根据《中华人民共和国资源税法》规定，现就资源税有关政策执行口径公告如下： 一、关于不缴纳资源税的情形 （一）各级行政机关、监察机关、审判机关、检察机关，以及法律法规授权的具有管理公共事务职能的 事业单位和组织依照国家有关法律法规罚没、收缴的资源税应税产品（以下简称应税产品），不缴纳资 源税。 （二）工程建设项目在批准占地范围内开采并直接用于本工程回填的砂石、粘土等矿产品，不属于开发 应税资源，不缴纳资源税。 智通财经APP获悉，11月24日，财政部发布关于明确资源税有关政策执行口径的公告。其中提到，纳税 人将开采的轻稀土原矿经过洗选等初加工过程产出的矿岩型稀土精矿（包括氟碳铈矿精矿、独居石精矿 以及混合型稀土精矿等），按照轻稀土选矿产品征收资源税。纳税人将开采的离子型稀土原矿通过离子 交换原理等工艺生产的稀土料液、碳酸稀土、草酸稀土和通过灼烧、氧化等工艺生产的混合稀土氧化 物，按照中重稀土选矿产品征收资源税。 原文如下： 关于明确资源税有关政策执行口径的公告 财政部 税务总局公告2025年第12号 二、关于适用税目 （一）纳税人开采的凝析油，按照原油税目征收资源税。 凝析油是指在气田开发中或油田开发天然气中因 ...

Core Insights - Egypt's Ministry of Petroleum and Mineral Resources announced the discovery of a new natural gas field in the western desert region [1] - The discovery was made by Badr El Din Petroleum Company through the BED 15-31 exploration well [1] - The well is expected to produce 16 million cubic feet of natural gas per day and 750 barrels of condensate, contributing an estimated 1.5 billion cubic feet to Egypt's total gas reserves [1] Industry Developments - Egypt is currently reassessing the oil and gas resources in the region to identify optimal locations for future drilling [1]

Core Insights - Egypt has reported that a new natural gas well is producing 16 million cubic feet of gas per day and 750 barrels of condensate daily [1] Group 1 - The new natural gas well's daily production is significant, indicating potential growth in Egypt's energy sector [1] - The production figures highlight Egypt's ongoing efforts to enhance its natural gas output and meet domestic and export demands [1]

Core Insights - Targa Resources, Inc. reported a revenue of $4.15 billion for the quarter ended September 2025, reflecting a year-over-year increase of 7.8% but falling short of the Zacks Consensus Estimate of $4.93 billion by 15.75% [1] - The company's earnings per share (EPS) was $2.20, an increase from $1.75 in the same quarter last year, but below the consensus estimate of $2.23, resulting in an EPS surprise of -1.35% [1] Financial Performance - Targa Resources' stock has returned -7.1% over the past month, contrasting with a +1% change in the Zacks S&P 500 composite [3] - The company currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3] Key Metrics - Gathering and Processing - NGL sales per day reached 634.8 million barrels, exceeding the average estimate of 621.65 million barrels [4] - Gathering and Processing - Gross NGL production in Coastal areas was 36.9 million barrels, surpassing the estimate of 32.22 million barrels [4] - Gathering and Processing - Condensate sales per day were 18 million barrels, below the average estimate of 20.54 million barrels [4] - Logistics and Marketing - NGL sales totaled 1249.3 million barrels, exceeding the estimate of 1211.04 million barrels [4] - Logistics and Marketing - Export volumes were 407.4 million barrels, falling short of the estimate of 427.27 million barrels [4] - Logistics and Marketing - Fractionation volumes reached 1134.3 million barrels, surpassing the estimate of 997.45 million barrels [4] - Gathering and Processing - Total Plant natural gas inlet volumes were 8268.4 million cubic feet, exceeding the estimate of 8137.9 million cubic feet [4] - Gathering and Processing - Total Gross NGL production was 1095.1 million barrels, above the estimate of 1051.75 million barrels [4] - Gathering and Processing - Average realized prices for Condensate were $67.75, higher than the estimate of $65.59 [4] - Gathering and Processing - Average realized prices for Natural gas were $1.20, below the estimate of $1.75 [4] - Gathering and Processing - Average realized prices for NGL were $0.39, lower than the estimate of $0.44 [4] - Gathering and Processing - Plant natural gas inlet volumes in Badlands were 129.9 million cubic feet, slightly below the estimate of 131.86 million cubic feet [4]

Financial Data and Key Metrics Changes - The company reported total net production of approximately 31,300 barrels of oil equivalent per day, with Jubilee gross oil production increasing by 13% quarter on quarter to around 62,500 barrels of oil per day [8][19] - Operating costs decreased by nearly 40% quarter on quarter, reflecting improvements across all business units [19] - Capital expenditures (CapEx) for the year are expected to be below the $350 million forecast, with third-quarter CapEx reported at $67 million [6][19] Business Line Data and Key Metrics Changes - At Jubilee, the first producer well of the 2025-2026 drilling campaign came online in July, contributing to increased production [4][11] - At GTA, net production rose to approximately 11,400 barrels of oil equivalent per day, a 60% increase from the previous quarter, with 6.8 gross LNG cargoes lifted during the quarter [8][14] - In the Gulf of Mexico, net production was around 16,600 barrels of oil equivalent per day, driven by strong performance from Oddjob and Kodiak [9][17] Market Data and Key Metrics Changes - The company lifted 13.5 gross LNG cargoes through October, with expectations of 7-8.5 cargoes in the fourth quarter [15] - The first gross condensate cargo was lifted early in the fourth quarter, marking a new revenue source for the project [9][15] Company Strategy and Development Direction - The company aims to grow production and reduce costs to prioritize free cash flow while strengthening the balance sheet [3][24] - A focus on enhancing the resilience of the balance sheet has been emphasized, with proactive measures taken to address upcoming debt maturities [7][21] - The company is targeting a significant increase in production at Jubilee through a committed drilling program of five more wells in 2026 [12][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's unique, world-class portfolio of assets and the ability to weather commodity price volatility [7][24] - The company anticipates further production growth and cost reductions, with a focus on maintaining a sustainable business in a lower-price environment [25][41] Other Important Information - The company has secured a $250 million term loan from Shell to address upcoming debt maturities [7][21] - Hedging strategies have been implemented to protect against near-term commodity price volatility, with significant portions of oil production hedged for 2026 [22][40] Q&A Session Summary Question: Can you provide details on the 10 FPSO sale and repurchase agreement? - The company is finalizing a purchase option for the FPSO, which will reduce operating costs significantly, with no additional payments until a closeout payment in 2027 [26][29] Question: What are the expectations for cash flows and deleveraging in 2026? - The company expects to break even in the mid-$50 per barrel range, with excess free cash flow dependent on oil prices beyond that [30][31] Question: Can you discuss GTA operating expenses and future expectations? - Current operating expenses are around $60 million, with expectations to reduce them to approximately $30 per barrel [32] Question: What lessons have been learned from the Winterfell challenges? - The company emphasized the need for rigorous planning and execution in future operations, focusing on simpler completion strategies [34] Question: What are the drivers for cargoes from Ghana in Q4? - The timing of year-end cargoes will depend on performance, with a relatively flat production profile expected [35] Question: Can you elaborate on liquidity and balance sheet confidence? - The company has made significant progress in addressing immediate debt issues and is proactively managing future maturities [39][40] Question: What is the expected CapEx for the year and potential savings from FPSO lease refinancing? - CapEx is projected to be below $350 million, with real savings expected from drilling efficiencies and lower contract rates [46][50]

Core Insights - Oppenheimer Asset Management Inc. increased its stake in Range Resources Corporation by 36.1% in Q2, owning 15,955 shares valued at $649,000 after acquiring an additional 4,230 shares [2] - Other institutional investors also increased their holdings, with GAMMA Investing LLC up by 4.7%, Public Employees Retirement System of Ohio by 0.4%, and Bessemer Group Inc. by 48.0% [3] - Range Resources reported a quarterly EPS of $0.57, exceeding analysts' expectations, with revenue of $748.53 million, a 21.7% increase year-over-year [6] Institutional Investment - Oppenheimer Asset Management Inc. now holds 15,955 shares after a 36.1% increase [2] - GAMMA Investing LLC increased its holdings by 4.7%, owning 6,013 shares valued at $245,000 [3] - Public Employees Retirement System of Ohio owns 73,294 shares valued at $2,981,000 after a 0.4% increase [3] - Bessemer Group Inc. boosted its stake by 48.0%, now holding 971 shares valued at $39,000 [3] - Institutional investors collectively own 98.93% of Range Resources' stock [3] Analyst Ratings and Price Targets - Weiss Ratings downgraded Range Resources from "buy (b-)" to "hold (c+)" [4] - Morgan Stanley reduced its price target from $44.00 to $42.00, maintaining an "equal weight" rating [4] - Royal Bank Of Canada raised its target price from $45.00 to $46.00 with a "sector perform" rating [4] - The consensus rating for the stock is "Hold" with a target price of $41.95 [4] Stock Performance - Range Resources stock opened at $35.58, with a one-year low of $29.48 and a high of $43.50 [5] - The company has a market capitalization of $8.47 billion, a PE ratio of 14.95, and a beta of 0.51 [5] Financial Performance - The company reported a net margin of 19.64% and a return on equity of 15.99% [6] - Revenue for the quarter was $748.53 million, surpassing expectations of $721.22 million [6] - The anticipated EPS for the current year is 2.02 [6] Dividend Information - Range Resources announced a quarterly dividend of $0.09 per share, representing an annualized dividend of $0.36 and a yield of 1.0% [7] - The dividend payout ratio is currently 15.13% [7]

Group 1 - Despite fluctuations in international oil prices, the domestic oilfield service industry maintains high prosperity, with listed companies showing stable growth in net profits for the first three quarters [1] - CNOOC Energy Development Co., Ltd. reported revenue of 33.947 billion yuan, a year-on-year increase of 0.81%, and a net profit of 2.853 billion yuan, up 6.11% [1] - Potential Energy Technology Co., Ltd. achieved revenue of 427 million yuan, a year-on-year increase of 18.26%, with Q3 revenue reaching 196 million yuan, up 63.54%, and net profit turning positive at 9.618 million yuan [1] Group 2 - Global exploration and development activities remain active, with domestic policies supporting the oil service industry's prosperity [2] - The capital expenditure of the "Big Three" oil companies remains high, ensuring growth in upstream reserves and benefiting subordinate oil service companies [2] - Despite declining oil prices, major oil and gas companies can maintain profitability, allowing capital expenditure to continue growing [2] Group 3 - In September, China National Petroleum Engineering Co., Ltd. signed an EPC contract for an LNG pipeline project in the UAE worth 3.688 billion yuan and another contract for an Iraqi seawater pipeline project worth approximately 18.032 billion yuan [3] - Sinopec Oilfield Service Corporation signed new contracts totaling 82.21 billion yuan in the first three quarters, a year-on-year increase of 9.5%, with overseas contracts reaching 26.28 billion yuan, up 62.0% [3] - Chinese oil and gas companies and service companies are accelerating their international expansion, leveraging advanced technology and cost advantages [3]

Core Insights - The expansion project of the Hormuz gas field in Iraq, the largest non-associated gas field, has been completed ahead of schedule, increasing production by 50% to 750 million standard cubic feet per day [1] - The KM250 project, operated by Crescent Petroleum and Dana Gas, was completed 8 months early and will also produce 7,000 barrels per day of condensate and 460 tons per day of liquefied petroleum gas (LPG) [1] - The project, costing $1.1 billion, has been listed on the Nordic alternative bond market and received funding support from the U.S. International Development Finance Corporation (DFC), Sharjah Bank, and Pearl Petroleum through $350 million in priority guaranteed bonds [1] Company and Industry Summary - The Hormuz gas field is located in the Kurdistan region of Iraq, and its completion will enhance power generation capacity and industrial development in the area, supporting the Kurdistan Regional Government's 24-hour electricity supply plan [1] - The current condensate production will increase to 15,200 barrels per day, while LPG production will rise to 1,070 tons per day following the project's completion [1] - Crescent Petroleum and Dana Gas each hold a 35% stake in the Hormuz gas field, indicating significant investment and operational involvement in the region's energy sector [1]

Core Viewpoint - Saudi Aramco has signed a $11 billion lease and leaseback agreement with an international investment consortium led by BlackRock's Global Infrastructure Partners for the Jafurah gas processing facility [1] Group 1: Transaction Details - The newly formed subsidiary, Jafurah Midstream Gas Company (JMGC), will acquire the development and usage rights of the Jafurah gas processing plant and the Riyadh gas liquid fractionation facility, leasing these assets back to Saudi Aramco for a 20-year term [1] - Saudi Aramco will hold a 51% majority stake in JMGC, while the remaining 49% will be owned by investors led by GIP [1] Group 2: Project Significance - Jafurah is Saudi Arabia's largest non-associated gas development project, estimated to contain 229 trillion standard cubic feet of gas and 75 billion barrels of condensate [1] - This project is a core component of Saudi Aramco's "2021-2030 Gas Capacity Enhancement Plan," aiming to increase gas production capacity by 60% compared to 2021 levels to meet growing demand [1] Group 3: Future Outlook - Saudi Aramco's CEO Amin Nasser expressed expectations for Jafurah to play a significant role as a feedstock supplier for the petrochemical industry and to provide energy for emerging growth areas such as AI data centers in Saudi Arabia [1] - The first phase of the Jafurah development project commenced in November 2021 and is progressing well, with initial production expected in Q3 2025 [1] - The total lifecycle investment for the Jafurah project is projected to exceed $100 billion, with stable sales gas volume expected to reach 2 billion standard cubic feet per day by 2030, alongside significant quantities of ethane, natural gas liquids, and condensate [1]

Core Insights - The strategic partnership between Oman’s Shanfari Group and Shanghai Zhongyang Industrial Group aims to establish Shanfari Energy (China) Co., Ltd, focusing on energy supply chain integration and green energy initiatives [1][3][5] Group 1: Shanfari Group Overview - Shanfari Group is a significant integrated enterprise in Oman, employing over 25,000 people and generating annual revenues that account for 3.2% of Oman’s GDP [1] - The energy sector of Shanfari includes Gulf Energy Trading Company, which supplies 5 million barrels of crude oil and 2 million barrels of condensate monthly, with an annual LNG trading volume of 1.5 million tons [1] - The group is actively involved in Oman’s energy transition and is a key participant in the world’s first liquid hydrogen corridor project [1] Group 2: Shanghai Zhongyang Industrial Group Overview - Established in 2015, Shanghai Zhongyang has become a diversified enterprise with operations across more than ten cities in China, focusing on energy and chemical bulk trading, supply chain finance, industrial investment, and smart manufacturing [1] - The company has built a stable domestic and international business team in energy and chemical bulk trading, establishing strong partnerships with well-known enterprises [1] Group 3: Strategic Collaboration Goals - The partnership is a response to Oman’s Vision 2040, aiming for economic diversification and green transformation [3] - Both companies plan to leverage their strengths to create a transparent and efficient energy supply chain, contributing to national energy security and carbon neutrality goals [5] - The collaboration is positioned as a practical implementation of energy cooperation under the Belt and Road Initiative, enhancing the transition from resource trade to technological collaboration [5]