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Energy

Sector

+0.5%

Names covered2Analysts active4Publications this week0

The names

What sits inside this sector.

XOMExxonMobil Holdings Corporation165.99+0.5%12 publications · 1 open call

CVXChevron Corporation214.06+0.6%8 publications · 1 open call

Stoa coverage of Energy

How much of Stoa is publishing here. Volume only, never a house view.

Open calls

Analysts active

Publications this week

Resolved calls

Publications in this sector

Calls on names here, and commentary tagged to the sector itself.

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RESEARCHShortCall · Thesis

Exxon: refining margins normalised faster than guidance admits

Crack spreads have already normalised. The earnings model has not been updated for it.

Olivia Grant· AUG 21

CALLLongCall

Exxon: full-cycle economics improved and the multiple did not

The asset base got cheaper to run while the sector multiple stayed where it was.

Analysts covering this sector

Who publishes here most.

James Okonkwo4 calls

Omar Farouk4 calls

Olivia Grant3 calls

Dhruv Anand2 calls

James Okonkwo

· AUG 20

Free

CALLLongCall

Exxon: the backlog has repriced and the market has not noticed

Contracts signed this year carry both higher day rates and better cost-recovery terms than the backlog they replace. The mix improves mechanically for two years.

Dhruv Anand· AUG 19

Free

RESEARCHLongCall · Thesis

Exxon: new contracts are being signed at materially better terms

Pricing power in this part of the chain shows up in contract terms long before it shows up in reported margin.

Dhruv Anand· AUG 16

RESEARCHENERGYThesis

Chevron: the project breakeven is below where the market models it

The latest development phase came in ahead of schedule and under budget. Full-cycle breakeven for the block is now low enough to turn the dividend into a lower-beta instrument.

Omar Farouk· AUG 15