In this series, we’ll compare the four largest independent E&P (exploration and production) players by market capitalization: ConocoPhillips (COP), EOG Resources (EOG), Occidental Petroleum (OXY), and Anadarko Petroleum (APC). In the first five articles, we’ll analyze their recent operating performance, capex plans, and valuation. Later, we’ll look at their recent market performance, technical indicators, institutional activity, and analyst recommendations. Let’s start with a brief overview of the four peers.
ConocoPhillips (COP), the US largest independent upstream company by market capitalization, operates in 17 countries. The company’s portfolio of assets includes
- tight oil sands in North America
- conventional assets in North America, Asia, Europe, and Australia
- liquefied natural gas development assets
In the United States, the company is focused on Alaska, Gulf Coast, the Mid-Continent region, and the Rockies. The Eagle Ford region on the Gulf Coast saw the highest average daily net production last year.
Similar to ConocoPhillips, EOG Resources has operations spread across various geographies. In the United States, the company is focused on the Eagle Ford, the Permian Basin, and the Rockies. Internationally, COP operates in Trinidad, the United Kingdom, China, and Canada. In the United States, the company is focused on expanding premium locations in the Powder River Basin. It has increased its total premium resource potential by ~26% to 9.2 billion barrels of oil equivalent.
Occidental Petroleum has three business segments:
- Oil and Gas
- Chemicals, focusing on the production and marketing of basic chemical and vinyl
- Midstream and Marketing, focusing on natural gas gathering and processing, crude oil gathering, crude oil terminaling, and power generation
Anadarko Petroleum is involved in E&P in the Delaware and DJ (Denver-Julesburg) basins and offshore in the Gulf of Mexico. The company’s international operations are mostly spread across Algeria, Ghana, and Mozambique, and it is involved in midstream activities through its subsidiary, Western Gas Partners (WES), and other midstream assets.