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Exploring Stone Energy’s 1Q17 Crude Oil Price Realizations

Nicholas Chapman - Author
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Jun. 19 2017, Updated 7:36 a.m. ET

Stone Energy’s 1Q17 crude oil realized prices

Due to rising crude oil (USO) and natural gas (UNG) prices since the start of 2016, Stone Energy’s (SGY) realized prices rose significantly in 1Q17. Including the effect of hedges, Stone Energy’s average realized crude oil price in 1Q17 was $49.97 per barrel, up ~36% from $36.87 per barrel in 1Q16.

Sequentially, SGY’s average realized crude oil price in 1Q17 was ~2% higher compared to 4Q16.

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NYMEX differentials

Stone Energy’s average realized crude oil price in 1Q17 underperformed the average WTI (West Texas Intermediate) crude oil price during the same period. SGY’s average realized crude oil price in 1Q17 was $1.98 lower per barrel, compared to the average WTI crude oil price of $51.95 per barrel for the same period. In 1Q16, SGY’s average realized crude oil price underperformed the average WTI crude oil price.

Stone Energy’s 1Q17 natural gas realized price

In 1Q17, SGY’s average realized price for natural gas (UNG) production rose ~21% to $2.68 per Mcf (thousand cubic feet), compared to $2.22 per Mcf for the same period in 2016.

Stone Energy’s average realized natural gas price in 1Q17 underperformed the average NYMEX natural gas price during the same period. SGY’s average realized natural gas price in 1Q17 was $0.39 lower per Mcf than the average NYMEX natural gas price of $3.07 per Mcf in the same period.

Other upstream players

Other upstream companies from the S&P 500 (SPY) such as Denbury Resources (DNR) and Devon Energy (DVN) have also shown significant improvements in their crude oil and natural gas realized prices. DVN’s realized crude oil price in the United States has risen to $49.65 per barrel in 1Q17, compared to $28.74 per barrel in 1Q16.

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