Key Energy Industry Updates for May 15–19

How Much Did Weatherford Drop in the Year before May 12, 2017?

In the past year, Weatherford International’s (WFT) stock has fallen 11% as of May 12, 2017. During this period, WFT has also underperformed the VanEck Vectors Oil Services ETF (OIH), which has generated 2% returns.

BP’s Upstream Projects Pipeline: Ready to Spur Production Growth

BP’s (BP) upstream portfolio is positioned for growth with major projects expected to come online in 2H17. The company expects to start up about seven major projects in 2017, including mega Zohr, Khazzan in Oman, and Quad 204. BP expects a considerable rise in cash flows in the second half of 2017 from these new projects.

Did Trump Trade’s Unwinding Halt Marathon’s Rally?

Since April 3, 2017, Marathon Petroleum (MPC) has risen 4%, the highest among its peers. TSO has risen 2%, but VLO and PSX have fallen 4% and 1%, respectively, so far in 2Q17. During this period, the SPDR S&P 500 ETF (SPY), the broader market indicator, has been flat.

Understanding Devon Energy’s Production Volumes

For 1Q17, Devon Energy (DVN) reported total production (USO) (UNG) of 563 MBoepd (thousand barrels of oil equivalent per day), which is ~18% lower when compared with 1Q16. However, on a sequential basis, Devon Energy’s 1Q17 production is ~5% higher when compared with 4Q16. Devon Energy’s total quarter-over-quarter production volumes have been stagnant since 2Q14 and have averaged ~678 Mboepd.