Energy & Materials Sector

• Earlier this month, RPPL announced a new factory to expand its thermoforming and extrusion capacity by 1250 MTPA and 1600 MTPA, respectively. This will come on-stream within a month.
• RPPL reported a weak Q3FY25 due to adverse fluctuation in raw material prices as well as seasonal impact. Q3 tends to be a weak quarter seasonally.
• RPPL’s capacity expansion has been leading to upfront expenses. The new Olive Ecopak JV also reported losses, share of which was INR -2.6cr in Q3FY25.

• Argentina’s $20 Billion IMF Deal Could Calm Markets Ahead of Midterms
• Pemex Monthly Report: February/Minerva Positioned to Benefit from China’s Shift in Protein Imports
• Cemex: Stable Outlook Affirmed Despite Hybrid Reclassification Dragging Metrics/ YPF Launches “Vaca Muerta Institute” to Support Shale Growth

• Tata Steel’s India business is poised for multi-year volume expansion, backed by ample land availability across three key locations. 
• Losses from UK and Netherland operations set to ease. UK operations are under transitioning phase from BF to EAF. Discussions are on with the Netherlands govt. 
• Valuations: Tata Steel trades at 6.5x EV/EBITDA based on estimated FY26 EBITDA. Stock has outperformed local indices and could likely continue. 

• Celanese Corporation recently concluded its Q4 2024 earnings call, led by CEO Scott Richardson and CFO Chuck Kyrish.
• The company has been taking proactive measures to enhance performance amidst industry challenges.
• The leadership’s focus has been on cash generation, cost reduction, and strategic divestitures, as reflected in the company’s actions over the past quarters.

• Cheniere Energy posted robust results for the fourth quarter and full year 2024, demonstrating its strong operational and financial performance.
• The company reported a consolidated adjusted EBITDA of approximately $1.6 billion for the fourth quarter, with a full-year total of $6.155 billion.
• This reflects solid underlying business performance, driven by Cheniere’s focus on safety, operational excellence, customer engagement, and financial discipline.

• Pembina Pipeline Corporation’s latest financial results reveal a mix of record achievements and ongoing strategic developments, indicating both opportunities and challenges for investors.
• For the fourth quarter of 2024, Pembina reported significant financial gains, with earnings of $572 million, record quarterly adjusted EBITDA of $1.254 billion, and record quarterly adjusted cash flow from operating activities of $922 million or $1.59 per share.
• The fiscal year concluded with full-year earnings totaling $1.874 billion, record annual adjusted EBITDA of $4.408 billion, and record full-year adjusted cash flow from operating activities of $3.265 billion or $5.70 per share.

• Weatherford International recently discussed its fourth-quarter and full-year 2024 results, highlighting both challenges and achievements.
• During the quarter, the company faced a significant revenue shortfall due to reduced activity in Latin America, particularly in Mexico, and scheduled shifts in the North Sea.
• This decline impacted Weatherford’s ability to meet revenue expectations, although it still managed to achieve its objective of over 25% adjusted EBITDA margins for the year.

• For the week ending 21/Mar, U.S. crude inventories fell by 3.3m barrels (vs. expectations of 1.5m build), gasoline and distillate stockpiles fell less than expected.
• US natural gas inventories rose by 37 Bcf for the week ending 21/Mar, in line with analyst expectations. Inventories are 6.5% below the 5-year seasonal average.
• Shell to boost shareholder distributions to 40-50% of CFFO and cut costs by USD 5-7 billion by 2028. Exxon plans 250 layoffs in the UK by 2026.

• During the 2024 annual results briefing yesterday, Gevo management remained highly focused on the company’s strategy to: (1) develop and commercialize technologies to convert ethanol and other alcohols into hydrocarbon fuels and chemicals, including SAF and RNG
• (2) establishing the carbon value of products by tracking and verifying sustainability attributes with Gevo’s Verity software
• (3) monetizing the carbon abatement benefits of the company’s fuels and chemicals,

• LyondellBasell Industries N.V. showcased resilience in its financial performance over the challenging 2024 fiscal year, navigating a difficult macroeconomic environment.
• The company’s full-year earnings per share stood at $6.40, with an EBITDA of $4.3 billion.
• Despite facing significant industry headwinds, including sluggish global growth, high energy costs, and regulatory impacts, LyondellBasell successfully generated $3.8 billion in cash from operations, demonstrating a strong 90% cash conversion ratio.

• Packaging Corporation of America (PCA) demonstrated strong performance in their fourth quarter and throughout 2024.
• The earnings call highlighted both positive accomplishments and challenges faced by the company.
• PCA reported a notable increase in net income for the fourth quarter of 2024, amounting to $221 million, or $2.45 per share, compared to $192 million, or $2.13 per share, in the previous year.

• On the latest WTR Small-Cap Spotlight, we were joined by Marcus Laun, Co-Founder and VP Executive of Sky Quarry (SKYQ), and our host, Tim Gerdeman, Vice-Chair & Co-Founder, and Chief Marketing Officer at WTR. 
• SKYQ is an integrated energy solutions company created to address the environmental issues caused by the landfill disposal of waste asphalt roofing shingles.
• According to SKYQ, millions of tons of waste asphalt shingle are generated annually in the US, which, if recycled, would equate to the recovery of 20-22 million barrels of oil and 9-11 million tons of valuable materials, and for a market valued at up to $4.4 billion.

• Valaris plc reported its fourth quarter 2024 results, presenting a mixed performance.
• While the company demonstrated strong operational execution and safety achievements, there were some financial challenges and strategic decisions that could impact future performance.
• On the positive side, Valaris continued its track record of high operational efficiency, achieving fleet-wide revenue efficiency of 96% for the quarter and 97% for the entire year.

Amaroq’s results to December 2024 were essentially just a pro-rata extrapolation of its earlier, nine-month results to September. More important was the fact that Nalunaq poured its first gold (39oz – although this was evidently not sold during the quarter) and that, post period end, it recorded a 51% increase in its mineral resource estimate (including a maiden contribution in the indicated category). The company will spend the remainder of FY25 ramping up to full capacity of 300tpd by Q425 and will update the market on progress on 14 May. Once achieved, it will look to further increase throughput from FY26 to 450tpd.

• Valero Energy Corporation’s fourth quarter of 2024 performance reflects a mix of operational achievements and financial challenges.
• The company reported a significant decrease in net income attributable to stockholders, down to $281 million ($0.88 per share) from $1.2 billion ($3.55 per share) in the same period of the previous year.
• Adjusted net income also fell to $207 million ($0.64 per share) from $1.2 billion ($3.57 per share), indicating a challenging financial landscape amidst a weaker margin environment.

• Hanwha Corp’s chances of raising 1T KRW without a capital call are slim, likely channeling Hanwha Energy’s 1.3T KRW into Hanwha Corp intead of Hanwha Aero.
• A shareholder-allotted rights issue from Hanwha Corp looks likely, and with short-selling resumption, it sets up a clean arbitrage play with low risk before the official announcement.
• Timing is key—Hanwha’s using debt for now, but likely won’t delay long. Expect Hanwha Corp’s rights issue to follow Hanwha Aero’s, probably between June and July.

• Copper pricing reporter Han Lu, sulfuric acid reporter Ong Jialun, and China content reporter Lucy Tang share insights on copper market trends and trade flows
• China copper concentrates assessments have hit negative levels in 2025 due to tight supply and growing demand from China and India
• Smelters are running at production losses due to low TCRC but continue to buy in the market to meet output targets and maintain production levels

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Goldfields and Gold Road are in discussions for a potential acquisition deal, with Goldfields initially making an offer to buy Gold Road which was rejected, followed by a counteroffer to buy a stake in Gruyere.
• Goldfields eventually flew to Perth for face-to-face negotiations, but delays in response led to Goldfields threatening to go public with the offer.
• The joint venture agreement between Goldfields and Gold Road has previously prevented any acquisition deals, leading to speculation on why a consolidation has not occurred before.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Antero Midstream has demonstrated strong financial performance in the fourth quarter of 2024, emphasizing its ten-year growth trajectory in EBITDA, which reached $1.05 billion for the year.
• This growth, along with a record Return on Invested Capital (ROIC) of 19%, underscores the company’s strategic investments and operational efficiency.
• The acquisition strategy and just-in-time capital investments have been key contributors to this performance.

• What you need to know: • Omai announced assay results from four drill holes totalling 2,157m, two drilled at Wenot and two drilled at the Camp Zone, ~1km west of Wenot.
• • The highlight hole, drilled beneath the Wenot resource pit, intersected 16.35 g/t Au over 10.5m, including 46.38 g/t Au over 3.5m.
• • Results are pending for 10 holes at Wenot (Figure 1) as part of the 10,000m 2025 drill program, which has now been expanded to 15,000m.

• Coro Energy 1.45p £7.3m (CORO.L)* The South East Asian energy Company with a natural gas and clean energy portfolio has announced that it has signed a further addendum to the existing Power Purchase Agreement (PPA) with Mobile World Group to deliver power at the next 46 MWG solar sites in Vietnam with an aggregate capacity of c.0.8MW.
• Construction of the sites subject to the PPA Addendum will commence immediately. As previously announced, the Company signed a Memorandum of Understanding in Vietnam with MWG granting Coro exclusivity on an initial 900 MWG company sites in the central and southern regions of Vietnam where solar irradiation is the highest in the country.
• Coro will build, own, and operate each rooftop solar system and sell all generated electricity directly to each Mobile World Investment Corporation location under a 14-year PPA, extendable in certain circumstances.

• Transocean’s latest financial results showcase a complex landscape with mixed implications that investors should consider carefully.
• For the fourth quarter of 2024, Transocean reported adjusted EBITDA of $323 million from $952 million in contract drilling revenues, reflecting an EBITDA margin of approximately 34%.
• For the full year, the company achieved adjusted EBITDA of $1.15 billion on $3.5 billion in revenues, with a slightly lower margin of 33%.

• Rubber worth US$341 million exported in January 2025
• Companies initiate moves to cash in on higher rubber prices
• Tariff war may come to Vietnam’s advantage

• United States Steel Corporation posted robust financial results for the fourth quarter and the entire fiscal year of 2023, while also spotlighting a pending merger.
• The company’s net earnings for the full year totaled $895 million, translating to $3.56 per diluted share.
• The fourth quarter adjusted net earnings came in at $167 million, or $0.67 per diluted share, complemented by $330 million in adjusted EBITDA.

• What you need to know: • DNG reported Q4 financial results that were mixed relative to our expectations due to lower grades and annual maintenance at its plant.
• • Q4 revenue was $73.1M compared to our estimate of $60.0M and Q4 OCF (before WC) was $2.8M compared to our estimate of $4.3M.
• • DNG solidified another great year, supporting its long-term growth CAGRs of ~10%.

• EcoPro Materials announced a capital raise worth 389 billion won. The company plans to issue 5.12 million new shares, representing 7.3% of its current outstanding shares (69.74 million).
• This capital raise is in the form of redeemable convertible preferred shares (RCPS). Conversion price of this RCPS is 75,974 won which is 9.9% higher than current price. 
• Ecopro Materials’ share price is down 27% from 27 February 2025. We continue to remain negative on Ecopro Materials. 

• On 26 March, Korea Exchange provided a list of 38 companies in KOSPI and KOSDAQ that are subject to delisting this year.
• These 38 companies have a combined market cap of 3.4 trillion won.
• Many of these companies have received ‘refusals of opinion’ from auditors in the audit report. Some of them also face charges of embezzlement and breach of trust. 

• US$127 million tire recycling plant coming up in Sunderland
• TRA calls for immediate action to end the T8 exemption
• ATMA’s stress to rein in ELT imports comes as wakeup call for UK

• Copper and other base metals have been rising all year
• The Trump tariff bump is not the only reason for this
• Much less speculative positioning in futures vs previous peak meaning real world demand is the driver

• APL Apollo has raised its capex guidance to accelerate growth in high-margin, value-added products (VAP) and new segments like heavy structural tubes, pre-engineered buildings, and solar structures.
• Margins have recovered from Q2 lows but remain subdued due to weak steel prices. Sales volumes have grown at an 18% CAGR.
• Trading at 65x TTM P/E vs. a 5-year average of 50x. A strong execution track record and RoCE >25% provide confidence in growth execution.

• FET’s confident free cash flow outlook in FY25 positions the company to consider returning cash to shareholders through an existing share repurchase authorization in 2025.
• In December 2024, FET’s Board of Directors authorized a share repurchase program of up to $75 million.
• The senior secured bonds (due 2029) issued in November 2024 allow repurchases after FET meets a defined leverage test. 

• Valero Energy Corporation recently disclosed its financial performance for the third quarter of 2024.
• The earnings report highlighted various aspects of the company’s operational and financial status, presenting a mixed set of results impacted by significant maintenance activities and a challenging margin environment.
• During the quarter, Valero’s refineries operated at 90% of their throughput capacity, in line with previous guidance, despite a period of heavy maintenance.

• Chevron Corporation’s latest earnings results reflect a mix of robust performance and challenges, characteristic of the dynamics within the energy sector.
• The company reported fourth-quarter earnings of $3.2 billion, or $1.84 per share, with adjusted earnings at $3.6 billion, or $2.06 per share.
• The quarter was impacted by one-time charges amounting to $1.1 billion related to restructuring and impairments, highlighting areas of financial strain amidst generally positive performance metrics.

• Green Plains, Inc. (GPRE) is a biorefining company that is evolving from a commodity-processing business into a value-added agricultural firm.
• GPRE converts renewable crops like corn into low-carbon, sustainable ingredients through fermentation and patented ag technologies.
• The company announced a shift from innovation to commercialization of key technologies, focusing on growth opportunities in low-carbon and sustainable products. GPRE is an early mover in ethanol CCS with its ‘Advantage Nebraska’ strategy.

• FY24 production and YE24 net cash have already been reported.
• The FY25 production guidance of 5.0-6.2 mboe/d is unchanged.
• However the highlight of the press release is the upcoming programme in Vietnam.

• Kunlun Energy (135 HK)‘s net profit grew 7.9% in 2H24, accelerating from 2.6% in 1H24. It is encouraging to see the dividend payout ratio increase by 2pp YoY.
• An increase in the adoption of the residential price linkage system is positive for the dollar margin, while the distortion from E&P expiry will no longer impact earnings. 
• With net cash equals HK$2.56/share, or 31% of the share price, such financial strength is unmatched by peers. Its PER valuations are also inexpensive.

• Gold (GOLD COMDTY) has been rallying up without stop for the past 13 weeks (only pause was a 1 week pullback at the end of February).
• The commodity looks overbought WEEKLY according to our tactical model, there is a chance that it will pullback this week or the next (although it could rally for longer…).
• Several players are buying Gold (GOLD COMDTY) and we do not see any sharp pullback on the horizon, obviously, any pullback is a BUY opportunity. We’ll discuss where to buy.

• MPLX, the midstream energy company, reported its fourth quarter and full-year 2024 results, highlighting strategic progress and robust financial performance.
• In 2024, MPLX achieved a full-year adjusted EBITDA of $6.8 billion, marking an 8% rise compared to the previous year, underpinned by strong operational performance across its renamed business segments: Crude Oil and Product Logistics and Natural Gas and NGL Services.
• This marks the fourth consecutive year of mid-single-digit adjusted EBITDA growth, with a compound annual growth rate of 7% since 2021.

• Asia’s base oils demand could hold steady even with high heavy-grade prices and seasonal slowdown in consumption at start of Q2 2025.
• Asia’s lube demand likely to peak in month of March, before holding at lower levels over following months.
• Lube demand in Q2 2025 likely to remain well above levels in Q1 2025 even with slowdown at start of Q2 2025.

• US base oils demand likely to get support from seasonal pick-up in requirements that coincides with round of plant maintenance work.
• Mostly-steady outright base oils prices so far this year contrast with higher prices in other markets.
• Steady export base oils values vs VGO so far this year contrast with slump, then surge in base oils values from H2 March 2024.

• The WTR Sustainable Index was down 0.3% W/W versus the S&P 500 Index (up 0.5%), the Russell 2000 Index (up 0.6%), and the Nasdaq Index (up 0.3%).
• Energy Technology (13.0% of the index) was up 0.3%, while Industrial Climate and Ag Technology (45.7% of the index) was down 0.2%, ClimateTech Mining was down 0.5%, and Advanced Transportation Solutions (22.0% of the index) was down 0.6%.
• Top 10 Performers: VVPR, LITM, LAZR, AEVA, FHYD, EGT, WUC, NIU, SOL, AZRE

• Mongolian Mining (975 HK) disclosed its fiscal year 2024 results, which exceeded market expectations marginally, showing YoY increases in revenue and profits of 0.4% and 1.2%, respectively.
• The company indicated that the Working Group formed under Prime Minister’s Order No. 32 encompasses all national miners, not just MMCs alone. 
• Mining Law 5.4 may result in the government taking a 50% stake in the mining companies whose deposits were state-funded or increasing the mining royalty nationwide. 

• FY24 production, YE24 reserves and YE24 net cash had been reported previously.
• The FY25 guidance has been re-iterated.
• Production in March to date at Manora was 2.9 mbbl/d.

• West China Cement’s (WCC) FY 2024 results remained weak, albeit slightly improved from H1.
• Sales volumes and ASP in Mainland China continued to decline, amid poor demand from the real estate and infrastructure sectors.
• Meanwhile, performance in Africa was mixed, as rising sales volumes were offset by softer ASP.

• Europe’s Group II base oils prices rise vs prices in US and Asia in March 2025.
• Europe’s Group I brightstock price rises vs prices in US and Asia in March 2025.
• Outperformance of Europe base oils prices vs prices in US and Asia points to firmer supply-demand fundamentals in Europe than in those other markets.

• Gold Road Resources (GOR AU) has rejected a non-binding proposal from Gold Fields (GFI US). The offer is A$2.27 plus value per share of Gold Road’s shareholding in De Grey.
• The Board has rejected the offer mainly due to opportunistic timing and no value attributed to the potential underground expansion of the Gruyere mine (Gold Road/Gold Fields are JV partners).
• The proposal is a logical consolidation to eliminate dis-synergies. The offer is reasonable compared to peer multiples, precedent transactions and historical trading ranges. 

• The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
• In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.
• We expect two regular changes in June 2025. There are also multiple live spin-off and M&A events which are likely to trigger intra-review index changes.

• Short selling balance in the Korean stock market was 62.4 trillion won as of 21 March 2025, up significantly from 47.2 trillion won three months ago.
• Among the stocks in KOSPI with high short selling balance and high lending balance ratios include Posco Future M, Yuhan Corp, LG Energy Solution, and Hanwha Aerospace. 
• Among the stocks in KOSDAQ with high short selling balance and high lending balance ratios include Ecopro BM, Ecopro Co, HLB, and Eo Technics. 

• Gold Road Resources (GOR AU) has rejected an unsolicited offer from Gold Fields Ltd (GFI SJ), 
• In a bid to secure control over the Gruyere JV mine in WA, Gold Roads offered A$2.27/share, “plus … Gold Road’s interest in .. De Grey Mining (DEG AU).“
• To spice things up Gold Road countered with a proposal to acquire Gold Fields’ interest in Gruyere, which was also rejected by Gold Fields.

• OPEC’s output decision is seen as the most influential factor for the oil market, with prices tumbling and Brent crude trading just above $70
• OPEC shows tolerance to potential economic fallout from tariffs and plans to increase crude oil output starting in April 2025
• Uncertainty remains in the market as geopolitical tensions escalate in the Middle East and President Trump proposes a new Iranian nuclear deal with a two-month deadline, putting pressure on Iran and other countries subject to sanctions

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Nanshan Aluminium International Holdings (NAI HK) , raised around US$302m in its Hong Kong IPO.
• It is a leading high-quality alumina manufacturer in Southeast Asia.
• We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

• For the week ending 21/Mar, U.S. natural gas prices fell by 3% due to milder weather forecasts and larger-than-expected build in the U.S. natural gas inventories.
• Henry Hub dropped by 6.4% on 20/Mar (Thu) after the EIA reported a 9 Bcf build in U.S. inventories. Prices ended the week below the 9-day and 21-day moving averages.
• Henry Hub OI PCR increased to 1.05 on 21/Mar from 1.03 on 14/Mar. Call OI rose by 3.6% WoW, while put OI grew by 5%.

• WTI futures rose 1.6% for the week ending 21/Mar, driven by escalating tensions in the Middle East and declining U.S. fuel inventories.
• The U.S. rig count rose by one to 593. The oil rig count dropped by one to 486 and gas rigs rose by two to 102.
• WTI OI PCR fell to 0.90 on 21/Mar from 0.93 on 14/Mar. Call OI decreased by 12.2% WoW, while put OI dropped by 14.6%.

• OPEC maintains its 2025 oil demand growth forecast at 1.45m bpd, while the IEA lowered its estimate due to weaker-than-expected economic activity.
• The EIA reduced its 2025 global liquid fuels production forecast to 1.4m bpd, down from 1.7m bpd, while maintaining its 2026 forecast at 1.6m bpd.
• Rising non-OPEC+ production, led by the U.S., Canada, and Brazil, may result in an oversupplied market by late 2025.

• Prices crosses the magical level of INR 200/kg after five months  
• Supply short but farmers who stock and didn’t rainguard benefit  
•  Rubber Board starts geo-mapping of rubber plantations

• Nanshan Aluminium (2610 HK) is forecasted to fail the fcap thresholds of both Global indices in 2025 due to low IPO free float.
• The free float is not expected to increase upon lock-up expiry because of strategic Cornerstone and substantial shareholdings.
• Probability of addition to Global indices increases for the first time in March and May 2026 following the expected omission of strategic Cornerstone holdings from filings thus free float.

• Copper prices are receiving a favorable lift following the announcement of China’s “Special Action Plan to Boost Consumption” made early last week.
• Total Social Financing (TSF) increased by 16% YoY for Jan-Feb to 9.29 trillion RMB. Despite being below the analyst forecasts (which were revised upwards), this is a strong number.
• Coupled with weaker supply (Post Results FY24: Mine-By-Mine Plan Production + Commentary on Copper From Global Listed Companies ), copper prices can surpass 10k USD/ton in the medium-term. 

• Mixed data from China shows property prices down 5-7% YoY and lower land sales YTD, while weaker U.S. consumer sentiment has also negatively impacted overall commodity prices.
• China’s total social financing (TSF) for Jan-Feb reached 9.29 trillion RMB (Vs. consensus 9.75 trillion RMB). However, this figure is +16.6% YoY, signaling that substantial stimulus measures are in effect.
• We expect iron ore prices to remain rangebound between 95-120 USD/ton over the next few months as cost support is strong at the 100 USD/ton level. 

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, JX Advanced Metals (5016 JP) managed to hold on to its deal price, riding on the copper price resurgance.
• On the placements front, Judo Capital (JDO AU) was the only largish deal over the past week.

• Murphy’s law is at progress for Kum Yang (001570 KS).
• On 21 March, Kum Yang’s external auditor gave a disclaimer of opinion on the on its audit report.
• Korea Exchange is becoming more serious about delisting shady companies, especially one that receives inappropriate audit opinions for two consecutive years.

• The Sherwin-Williams Company recently concluded its earnings call for the fourth quarter and full year of 2024, reporting both positive and negative aspects that investors might consider when evaluating the company’s performance and future potential.
• On the positive side, Sherwin-Williams experienced growth in several key metrics despite facing a challenging demand environment.
• For the full year, consolidated sales saw a slight increase, partly due to strategic investments aimed at gaining market share amidst softness in core accounts.

• For the week ending 14/Mar, U.S. crude inventories rose 1.7m barrels (vs. expectations of 0.8m build), gasoline stockpiles fell below expectations, and distillate inventories declined more than anticipated.
• US natural gas inventories rose by 9 Bcf for the week ending 14/Mar, more than analyst expectations of a 3 Bcf build. Inventories are 10% below the 5-year seasonal average.
• Barclays cut Exxon’s price target to USD 135 from USD 137 with an Overweight rating, while Citigroup lowered Occidental’s target to USD 51 from USD 56 with a Neutral rating.

• What you need to know: • Santacruz announced that it plans to accelerate its debt payments to Glencore, saving $40M and cleaning up the balance sheet.
• • SCZ paid Glencore $10M yesterday and will making bi-monthly payments of $7.5M to Glencore until it reaches a total of $40M by the end of October 2025.
• • We recently initiated coverage on SCZ, read the report here.

• • 4Q24 production in Uzbekistan was 10,511 (in line) rising to 12,019 boe/d in March-to-date and 12,288 boe/d in the past five days following the third successful workover in the area.
• At least six additional well candidates with similar geological characteristics have been identified, expected to further boost production.
• Multiple other independent workovers candidates being matured.

• Enterprise Products Partners LP reported its financial results for the fourth quarter of 2024, demonstrating both strengths and challenges within its extensive energy infrastructure network.
• In terms of financial performance, the company experienced a notable increase in adjusted cash flow from operations, which rose by 4% to $2.3 billion compared to the same quarter the previous year.
• Net income attributable to common unitholders also increased, registering a 3% rise to $1.6 billion or $0.74 per common unit.