Group 1 - Berkshire Hathaway reduced its stake in Amazon by over 75% in Q4, while investing $351.7 million in the New York Times Company [1][3] - The company acquired 5.1 million shares of the New York Times Company, valued at $351.7 million at year-end [3] - Berkshire continued to trim its stakes in Bank of America and Apple, reducing them to 7.1% and 1.5%, respectively [4] Group 2 - Berkshire increased its stakes in Chevron and Chubb to 6.5% and 8.7%, respectively, during the same period [5] - Chubb's shares rose approximately 11% in Q4 after reports of an informal approach to acquire American International Group Inc. [5] - Warren Buffett has been active in making purchases, including a $9.7 billion deal for Occidental Petroleum Corp.'s petrochemical business and a $5.6 billion stake in Alphabet Inc. [6]

Core Insights - Argo Gold Inc. reported an oil production of 2,076 barrels in December 2025, averaging 67 barrels per day, with oil prices averaging CAD$54 per barrel [1] - The company's total oil revenue for December 2025 was CAD$112,655, and the net operating cash flow was CAD$68,646 [1] Production Details - Lindbergh 1 (37.5% interest) produced 74 barrels per day, contributing CAD$47,006 to revenue and CAD$30,803 to net operating cash flow [1] - Lloyd 1 (18.75% interest) produced 71 barrels per day, contributing CAD$22,672 to revenue and CAD$13,531 to net operating cash flow [1] - Lindbergh 2 (37.5% interest) produced 39 barrels per day, contributing CAD$23,130 to revenue and CAD$12,776 to net operating cash flow [1] - Lindbergh 3 (18.75% interest) produced 59 barrels per day, contributing CAD$19,847 to revenue and CAD$11,536 to net operating cash flow [1] Company Overview - Argo Gold is a Canadian mineral exploration and development company, also involved in oil production [2]

Core Viewpoint - Prairie Operating Co. (PROP) is a profitable oil producer facing significant stock price pressure due to potential dilution concerns, creating a notable margin of safety for investors [1]. Company Overview - PROP is characterized as a sizable and profitable oil producer, indicating a strong operational performance within the industry [1]. - The company's stock price has been adversely affected by the threat of a dilution trigger, leading to a depressed valuation [1]. Investment Strategy - The investment approach focuses on value investing, seeking opportunities with a tangible margin of safety or significant discounts to long-term earning potential [1]. - There is an emphasis on understanding the business model and its position within the industry's capital cycle to identify potential risks [1]. - Preference is given to companies with sustainable competitive advantages and management that aligns with shareholder interests [1]. Market Position - The current market situation presents an opportunity for investors, as the stock is undervalued, suggesting that the market has not fully recognized its potential [1].

Core Viewpoint - Argo Gold Inc. has signed a 60-day advertising and e-marketing contract with 1001103323 Ontario Inc. for marketing services, including social media engagement, at a cost of CAD$20,000 [1]. Company Overview - Argo Gold is a Canadian mineral exploration and development company, as well as an oil producer. The company is listed on the Canadian Securities Exchange under the ticker CSE: ARQ and also trades on OTC and various European exchanges [2].

Group 1: Production Overview - In December, the production of raw coal, crude oil, and natural gas in large-scale industries remained stable, while electricity production continued to grow [1] - The raw coal output in December was 440 million tons, a year-on-year decrease of 1.0%, with an average daily output of 14.1 million tons [1] - The crude oil production in December was 17.8 million tons, a year-on-year decrease of 0.6%, with an average daily output of 570,000 tons [1] - The natural gas production in December was 23 billion cubic meters, a year-on-year increase of 5.1%, with an average daily output of 740 million cubic meters [1] Group 2: Yearly Production Data - For the entire year, the raw coal production reached 4.83 billion tons, a year-on-year increase of 1.2% [1] - The total crude oil production for the year was 216.05 million tons, a year-on-year increase of 1.5% [1] - The total natural gas production for the year was 261.9 billion cubic meters, a year-on-year increase of 6.2% [1] Group 3: Electricity Production - The electricity generation in December was 858.6 billion kilowatt-hours, a year-on-year increase of 0.1%, with an average daily generation of 27.7 billion kilowatt-hours [1] - For the entire year, the electricity generation reached 9,715.9 billion kilowatt-hours, a year-on-year increase of 2.2% [1] Group 4: Breakdown by Energy Source - In December, the decline in thermal power generation narrowed to 3.2%, a decrease of 1.0 percentage point compared to November [2] - Hydropower generation increased by 4.1%, but the growth rate slowed by 13.0 percentage points compared to November [2] - Nuclear power generation grew by 3.1%, with a slowdown of 1.6 percentage points from November [2] - Wind power generation increased by 8.9%, with a slowdown of 13.1 percentage points compared to November [2] - Solar power generation grew by 18.2%, with a slowdown of 5.2 percentage points from November [2]

Core Viewpoint - The geopolitical risks associated with the U.S. intervention in Venezuela are being underestimated by financial markets, despite the initial calm reaction from investors [1][3][6]. Market Reactions - Asian stocks surged while oil prices saw a modest decline, and gold prices increased due to safe-haven flows following President Trump's announcement regarding U.S. control over Venezuela [2]. - The relatively muted market response to the capture of President Maduro is attributed to Venezuela's small oil production relative to global output, which would require years of investment to restore [4]. Geopolitical Implications - The U.S. military actions in Venezuela could have broader implications for stability in Latin America, raising concerns about potential flow-through effects on the region [4]. - Analysts suggest that the financial markets may not be efficiently pricing the geopolitical risks stemming from U.S. policy shifts in Latin America [6]. Sector-Specific Impact - The defense sector is expected to see immediate impacts, with countries likely to increase defense spending in response to Trump's willingness to use military force [8]. - American oil companies are preparing to invest in Venezuela to restore its oil production, which could unlock the country's vast reserves and potentially boost risk assets in the long term [5].

Group 1: Oil Market Dynamics - US oil production continues to surprise to the upside, with liquid supply up 1.3 million barrels per day, driven by both crude and natural gas liquids [2] - The current oil price level is considered attractive for the US economy, benefiting consumers, but may be too low for higher-cost US shale producers [4][5] - The market remains oversupplied due to strong supply growth from the US, Brazil, and OPEC countries, with geopolitical shocks temporarily pushing prices higher [3] Group 2: Metals Market Insights - Metals, particularly gold and copper, are experiencing upward price pressure due to constrained supply and increased demand from central banks [8][9] - Fed cuts tend to support metals prices more significantly than energy prices, as metals are viewed as longer-duration assets [6][7] - The potential for US tariffs is driving silver and copper prices higher, as it leads to lower inventories in global markets [10][11]

Market Overview - Major U.S. index futures indicate a mixed opening, with Nasdaq 100 futures down by 0.5% and Dow futures up by 0.2% [1] - The Dow continues to benefit from a shift toward cyclical stocks, reaching a new record closing high [3] - Overall trading activity may be subdued due to a lack of major U.S. economic data [3] Company Performance - Broadcom (AVGO) shares are under pressure, down by 5.4% in pre-market trading despite better-than-expected fiscal fourth quarter results and positive guidance [2] - Other chipmakers like Advanced Micro Devices (AMD) and Micron Technology (MU) are also experiencing pre-market weakness, indicating a potential rotation out of tech stocks [2] - Oracle (ORCL) shares plunged by 10.8% after reporting fiscal second quarter earnings that exceeded analyst estimates but had weaker-than-expected revenues [5][6] Stock Index Movements - The Dow jumped 646.26 points or 1.3% to a new record closing high of 48,704.01, partly driven by a 6.1% increase in Visa (V) shares after an upgrade from Bank of America [4][5] - The S&P 500 rose 14.32 points or 0.2% to 6,901.00, while the Nasdaq closed down 60.30 points or 0.3% at 23,593.86 [4] Economic Indicators - Initial jobless claims in the U.S. rose to 236,000, an increase of 44,000 from the previous week's revised level of 192,000, exceeding economists' expectations [7] - Gold stocks surged by 4.3%, reaching a new record closing high, alongside a significant increase in gold prices [7][9] International Market Reactions - Asian stocks rallied following a less hawkish outlook from the U.S. Federal Reserve, with the Nikkei 225 Index jumping 1.4% [10][12] - Chinese shares rose, with the Shanghai Composite Index up 0.4% after pledges for a proactive fiscal policy [11] - European stocks moved higher, driven by optimism regarding potential interest rate cuts from the U.S. Federal Reserve [16]

Economic Growth Target - Nigeria sets an ambitious three-year growth target [1] - The growth target heavily relies on the non-oil sector [1] Industry Focus - The report focuses on Nigeria, Africa's biggest oil-producing nation [1]

Core Insights - U.S. oil production reached a record high in September, according to data from the Energy Information Administration (EIA), despite ongoing concerns about oversupply [1] Industry Summary - The increase in oil production indicates a robust output environment, which may influence market dynamics and pricing strategies [1] - The record production levels suggest that U.S. oil companies are effectively ramping up operations to meet demand, potentially impacting global oil supply [1]