All right, let's talk energy now because your next guest just launched coverage of some big oil and gas companies for Wells Fargo. The report is titled, "Don't feed the bears, pay them dividends." Sam Margolan covering oil and gas for Wells Fargo joining us now. Sam, uh, welcome.On the big integrated side, you like Chevron, Exon, and Marathon Petroleum. Why are those stocks overweights right now even as the price of oil goes down almost every day. >> Yeah.Hey, thanks for having me. Um, you're right, the env ...

All right, let's talk energy now because your next guest just launched coverage of some big oil and gas companies for Wells Fargo. The report is titled, "Don't feed the bears, pay them dividends." Sam Margolan covering oil and gas for Wells Fargo joining us now. Sam, uh, welcome.On the big integrated side, you like Chevron, Exon, and Marathon Petroleum. Why are those stocks overweights right now even as the price of oil goes down almost every day. >> Yeah.Hey, thanks for having me. Um, you're right, the env ...

We recently published 10 Stocks Moving On Key Analyst Calls. Phillips 66 (NYSE:PSX) is one of the stocks analysts were recently talking about. Josh Brown, CEO of Ritholtz Wealth Management, said in a program on CNBC a couple of weeks ago that a breakout for PSX could be coming. The analyst talked about insider buying and an activist hedge fund taking board seats at the company: “Phillips 66 (NYSE:PSX) is one of the three largest of that refinery group. Has not broken out yet. I think that could be coming ...

Russian exports of refined fuels have slumped to their lowest since the onset of the Ukraine war, underlining continued strain on the country’s refineries targeted by Kyiv’s drone attacks https://t.co/OR6zuMJnEO ...

The Only* ETF to Provide Pure-Play† Exposure to a Broad Range of Critical Materials and Mining Equities Essential to Meeting Growing Energy DemandNEW YORK, Oct. 14, 2025 (GLOBE NEWSWIRE) -- Sprott Asset Management USA, Inc. today announced that its Sprott Critical Materials ETF (Nasdaq: SETM) (“SETM”) reached $100 million in assets under management as of September 23, 2025. SETM is the only* ETF to provide pure-play† exposure to a broad range of critical materials and mining equities essential to meeting gr ...

The impact from Ukrainian drone strikes will suppress Russia’s refinery processing rates until at least mid-2026, the International Energy Agency says https://t.co/HC3a0QFcMK ...

Summary of Key Takeaways from Brazilian Corporates Conference Call Industry Overview - **Investor Trip**: BofA's 12th Brazil investor trip highlighted a stark sectoral divide and a defensive corporate posture among Brazilian corporates, with a focus on deleveraging and liquidity preservation in a challenging environment [1][2][3] - **Corporate Bond Performance**: Brazilian corporate bonds (EBRZ index) have underperformed with a total return of +3.5% YTD compared to LatAm (+8.9%) and EM (+7.5%) [1] Core Themes - **Deleveraging Strategy**: Companies are prioritizing deleveraging due to increased leverage and high local interest rates (15%), leading to postponed investments and accelerated asset sales [3][4] - **Sectoral Divide**: Sectors like Oil & Gas services, protein, and logistics are performing well, while industrial sectors such as steel and petrochemicals face margin compression due to low-cost imports, particularly from China [4][11] Credit Events and Market Sentiment - **Contagion Fears**: Recent credit events at Ambipar and Braskem have heightened investor scrutiny on balance sheets, potentially leading to a broader repricing of risk [2][4] - **Investor Preferences**: There is a growing emphasis on transparent governance and conservative financial policies among investors [2] Sector-Specific Insights - **Pulp & Paper**: The sector is navigating a downturn in pulp prices, with Suzano taking a leadership role through capacity cuts and diversification into consumer tissue [10] - **Metals & Mining**: The steel market is under pressure from Chinese oversupply, impacting CSN and Gerdau, while Vale remains focused on shareholder returns [11] - **Banking**: A bifurcation in credit quality is evident, with Itaú managing risks effectively while Banco do Brasil faces challenges in its agribusiness portfolio [12][51] - **Oil & Gas**: Petrobras is balancing investments with shareholder returns amid volatile Brent prices, while companies like Acelen are experiencing operational momentum [13][26] - **Agribusiness**: Adecoagro is facing significant margin squeezes despite high production volumes, with a focus on strategic acquisitions [19][37] Financial Health and Projections - **Banco do Brasil**: NPLs in agribusiness have reached 3.5%, prompting increased provisions to R$56 billion, with government intervention expected to stabilize the situation [51][52] - **Braskem**: The company is in crisis management mode, facing a prolonged downturn and cash burn estimated at $1 billion for 2025 [55][57] - **Acelen**: The refinery reported a significant reduction in operating costs from over $12/bbl in 2022 to $7.8/bbl in 1H25, with a positive outlook for diesel prices [26][27][33] Strategic Initiatives - **Acelen Renewables**: Plans for a $3 billion refinery project to produce sustainable aviation fuel and hydrotreated vegetable oil are underway [36] - **Adecoagro's Acquisition**: The acquisition of a stake in Profertil is seen as strategically beneficial despite potential near-term credit pressures [39][40] Conclusion - The Brazilian corporate landscape is characterized by a defensive posture, aggressive deleveraging strategies, and a clear sectoral divide influenced by both domestic and global economic factors. Investors are increasingly cautious, focusing on governance and financial health as key determinants for future investments.

ExxonMobil has restarted the gasoline-producing fluid catalytic cracking unit (FCCU) at its massive Beaumont, Texas, refinery, two days after an unexpected shutdown temporarily disrupted operations, according to sources familiar with the plant. The 120,000-barrel-per-day FCCU went offline Tuesday night following a malfunction, prompting flaring visible across the refinery complex. The company notified the Texas Commission on Environmental Quality that flaring would continue for roughly 24 hours. Exxon con ...

Shares of PBF Energy Inc. (NYSE: PBF ) have been a poor performer this year, losing nearly 10%. Its financial results have been strained by a weak refining environment over the winter, though that has improved. Additionally, it suffered a devastating fire at a refinery earlierOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a qu ...

Core Insights - Nayara Energy, a Russian-owned refinery in India, has significantly increased its use of rail transport for fuel shipments due to sanctions, moving more than double its previous volume to domestic markets and seeking new export customers [1][6] - The Indian government is providing support to Nayara to keep it operational while navigating the complexities of international sanctions [2][4] - Nayara's reliance on Russian oil has intensified following the EU sanctions, making it vulnerable to further disruptions in supply [3][10] Government Support and Challenges - The Indian government has facilitated Nayara's operations by providing tanker trains and approving coastal vessels for product transport, while also being cautious of potential Western backlash [2][7] - Nayara is seeking additional government assistance to source equipment for maintenance, which has been complicated by sanctions [8][12] Operational Adjustments - Nayara has reduced its refinery capacity utilization from 104% to 70-80% due to challenges in finding export buyers and banking support [6][12] - The refinery has redirected its output to domestic markets and is exploring alternative shipping methods, including the use of sanctioned vessels [7][14] Export Dynamics - Prior to sanctions, Nayara exported about 30% of its output, primarily to Western and Asian markets, but has since shifted its focus to the Middle East, Turkey, Taiwan, and Brazil [14] - In September, Nayara's exports dropped to 2.23 million barrels, down from an average of 3.3 million barrels per month earlier in the year [15]