Seadrill’s (SDRL) stock price fell more than 84% from the beginning of 2017 to May 18, 2017. The stock fell more than other offshore drillers.
Seadrill will release its 1Q17 results on May 24. In 4Q16, Seadrill’s revenue was $667 million—nearly 10% lower than revenue of $743 million in 3Q16.
In 1Q17, 342 funds were buyers of Devon Energy (DVN) stock, and 349 funds were sellers of DVN.
On May 18, 2017, Devon Energy (DVN) had an implied volatility of ~33.9, which is ~14.9% below its 260-trading day historical price volatility of ~39.9%.
On April 28, 2017, Devon Energy’s (DVN) total shares shorted (or short interest) stood at ~7.9 million, and its average daily volume was ~4.5 million.
On May 18, 2017, 38 analysts provided recommendations on Devon Energy (DVN). These recommendations include nine “strong buy”, 17 “buy,” and 12 “hold” recommendations.
Excluding hedges, Devon Energy (DVN) reported positive cash margins as well as positive total margins in 1Q17.
In 1Q17, Devon Energy’s (DVN) reported operating netback was ~$16.68 per boe (barrel of oil equivalent), which is ~178% higher than in 1Q16.
In 1Q17, Devon Energy’s (DVN) reported lifting cost was ~$9.30 per barrel of oil equivalent, which is ~24% higher when compared with 1Q16.
For 1Q17, crude oil and bitumen hedging activities increased Devon Energy’s (DVN) average realized crude oil and bitumen price by $0.50 per barrel.
According to Devon Energy’s (DVN) 1Q17 financials, DVN reported total (non-cash and cash) profit of ~$232 million on its derivative instruments.
In 1Q17, Devon Energy’s (DVN) operating revenues from crude oil, natural gas, and natural gas liquids sales totaled ~$1.3 billion, an increase of ~59% when compared with 1Q16.
Excluding the effect of hedges, Devon Energy’s (DVN) United States average realized crude oil price in 1Q17 was $49.65 per barrel, an increase of ~73% when compared with $28.74 per barrel in 1Q16.
Devon Energy’s (DVN) realized price for 1Q17, without hedging benefit, was ~68% above its production cash cost.
For 1Q17, Devon Energy (DVN) reported total production of 563 MBoepd, which is ~18% lower when compared with 1Q16.
In 1Q17, Devon Energy’s (DVN) crude oil percentage in its production mix increased 4% when compared with 1Q16.
So far in 2017, crude oil and natural gas producer Devon Energy’s (DVN) stock price has widely underperformed crude oil prices. DVN stock has fallen from $45.60 to $36.90 year-to-date.
Among the energy ETFs, the Energy Select Sector SPDR ETF (XLE) had the highest correlation with US oil (UCO) (USO) prices at 78.7% between May 11 and May 18, 2017.
US initial jobless claims fell by 4,000 to 232,000 for the week ending May 13, 2017, based on the US Department of Labor’s report on May 18, 2017.
Between May 11 and May 18, 2017, the S&P 500 Index (VFINX) (SPY) (SPX-INDEX) fell 1.2%. During the same period, US crude oil (USO) (OIIL) (USL) (SCO) July futures rose 3%.