, this is significant.Our primary concerns were that SLB had potential write offs related to outstanding receivables from its Mexican PEMEX customer as well as continued exposure to Russia.

The Equity Dispatch #48: SLB: Papering Over the Problems Is Making Them Worse

VanEck Oil Services ETF / Equity Bottom-Up

<ul>
<li>OIH’s oilfield services focus, bullish technicals, and rebound history position it to outpace XLE, provided crude prices avoid a sharp near-term downturn.</li>
<li>Since April, OIH has steadily recovered with higher lows, outperforming XLE on the back of a technical rebound and strengthening oil services fundamentals.</li>
<li>The rebound was led by Baker Hughes, OIH’s second-largest holding, after a Q2 beat driven by expanding gas and LNG technology services, while SLB and Halliburton lagged.</li>
</ul>


OIH’s oilfield services focus, bullish technicals, and rebound history position it to outpace XLE, provided crude prices avoid a sharp near-term downturn.
Since April, OIH has steadily recovered with higher lows, outperforming XLE on the back of a technical rebound and strengthening oil services fundamentals.
The rebound was led by Baker Hughes, OIH’s second-largest holding, after a Q2 beat driven by expanding gas and LNG technology services, while SLB and Halliburton lagged.


Oilfield Services’ Quiet Comeback: Can It Keep Outpacing the Broader Energy Pack?

<ul>
<li>Halliburton’s Q2 2025 revenue is expected to drop 0.2% QoQ and 7.2% YoY. Similarly, its EPS is projected to drop 6.7% QoQ and 30% YoY.</li>
<li>SLB’s Q2 update highlights a slowdown in key international markets, potentially foreshadowing similar headwinds for Halliburton’s global operations.</li>
<li>Options positioning and technical signals point to a neutral-to-bearish market stance ahead of Q2 results.</li>
</ul>


Halliburton’s Q2 2025 revenue is expected to drop 0.2% QoQ and 7.2% YoY. Similarly, its EPS is projected to drop 6.7% QoQ and 30% YoY.
SLB’s Q2 update highlights a slowdown in key international markets, potentially foreshadowing similar headwinds for Halliburton’s global operations.
Options positioning and technical signals point to a neutral-to-bearish market stance ahead of Q2 results.


[Earnings Preview] Halliburton Set to Slip on Q2 Disappointments as Drilling Slows

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.

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Schlumberger Ltd (SLB US)

Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....

Pranav Rao

Oil and Gas Giants Shift from Expansion to Discipline Amid Supply Glut and Cost Pressures

Global oil majors are cutting jobs and investments due to weak demand and rising costs, with ExxonMobil emerging as the strongest player thanks to...

Mint Finance

The Equity Dispatch #48: SLB: Papering Over the Problems Is Making Them Worse

Since our last newsletter addressing concerns about Schlumberger NV (SLB) dated in October of 2023, the company’s share price has fallen by 41%...

J Capital Research

Oilfield Services’ Quiet Comeback: Can It Keep Outpacing the Broader Energy Pack?

OIH's oilfield services focus and bullish technicals suggest it may outpace XLE, as long as crude prices remain stable. Baker Hughes led the...

Mint Finance

[Earnings Preview] Halliburton Set to Slip on Q2 Disappointments as Drilling Slows

Halliburton's Q2 revenue and EPS are expected to decline, facing challenges from a potential international slowdown. Market signals point to a...

Mint Finance

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Market Cap (USDm)

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Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

​This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....

Pranav Rao

Oil and Gas Giants Shift from Expansion to Discipline Amid Supply Glut and Cost Pressures

​Global oil majors are cutting jobs and investments due to weak demand and rising costs, with ExxonMobil emerging as the strongest player thanks to...

Mint Finance

The Equity Dispatch #48: SLB: Papering Over the Problems Is Making Them Worse

Since our last newsletter addressing concerns about Schlumberger NV (SLB) dated in October of 2023, the company’s share price has fallen by 41%...

J Capital Research

Oilfield Services’ Quiet Comeback: Can It Keep Outpacing the Broader Energy Pack?

​OIH's oilfield services focus and bullish technicals suggest it may outpace XLE, as long as crude prices remain stable. Baker Hughes led the...

Mint Finance

[Earnings Preview] Halliburton Set to Slip on Q2 Disappointments as Drilling Slows

​Halliburton's Q2 revenue and EPS are expected to decline, facing challenges from a potential international slowdown. Market signals point to a...

Mint Finance

This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....

Global oil majors are cutting jobs and investments due to weak demand and rising costs, with ExxonMobil emerging as the strongest player thanks to...

OIH's oilfield services focus and bullish technicals suggest it may outpace XLE, as long as crude prices remain stable. Baker Hughes led the...

Halliburton's Q2 revenue and EPS are expected to decline, facing challenges from a potential international slowdown. Market signals point to a...