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ps gameguard Punjab Bandh today: What’s open and what’s closed; check alternate travel routesHOUSTON , Dec. 11, 2024 /PRNewswire/ -- Essency, a leading provider of innovative hot water solutions, has announced the continuing rollout of its revolutionary EXR water heater, which is now available in 18 states as well as the District of Columbia . The Essency EXR, the world's first high-capacity electric water heater, brings homeowners a new level of durability and simplicity. Its cutting-edge technology employs intelligent temperature management and quick recovery to deliver an 80-gallon First Hour Rating in a standard-size residential tank footprint. And, the innovative design of the EXR makes it the perfect choice for households of all sizes. Unlike traditional storage tank water heaters, which typically last only an average of eight years, the Essency EXR is built to serve fresh, clean, hot water for over 30 years, providing unmatched durability and performance. Following its success in Arizona , Colorado , Florida , Georgia , North Carolina , South Carolina , Tennessee , and Texas , the product's distribution has expanded to Alabama , Delaware , Kentucky , Louisiana , Maryland , Mississippi , Nevada , New Mexico , Virginia , West Virginia , and the District of Columbia . "With the positive reception from contractors who tell us that installing an EXR is practically 'plug and play,' we are excited to continue expanding our distribution of this product," says Scott Isaksen , National Sales Director for Essency. "Plumbers praise the ease of installation and customer satisfaction, thanks to the product's reliable performance and 20-year transferrable warranty. We're excited for more U.S. homeowners to experience the benefits of the EXR." Whether as a direct replacement for a standard tank water heater, for new-build installations or wherever a new residential water heater is required, the EXR seamlessly integrates into any setting. Its elegant cabinet-type shape sets it apart, making it the most functional and most beautiful home water heater on the market today. Plumbers also appreciate its light weight and built-in handles, which make it much easier to maneuver than a standard tank heater. New owners of the Essency EXR have noted how happy they were about the simplicity of installation without a lot of home reconstruction. They're finally able to have all the hot water their family needs throughout their home whenever they need it while also saving real dollars with features like "Water Saver" and "Vacation Mode." About Essency Founded in 2010, Essency is committed to reimagining the hot water industry. The Essency EXR is the winner of the prestigious 2023 Edison Award in the category of Consumer Solutions- Sustainable Design. For more information about Essency and the EXR, visit www.essencyhome.com . Essency water heaters are available for installation by professional, factory-trained plumbing contractors in 18 U.S. States and the District of Columbia . Ferguson is the exclusive U.S. distributor to the plumbing wholesale trade for Essency water heaters. View original content: https://www.prnewswire.com/news-releases/the-worlds-first-high-capacity-electric-water-heater-the-essency-exr-now-available-in-eighteen-us-states-302329402.html SOURCE EssencyRiley Allenspach, Trey Fort lead Samford past Austin Peay 72-47

NoneUNITED NATIONS, (APP - UrduPoint / Pakistan Point News - 8th Dec, 2024) As rebels declared an end to President Bashar al-Assad's rule after seizing control of , 's Special Envoy for , Geir Pedersen, said that the developments in the country underscore the clear desire expressed by of Syrians that stable and inclusive transitional arrangements are put in place. In a statement, he urged Syrians to prioritize dialogue, , and respect for international humanitarian law and human rights as they seek to rebuild their society, adding he stands ready to support the people in their journey toward a stable and inclusive future. Hassan Abdul-Ghani, senior commander of the group Hayat Tahrir al-Sham, claimed victory for the rebel forces that had stormed across in a matter of days and entered overnight, forcing Assad to flee and ending his 's decades of rule after more than 13 years of civil war. "Today marks a watershed moment in 's history - a nation that has endured nearly 14 years of relentless suffering and unspeakable loss... This dark chapter has left deep scars, but today we look forward with cautious hope to the opening of a new one - one of peace, reconciliation, dignity, and inclusion for Syrians," Pedersen, the envoy, said. The envoy, who has been attending a high-level meeting of States in this weekend, also issued an appeal for the new rulers in to ensure a stable transfer of power and to maintain the country’s institutions. This was the “clear desire” of of Syrians, Pedersen insisted, so that they can ultimately see their “legitimate aspirations” fulfilled “and restore a unified , with its sovereignty, and territorial integrity, in a way that can receive the support and engagement of the entire international community”. On the other hand, ’s humanitarian official said that aid teams will continue to provide emergency relief wherever possible. “We will respond wherever, whenever, however we can to support people in need, including reception centres – , , fuel, tents, blankets,” said Tom Fletcher, Emergency Relief Coordinator and head of the aid coordination office, OCHA. The hostilities have uprooted more than 370,000 people inside , according to OCHA, “with many seeking refuge in the northeast and others trapped in front-line areas, unable to escape”, the ’s senior aid official in , Adam Abdelmoula, said on Saturday. “Civilian casualties, including and children, continue to rise, underscoring the urgent need for coordinated humanitarian action.” After sweeping into ’s second city, , Hama, Homs and now have fallen in quick succession, despite suggestions that the Security Council-designated group lacked the means to sustain their stunning gains. In the immediate aftermath of HTS’s reported victory and declaration to the of Syrians displaced by the conflict that “a free awaits you”, reports indicated that forces met little resistance in taking . Years of fighting between troops reinforced foreign State-backed fighters against forces including extremists – now essentially pushed out of - have devastated , despite repeated calls for peace via several rounds of UN-led negotiations in , the said. On the sidelines of his official to the Forum, Pedersen, the envoy, also spoke to the representatives of , and – the so-called Group - who had gathered to discuss the forces’ rapid gains in . In a joint statement issued ahead of the fall of by the members and the Foreign Ministers of , , and , they urged an end to the fighting and expressed their support for UN-led efforts to reach a political solution to the crisis, based on Security Council 2254. As events in continued to unfold, the ’s aid official, Tom Fletcher, stressed the need to uphold international humanitarian law “to protect civilians, including aid workers”. That appeal followed reports of a deadly airstrike at ’s Ad Dabousiyah crossing with on 27 in which a Red Crescent ( ) volunteer was killed, along with multiple civilians. The incident led to the suspension of humanitarian convoys into . Although “essential” humanitarian operations have been maintained inside , the has begun to relocate “non-critical staff” the country as a precautionary step, the ’s aid official in the country has said. “This is not an evacuation and our dedication to supporting the people of remains unwavering,” and stressed that “rumours suggesting that the is evacuating staff are false,” insisted Adam Abdelmoula. Meanwhile, in the wake of reports that a coalition of forces has seized the capital and freed prisoners Sednaya and other detention facilities, the human rights probe on the situation called today “a historic new beginning for the people who have suffered unspeakable violence and atrocities over the past 14 years.’ “It is time to finally put Syrians’ own aspirations first and place the country on a path toward a stable, prosperous and just future that guarantees the human rights and dignity its people have so long been denied,” said the Commission of Inquiry on said in a statement. For decades, Sednaya and other infamous detention facilities have been synonymous with fear, loss, suffering and cruelty. The cells where detainees were ill-treated are now open, as are the interrogation chambers where they were tortured using cruel methods that the Commission has documented for years. The Commission called on parties in to facilitate access for independent humanitarian and human rights actors, including the Commission, to the country, including detention facilities. It stresses the importance of ensuring that evidence is protected. Both and leadership have made initial statements indicating their commitment to maintaining good conduct and protecting civilians, which is encouraging. Their deeds must now match their words, stated the Commission. Meanwhile, leaders around the have been reacting to the dramatic developments in : In , a statement issued by the said, "President (Joe) Biden and his team are closely monitoring the extraordinary events in and staying in constant touch with regional partners." US President-elect posted on Truth Social said, "Assad is gone. He has fled his country. His protector, , , , led by , was not interested in protecting him any longer. " and are in a weakened state right now, one because of and a bad economy, the other because of and its fighting success." The Foreign Ministry said in a statement, President Bashar al-Assad has left office and departed the country after giving orders for there to be a peaceful handover of power. The ministry did not say where Assad was now and said did not take part in the talks around his departure. it said 's military bases in had been put on a state of high , but that there was no serious threat to them at the current time. The statement said that is in touch with groups and urges sides to refrain violence. Turkish Foreign Minister Hakan Fidan, said at a press conference in , " has reached a stage where the people will shape the future of their own country, today there is hope." He added, "The people cannot do this alone. attaches importance to territorial integrity. "A new administration must be established inclusively, there should be no desire for revenge. calls on actors to act with prudence and to be watchful. " organizations must not be allowed to take advantage of this situation. groups must be united. We will work for stability and safety in . US Official Daniel Shapiro said, "The will continue to maintain its presence in eastern and will take measures necessary to prevent a resurgence of the Islamic State." Shapiro, Deputy Assistant Secretary of Defence for the East, called on parties to protect civilians, particularly minorities, and respect international norms.In this month’s edition of our comparison series, we take a look at two upstream powerhouse producers. The first, Occidental Petroleum (NYSE:OXY), is in the process of digesting a large acquisition and carries a lot of debt as a result. Is the share price fully discounting this factor? We will see. The second is EOG Resources, (NYSE:EOG) a company that in recent years has chosen to grow organically, eschewing the M&A craze that has brought a lot of consolidation into the sector. There is a reasonable comparison between the two even though EOG is priced at about 2.5X OXY. Both have big acreage positions in the Delaware basin that are the cornerstone of their income. Both have international exposure with operations in Middle East-OXY, and in Trinidad-Tobago-EOG. Both have catalysts for growth in the coming year. And, like many comparisons, there isn’t necessarily a bad choice. So let’s dive in. Are we near a bottom in upstream oil and gas stocks? I think we are. It should be understood that oil production is a cyclic business -production rises until prices stabilize - and then it begins to decline as activity tapers off. We've had a step change from technology-driven cost and efficiency improvements that have extended the period of production semi-levitation at current levels that must come to an end. Sometime. Without going through a lot of verbiage and reference citations, it just makes sense that we are nearing a peak in the last reservoir to show significant growth - the Permian. If you think about it, since 2010 we have stuck a straw in the Permian, and production has risen from about 1 mm BOEPD to over 6.2 mm BOEPD. Today we are extracting 2.23 bn BOE annually from the Permian, and that just can't go on forever. Estimates are that we are well past the midpoint of production from the key reservoirs that deliver this oil and gas to us. put out a newsletter in conjunction with Novi Labs recently that discussed some aspects in detail that largely agrees with this thesis. Concerns about demand-which has actually stayed fairly robust recently, have offset the plateauing of output in traders' minds, and led to a weakening of prices. Does that reflect reality? My core macro for upstream oil and gas investing is that North American producers are undervalued due to a lack of understanding about the fragility of current shale production levels. Shale is also called 'short-cycle'-meaning that output is related to activity and can be controlled thereby. Obviously less so now due to technology, but the principle remains valid up to a point. The point is growth may be constrained by lower-tier development not being as productive and other logistics impacts-water injection may put a damper on output. The incoming administration's plan to increase production by 3 mm BOPD may also be putting a ceiling on crude and upstream E&P's. I view this as a near impossibility in liquids, and highly doubtful in gas-which is increasing all by itself as the reservoirs being drilled are gassier. There simply aren't enough rigs to generate this kind of growth, and no sign the industry is willing to build them up to that level. When the disconnect between what the incoming administration wants to do and what is possible becomes evident, the drag on prices will evaporate. I think there will be extreme winners, and extreme losers when the real impact of declines in the Permian are noticed by the market. In that scenario, I think we are near a bottom for stocks in the upstream sector, particularly ones with the critical mass that OXY and EOG possess. Occidental Petroleum, (NYSE:OXY) was one of the big wins for investors coming out of the pandemic. Many recognized the value Anadarko brought and loaded up in the teens. It’s been a rough ride since late 2022. The fact those who bought at the 2020 bottom are still in the black after a 35% capital implosion since April of this year, doesn't ease the pain of seeing all that money shifted over into the loss column. Now with the post-election jitters of "Drill Baby, Drill" roiling the market, if anything the slope has gotten worse. Notably absent from the market since midyear, has been Uncle Warren, who over the last couple years has been busy, amassing, a 29% stake at prices well above $50 in some June-24 buys, above $60. Until the other day we were wondering what was it about OXY that Warren liked in $50s that he didn't in the $40s? That curiosity was resolved last week with news of his in OXY shares. and holds; warrants that would let him add another 90 mm shares bringing his position to about 40% of the float. If you have any faith in domestic energy at all, it would seem that this is the time to be adding to upstream positions. Buffett may have put a floor on OXY shares with his vote of confidence last week, as the company navigates softer commodity prices. Energy comprises only a tiny fraction of the SP-500 index now, thanks to multiple compressions over the last couple of years. Does that make sense? I don't think so, but things are what they are, and the decline in the sector weighting certainly has a rationale to it as commodities have underperformed. OXY has struggled in comparison to a loose peer group over the past year, only slightly outperforming, bottom-hugging Devon. Only a couple, EOG and Diamondback Energy, (NYSE:FANG) have managed to deliver any growth, while other Delaware basin-focused producers, OXY, Devon Energy, (NYSE:DVN), and ConocoPhillips, (NYSE:COP) are down. FANG and EOG top the list with Operating Margins (OMs) of 42% and 35% respectively. DVN comes in right behind EOG at 32%. This article isn't about DVN, but I must say it makes the negative sentiment toward the company all the more odd. The company is an oil and gas producing juggernaut with total output currently at 1.42 mm BOEPD and guiding to 1.47 mm BOEPD in Q-4. OXY’s cornerstone is in the Permian’s Delaware basin, but through the CrownRock deal has a significant foothold in the Midland basin. It also has production from the U.S. GoM, and internationally in the Middle East. The company also has a chemicals-caustic soda business that operates in the black and actually is symbiotic to their nascent Direct Air Capture-DAC business - in that caustic drives a reaction to liberate the carbon for capture. The company is successfully integrating the CrownRock purchase into their operations which is receiving an increasing share of D&C capex this year - the goal being to increase the overall oil percentage of total production. It was also noted that legacy CrownRock water infrastructure is contributing about $10 mm in savings this year. OXY is successfully managing LEO costs down through production increases, leveraging infrastructure around new pads, and actively engaging with service providers to minimize the white space-slack time, between TD'ing a well and rigging up to frac. The Delaware continues to perform with the company increasingly drilling secondary benches and seeing better than anticipated performance. Speaking for OXY, s as they wring superior performance out of low-tier benches-Wolfcamp B & C as an example. “These secondary benches that we have second and third and fourth benches that we can develop in the Permian in the Delaware and the Midland Basin, and we're still continuing to get more out of those reservoirs. I expect though in the near-term with weaker prices that what we used to think as a peak in say in three years, moves further out because with weaker prices I think there's going to be less growth in the Permian.” I don't think this is true for all companies (if my prognostication that the Permian peaking in the nearer term is way out of whack), as OXY has some of the best Delaware dirt around, thanks to the Anadarko deal. All in all, OXY is generating $3.1 in AFFO and netted $1.5 bn in free cash for the quarter. Pretty much every nickel they take in is going toward debt reduction, which is as it should be. OXY's cashflow priorities are shown in the slide below. Once LT debt is less than $15 bn, then the focus shifts to buying back shares and redeeming Warren's 10% yielding Preferred stock. This puts holders of the common stock at the end of a multiyear list for any significant boost to the dividend. This could be problematic for the stock affecting any chance of a price recovery. I also think that this mindset on the part of management may be contributing the weakness in OXY shares, as investors look for steady cash. A noted that in turbulent times, investors shift from growth stocks to dividend payers. “Investors typically flock to the dividend payers in down markets or when the economic outlook turns cloudy. Indeed, many companies with big payouts, including utilities and consumer staples, produce stable earnings in any weather.” Ok now let’s review EOG. The company has a reputation as being one of the best-run shale drillers and has consistently returned capital to shareholders through the cycle. This shows in the value creation claimed by the company in the slide below. If WTI sees the gain projected over the next couple of years the free cash available for distribution could be enormous. Analysts rate EOG as , but I doubt that rating takes into account the swoon since early November. The Q-4 EPS forecast for the company is $2.57 per share. This is down from the $2.78 per share forecast for Q-3, which they crushed at $2.89. If they beat on Q-4, it will be consistent with their performance over the entire year. Share price forecasts range from $146-$170, with a median of $144, making an entry point sub-$120 a very reasonable short-term prospect. Particularly when the shareholder-friendly plans for capital returns are factored in. The company has just made a triple-bottom sub-$120, and with a Q-4 beat is unlikely to get much cheaper. I think there will be extreme winners, and extreme losers when the real impact of declines in the Permian are noticed by the market. In that scenario, I think we are near a bottom for stocks in the upstream sector. The company is banging on the door of the million barrel-a-day equivalent producer club. One of the things that sets it apart from other shale players is its well-distributed legacy positions in key shale plays that date from early shale E&P activity in the 2010's. The company has first class assets which are shown in the company graphic below. Recently it’s made a big push into the long-neglected Utica shale. EOG has mostly legacy acreage positions that date back to the Enron days pre-shale revolution when dirt was cheap, and thus have avoided the need for big capital outlays to snag competitors at $50-100K per acre. The last , which they comparatively ‘stole’ for $5,400 an acre. Deal execution like this shows on the balance sheet with a paltry $3.6 bn of long-term debt presently. On DE basis none of its peer group even comes close. EOG has some of the best dirt in the Delaware, thanks to the Yates deal. Perhaps you’ve seen the Wolfcamp white paper put out by the EIA. If not . It shows that some of the best Wolfcamp A, and Bone Spring benches are in southern Eddy and Lea County New Mexico, and in Loving County, Texas. A recent discussed the intensity of drilling in these areas. We're a fan of good dirt around here as it drives cost impacts from logistics and technology. This enables EOG to be pretty selective in the projects they sanction, putting a 30% after-tax rate of return at $40 per barrel. That's a pretty steep hill to climb, but it insulates the company from all but the wildest swings in commodity prices. It also enables price realizations that top the peer group at $77 for Q-3, 2024. I think most of us get the idea behind stock buybacks and their intrinsically increasing the value of remaining shares. That has to be balanced though with the fact that much of this is fraught with peril at squandering capital. This is done by buying back stock in one quarter and seeing the price continue to decline. That is certainly the scenario extant these days. I am surprised equity analysts don't pursue this in conference calls more. EOG has been bitten by the share buyback bug-noting that it will be done ‘opportunistically’, but shows a much more shareholder-friendly attitude with its robust $3.90 per share annual dividend, than many companies that have totally scrapped special dividends in favor of buybacks. The Yield on Cost (YOC) is actually pretty decent at 3.28%. Bottom-line management at EOG knows shareholders need to eat while waiting for the stock float shrinkage to drive share prices higher. EOG's entry into the with relatively little fanfare. Things seem to be going pretty well from the comments in the slide below. EOG has a huge acreage position, and the Utica is far less developed than the Marcellus. The northeast is gas hungry from the explosive growth in AI data centers and the demand coming from the Cove Point LNG terminal on the Chesapeake Bay. On the horizon, new East Coast plants are creating a potential uplift in demand. It is fair to say that EOG isn't cheap here. But against a cohort of near-million barrel producers, it's reasonably priced. Things can always get cheaper, so this multiple might shrink. I am betting there is less elasticity in EOG than in others. I don't think there is any doubt that OXY is a buy for long-term capital appreciation at current levels. As I have noted, I feel strongly that American oil and gas companies are undervalued in terms of their true impact on society, here at home and globally, and lack only a catalyst to rerate higher. This would totally change the dynamic for owners of these assets, but there is no date certain as to when this will occur. The question is, can we wait that out while receiving peanuts for our capital? That leaves us looking for income while we wait for growth, and the money coming quarterly from OXY will not buy Porterhouse steak at Kroger. It may not even buy chicken breasts without a coupon. Chicken leg quarters are the immediate future of OXY holders as we wait on capital appreciation in the commodity rerating I expect. The problem I see is management's dogged determination not to pay a respectable dividend to reward shareholders now. Let's review. First, they had the debt from Anadarko. Ok, that transformed the company...while almost killing it. They got through that and then rising oil prices worked their magic and we had a 5-bagger in appreciation, with the stock price peaking at $75 in late 2022. Holders of OXY stock will listen to any song management sings with that kind of growth in their portfolio. Then came the CrownRock debt and dilution. As I have noted, the company is rightly knocking down the debt, but their single-minded focus on buying back stock at multiples where no one else, except Warren Buffett, is buying does investors no service. The YOC is under 2% and there are no special dividends planned to spread a little cash among shareholders. Since reinstituting the regular dividend in 2022 it's been raised twice and I expect it will be raised again when Q-4 earnings are announced. By another 4-5 cents. To continue our chicken metaphor, this is chicken feed. OXY trades at 5.5-6X EV/EBITDA and $48K per flowing barrel. Not terribly cheap on either metric, so it's probably a toss-up,-pay interest on debt or capitalize on a 30% downdraft in stock prices...since April of this year. Now let’s look at EOG. EOG is trading at a flowing barrel price of $69 per barrel. Again not give away prices. You can buy shale cheaper. EOG has a reputation of being one of the best-run companies in this sector and most of the metrics I've seen substantiate that notion. I've always been willing to pay up for quality, and that's the recommendation here. Buy EOG. EOG has 4.43 bn bbl of 2P reserves as of the end of 2023. During the year they replaced 202% of production with new discoveries. Both are solid metrics and justify the current prices for the stock. At $40 per bbl, EOG has a net present value (NPV) of $179.00 per share, which comes for the share price. This doesn't take into account future revenue from the Utica play, so I regard it as conservative. Also, investors entering EOG before 1-17-25 will receive the previously announced and just raised regular dividend of $0.98 per share on Jan-31st. I regard the timing as auspicious. The yield is admittedly not spectacular-3.08% but I am expecting a special dividend at some point in the coming year that will improve the overall yield on cost. I think EOG is an outstanding bargain for future growth and immediate shareholder returns. Every serious investor in upstream E&P companies should have a position in the company. Accordingly, I rate EOG as the winner of this month’s comparison.

H aughty defiance has become Emmanuel Macron’s go-to tone during a second term marred by chaos, acrimony and recrimination. During his prime-time television address to the French nation last week, following the toppling of the centre-right prime minister he appointed only three months ago, Mr Macron loftily declined to take responsibility for France’s worst political crisis in decades. “Some people are tempted to blame me for this situation,” the president acidly observed after accepting Michel Barnier’s resignation. “It’s much more comfortable.” In fact, he suggested, responsibility lay entirely with the political forces who, in delivering the first no-confidence judgment on a government since 1961, had committed an “anti-republican” act of sabotage. The leftwing daily Libération offered a pithy and apt two-word headline riposte to such presidential hauteur: “ Flagrant déni” (“In flagrant denial”). Beyond the blame game, though, what now? As the disastrous consequences of Mr Macron’s decision to hold snap legislative elections in the summer continue to unfold, France finds itself without a functioning government for the second time in six months. Having squandered his relative majority, and handed unprecedented kingmaker status in the Assemblée to Marine Le Pen’s far-right MPs, the president is searching for a fourth prime minister in the space of a year. There is no reason to suppose the next one will find it easier than Mr Barnier to negotiate a parliament divided into three warring blocs. But there can be no fresh elections until July. The markets are spooked , and there is no budget in place for 2025. Mr Barnier’s fate was sealed by Ms Le Pen’s refusal to endorse an austerity budget that targeted pensioners – a constituency crucial to her chances of success in the next presidential election. Having pledged to name a new prime minister within days, Mr Macron could opt for another centrist or centre‐right figure, in the hope of better placating her. This arrangement, almost certainly, would also end in tears at a time of Ms Le Pen’s choosing. A more durable, and ethical, solution would be for Mr Macron to finally demonstrate the humility he should have shown after the chastening outcome of his summer gamble. The July snap poll was narrowly, but indubitably, won by the New Popular Front (NPF) – a leftwing alliance including the Socialist party and Jean-Luc Mélenchon’s France Unbowed. Fearing that an NPF-led government would attempt to reverse parts of his legacy, including deeply unpopular plans to raise the retirement age, Mr Macron found reasons not to appoint a prime minister from the broad left. That decision was undemocratic, self-indulgent and turned the largest parliamentary bloc of MPs implacably against him. It was also deeply anti‐republican. Mr Macron’s political career has been built on the back of “republican” votes loaned to him to ward off the threat of a Le Pen presidency. In July, the first far-right government in postwar history was only averted by a similar mobilisation and the hasty formation of the NPF alliance. If he is to avoid a lame duck presidency degenerating to the point where his own humiliating resignation becomes unavoidable, the president needs to recognise that election losers don’t get to dictate terms. Instead of cynically looking to Ms Le Pen to prop up the next government, Mr Macron should move from talking the talk when it comes to republican values, to walking the walk.

In this month’s edition of our comparison series, we take a look at two upstream powerhouse producers. The first, Occidental Petroleum (NYSE:OXY), is in the process of digesting a large acquisition and carries a lot of debt as a result. Is the share price fully discounting this factor? We will see. The second is EOG Resources, (NYSE:EOG) a company that in recent years has chosen to grow organically, eschewing the M&A craze that has brought a lot of consolidation into the sector. There is a reasonable comparison between the two even though EOG is priced at about 2.5X OXY. Both have big acreage positions in the Delaware basin that are the cornerstone of their income. Both have international exposure with operations in Middle East-OXY, and in Trinidad-Tobago-EOG. Both have catalysts for growth in the coming year. And, like many comparisons, there isn’t necessarily a bad choice. So let’s dive in. Are we near a bottom in upstream oil and gas stocks? I think we are. It should be understood that oil production is a cyclic business -production rises until prices stabilize - and then it begins to decline as activity tapers off. We've had a step change from technology-driven cost and efficiency improvements that have extended the period of production semi-levitation at current levels that must come to an end. Sometime. Without going through a lot of verbiage and reference citations, it just makes sense that we are nearing a peak in the last reservoir to show significant growth - the Permian. If you think about it, since 2010 we have stuck a straw in the Permian, and production has risen from about 1 mm BOEPD to over 6.2 mm BOEPD. Today we are extracting 2.23 bn BOE annually from the Permian, and that just can't go on forever. Estimates are that we are well past the midpoint of production from the key reservoirs that deliver this oil and gas to us. put out a newsletter in conjunction with Novi Labs recently that discussed some aspects in detail that largely agrees with this thesis. Concerns about demand-which has actually stayed fairly robust recently, have offset the plateauing of output in traders' minds, and led to a weakening of prices. Does that reflect reality? My core macro for upstream oil and gas investing is that North American producers are undervalued due to a lack of understanding about the fragility of current shale production levels. Shale is also called 'short-cycle'-meaning that output is related to activity and can be controlled thereby. Obviously less so now due to technology, but the principle remains valid up to a point. The point is growth may be constrained by lower-tier development not being as productive and other logistics impacts-water injection may put a damper on output. The incoming administration's plan to increase production by 3 mm BOPD may also be putting a ceiling on crude and upstream E&P's. I view this as a near impossibility in liquids, and highly doubtful in gas-which is increasing all by itself as the reservoirs being drilled are gassier. There simply aren't enough rigs to generate this kind of growth, and no sign the industry is willing to build them up to that level. When the disconnect between what the incoming administration wants to do and what is possible becomes evident, the drag on prices will evaporate. I think there will be extreme winners, and extreme losers when the real impact of declines in the Permian are noticed by the market. In that scenario, I think we are near a bottom for stocks in the upstream sector, particularly ones with the critical mass that OXY and EOG possess. Occidental Petroleum, (NYSE:OXY) was one of the big wins for investors coming out of the pandemic. Many recognized the value Anadarko brought and loaded up in the teens. It’s been a rough ride since late 2022. The fact those who bought at the 2020 bottom are still in the black after a 35% capital implosion since April of this year, doesn't ease the pain of seeing all that money shifted over into the loss column. Now with the post-election jitters of "Drill Baby, Drill" roiling the market, if anything the slope has gotten worse. Notably absent from the market since midyear, has been Uncle Warren, who over the last couple years has been busy, amassing, a 29% stake at prices well above $50 in some June-24 buys, above $60. Until the other day we were wondering what was it about OXY that Warren liked in $50s that he didn't in the $40s? That curiosity was resolved last week with news of his in OXY shares. and holds; warrants that would let him add another 90 mm shares bringing his position to about 40% of the float. If you have any faith in domestic energy at all, it would seem that this is the time to be adding to upstream positions. Buffett may have put a floor on OXY shares with his vote of confidence last week, as the company navigates softer commodity prices. Energy comprises only a tiny fraction of the SP-500 index now, thanks to multiple compressions over the last couple of years. Does that make sense? I don't think so, but things are what they are, and the decline in the sector weighting certainly has a rationale to it as commodities have underperformed. OXY has struggled in comparison to a loose peer group over the past year, only slightly outperforming, bottom-hugging Devon. Only a couple, EOG and Diamondback Energy, (NYSE:FANG) have managed to deliver any growth, while other Delaware basin-focused producers, OXY, Devon Energy, (NYSE:DVN), and ConocoPhillips, (NYSE:COP) are down. FANG and EOG top the list with Operating Margins (OMs) of 42% and 35% respectively. DVN comes in right behind EOG at 32%. This article isn't about DVN, but I must say it makes the negative sentiment toward the company all the more odd. The company is an oil and gas producing juggernaut with total output currently at 1.42 mm BOEPD and guiding to 1.47 mm BOEPD in Q-4. OXY’s cornerstone is in the Permian’s Delaware basin, but through the CrownRock deal has a significant foothold in the Midland basin. It also has production from the U.S. GoM, and internationally in the Middle East. The company also has a chemicals-caustic soda business that operates in the black and actually is symbiotic to their nascent Direct Air Capture-DAC business - in that caustic drives a reaction to liberate the carbon for capture. The company is successfully integrating the CrownRock purchase into their operations which is receiving an increasing share of D&C capex this year - the goal being to increase the overall oil percentage of total production. It was also noted that legacy CrownRock water infrastructure is contributing about $10 mm in savings this year. OXY is successfully managing LEO costs down through production increases, leveraging infrastructure around new pads, and actively engaging with service providers to minimize the white space-slack time, between TD'ing a well and rigging up to frac. The Delaware continues to perform with the company increasingly drilling secondary benches and seeing better than anticipated performance. Speaking for OXY, s as they wring superior performance out of low-tier benches-Wolfcamp B & C as an example. “These secondary benches that we have second and third and fourth benches that we can develop in the Permian in the Delaware and the Midland Basin, and we're still continuing to get more out of those reservoirs. I expect though in the near-term with weaker prices that what we used to think as a peak in say in three years, moves further out because with weaker prices I think there's going to be less growth in the Permian.” I don't think this is true for all companies (if my prognostication that the Permian peaking in the nearer term is way out of whack), as OXY has some of the best Delaware dirt around, thanks to the Anadarko deal. All in all, OXY is generating $3.1 in AFFO and netted $1.5 bn in free cash for the quarter. Pretty much every nickel they take in is going toward debt reduction, which is as it should be. OXY's cashflow priorities are shown in the slide below. Once LT debt is less than $15 bn, then the focus shifts to buying back shares and redeeming Warren's 10% yielding Preferred stock. This puts holders of the common stock at the end of a multiyear list for any significant boost to the dividend. This could be problematic for the stock affecting any chance of a price recovery. I also think that this mindset on the part of management may be contributing the weakness in OXY shares, as investors look for steady cash. A noted that in turbulent times, investors shift from growth stocks to dividend payers. “Investors typically flock to the dividend payers in down markets or when the economic outlook turns cloudy. Indeed, many companies with big payouts, including utilities and consumer staples, produce stable earnings in any weather.” Ok now let’s review EOG. The company has a reputation as being one of the best-run shale drillers and has consistently returned capital to shareholders through the cycle. This shows in the value creation claimed by the company in the slide below. If WTI sees the gain projected over the next couple of years the free cash available for distribution could be enormous. Analysts rate EOG as , but I doubt that rating takes into account the swoon since early November. The Q-4 EPS forecast for the company is $2.57 per share. This is down from the $2.78 per share forecast for Q-3, which they crushed at $2.89. If they beat on Q-4, it will be consistent with their performance over the entire year. Share price forecasts range from $146-$170, with a median of $144, making an entry point sub-$120 a very reasonable short-term prospect. Particularly when the shareholder-friendly plans for capital returns are factored in. The company has just made a triple-bottom sub-$120, and with a Q-4 beat is unlikely to get much cheaper. I think there will be extreme winners, and extreme losers when the real impact of declines in the Permian are noticed by the market. In that scenario, I think we are near a bottom for stocks in the upstream sector. The company is banging on the door of the million barrel-a-day equivalent producer club. One of the things that sets it apart from other shale players is its well-distributed legacy positions in key shale plays that date from early shale E&P activity in the 2010's. The company has first class assets which are shown in the company graphic below. Recently it’s made a big push into the long-neglected Utica shale. EOG has mostly legacy acreage positions that date back to the Enron days pre-shale revolution when dirt was cheap, and thus have avoided the need for big capital outlays to snag competitors at $50-100K per acre. The last , which they comparatively ‘stole’ for $5,400 an acre. Deal execution like this shows on the balance sheet with a paltry $3.6 bn of long-term debt presently. On DE basis none of its peer group even comes close. EOG has some of the best dirt in the Delaware, thanks to the Yates deal. Perhaps you’ve seen the Wolfcamp white paper put out by the EIA. If not . It shows that some of the best Wolfcamp A, and Bone Spring benches are in southern Eddy and Lea County New Mexico, and in Loving County, Texas. A recent discussed the intensity of drilling in these areas. We're a fan of good dirt around here as it drives cost impacts from logistics and technology. This enables EOG to be pretty selective in the projects they sanction, putting a 30% after-tax rate of return at $40 per barrel. That's a pretty steep hill to climb, but it insulates the company from all but the wildest swings in commodity prices. It also enables price realizations that top the peer group at $77 for Q-3, 2024. I think most of us get the idea behind stock buybacks and their intrinsically increasing the value of remaining shares. That has to be balanced though with the fact that much of this is fraught with peril at squandering capital. This is done by buying back stock in one quarter and seeing the price continue to decline. That is certainly the scenario extant these days. I am surprised equity analysts don't pursue this in conference calls more. EOG has been bitten by the share buyback bug-noting that it will be done ‘opportunistically’, but shows a much more shareholder-friendly attitude with its robust $3.90 per share annual dividend, than many companies that have totally scrapped special dividends in favor of buybacks. The Yield on Cost (YOC) is actually pretty decent at 3.28%. Bottom-line management at EOG knows shareholders need to eat while waiting for the stock float shrinkage to drive share prices higher. EOG's entry into the with relatively little fanfare. Things seem to be going pretty well from the comments in the slide below. EOG has a huge acreage position, and the Utica is far less developed than the Marcellus. The northeast is gas hungry from the explosive growth in AI data centers and the demand coming from the Cove Point LNG terminal on the Chesapeake Bay. On the horizon, new East Coast plants are creating a potential uplift in demand. It is fair to say that EOG isn't cheap here. But against a cohort of near-million barrel producers, it's reasonably priced. Things can always get cheaper, so this multiple might shrink. I am betting there is less elasticity in EOG than in others. I don't think there is any doubt that OXY is a buy for long-term capital appreciation at current levels. As I have noted, I feel strongly that American oil and gas companies are undervalued in terms of their true impact on society, here at home and globally, and lack only a catalyst to rerate higher. This would totally change the dynamic for owners of these assets, but there is no date certain as to when this will occur. The question is, can we wait that out while receiving peanuts for our capital? That leaves us looking for income while we wait for growth, and the money coming quarterly from OXY will not buy Porterhouse steak at Kroger. It may not even buy chicken breasts without a coupon. Chicken leg quarters are the immediate future of OXY holders as we wait on capital appreciation in the commodity rerating I expect. The problem I see is management's dogged determination not to pay a respectable dividend to reward shareholders now. Let's review. First, they had the debt from Anadarko. Ok, that transformed the company...while almost killing it. They got through that and then rising oil prices worked their magic and we had a 5-bagger in appreciation, with the stock price peaking at $75 in late 2022. Holders of OXY stock will listen to any song management sings with that kind of growth in their portfolio. Then came the CrownRock debt and dilution. As I have noted, the company is rightly knocking down the debt, but their single-minded focus on buying back stock at multiples where no one else, except Warren Buffett, is buying does investors no service. The YOC is under 2% and there are no special dividends planned to spread a little cash among shareholders. Since reinstituting the regular dividend in 2022 it's been raised twice and I expect it will be raised again when Q-4 earnings are announced. By another 4-5 cents. To continue our chicken metaphor, this is chicken feed. OXY trades at 5.5-6X EV/EBITDA and $48K per flowing barrel. Not terribly cheap on either metric, so it's probably a toss-up,-pay interest on debt or capitalize on a 30% downdraft in stock prices...since April of this year. Now let’s look at EOG. EOG is trading at a flowing barrel price of $69 per barrel. Again not give away prices. You can buy shale cheaper. EOG has a reputation of being one of the best-run companies in this sector and most of the metrics I've seen substantiate that notion. I've always been willing to pay up for quality, and that's the recommendation here. Buy EOG. EOG has 4.43 bn bbl of 2P reserves as of the end of 2023. During the year they replaced 202% of production with new discoveries. Both are solid metrics and justify the current prices for the stock. At $40 per bbl, EOG has a net present value (NPV) of $179.00 per share, which comes for the share price. This doesn't take into account future revenue from the Utica play, so I regard it as conservative. Also, investors entering EOG before 1-17-25 will receive the previously announced and just raised regular dividend of $0.98 per share on Jan-31st. I regard the timing as auspicious. The yield is admittedly not spectacular-3.08% but I am expecting a special dividend at some point in the coming year that will improve the overall yield on cost. I think EOG is an outstanding bargain for future growth and immediate shareholder returns. Every serious investor in upstream E&P companies should have a position in the company. Accordingly, I rate EOG as the winner of this month’s comparison.New Delhi: Prime Minister Narendra Modi with Union Minister and BJP National President JP Nadda during celebration of the party’s victory in the Maharashtra Assembly elections and in several bypolls, at BJP headquarters in New Delhi.

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A report from the charity on hurricanes, floods, typhoons and storms influenced by climate change warns that the top 10 disasters each cost more than 4 billion US dollars in damage (£3.2 billion). The figures are based mostly on insured losses, so the true costs are likely to be even higher, Christian Aid said, as it called for action to cut greenhouse gas emissions and finance for poor countries to cope with climate change. Politicians who “downplay the urgency of the climate crisis only serve to harm their own people and cause untold suffering around the world”, climate expert Joanna Haigh said. While developed countries feature heavily in the list of costliest weather extremes, as they have higher property values and can afford insurance, the charity also highlighted another 10 disasters which did not rack up such costs but were just as devastating, often hitting poorer countries. Most extreme weather events show “clear fingerprints” of climate change, which is driving more extreme weather events, making them more intense and frequent, experts said. The single most costly event in 2024 was Hurricane Milton, which scientists say was made windier, wetter and more destructive by global warming, and which caused 60 billion US dollars (£48 billion) of damage when it hit the US in October. That is closely followed by Hurricane Helene, which cost 55 billion US dollars (£44 billion) when it hit the US, Mexico and Cuba just two weeks before Milton in late September. The US was hit by so many costly storms throughout the year that even when hurricanes are removed, other storms cost more than 60 billion US dollars in damage, the report said. Three of the costliest 10 climate extremes hit Europe, including the floods from Storm Boris which devastated central European countries in September and deadly flooding in Valencia in October which killed 226 people. In other parts of the world, floods in June and July in China killed 315 people and racked up costs of 15.6 billion US dollars (£12.4 billion), while Typhoon Yagi, which hit south-west Asia in September, killed more than 800 people and cost 12.6 billion dollars (£10 billion). Events which were not among the most costly in financial terms but which have still been devastating include Cyclone Chido which hit Mayotte in December and may have killed more than 1,000 people, Christian Aid said. Meanwhile, heatwaves affected 33 million people in Bangladesh and worsened the humanitarian crisis in Gaza, flooding affected 6.6 million people in West Africa and the worst drought in living memory affected more than 14 million in Zambia, Malawi, Namibia and Zimbabwe, the charity said. Christian Aid chief executive Patrick Watt said: “There is nothing natural about the growing severity and frequency of droughts, floods and storms. “Disasters are being supercharged by decisions to keep burning fossil fuels, and to allow emissions to rise. “And they’re being made worse by the consistent failure to deliver on financial commitments to the poorest and most climate-vulnerable countries. “In 2025 we need to see governments leading, and taking action to accelerate the green transition, reduce emissions, and fund their promises.” Dr Mariam Zachariah, World Weather Attribution researcher who analyses extreme events in near-real time to discern the role of climate change, at Imperial College London, said: “This report is just a snapshot of climate devastation in 2024. “There are many more droughts, heatwaves, wildfires and floods not included that are becoming more frequent and intense. “Most of these disasters show clear fingerprints of climate change. “Extreme weather is clearly causing incredible suffering in all corners of the world. Behind the billion-dollar figures are lost lives and livelihoods.” And Prof Haigh, emeritus professor of atmospheric physics at Imperial College London, said: “The economic impact of these extreme weather events should be a wake-up call. “The good news is that ever-worsening crises doesn’t have to be our long-term future. “The technologies of a clean energy economy exist, but we need leaders to invest in them and roll them out at scale.” The 10 costliest climate disasters of 2024 were: – US storms, December to January, more than 60 billion US dollars; – Hurricane Milton in the US, October 9-13, 60 billion US dollars (£48 billion); – Hurricane Helene in the US, Mexico, Cuba, 55 billion US dollars (£44 billion); – China floods, June 9-July 14, 15.6 billion US dollars (£12.4 billion); – Typhoon Yagi, which hit south-west Asia from September 1 to 9, 12.6 billion US dollars (£10 billion); – Hurricane Beryl, in the US, Mexico and Caribbean islands from July 1-11, 6.7 billion US dollars (£5.3 billion); – Storm Boris in central Europe, September 12-16, 5.2 billion US dollars (£4.1 billion); – Rio Grande do Sul floods in Brazil, April 28-May 3, 5 billion US dollars (£4 billion); – Bavaria floods, Germany, June 1-7, 4.45 billion US dollars (£3.5 billion); – Valencia floods, Spain, on October 29, 4.22 billion US dollars (£3.4 billion).How Trump’s bet on voters electing him managed to silence some of his legal woes

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