This example adds an oval containing text to slide one in the active presentation and rotates the oval and the text 45 degrees. The parent object for the text frame is the Shape object that contains the text.
Set myShapes = ActivePresentation.Slides(1).Shapes
With myShapes.AddShape(Type:=msoShapeOval, Left:=50, _
Top:=50, Width:=300, Height:=150).TextFrame
.TextRange.Text = "Test text"
.Parent.Rotation = 45