Group 1 - Enbridge (ENB) is identified as a critical energy infrastructure giant based in Canada, operating a vast network of pipelines for crude transportation [1] - The focus is on analyzing undervalued and disliked companies or industries with strong fundamentals and good cash flows, particularly in the Oil & Gas sector [1] - The article emphasizes long-term value investing while acknowledging the potential for deal arbitrage in various sectors [1] Group 2 - The author expresses a preference for companies that are easy to understand, avoiding high-tech and certain consumer goods sectors [1] - There is a clear skepticism towards investments in cryptocurrencies, indicating a focus on traditional sectors [1] - The aim is to connect with like-minded investors through Seeking Alpha, sharing insights and building a collaborative community [1]

J P M O R G A N Global Commodities Research 20 July 2025 Global Commodities The Week in Commodities This is a summary note that consolidates the latest views of our global commodity strategists published over the week; to read detailed reports, refer to the hyperlinks. It also contains hyperlinks to other related research/podcasts on the global commodities market. Oil Markets Weekly: Sanctioning Russia—oil becomes a sideshow At Any Rate: Cocoa market crunch After historic price gains across the cocoa market ...

Core Insights - DNO ASA will release its Q2 2025 operating and interim financial results on August 21, 2025, with a videoconference call scheduled for the same day [1] Production and Sales Volumes - Gross operated production in Kurdistan for Q2 2025 was 74,760 boepd, down from 82,081 boepd in Q1 2025 and 79,783 boepd in Q2 2024 [2] - North Sea gross operated production was 5,526 boepd in Q2 2025, compared to 8,864 boepd in Q1 2025 [2] - Net entitlement production in Kurdistan was 18,675 boepd for Q2 2025, slightly up from 18,464 boepd in Q1 2025 and up from 17,167 boepd in Q2 2024 [2] - North Sea net entitlement production increased to 33,348 boepd in Q2 2025 from 19,296 boepd in Q1 2025 and 16,321 boepd in Q2 2024 [2] - Sales volumes in Kurdistan were 18,675 boepd for Q2 2025, consistent with Q1 2025 [2] - North Sea sales volumes rose to 32,393 boepd in Q2 2025 from 17,216 boepd in Q1 2025 and 12,871 boepd in Q2 2024 [2] - Equity accounted production from Côte d'Ivoire was 3,175 boepd in Q2 2025, down from 3,375 boepd in Q1 2025 [2] Financial Highlights - DNO paid a dividend of NOK 0.3125 per share in Q2 2025, totaling USD 30.2 million, which annualizes to NOK 1.25 per share [3] - The company completed the acquisition of Sval Energi Group AS for USD 440 million, with Sval Energi's production included from June 1, 2025 [4] - A tax installment of USD 114 million was made in June 2025 [4] Financing Activities - DNO redeemed USD 350 million of outstanding DNO04 bonds on April 10, 2025 [5] - In June 2025, DNO completed a private placement of USD 400 million in new subordinated hybrid bonds and borrowed USD 300 million under a one-year bank bridge loan facility [5] - At the end of Q2 2025, DNO had USD 348 million outstanding under Sval Energi's prepayment facilities and cash deposits of USD 788 million [5] Exploration Activities - DNO participated in one exploration well on the Norwegian Continental Shelf, the Vidsyn well in PL586, which was spudded on June 14, 2025, and announced as a discovery in July 2025 [6]

原油日报 | 2025-07-24 EIA商业原油库存下降，油价整体持稳 市场要闻与重要数据 1、纽约商品交易所9月交货的轻质原油期货价格下跌6美分，收于每桶65.25美元，跌幅为0.09%；9月交货的伦敦布 伦特原油期货价格下跌8美分，收于每桶68.51美元，跌幅为0.12%。SC原油主力合约收涨0.42%，报506元/桶。 2、 阿联酋富查伊拉石油工业区最新数据显示，截至7月21日当周，阿联酋富查伊拉港的成品油总库存为2052.5万 桶，较一周前增加97.1万桶。其中轻质馏分油库存增加59.7万桶至798.5万桶，中质馏分油库存减少39.3万桶至220 万桶，重质残渣燃料油库存增加76.7万桶至1034万桶。 (来源：Bloomberg） 投资逻辑 油价近期维持区间震荡行情，短期矛盾与事件驱动不明显，但由于超高的中国原油库存，油价下行的风险正在积 累，对于中国持续增加的原油库存，市场的理解存在分歧，一种观点认为这是中国补充SPR，且未来中国投产的原 油库存体量依然较大，累库具备一定的可持续性；另一种观点认为，大幅累库主要来自原油加工量与进口量增长 的不匹配，反应了内需疲软。我们认为核心的问题虽然当前的月差 ...

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Financial Performance - Solaris Energy Infrastructure, Inc. reported quarterly earnings of $0.34 per share, exceeding the Zacks Consensus Estimate of $0.14 per share, and up from $0.13 per share a year ago, representing an earnings surprise of +142.86% [1] - The company posted revenues of $149.33 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 21.18%, compared to year-ago revenues of $73.89 million [2] Market Performance - Solaris Energy Infrastructure, Inc. shares have declined approximately 1.8% since the beginning of the year, while the S&P 500 has gained 7.3% [3] - The company has underperformed the market so far this year, raising questions about its future stock performance [4] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.14 on revenues of $132.42 million, and for the current fiscal year, it is $0.53 on revenues of $513.88 million [7] - The estimate revisions trend for Solaris Energy Infrastructure, Inc. was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Oil and Gas - Mechanical and Equipment industry, to which Solaris Energy Infrastructure, Inc. belongs, is currently ranked in the bottom 14% of over 250 Zacks industries, suggesting potential challenges for stocks in this sector [8]

Core Insights - Patterson-UTI reported a quarterly loss of $0.06 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.04, marking an earnings surprise of -50.00% [1] - The company generated revenues of $1.22 billion for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 1.02%, but down from $1.35 billion year-over-year [2] - The stock has underperformed, losing approximately 29.1% since the beginning of the year, while the S&P 500 has gained 7.3% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.06 on revenues of $1.18 billion, and for the current fiscal year, it is -$0.20 on revenues of $4.78 billion [7] - The estimate revisions trend for Patterson-UTI was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Oil and Gas - Drilling industry, to which Patterson-UTI belongs, is currently ranked in the bottom 7% of over 250 Zacks industries, suggesting a challenging environment [8] - Another company in the same industry, Nabors Industries, is expected to report a quarterly loss of $2.05 per share, with a significant downward revision of the consensus EPS estimate by 67.7% over the last 30 days [9]

Group 1 - The analyst has been actively analyzing publicly traded companies since COVID-19 in 2020, starting with Shell PLC and expanding to various companies across different industries, including ASML, Ahold Delhaize, ING, Samsung Electronics, and SoftBank [2] - The analyst possesses CPA qualifications from a Big Four firm, enabling a deep understanding of financial statements and the ability to assess risks and opportunities in companies [2] - The focus is on verifying company value and future expectations to identify potential investment opportunities [2] Group 2 - There is no current stock, option, or derivative position in any of the mentioned companies, nor plans to initiate such positions within the next 72 hours [3] - The article expresses the analyst's own opinions and is not compensated beyond contributions to Seeking Alpha [3] - Seeking Alpha emphasizes that past performance does not guarantee future results and that the views expressed may not reflect the platform's overall stance [4]

Group 1 - EQT Corporation (NYSE: EQT) reported earnings that exceeded expectations, largely due to a decrease in costs associated with the Equitrans acquisition [2] - The analysis of oil and gas companies focuses on identifying undervalued entities within the sector, examining their balance sheets, competitive positions, and development prospects [1] - The oil and gas industry is characterized as a boom-bust, cyclical market, requiring patience and experience for successful investment [2] Group 2 - The article serves as an example of the detailed analysis provided to members of the Oil & Gas Value Research service, which includes insights not available on the free site [1]

Oceaneering International (OII) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.28 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +16.67%. A quarter ago, it was expected that this oilfield services company would post earnings of $0.36 per share when it actually produced earnings of $0.43, delivering a surprise of +19.44%. Over the l ...