Daily Brief Energy/Materials: Hindustan Copper, Permian Resources , Delta Dunia Makmur, Enterprise Products Partners, Geopark Ltd, Ovintiv and more

• Copper, known as the “red metal” and vital in modern civilization, has seen a significant surge in demand globally, especially in sectors like electrical, electronics, construction, and transportation.
• Global and Indian reserves of copper, use cases, production process and government push towards Copper mining and overall analysis of existing new entrants in the industry.
• India possessing only 0.25% of the world’s reserves, the overall view from mining to distribution and consumption of copper across India and companies involved in the space.

• This is our first report on Permian Resources, a Delaware-based independent oil and natural gas company.
• The company reported its Q4 and full-year 2023 earnings with significant growth and progress.
• The company finished the year delivering industry-leading returns, exceeding both internal and external expectations.

Delta Dunia Makmur has launched a tender offer for the USD 7.75% 2026 notes (USD 365.7 mn outstanding), with a concurrent consent solicitation. We recommend that noteholders tender their bonds, and close our “Buy” call on the BUMAIJ 7.75 ’26s.

• Enterprise Products Partners L.P. displayed robust financial and operational achievements in 2023.
• The company’s distributable cash flow touched $7.6 billion, contributing to a 1.7x coverage and retained $3.2 billion.
• The year 2023 saw Enterprise products set nine financial records and thirteen operating records.

• The key takeaway from the 4Q23 results press release is the announcement of a modified Dutch auction tender offer to purchase up to US$50 mm of GeoPark shares at a price of US$9-10 per share.
• This represents ~10% of the current market cap of the company.
• The tender price range represents a premium of 8-20% to the prior day close.

• This is our first report on Ovintiv Inc, a leading producer of oil, condensate, and natural gas.
• The company’s fiscal performance in 2023 was commendable, with its operational success translating into stellar financial results, a net income of $2.1 billion, and a cash flow of $3.9 billion.
• The company’s capital investment during the year was $2.7 billion, generating a free cash flow of around $1.2 billion.