Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis.  The Company's operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

<ul>
<li>ExxonMobil’s Q4 revenue is expected to rise 2.5% YoY while its EPS is anticipated to fall 36.3%. Annual revenue and EPS are expected to fall by 1.9% YoY and 18.1%.</li>
<li>Exxon expects Q4 2024 upstream earnings to drop USD 500–900 million QoQ due to lower crude prices, with refining margins further reducing earnings by USD 300–700 million.</li>
<li>ExxonMobil plans to invest up to USD 30 billion in low-emission projects by 2030, with its Low Carbon Solutions business expected to contribute an additional USD 2 billion in earnings.</li>
</ul>


ExxonMobil’s Q4 revenue is expected to rise 2.5% YoY while its EPS is anticipated to fall 36.3%. Annual revenue and EPS are expected to fall by 1.9% YoY and 18.1%.
Exxon expects Q4 2024 upstream earnings to drop USD 500–900 million QoQ due to lower crude prices, with refining margins further reducing earnings by USD 300–700 million.
ExxonMobil plans to invest up to USD 30 billion in low-emission projects by 2030, with its Low Carbon Solutions business expected to contribute an additional USD 2 billion in earnings.


[Earnings Preview] Exxon Q4 Profitability Faces Pressure from Lower Oil Prices and Refining Margins

Commodities

Natural gas is a naturally occurring hydrocarbon gas mixture consisting primarily of methane, but commonly including varying amounts of other higher alkanes, and sometimes a small percentage of carbon dioxide, nitrogen, hydrogen sulfide, or helium. It is formed when layers of decomposing plant and animal matter are exposed to intense heat and pressure supplied by existing under the surface of the Earth over millions of years. The energy that the plants originally obtained from the sun is stored in the form of chemical bonds in the gas.

<ul>
<li>For the week ending 17/Jan, U.S. crude inventories fell by 1m barrels, missing expectations of a 2.1m barrel decrease. Gasoline stockpiles rose less than expected.</li>
<li>U.S. natural gas inventories fell by 223 Bcf for the week ending 17/Jan, missing analyst expectations of a 270 Bcf drawdown. Inventories are 0.7% above the 5-year seasonal average.</li>
<li>J.P. Morgan, HSBC, TD Cowen, Barclays, and Citigroup raised their 12-month PTs on SLB post its Q4 earnings. Halliburton reported a YoY decline in Q4 revenue and EPS.</li>
</ul>


For the week ending 17/Jan, U.S. crude inventories fell by 1m barrels, missing expectations of a 2.1m barrel decrease. Gasoline stockpiles rose less than expected.
U.S. natural gas inventories fell by 223 Bcf for the week ending 17/Jan, missing analyst expectations of a 270 Bcf drawdown. Inventories are 0.7% above the 5-year seasonal average.
J.P. Morgan, HSBC, TD Cowen, Barclays, and Citigroup raised their 12-month PTs on SLB post its Q4 earnings. Halliburton reported a YoY decline in Q4 revenue and EPS.


[ETP 2025/04] WTI Falls on Trump’s Push for Higher Oil Output, Henry Hub Climbs on Colder Forecasts

Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.

<ul>
<li>Schlumberger’s Q4 revenue grew 3.3% YoY and beat estimates by 1.1%, while its net profit fell by 1.6% YoY but its EPS exceeded estimates by 2.5%.</li>
<li>In fiscal 2024, SLB's revenue rose 9.5% YoY, with net profit up 6.1%. Full-year revenue and EPS exceeded estimates by 0.2% and 0.1%, respectively.</li>
<li>SLB reported USD 850 million in 2024 revenue from non-oil and gas operations and expects growth from these segments to outpace core business growth in 2025.</li>
</ul>


Schlumberger’s Q4 revenue grew 3.3% YoY and beat estimates by 1.1%, while its net profit fell by 1.6% YoY but its EPS exceeded estimates by 2.5%.
In fiscal 2024, SLB's revenue rose 9.5% YoY, with net profit up 6.1%. Full-year revenue and EPS exceeded estimates by 0.2% and 0.1%, respectively.
SLB reported USD 850 million in 2024 revenue from non-oil and gas operations and expects growth from these segments to outpace core business growth in 2025.


[Earnings Review] SLB Beats Estimates Again Despite Macro Headwinds in Q4

Occidental Petroleum Corporation explores for, develops, produces, and markets crude oil and natural gas.  The Company also manufactures and markets a variety of basic chemicals, vinyls and performance chemicals. Occidental also gathers, treats, processes, transports, stores, trades and markets crude oil, natural gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.

<ul>
<li>Occidental Petroleum gained USD 0.43 last week, closing at USD 51.97 on 17/Jan (Fri). However, the stock began this week on a weak note, falling by 2.7% on 21/Jan (Tue).</li>
<li>JPMorgan raised Occidental's price target to USD 59 from USD 58 with a Neutral rating, while Mizuho lowered its target to USD 68 from USD 70, maintaining a Neutral stance.</li>
<li>Occidental became the third-largest U.S. onshore oil and gas producer in 2024, up from fifth in 2023, with production reaching 1.22 million boepd, 58% of which was oil.</li>
</ul>


Occidental Petroleum gained USD 0.43 last week, closing at USD 51.97 on 17/Jan (Fri). However, the stock began this week on a weak note, falling by 2.7% on 21/Jan (Tue).
JPMorgan raised Occidental's price target to USD 59 from USD 58 with a Neutral rating, while Mizuho lowered its target to USD 68 from USD 70, maintaining a Neutral stance.
Occidental became the third-largest U.S. onshore oil and gas producer in 2024, up from fifth in 2023, with production reaching 1.22 million boepd, 58% of which was oil.


[2025/03] Occidental’s Bullish Trend Weakens Amid Downward Pressure on Crude Oil

<ul>
<li>For the week ending 17/Jan, U.S. natural gas prices declined 1% amid volatility driven by shifting weather forecasts, increasing LNG exports, and falling inventories.</li>
<li>Henry Hub Put/Call volume ratio fell to 1.18 from 1.29 (10/Jan) the previous week as call volumes dropped by 5.1% WoW, while put volumes declined by 13.5%. </li>
<li>Henry Hub OI PCR stayed put at 0.92 from last week. Call OI inched up by 6.9% WoW, while put OI increased by 7.4%.</li>
</ul>


For the week ending 17/Jan, U.S. natural gas prices declined 1% amid volatility driven by shifting weather forecasts, increasing LNG exports, and falling inventories.
Henry Hub Put/Call volume ratio fell to 1.18 from 1.29 (10/Jan) the previous week as call volumes dropped by 5.1% WoW, while put volumes declined by 13.5%. 
Henry Hub OI PCR stayed put at 0.92 from last week. Call OI inched up by 6.9% WoW, while put OI increased by 7.4%.


[US Nat Gas Options Weekly 2025/03] Henry Hub Pulls Back from Uptrend on Shifting Weather Forecasts

Energy Transition | AI | Shifting World Order

Suhas Reddy
Oil and Gas
• Mint Finance

[Earnings Preview] Exxon Q4 Profitability Faces Pressure from Lower Oil Prices and Refining Margins

ExxonMobil's Q4 revenue to rise YoY but EPS to fall. Annual revenue and EPS expected to decline. Exxon plans significant investments in low-carbon...

Mint Finance

[ETP 2025/04] WTI Falls on Trump’s Push for Higher Oil Output, Henry Hub Climbs on Colder Forecasts

US crude inventories fell less than expected, while gasoline stockpiles rose less than expected. Natural gas inventories also fell short of...

Mint Finance

[Earnings Review] SLB Beats Estimates Again Despite Macro Headwinds in Q4

Schlumberger beats Q4 and 2024 estimates. Outperformance was driven by growth in the Middle East and North America. SLB sees non-oil and gas...

Mint Finance

[2025/03] Occidental’s Bullish Trend Weakens Amid Downward Pressure on Crude Oil

Occidental Petroleum stock fluctuates after price target adjustments by JPMorgan and Mizuho, as company rises to third-largest U.S. onshore oil...

Mint Finance

[US Nat Gas Options Weekly 2025/03] Henry Hub Pulls Back from Uptrend on Shifting Weather Forecasts

US natural gas prices fell 1% due to shifting weather forecasts. Henry Hub Put/Call ratio decreased, while OI PCR remained at 0.92, with call OI...

Mint Finance

[Earnings Preview] Exxon Q4 Profitability Faces Pressure from Lower Oil Prices and Refining Margins

​ExxonMobil's Q4 revenue to rise YoY but EPS to fall. Annual revenue and EPS expected to decline. Exxon plans significant investments in low-carbon...

Mint Finance

[ETP 2025/04] WTI Falls on Trump’s Push for Higher Oil Output, Henry Hub Climbs on Colder Forecasts

​US crude inventories fell less than expected, while gasoline stockpiles rose less than expected. Natural gas inventories also fell short of...

Mint Finance

[Earnings Review] SLB Beats Estimates Again Despite Macro Headwinds in Q4

​Schlumberger beats Q4 and 2024 estimates. Outperformance was driven by growth in the Middle East and North America. SLB sees non-oil and gas...

Mint Finance

[2025/03] Occidental’s Bullish Trend Weakens Amid Downward Pressure on Crude Oil

​Occidental Petroleum stock fluctuates after price target adjustments by JPMorgan and Mizuho, as company rises to third-largest U.S. onshore oil...

Mint Finance

[US Nat Gas Options Weekly 2025/03] Henry Hub Pulls Back from Uptrend on Shifting Weather Forecasts

​US natural gas prices fell 1% due to shifting weather forecasts. Henry Hub Put/Call ratio decreased, while OI PCR remained at 0.92, with call OI...

Mint Finance

ExxonMobil's Q4 revenue to rise YoY but EPS to fall. Annual revenue and EPS expected to decline. Exxon plans significant investments in low-carbon...

US crude inventories fell less than expected, while gasoline stockpiles rose less than expected. Natural gas inventories also fell short of...

Schlumberger beats Q4 and 2024 estimates. Outperformance was driven by growth in the Middle East and North America. SLB sees non-oil and gas...

Occidental Petroleum stock fluctuates after price target adjustments by JPMorgan and Mizuho, as company rises to third-largest U.S. onshore oil...

US natural gas prices fell 1% due to shifting weather forecasts. Henry Hub Put/Call ratio decreased, while OI PCR remained at 0.92, with call OI...