Market Trends & Global Economy - Global stocks and futures experienced losses due to concerns about elevated valuations, leading investors to seek safety in Treasuries, gold, and the Yen [1][48] - A risk-off mood is prevalent, with major assets undergoing capitulation, impacting S&P futures and various indices [3][4] - A U S government shutdown has reached a record length of 36 days, adding to market uncertainty [6][31] - Crypto assets, including Bitcoin, are seeing pullbacks, indicating broad risk-off sentiment across multiple asset classes [7][53] ADNOC Global Trading & Strategy - ADNOC Global Trading was launched in December 2020 to add value by tapping into the trading space, shifting from 100% FOB sales to delivering 95% of products directly to buyers [8][9] - ADNOC Global Trading has expanded globally with offices in Singapore, Geneva, and plans for the U S, optimizing value across continents [10][14][15] - ADNOC Global Trading trades over 16 products, including byproducts, NAFTA, gas oil, gasoline, crude, LNG, carbon, and sulfur, with LNG trading volume three times its production [11][12] - ADNOC Global Trading views itself as an internal consultant, providing market insights to other ADNOC units for project planning and expansion [15][16] - ADNOC is implementing AI across the organization, including ADNOC Global Trading, focusing on data crunching, quick decisions, and risk management [21][22] Energy Market Dynamics & Production - ADNOC aims to increase its oil production capacity to 5 million barrels per day by the end of 2027, integrating AI to achieve this goal [56][58] - ADNOC is making progress in unconventional oil exploration, partnering with best-in-class operators and aiming for a minimum of 300 million per day in the near future [59][62] - Long-term energy demand is expected to grow, with oil demand remaining above 100 million barrels per day by 2040, emphasizing the need for reliable and low-carbon intensity production [68] Nigeria & Investment - Nigeria is open to selling its state-owned refineries to boost downstream competition and is proceeding with a $23 billion Euro bond sale [71][82] - Nigeria expects $20 billion of oil and gas investment by 2029, driven by improved fiscal years and a more competitive investment climate [78][79]

Core Insights - Weak oil prices are not the primary concern for certain energy stocks, as other factors are contributing to their challenges [1] - The energy sector is experiencing turbulence due to fluctuating commodity prices, particularly in oil and gas [1] Company Summaries Oneok (OKE) - Oneok's share prices have decreased approximately 30% year to date, raising concerns about the effectiveness of recent mergers and acquisitions [3] - The company reported earnings per share (EPS) of $1.49 for the quarter ending September 30, 2025, reflecting a 49% year-over-year increase, indicating potential recovery [4] - If EPS growth does not meet expectations in upcoming quarters, the stock may continue to decline [6] Occidental Petroleum (OXY) - Occidental's recent sale of its OxyChem division to Berkshire Hathaway for $9.7 billion has been perceived negatively by investors, leading to a decline in share prices [7] - The sale was an all-cash transaction, which is considered tax-inefficient, and the company is still liable for $1 billion in past environmental liabilities [10] - The stock has a forward price-to-earnings (P/E) ratio of 16, but ongoing market concerns may lead to further declines in valuation [10] Williams Companies (WMB) - Williams Companies owns high-quality midstream assets but faces valuation concerns as its shares trade at 27 times forward earnings, higher than competitors like Enbridge and Kinder Morgan [11][13] - The company's share price has fallen by around 10% over the past month, with concerns about its relatively high valuation potentially impacting future performance [14]

Report Industry Investment Rating - No information provided Core View of the Report - Maintain buy on VEDLN 9.475 07/24/30 due to its all-time high first half recurring EBITDA [3][7] Summary by Relevant Sections Trading Desk Comments - Yesterday, recent USD MEITUA 31 - 35s widened 2 - 4bps with RM selling; TW lifers SHIKON/FUBON/NSINTWs widened 2 - 5bps; BBLTB sub curve was 1 - 4bps wider; JP bank FRNs held up well, JP AT1s dropped by 0.3pt; JP insurance hybrids were marked lower; Yankee AT1s were down by 0.4pt then stabilized; NWDEVL Perps lowered 0.7 - 2.0pts, NWDEVL 27 - 31s were down by 0.6 - 1.3pts; LASUDE 26 was 1.4pts lower; MTRC perps lost up to 0.2pt; VNKRLE 27 - 29 recovered 2.7 - 2.9pts; GRNCH 28 fell by up to 0.5pt; Macau gaming stocks had mixed performance; HYNMTRs/HYUELEs traded 1 - 3bps wider; NTT curve was 1 - 3bps wider; PETMK curve was 2 - 4bps wider on the long end; SMCGL Perps/GARUDA 31 were down by 0.1 - 0.2pt; VEDLN 28 - 33s were 0.3 - 1.1pts lower; onshore AAA - guaranteed LGFV papers were sought after [2] - This morning, new CDBFLC 35 widened 2bps, new QBEAU 37 tightened 3bps, new STANLN PerpNC10 was 0.2pt higher; JP insurance bonds and MTRC Perps were down by 0.1 - 0.3pt; NUFAU 30 rose 0.9pt, SOFTBK 61/65s and NWDEVL 30 were 0.6 - 0.7pt lower; TW lifers widened 2 - 4bps [3] Top Performers and Underperformers - Top performers include VNKRLE 3.975 11/09/27 (price 60.3, change 2.9), VNKRLE 3 1/2 11/12/29 (price 52.0, change 2.7), etc. - Top underperformers include NWDEVL 6 1/4 PERP (price 42.3, change - 2.0), NWDEVL 5 1/4 PERP (price 44.0, change - 1.9), etc. [4] Macro News Recap - On Tuesday, S&P (-1.17%), Dow (-0.53%) and Nasdaq (-2.04%) were lower; UST yield was lower, with 2/5/10/30 year yield at 3.58%/3.69%/4.10%/4.67% [6] Desk Analyst Comments on VEDLN - VEDLN's 2QFY26 recurring EBITDA reached INR116.1bn, up 12% yoy; 1HFY26 EBITDA rose to INR223.6bn, 42% of full - year target of USD6bn; prefer VEDLN 9.475 07/24/30 with YTW of 9.0% and 106bps yield pickup over NICAU 9 09/30/30 [7] - VEDLN's average borrowing cost declined to c9.0% in 1HFY26 from c9.7% in 1QFY26, expected to fall below 8% near - term; PAT dropped 26% yoy to INR79.4bn due to one - off losses [10] - 1HFY26 operating cash flow decreased 12% yoy to INR162.3bn; spent INR102.6bn in capex, 61 - 68% of FY26 target; estimated 1HFY26 FCF was INR59.7bn [11] - As of Sep'25, cash and equivalents increased to INR218.6bn; total debt/LTM EBITDA and net debt/LTM EBITDA rose slightly to 1.9x and 1.4x; aims to bring net leverage down to 1.0x near - term [12] - Deleveraging may face headwinds from JPA acquisition; demerger hearing postponed to 12 Nov'25, seen as moderately credit positive [13] Offshore Asia New Issues - Priced issues include Alinma Sukuk Limited (USD500mn, 10NC5, 5.792%, T + 210), China Development Bank Financial Leasing (USD500mn, 10NC5, 4.6%, T + 93), etc. - Pipeline issues include Gaoxin International Investment (unrated, 3yr, 5.0%), Korea Electric Power Corporation (Aa2/AA/-, 3yr/SOFR + 95, 5yr/T + 80), etc. [17][18] News and Market Color - 99 credit bonds issued yesterday onshore with RMB106bn; MTD, 206 credit bonds issued with RMB190bn, 19.2% yoy increase [20] - Adani Enterprises 1HFY26 EBITDA fell 11% yoy to INR76.9bn, plans to raise INR250bn via rights issue [20] - Adani Ports 1HFY26 EBITDA rose 20% yoy to INR110.5bn, Fitch changed outlook to stable and affirmed BBB - rating [20] - China to boost subsidies for Alibaba, Tencent to cut data center energy bills [20] - Moody's upgraded Bharti Airtel to Baa2 from Baa3, outlook to stable [20] - GLP China repurchased USD205mn of GLPCHI 2.95 03/29/26, USD495mn outstanding [20] - Nickel Industries to hold non - deal roadshow on 19 Nov'25 [20] - Petron 9M25 revenue fell 10% yoy to PHP594.9bn [20] - Pertamina Geothermal targets 6.1% revenue increase for FY26 [20] - SK Telecom plans full - scale AI infrastructure expansion [20]

Core Viewpoint - Ovintiv is set to acquire NuVista Energy in a cash and stock transaction valued at $2.7 billion [1] Company Summary - The acquisition will enhance Ovintiv's portfolio and market position within the energy sector [1] - The deal structure includes both cash and stock components, indicating a strategic approach to financing the acquisition [1] Industry Summary - This acquisition reflects ongoing consolidation trends in the energy industry, as companies seek to optimize resources and expand their operational capabilities [1] - The transaction is expected to have implications for market dynamics, potentially influencing competition and pricing strategies within the sector [1]

Core Viewpoint - Oceaneering International, Inc. is set to participate in several investor conferences in the fourth quarter of 2025, highlighting its focus on engaging with institutional investors and showcasing its technological capabilities in various sectors [1][3]. Group 1: Upcoming Conferences - Oceaneering will attend the Bank of America Securities Global Energy Conference in Houston, TX on November 11, 2025, where CFO Alan Curtis and Senior Director of Investor Relations Hilary Frisbie will meet with institutional investors [3]. - The company will also participate in the Baird Defense & Government Conference in Tysons Corner, VA on November 18, 2025, with President and CEO Rod Larson presenting on the Aerospace and Defense Technologies segment, and Bill Merz participating in a panel discussion on autonomous maritime technology [3]. - Additionally, Oceaneering will be present at the TD Cowen Energy Conference in New York, NY on November 18-19, 2025, where Alan Curtis will join a panel discussion on Offshore Services and meet with institutional investors [3]. Group 2: Company Overview - Oceaneering is a global technology company that provides engineered services and products, as well as robotic solutions, to various industries including offshore energy, defense, aerospace, and manufacturing [2]. - The company emphasizes its commitment to delivering innovative solutions in a dynamic market environment [6].

Financial Data and Key Metrics Changes - In Q3 2025, revenues increased by 92% to $252.4 million from $131.6 million in Q3 2024, driven by an 88% increase in Bitcoin's average price [18][19] - The company reported a net income of $123.1 million, or $0.27 per diluted share, compared to a net loss of $124.8 million, or $0.42 per diluted share, in the same quarter last year [19] - Bitcoin holdings expanded by over 98%, growing from approximately 27,000 to nearly 53,000 Bitcoin [17] - The energized hash rate increased by 64%, from 36.9 to 60.4 exahash per second [17] Business Line Data and Key Metrics Changes - The company mined 2,144 Bitcoin and purchased an additional 2,257 Bitcoin during the quarter [18] - The purchased energy cost to Bitcoin for the quarter was $39,235, with a 15% year-over-year improvement in daily cost per petahash [19][20] - The company aims to optimize for the lowest cost per token in AI inference, similar to its strategy in Bitcoin mining [9][10] Market Data and Key Metrics Changes - Global hash rate grew by roughly 20%, with both hash rate and network difficulty hitting new all-time highs [17] - Bitcoin's price remained relatively stable, trading between $104,000 and $124,000, closing the quarter with a modest $7,000 gain [17] Company Strategy and Development Direction - The company is evolving from a Bitcoin miner into a vertically integrated digital infrastructure company, focusing on energy as a key resource for both Bitcoin mining and AI [4][9] - The strategy includes the acquisition of Exxion to expand capabilities in enterprise-grade, AI-optimized private cloud and HPC infrastructure [10][11] - A partnership with MPLX aims to develop integrated power generation facilities and data center campuses in West Texas, with an initial capacity of 400 megawatts [11][12] Management's Comments on Operating Environment and Future Outlook - Management views the current period of Bitcoin price consolidation as healthy, with institutional inflows into ETFs balanced by long-term holder liquidation [14] - The company believes that energy, not compute, will become the primary constraint on AI growth, positioning itself to capitalize on this trend [6][12] - The long-term vision includes integrating Bitcoin and AI into a single platform to maximize the value of energy [9][10] Other Important Information - The company ended the quarter with 52,850 Bitcoin, having mined over 2,100 BTC during Q3 [13] - The company issued $1.025 billion of zero-coupon convertible notes due 2032, enhancing balance sheet flexibility [22] - The company aims to derive 50% of revenue from international operations by 2028 [13] Q&A Session Summary Question: How does the current strategy differ from previous approaches? - The company emphasizes access to low-cost, reliable energy and the flexibility to blend AI inference with Bitcoin mining, providing a broader operational canvas [25][26] Question: What is the significance of the Exxion acquisition? - Exxion operates data centers for EDF and provides expertise in secure data management, which will enhance the company's capabilities in private cloud solutions [40][41] Question: What are the expected milestones for the company's strategy? - Key milestones include partnerships with large energy companies and increased customer usage of inference AI, with a focus on profit per megawatt hour as a key performance indicator [60][61]

Core Insights - Bloom Energy Corp. (NYSE:BE) has reached a new all-time high as investors show increased interest in energy stocks due to anticipated higher demand for heating in the winter season [1][2]. Financial Performance - The stock hit a 52-week high of $147.8 during intra-day trading, ultimately closing up 7.73% at $142.37 [2]. - The company announced an upsized convertible senior notes offering of $2.2 billion, increased from the previous $1.75 billion, aimed at financing research, development, and manufacturing activities [3]. - Bloom Energy reported a net loss attributable to shareholders of $23 million, a 56% increase from $14.7 million year-on-year, but a 46% decrease from the previous quarter's loss of $42.6 million [5]. - Revenues grew by 57% to $519 million from $330 million in the same period last year, driven by a 55.7% increase in product and service revenues [5]. Convertible Notes Details - The terms of the convertible notes allow noteholders to convert their holdings into cash, shares, or a combination of both starting August 15, 2030, until the notes mature on November 30, 2030 [4]. - Each $1,000 note can be converted into 5.1290 Class A common shares, representing a 52.50% premium over its closing price of $127.85 on October 30, 2025 [4].

Market Overview - The benchmark S&P/ASX 200 index closed down approximately 0.9%, finishing near 8813.7 after a previous close of 8894.8 [1][7] - The market session had a day range between 8801.9 and 8894.8 points, with liquidity remaining moderate [1][6] RBA Announcement - The Reserve Bank of Australia (RBA) maintained the cash rate at 3.6%, confirming monetary policy stability amid higher inflation concerns [1][7] Top Gainers - Droneshield Ltd surged 8.62% to close at AUD 4.16, with a remarkable 337.89% price increase over the past year and a market cap of AUD 3.6 billion [7] - NEXTDC Ltd rose 4.24% to AUD 16.49 [7] - Light & Wonder Inc advanced 3.54% to AUD 116.00 despite an 18.67% decline over the last 12 months [7] - Austal Ltd gained 2.66% to finish at AUD 6.96 [7] Notable Declines - Nexgen Energy (Canada) Ltd led losses with a 7.03% drop to AUD 14.03 [7] - SILEX Systems Ltd declined 6.02% to AUD 9.37 [7] - Eagers Automotive Ltd fell 5.43% to AUD 32.55 [7] - Brambles Ltd slipped 5.26% to AUD 23.41, despite a market cap of AUD 32 billion and a 25.66% rise over the year [7] Major Companies - BHP Group Limited saw a decline of approximately 1.91%, closing at AUD 42.54, with a 52-week high of AUD 44.55, indicating a current drop of around 3.04% from that peak [7] - Commonwealth Bank of Australia (CBA) closed at AUD 174.11, down by almost 0.82% on the day [5][7] Market Influences - The timing of the Melbourne Cup holiday period traditionally affects market trading volumes and participation [7] - Concerns about rising household costs and inflationary pressures are influencing cautious trading sentiments, particularly in consumer-dependent sectors [7]

Grid Stability and Reliability - Megapack grid-forming inverters are key to enabling global grid stability and reliability [1] - This technology allows Megapack to resist changes on the network by creating its own voltage signal, preventing blackouts [1] - Megapack enables more renewables to come online [1] Energy Load Management - Megapack will carry a lot of the world's load in energy, as it allows power plants to run continuously [1]

Core Insights - The individual has extensive experience in the energy industry, having worked for 22 years in various roles including engineering, planning, and financial analysis [1] - The investment strategy focuses on long-term holdings, aiming to match the S&P 500 returns with lower volatility and higher income [1] - The approach to investing is opportunistic, seeking undervalued assets regardless of asset class, market cap, sector, or yield [1] Investment Strategy - The individual has been managing their own portfolio since 1998, achieving a long-term goal of matching S&P 500 returns [1] - Preference is given to holding positions long-term unless there is a compelling reason to sell [1] - The strategy emphasizes maximizing total return over time by purchasing when prices are low relative to intrinsic value [1]