Smith said NIM improved 23 basis points quarter-over-quarter to 2.14% when including a $20 million gain related to “tearing up” hedges tied to long-term Federal Home Loan Bank (FHLB) advances that were restructured at quarter-end. Excluding that one-time benefit, NIM was 2.05%, still up 14 basis points from the third quarter.CFO Lee Smith said reported net income attributable to common stockholders was $0.05 per diluted share, with notable quarter items including a $9 million upward revaluation of the bank’ ...

Nexi has declined a €1bn ($1.17bn) offer from investment firm TPG for its digital banking solutions unit, reported Bloomberg. Last month, TPG submitted a binding offer for the digital banking solutions division of Italian payments technology company Nexi, after several months of negotiations. This follows earlier efforts to sell Nexi’s digital banking business with discussions involving mooted €800m deal with Italian fund F2i, which also did not result in a sale. The Italian digital payment company sai ...

Core Thesis - Occidental Petroleum Corporation (OXY) is viewed positively due to its strategic divestiture of OXYChem and focus on balance sheet deleveraging, positioning the company for long-term growth and shareholder returns [1][5][6] Financial Performance - OXYChem was sold to Berkshire Hathaway for $9.7 billion in cash, resulting in approximately $8 billion after taxes, while retaining around $2 billion in environmental liabilities [2] - Historically, OXYChem generated about $550 million in free cash flow (FCF) annually, with potential upside from the Battleground plant expansion expected to add $325 million in EBITDA by 2026 [2] - Adjusted for capital expenditures and low chemical pricing, OXYChem's 2026 FCF is projected to be around $460–500 million, indicating a 7–10% FCF-to-sale-price ratio [3] Strategic Moves - The divestiture aligns with OXY's asset optimization strategy, swapping OXYChem for CrownRock (CR), acquired for $12.4 billion in 2024, which produces approximately 170,000 boepd and generates roughly $1 billion in FCF at $70/WTI [4] - CR offers an 8% FCF return comparable to OXYChem in a down-cycle chemical market and provides critical Midland Basin acreage for enhanced oil recovery (EOR) and operational synergies [4] Market Reaction - The market initially reacted negatively to the divestiture due to messaging gaps and perceived costs, but OXY's strategic actions are expected to de-risk the balance sheet and accelerate shareholder returns [5] - Future guidance in the upcoming quarterly report is anticipated to clarify the company's strategic positioning and address market skepticism [5] Valuation and Outlook - OXY's trailing and forward P/E ratios are 26.02 and 16.18 respectively, indicating an attractive valuation amid low U.S. oil supply and potential operational leverage [1] - The stock has appreciated approximately 14% since previous bullish coverage, benefiting from energy market tailwinds [6]