Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - Sustainable Aviation Fuel (SAF) is a crucial method for reducing carbon emissions in aviation, capable of reducing carbon emissions by up to 85% compared to traditional aviation fuels [2][20] - Policies in regions such as the EU, the US, and China are driving the development of SAF, creating significant market opportunities [2][39] - The SAF production landscape is diverse, with various technologies being developed, although there are differences in maturity and feasibility [2][11] - Used Cooking Oil (UCO) is a key raw material for SAF production, and China is the largest exporter of UCO, with an estimated annual collection capacity of about 8.1 million tons [2][5] - Investment recommendations include companies such as Jiaao Environmental Protection, Haineng Technology, and others involved in the SAF sector [2][6] Summary by Sections SAF as a Key Method for Carbon Reduction - SAF is a direct substitute for traditional aviation fuel, with high energy density and compatibility with existing aviation systems, requiring minimal infrastructure changes [20][22] - The SAF supply chain includes various raw materials, primarily waste cooking oils and agricultural residues, with significant potential for carbon reduction [22][23] Policy Driving SAF Development - The EU has set ambitious SAF blending targets of 6% by 2030, 34% by 2040, and 70% by 2050, while the US primarily uses subsidies to promote SAF production [2][39][44] - The global demand for SAF is expected to grow significantly, with projections indicating a need for 35 million tons by 2050 [38][39] Diverse SAF Production Routes - The report highlights multiple production technologies for SAF, with HEFA being the most commercially viable, but AtJ and GFT technologies showing long-term potential [2][29] - The cost of SAF remains high due to technological maturity, limited raw material supply, and an underdeveloped supply chain [23][24] UCO Resource Attributes - UCO is a critical feedstock for SAF production, and China's large population and developed catering industry contribute to a significant UCO supply [2][5] Related Companies - The report suggests monitoring companies such as Jiaao Environmental Protection, Haineng Technology, and others for investment opportunities in the SAF sector [2][6]

Key Takeaways Equinor will report 4Q25 results on Feb. 4, with consensus EPS expected to fall 4.8% y/y to 60 cents.EQNR revenues are estimated at $23.44B, indicating a 15.2% decline, as Q4 crude prices fell sharply y/y.EQNR's plan to divest 40% of its Peregrino stake in the fourth quarter of 2025 may hit earnings.Equinor ASA (EQNR) is set to report fourth-quarter 2025 results on Feb. 4.In the last reported quarter, the large-cap integrated company’s adjusted earnings of 37 cents per share missed the Zacks C ...

Core Viewpoint - Baker Hughes (BKR) is expected to report a decline in both earnings and revenue for the fourth quarter of 2025, influenced by lower WTI crude prices and a recent acquisition that may help mitigate some negative impacts [8]. Group 1: Q3 Performance and Expectations - In the last reported quarter, BKR's adjusted earnings were 68 cents per share, surpassing the Zacks Consensus Estimate of 61 cents, primarily due to strong performance in the Industrial & Energy Technology segment [2]. - The Zacks Consensus Estimate for fourth-quarter earnings per share is 67 cents, reflecting a 4.3% decrease from the previous year's figure [2]. - Revenue expectations for the fourth quarter are set at $7.1 billion, indicating a 4.2% decline compared to the same period last year [3]. Group 2: Market Conditions and Impact - Average spot prices for WTI crude oil have decreased sequentially in the fourth quarter, averaging $60.89 in October, $60.06 in November, and $57.97 in December, compared to $71.99, $69.95, and $70.12 in the prior year [4]. - The decline in oil prices is likely to have reduced drilling activity, negatively impacting Baker Hughes' quarterly performance [4]. Group 3: Strategic Developments - Baker Hughes' acquisition of Continental Disc Corporation is expected to enhance its flow and pressure-control capabilities, potentially offsetting some macroeconomic challenges [6]. - The acquisition is margin-accretive and aims to expand the company's recurring revenue base [6]. Group 4: Earnings Outlook - The current Earnings ESP for BKR is -2.32%, indicating that the model does not suggest a likely earnings beat this quarter [7]. - BKR holds a Zacks Rank of 3, which suggests a neutral outlook [7].

Core Viewpoint - Liberty Energy Inc. (LBRT) is expected to report a fourth-quarter earnings loss of 16 cents per share on revenues of $853 million, reflecting ongoing challenges in the oil and gas sector [2][10]. Group 1: Previous Performance - In the last reported quarter, LBRT experienced an adjusted net loss of 6 cents per share, which was wider than the consensus estimate of a loss of 1 cent, attributed to macroeconomic headwinds and a slowdown in frac activity [4]. - Revenues for the previous quarter totaled $947 million, missing the consensus estimate by $12 million, with an average negative surprise of 117.46% over the last four quarters [4][5]. Group 2: Fourth Quarter Expectations - The Zacks Consensus Estimate for fourth-quarter earnings indicates a 260% year-over-year decline, while revenues are expected to decrease by 9.57% compared to the previous year [5]. - LBRT's operating expenses are projected to decline by 4.1% to $880.9 million, with service costs expected to drop from $741.8 million to $704.7 million, providing some relief amid reduced revenues [6]. Group 3: Factors Influencing Performance - The company's digiTechnologies platform and expanding power solutions are anticipated to perform well, driven by demand from AI computing and electrification [7]. - However, revenues are likely to face pressure due to diminished customer activity and a steady slowdown in completions and frac operations [8]. Group 4: Earnings Prediction - The earnings model predicts an earnings beat for LBRT, supported by a positive Earnings ESP of +23.08% and a Zacks Rank of 3 [11][12].

Group 1 - Baker Hughes Company (NASDAQ:BKR) is recognized as one of the 12 best LNG stocks to buy according to hedge funds [1] - The company has over 30 years of commitment to LNG, with 60 LNG plants relying on its turbomachinery, contributing to over 440 MTPA of global installed capacity [2] - Recently, Baker Hughes secured a contract for the main liquefaction equipment for the fourth train of NextDecade Corp's Rio Grande LNG project in Texas and a long-term service contract from BP for the Tangguh LNG facility in Indonesia [3] Group 2 - Baker Hughes anticipates a growth in natural gas demand by over 20% by 2050, with global LNG expected to increase by at least 75%, creating a favorable environment for the company [4] - The company is positioned as an energy technology provider, offering solutions for energy and industrial customers worldwide [4]

Core Insights - Solaris Energy Infrastructure Inc. (SEI) is scheduled to report its second-quarter 2025 results on July 23, with adjusted earnings expected to rise 15.4% year over year to 15 cents per share and revenues projected to increase by 66.8% to $123.2 million [1][2][7] Earnings Performance - In the last reported quarter, SEI's adjusted earnings of 20 cents per share exceeded the Zacks Consensus Estimate of 12 cents, driven by growth in Solaris Power Solutions [1] - SEI has beaten the Zacks Consensus Estimate in two of the last four quarters, with an average surprise of 6.93% [1] Revenue and Earnings Estimates - The Zacks Consensus Estimate for second-quarter revenues is $123.2 million, reflecting a significant increase of 66.8% compared to the previous year [2][7] - The earnings per share estimate of 15 cents indicates a 15.4% improvement from the prior year's reported number [2][7] Market Conditions - Average spot prices for West Texas Intermediate (WTI) crude oil in the second quarter were lower than in the first quarter, with prices of $63.54, $62.17, and $68.17 per barrel for April, May, and June respectively [3][4] - Despite softer crude prices, the pricing environment remains favorable for exploration and production activities, which likely supported steady demand for SEI's specialized equipment [4] Earnings Whispers - The current model does not indicate an earnings beat for SEI, as it holds a Zacks Rank of 4 (Sell) despite having a positive Earnings ESP of +31.03% [5]

Core Viewpoint - Chevron Corporation (CVX) is actively lobbying for an extension to wind down its operations in Venezuela, following the revocation of its license by President Trump, amid geopolitical tensions and U.S. sanctions [1][4][13] Group 1: Chevron's Operations in Venezuela - CVX has been a significant player in Venezuela's oil industry, accounting for approximately 25% of the country's total oil production and about a third of its oil exports [9] - The company has joint ventures with Venezuela's state-owned oil company, Petróleos de Venezuela (PDVSA), and its operations are crucial for maintaining some financial stability in the country [10][12] - Critics argue that CVX's presence supports Nicolás Maduro's regime, while others believe that a withdrawal would worsen the economic crisis and increase instability and migration [2][5] Group 2: Lobbying Efforts and Political Dynamics - CEO Mike Wirth has engaged in extensive lobbying efforts, meeting with high-ranking officials, including Secretary of State Marco Rubio and Treasury Secretary Scott Bessent, to secure more time for CVX's exit [3][8] - Wirth's discussions emphasize the strategic importance of CVX's continued presence in Venezuela, warning that a sudden departure could allow U.S. adversaries like China to expand their influence [7][12] - Rubio, a critic of the Maduro regime, insists that CVX should comply with the administration's deadline, reflecting the broader policy direction of the Trump administration [6][8] Group 3: Economic Implications of Withdrawal - Chevron has warned that a rapid exit could destabilize Venezuela's oil sector, leading to increased unemployment and exacerbating the migration crisis [5][12] - The potential exit of CVX could also impact other international players in Venezuela's oil sector, including European companies like Repsol, Shell, and BP, which are interconnected with CVX's activities [11] - Management has indicated that CVX intends to comply with U.S. sanctions while gradually handing over operations to PDVSA to minimize disruption [12][13]

Industry Overview - The oil and gas industry is experiencing a technological revolution driven by artificial intelligence (AI), optimizing exploration, production, and operational efficiencies [1] - Companies like NVIDIA and Palantir Technologies are leading this transformation by providing essential computing power and AI-driven analytics [1] NVIDIA's Contributions - NVIDIA's Blackwell architecture offers industry-leading computing power for AI model training and inference, with its GB200 GPUs becoming integral to the oil and gas sector [2] - The Blackwell supercomputers enhance AI-driven seismic analysis by enabling rapid processing of vast datasets, achieving a 25x increase in token throughput and a 20x reduction in costs compared to the previous generation [3] - NVIDIA's Grace Hopper Superchips power advanced AI models for predictive maintenance, helping companies like BP and Shell forecast equipment failures and optimize maintenance schedules [4] - AI-powered edge computing from NVIDIA allows for continuous monitoring and analysis of operational data on oil rigs, enhancing safety and operational resilience [5] Palantir's Role - Palantir's AI-driven data platforms integrate real-time analytics and predictive modeling, making oil and gas operations smarter [6] - The company enables major firms to leverage AI-driven digital twin models, providing actionable insights that enhance decision-making and operational efficiency [7] - Palantir's AI-driven supply chain analytics help energy companies predict demand and optimize logistics, improving overall supply chain resilience [8] - The Artificial Intelligence Platform (AIP) from Palantir automates drilling and well management, minimizing human error and enhancing operational efficiency [9] Investment Insights - The global energy landscape is increasingly AI-driven, positioning NVIDIA and Palantir to capitalize on this transformation, with both stocks carrying a Zacks Rank 2 (Buy) [10]

Valuation and Market Position - Exxon Mobil Corporation (XOM) is currently trading at a premium valuation of 6.88x trailing 12-month EV/EBITDA compared to the industry average of 4.20x, indicating strong market confidence in its prospects [1] - The elevated price necessitates a thorough assessment of the company's fundamentals, growth potential, and prevailing market conditions to determine if the valuation is justified [3] Growth Drivers - ExxonMobil has significantly transformed its upstream portfolio through the acquisition of Pioneer Natural Resources, gaining 1.4 million net acres and an estimated 16 billion barrels of oil equivalent resource [4] - The company expects production from the Permian Basin to increase to 2.3 million MMBoE/D by 2030, driven by improved drilling and production techniques [5] - Guyana operations have achieved a production rate of 650,000 barrels per day within 10 years of the initial oil discovery, further enhancing ExxonMobil's growth prospects [5] Financial Strength and Strategy - ExxonMobil's integrated business model provides protection against oil price declines, supported by its extensive refining and chemical operations [7] - The company has a lower debt-to-capitalization ratio of 13.36% compared to the industry average of 27.79%, allowing it to enhance its financial position and repay pandemic-related debt [8] - ExxonMobil plans to generate $165 billion in surplus cash flow from 2025 to 2030, which will support increased shareholder distributions and enhance its track record of delivering consistent shareholder value [10] Commitment to Sustainability - ExxonMobil plans to invest $30 billion in low-carbon solutions from 2025 to 2030, focusing on carbon capture and storage networks and hydrogen facilities [11] - The strategy aligns with global energy transition goals while leveraging ExxonMobil's expertise to deliver strong returns, with 65% of investments targeting third-party emission reductions [11] LNG Market Opportunity - The recent approval for an export extension at the Golden Pass LNG project positions ExxonMobil to capitalize on growing global demand for LNG, particularly in Asia and Europe [12] - The project, developed in partnership with QatarEnergy, allows for the export of up to 2.57 billion cubic feet per day, enhancing long-term revenue potential [12] Market Challenges - Despite positive developments, uncertainties remain regarding ExxonMobil's premium valuations, as much of its upstream production is still dependent on fossil fuels, making it vulnerable to regulatory challenges [13] - The company faces scrutiny from environmental groups and stakeholders advocating for cleaner energy solutions, which could impact its operations [14] - Over the past year, ExxonMobil's stock gained only 3.4%, underperforming the industry's composite stocks, which improved by 4.5% [15]

Table of Contents As filed with the Securities and Exchange Commission on June 20, 2024 Registration No. 333-279119 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 3 to Form S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Tamboran Resources Corporation (302) 658-7581 (Name, address, including zip code, and telephone number, including area code, of agent for service) Copies to: (Exact name of registrant as specified in its charter) Delaware 1311 93-4111196 (S ...