In today’s briefing:
- CNBM (3323 HK): A Closer Look At Proration
- [Earnings Preview] Lower Oil Prices to Pressure Occidental in Q4 While NGL Prices Offer Support
- [Pre Earnings Options Flash] BP’s OI PCR Signals Optimism Despite Bleak Q4 Outlook
- ExxonMobil: Liquefied Natural Gas (LNG) Strategy As A Crucial Pillar In Global Energy!
- [ETP 2025/06] WTI Pressured by Macroeconomic Uncertainty; Henry Hub Rebounds on Colder Forecasts
- Deepak Fertilisers Limited: Q3 FY25 Performance Analysis
- Murphy Oil Corporation: The 7 Most Significant Forces Steering Its Performance into 2025 & Beyond!
- CNX Resources: Expansion & Development of Utica Shale Assets Driving Our Bullishness!
- Helixtap China Report: China Navigates Uncertain Rubber Market Amid US Tariff Tensions
- Himadri Speciality Chemical Ltd: Q3 & 9M FY25 Performance Analysis
CNBM (3323 HK): A Closer Look At Proration
- Back on the 6th December, China National Building Material (3323 HK) (CNBM), China’s leading building materials company, offered to buy back 841,749,304 H-shares at HK$4.03/share, a 15.1% premium to undisturbed.
- As this elevates CNBM’s parent’s stake to 50.01% of total shares from 45.02% currently, independent H-shareholder will vote on a whitewash waiver on the 19th February.
- Minimum pro-ration is 19.24%. It is likely to be higher. The question is whether to buy, and/or borrow, and tender; or simply short outright.
[Earnings Preview] Lower Oil Prices to Pressure Occidental in Q4 While NGL Prices Offer Support
- Occidental’s Q4 revenue and EPS are expected to drop 2.6% and 9.5% YoY, with full-year 2024 declines of 3.8% and 10%, respectively.
- Occidental’s average realised worldwide oil price dropped by 7.4% QoQ and 11.6% YoY to USD 69.73/b. Conversely, its average realised global NGL price rose by 6.5% QoQ and 4.2% YoY.
- The STRATOS plant, one of the largest DAC projects globally, will begin operations by mid-2025. It is expected to capture up to 500,000 tonnes of carbon dioxide annually.
[Pre Earnings Options Flash] BP’s OI PCR Signals Optimism Despite Bleak Q4 Outlook
- BP set to report its Q4 and 2024 earnings on 11/Feb, with revenue and EPS projected to fall by 10% YoY and 57%, respectively.
- As of 06/Feb, BP’s implied volatility (IV) stands at 35.21%, with an IV rank of 82.9% and an IV percentile of 99%.
- BP’s OI by strike for the 07/Feb expiry shows calls concentrated at strikes 31.5, 32, and 32.5, while puts dominate at 29.5, 30, and 30.5.
ExxonMobil: Liquefied Natural Gas (LNG) Strategy As A Crucial Pillar In Global Energy!
- ExxonMobil reported earnings of $34 billion for the year, marking its third-highest result over the past decade, despite facing softer market conditions.
- This financial outcome underscores ExxonMobil’s robust operational efficiency and strategic agility.
- The five-year average return on capital employed (ROCE) stands at an industry leading 11%.
[ETP 2025/06] WTI Pressured by Macroeconomic Uncertainty; Henry Hub Rebounds on Colder Forecasts
- For the week ending 31/Jan, US crude inventories increased by 8.7m barrels, exceeding expectations of a 2.4m barrel build. Gasoline stockpiles unexpectedly rose, while distillate stocks fell more than expected.
- US natural gas inventories fell by 174 Bcf for the week ending 31/Jan, beating analyst expectations of a 167 Bcf drawdown. Inventories are 4.4% below the 5-year seasonal average.
- TotalEnergies’ Q4 adjusted earnings rose 8.1% QoQ and beat estimates by 4.8% led by robust growth in the LNG and Integrated Power divisions.
Deepak Fertilisers Limited: Q3 FY25 Performance Analysis
- Deepak Fertilisers & Petro (DFPC IN) Q3 FY25 saw revenue rise 39% YoY, EBITDA up 72%, and net profit 318% YoY, driven by expansion and a shift to specialty products.
- Company saw significant volume growth across segments except crop nutrition segment.
- Company is under restructuring exercise, which will demerge all the different segment and unlock value over longer term.
Murphy Oil Corporation: The 7 Most Significant Forces Steering Its Performance into 2025 & Beyond!
- Murphy Oil Corporation’s fourth quarter 2024 earnings provide a nuanced perspective on the company’s financial and operational landscape.
- The corporation has demonstrated a commitment to its strategic priorities: deleveraging, executing operational plans, exploring growth opportunities, and delivering returns to shareholders.
- There are notable highlights and areas of concern from the results that potential investors might consider.
CNX Resources: Expansion & Development of Utica Shale Assets Driving Our Bullishness!
- CNX Resources Corporation has delivered its fourth-quarter results for 2024, presenting a mix of opportunities and challenges.
- The company continues to explore new technologies and strategic initiatives across its business segments, showcasing resilience in a fluctuating energy market.
- On the positive side, CNX Resources highlighted its ongoing advancements in the capture and utilization of coal mine methane (CMM), which has gained federal recognition as a low-carbon intensity feedstock for hydrogen production under the 45V guidelines.
Helixtap China Report: China Navigates Uncertain Rubber Market Amid US Tariff Tensions
- Trade war impacts the market sentiment
- Arbitrage widens for international cargoes
- Lower inventory could bring some buying back
Himadri Speciality Chemical Ltd: Q3 & 9M FY25 Performance Analysis
- Himadri Speciality Chemical (HSCH IN) delivered strong Q3 and 9M FY25 performance, with revenue, EBITDA, and PAT rising significantly, and launched major capacity expansions and new high-value product investments.
- Himadri is set to capitalize on growing EV and lithium-ion battery markets, enhancing long-term profitability and sustainability.
- Company acquired Birla tyre and also took more than 10% stake in Sicona, an Australian startup specializing in silicon anode technology, which will drive further growth once stabilise.
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