AUCTUS ON FRIDAY - 01/11/2024

AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.80 per share: Another positive operating update – The work-overs of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed. The first well is producing 410 boe/d. It was previously shut-in. The second well is producing an extra 31 boe/d (+65%) and continues to clean-up. With a total cost of 100 wells on Condor’s fields includ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/31/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/10/2024

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Energy Morning - 31 October 2024

Aker BP : EBITDA 5% above forecasts but net income impacted by impairm...

>EBITDA 5% above forecasts but EBIT and NI impacted by impairments - Aker BP has published its Q3 2024 results with EBITDA 5% above forecasts. That said, EBIT came in 10% below forecasts at $ 1.7bn (-26% q-o-q) and net income was 60% below forecasts at $ 173m, due to the booking of $ 304m in technical impairments, which are relatively frequent at the group. The second piece of good news was the increase in CFFO from $ 1.45bn to $ 2.8bn which benefited from fewer tax ...

Aker BP : EBITDA 5% supérieur aux attentes mais le NI impacté par les ...

>Un EBITDA 5% supérieur aux attentes mais EBIT et NI impactés par les impairements - Aker BP a publié ses résultats du T3 2024 avec un EBITDA 5% supérieur aux attentes. Toutefois, l‘EBIT est ressorti 10% inférieur aux attentes à 1.7 Md$ (-266% QoQ) et le résultat net 60% inférieur à 173 M$ à cause des impairements techniques de 304 M$ assez fréquents chez le groupe. La deuxième bonne nouvelle est la hausse du CFFO de 1.45 Md$ à 2.8 Md$ qui bénéficie de moins de décai...

Aker BP (Buy, TP: NOK280.00) - Improving Sverdrup sentiment

We consider the underlying Q3 results in line, with a solid FCF beat helped by working capital release. Due to solid performance from the drilled wells put into production at Johan Sverdrup YTD, the field is now likely to produce at plateau “well into 2025” (previously “early 2025”). We believe Aker BP could benefit from operational tailwinds into 2025, with consensus possibly underestimating the production potential. We reiterate our BUY and NOK280 target price.

Near-term headwinds

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Lottomatica (formerly Gamenet), Rexel, Nexans, Liberty Global, Sunrise, Aston Martin, Techem, Synlab, evoke (formerly 888 Holdings), Boparan, Borr Drilling, PureGym

Solid - as normal

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/10/2024

Le scrutin présidentiel US reste incertain, mais le momentum semble être du côté de Donald Trump depuis début octobre : le candidat est désormais en tête dans 6 des 7 swing states, vient de dépasser Kamala Harris dans le vote national et est donné gagnant à 63% chez les parieurs. Nous rappelons les valeurs européennes à privilégier ou à éviter en cas de victoire de Donald Trump, et avons également listé les valeurs européennes ayant une base de production aux US, par nature moins expo...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/30/2024

The outcome of the US presidential election hangs in the balance, but the momentum seems to be with Donald Trump since the beginning of October: the candidate is now in the lead in six of the seven swing states, has just overtaken Kamala Harris in the national vote while 63% of punters are tipping him to win. We recap in the present note on the European stocks to play or avoid in the event of Donald Trump's victory and have also listed European stocks with a production base in the US,...

Aker BP : A 10% miss at the operating level and a 60% miss at the NI l...

>Q3 2024 results miss expectations by 10% at the EBIT level and by 60% at the NI level - AkerBP just released its Q3 2024 results with 1/ revenues of $ 2,858m, down 15.4% q-o-q and 1% ahead of the consensus, 2/ EBITDA totalled $ 2,612m, down 12%, 1.6% ahead our estimates and 5% above the consensus. EBIT came in at $ 1,695m, 10% below expectations. Adjusted net income was weak at $ 173m, collapsing by 69% q-o-q and 60% below our expectations and the consensus, with a h...

Aker BP : A 10% miss at the operating level and a 60% miss at the NI l...

>Q3 2024 results miss expectations by 10% at the EBIT level and by 60% at the NI level - AkerBP just released its Q3 2024 results with 1/ revenues of $ 2,858m, down 15.4% q-o-q and 1% ahead of the consensus, 2/ EBITDA totalled $ 2,612m, down 12%, 1.6% ahead our estimates and 5% above the consensus. EBIT came in at $ 1,695m, 10% below expectations. Adjusted net income was weak at $ 173m, collapsing by 69% q-o-q and 60% below our expectations and the consensus, with a h...

Energy Morning - 30 October 2024

Strong quarter - as normal from Aker BP

Var Energi/Good underlying results, also going forward/BUY

Vår reported 3Q24 figures ahead of our expectations but we have not changed our estimates materially. Commodity price forecasts are unchanged, but we see another mix between the commodities than we had before, which has an impact. These are small adjustments, and we remain confident in Vår Energi as an attractive investment. The company keeps consistent pressure on cost per barrel produced and based on our forecast generates US$3bn in annual CFFO and, sustainable as being supported by new field ...

Valuation update

In this note, we show updated valuation statistics for the E&P sector