In today’s briefing:
- Vulcan Materials Company: Can It Capitalize On The Boost Public Infrastructure Spending?
- ANTAM (IDX: ANTM): Operational Momentum, Expansion Ahead, Valuation Still Attractive
- Asia base oils supply outlook: Week of 12 May
- Tariffs Add To Uncertainty In Global Tire Markets
- Select Water Solutions, Inc: Infrastructure Growth Increases Earnings and Cash Flow Visibility
- Condor Energies Inc. (TSX: CDR): Acquiring a LNG facility for Kazakhstan to deliver first LNG sale in 2Q26
- Americas/EMEA base oils supply outlook: Week of 12 May
- Gevo, Inc: Senior Management Hosts Virtual Tour of CCS-Ethanol Facilities in North Dakota
- Americas/EMEA base oils demand outlook: Week of 12 May
- Equinor’s Bacalhau Project Is On Track—Could This Brazilian Oil Field Be a Game-Changer for 2025?
Vulcan Materials Company: Can It Capitalize On The Boost Public Infrastructure Spending?
- Vulcan Materials Company reported its first quarter results for 2025, showcasing a robust financial performance reflective of its dual growth strategy focused on organic earnings enhancement and strategic acquisitions.
- The company’s adjusted EBITDA rose by 27% year-over-year with a marginal increase in EBITDA margin of 420 basis points, underscoring effective operational discipline despite varying economic conditions.
- Aggregate shipments slightly decreased by 1% due to adverse weather conditions and a tax-day impact.
ANTAM (IDX: ANTM): Operational Momentum, Expansion Ahead, Valuation Still Attractive
- ANTAM’s Q1 2025 EBITDA surged over 250% YoY, supported by strong gold and nickel sales and improved cost efficiencies.
- Plans include new RKEF and HPAL plants in East Halmahera, targeting growth in battery-grade nickel output.
- Despite a recent rally, ANTAM trades at just 7x forward P/E—well below regional peers—while its strong cash balance of IDR 462 per share offers downside support, stock is attractively valued.
Asia base oils supply outlook: Week of 12 May
- Asia’s base oils prices hold firm vs feedstock/gasoil prices, especially for heavy grades.
- Price-strength suggests supply-tightness continues to outweigh weaker-than-expected demand.
- That dynamic could ease as weak demand cushions impact of recent/ongoing plant maintenance, speeds up refiners’ stock-replenishment once plants resume operations.
Tariffs Add To Uncertainty In Global Tire Markets
- A new probe from EU on Chinese tire due to start May 19
- Lack of clarity on the range of tires under the scope of US auto tariff
- Lobbying to suspend or delay the implementation of auto tariff
Select Water Solutions, Inc: Infrastructure Growth Increases Earnings and Cash Flow Visibility
- Select’s expanding Water Infrastructure platform exposes the company to durable future earnings and cash flow potential underpinned by long-term customer contracts.
- The company provides produced water solutions to meet its customers’ needs throughout the productive lives of their oil and natural gas wells.
- The solutions are a necessity that allow operators to manage the water needs to develop and produce their assets.
Condor Energies Inc. (TSX: CDR): Acquiring a LNG facility for Kazakhstan to deliver first LNG sale in 2Q26
- • 1Q25 production in Uzbekistan was 11,179 boe/d (+6% vs. production in 4Q24).
- • Condor held ~C$33 mm in cash at the end of March, supported by a C$10.7 mm positive working capital movement in 1Q25.
- The accounts receivable balance decreased by C$9.4 mm since YE24, demonstrating consistent payments in Uzbekistan.
Americas/EMEA base oils supply outlook: Week of 12 May
- US base oils prices hold firm vs feedstock/heating oil prices.
- Rising margins in Q2 2025 point to tighter supply-demand fundamentals.
- Cautious demand suggests supply is the key factor driving higher margins.
Gevo, Inc: Senior Management Hosts Virtual Tour of CCS-Ethanol Facilities in North Dakota
- We recently attended a virtual analysts tour of Gevo’s North Dakota Low-Carbon Ethanol and Carbon Capture and Sequestration (CCS) facilities.
- The tour of the facilities, which are in Richardton, North Dakota, was led by a team, including Dr. Patrick Gruber, CEO, Alex Torro, VP of Operations and Process Engineering, and several other representatives.
- The recently acquired facilities capture CO2 emitted during the fermentation stage of the ethanol production process and sequester the CO2 underground.
Americas/EMEA base oils demand outlook: Week of 12 May
- US base oils demand likely to stay weaker in face of lower feedstock costs, steady prices and expectations of improvement in supply.
- Supply remains sufficient to cover demand even with heavy round of plant maintenance work in recent weeks.
- Lower crude oil prices and signs of slowdown in industrial activity increase incentive to minimize stocks and procure volumes on a need-to basis.
Equinor’s Bacalhau Project Is On Track—Could This Brazilian Oil Field Be a Game-Changer for 2025?
- Equinor reported a robust financial performance for the first quarter with notable achievements, as well as challenges, particularly concerning their Empire Wind project.
- The company announced an adjusted operating income of $8.6 billion before tax and a net income of $2.6 billion under IFRS.
- Cash flow from operations post-tax was $7.4 billion, with an adjusted earnings per share of $0.66 and $0.97 on GAAP terms.
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