Daily Briefs

• Vulcan Materials is a major player in the construction aggregates market, providing the foundation for buildings, roads, and infrastructure in the United States.
• The company owns and operates quarries across the country, with a market cap close to $30 billion.
• Aggregates are essential for asphalt and concrete production, with Vulcan playing a crucial role in supplying this key material for construction projects.

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• For the week ending 16/May, U.S. crude inventories grew by 1.3m barrels (vs. expectations of a 0.9m barrel fall). Similarly, gasoline and distillate stockpiles unexpectedly rose.
• The EIA reported a 120 Bcf storage build, exceeding analyst forecasts of an 118 Bcf increase. Storage levels are 3.9% above the five-year average.
• Barclays initiated coverage on Saudi Aramco with an ‘Overweight’ rating. Jefferies downgraded BP to ‘Hold’ from ‘Buy’, and Citigroup lifted its price target on Occidental Petroleum.

• Greetings from Copenhagen.
• We’ve previously advocated a long tilt toward commodities, as both the U.S. and global growth outlooks are being repriced amid the reopening of trade and the sudden realization that the U.S., China, and even Europe have collectively slammed the deficit accelerator—rather than the brakes.
• Everywhere you look, countries are ramping up fiscal spending to cushion the blow of tariffs.

• Albemarle Corporation’s first quarter of 2025 earnings report provides a measured perspective on the company’s current standing and future prospects, presenting an amalgam of strengths and challenges faced by the company.
• The corporation reported net sales of $1.1 billion, reflecting robust lithium production, particularly through their integrated conversion network.
• This was a positive highlight in a period marked by broader volatility in lithium pricing.

• EOG Resources, Inc. reported a robust performance for the first quarter of 2025, showcasing both its operational efficiency and strategic capital management within the volatile oil and gas industry.
• The company achieved adjusted net income of $1.6 billion, with $1.3 billion in free cash flow, which was largely returned to shareholders through dividends and share repurchases.
• This positions EOG as a shareholder-friendly entity with a keen focus on value creation in line with its history of consistent returns.

• DT Midstream Inc. reported on a robust start to 2025, maintaining a steady roadmap with its financial and operational strategies.
• The company reaffirmed its 2025 adjusted EBITDA guidance and extended its favorable outlook into 2026.
• The integration of newly acquired interstate pipelines is progressing smoothly, with all financial activities transitioned into DT Midstream’s systems by April 1st.

• Air Products and Chemicals, Inc. (APD) recently reported its financial performance and strategic outlook, marking a period of transition under the new CEO, Eduardo Menezes.
• The company, historically a leader in the industrial gases sector, is recalibrating its strategic priorities to focus more on its traditional business strengths while addressing challenges from previous strategic forays into high-risk growth areas.
• A primary point of discussion has been the company’s shift back to its core industrial gas business, which includes on-site projects with take-or-pay agreements, a robust merchant business, and a portfolio of high-quality joint ventures.

HELLENiQ’s Q125 saw both weak refining margins and suppressed oil products sales due to inventory build ahead of a turnaround at its Elefsina refinery. The company reported adjusted EBITDA of €180m (down 47% y-o-y), and adjusted net income of €55m (down 66% y-o-y). Refining sales volumes reached 3.532m tonnes, an 11% decrease year-on-year, although production was down only 3%, the difference being inventory build ahead of the Elefsina shutdown for maintenance and upgrade. The benchmark refining margin was stable quarter-on-quarter at $5.1/bbl, but down materially from $8.0/bbl in Q124.

• 12th May: Cobalt Holdings, a Company created primarily to purchase and hold physical cobalt, offering public equity investors pure-play direct exposure to the price of cobalt, announced its intention to raise approximately US$230m through its Global Offer and the possible Admission on to the Main Market in June 2025.
• Glencore International AG and certain entities and affiliates managed by Anchorage Structured Commodities Advisor, have agreed to participate as cornerstone investors, agreeing to invest, in aggregate, an amount representing approximately 20.5% of the Shares to be offered pursuant to the Global Offer.
• 9th May: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announces that it is considering an IPO onto the Main Market.

• From January to April 2025, production averaged 26.5 mboe/d.
• This is consistent with 1Q25 production of 27.6 mboe/d, which benefited from one month of output from Triton.
• Repairs at Triton have been completed, and production remains on track to restart in June.