Nitin Kumar
Oil & Gas E&P
AR Antero Resources Corporation
BKV BKV Corp.
CRC California Resources Corporation
CNX CNX Resources Corporation
CRK Comstock Resources, Inc.
CTRA Coterra Energy Inc.
DEC Diversified Energy Company
DVN Devon Energy
FANG Diamondback Energy, Inc.
EOG EOG Resources, Inc.
EQT EQT Corporation
EXE Expand Energy Corp.
GPOR Gulfport Energy Corporation
OXY Occidental Petroleum Corporation
OVV Ovintiv Inc.
RRC Range Resources Corporation
TALO Talos Energy Inc.
Independent Refiners
CVI CVR Energy, Onc.
DK Delek US Holdings, Inc.
DINO HF Sinclair Corporation
MPC Marathon Petroleum Corporation
PARR Par Pacific Holdings, Inc.
PBF PBF Energy, Inc.
PSX Phillips 66
VLO Valero Energy Corporation
Integrated
COP ConocoPhillips
XOM Exxon Mobil Corporation
CVX Chevron Corporation
Differentiated Product
Our work on the upstream sector focuses on detailed asset level and financial modeling of each company, supported by our proprietary ARCHIE database and differentiated Energy Investment Framework that force rank-orders IOC, Refining and E&P stocks in our coverage on a single scale. We have a comprehensive view of the US shale market, covering ~70% of total U.S. shale oil production and ~65% of U.S gas production as of January 2025. Our weekly Valuation Handbook, Natural Gas Monitor and Chart of the Week are timely source of intelligence on oil and gas market fundamentals Some of our differentiated calls over the last 12 months include: Refining Downgrade (March 2024), Neutral view on COP-MRO deal (May 2024), and EQT downgrade post ETRN deal (March 2024). We also initiated coverage of several stocks including TALO, BKV, DEC, PARR and CVI.
Key Reports
• Mizuho 2025 Oil & Gas Outlook – December 16, 2024
• A Study Of U.S. Shale Operating Efficiencies Using ARCHIE – June 18, 2024
• Throwing an Extension Cord Won't Work; GenAI Growth Implication for US Power Needs – August 16, 2024
Notable Events
• Mizuho Power, Energy and Infrastructure Conference – December 2024
• Mizuho Fall Bus Tour (Oklahoma City & Houston) – September 2024
• Mizuho Spring Bus Tour (Denver) – March 2025
Analyst Bio
Nitin joined Mizuho in October 2022 as a senior analyst leading the U.S. Oil & Gas research team. Prior to Mizuho, Nitin was senior analyst at Wells Fargo, where he developed the U.S. E&P equity research franchise that was recognized as Runner Up in the 2021 Institutional Investor All America Poll. He previously served in similar roles at Deutsche Bank, Credit Suisse, Millennium Partners, and Bank of America Merrill Lynch. Nitin began his career in risk management at Ernst & Young. He holds a Bachelor of Arts in Business and Economics from Franklin & Marshall College and an MBA from Columbia University.