Keisha Bandz

On October 27, Antero Resources Corporation announced the initial public offering of Antero Midstream Partners LP.

MPLX crude pipelines are connected to supply hubs, and transport crude oil to Marathon Petroleum Corporation’s, or MPC’s, refineries and third parties.

ConocoPhillips’s (COP) total production volume in 2015 was 1,589 Mboe/d excluding Libya. This represents a 5% year-over-year growth after adjusting for asset dispositions and downtime.

Antero Resources’ current acreage is focused in the Marcellus Shale in West Virginia and the Utica Shale in Ohio.

Over the past 12 months the group has had mixed results.

Cheniere Energy, Inc.’s MLP company’s Sabine Pass liquefaction project has already secured four fixed-price, 20-year sales and purchase agreements with third parties.

Chevron Corporation is currently trading at EV-to-2014E EBITDA of 5x, has an approximately $239 billion market cap, and ~$245 billion enterprise value.

Spectra Energy Corp. (SE), headquartered in Houston, Texas, owns and operates a large and diversified portfolio of natural gas–related assets in North America.

ONEOK Partners (OKS) is a master limited partnership (or MLP) engaged in gathering, processing, storing, and transporting natural gas and natural gas liquids (or NGLs) in the U.S.

The Energy Select Sector SPDR ETF (XLE) fell 0.66% in the week ended September 11. XLE tracks a diverse group of 45 of the largest American energy stocks in the S&P 500 Index (SPX).

ETFs (exchange-traded funds) have stock-like characteristics, while ETNs (exchange-traded notes) possess bond-like traits.

In terms of profitability, OXY has the highest profit margins amongst its peers at 24.2%. OXY also has one of the highest dividend yields at 2.85%.

Crack spreads usually fall when crude oil prices (USO) increase by more than product prices, or when product prices fall more than crude oil prices.

APU competes with Suburban Propane (SPH) and Ferrellgas Partners (FGP). APU is the country’s largest retail propane marketer, serving 2 million customers in all 50 states.

The EIA estimates that US crude oil production fell by 40,000 barrels per day to 9.096 million barrels per day in the week ending September 25.

Reduced well costs is a major positive for KOG—Kodiak has been making progress on improving its well costs, moving from over $10.5 million per well to under $9 million in 2014.

Oasis Petroleum’s (OAS) stock has shown an uptrend for the most part of 2016. Its stock dipped between June 2016 and August 2016….

After Sanchez Energy’s (SN) 3Q16 earnings release on November 7, its stock rose ~2%.

Oasis Petroleum’s short interest ratio on September 13, 2016, was ~19.4%. Its short interest ratio on June 30, 2016, was 16.1%.

The divergence between WTI and Brent narrowed last week, as a slowdown in Cushing offered a glimmer of hope, causing WTI to rise.

EQT’s (EQT) current implied volatility is ~31%. While EQT’s peer Cabot Oil and Gas (COG) has a lower implied volatility of 28.2%, Chesapeake Energy (CHK) has a higher implied volatility of 49%.

Anadarko Petroleum reported adjusted earnings per share of -$0.50 in 4Q16. The company’s EPS were -$0.57 in 4Q15 and -$0.89 in 3Q16.

In its August drilling productivity report, the Energy Information Administration estimated that oil production is expected to rise by 64,000 barrels per day in September.

Analysts expected a natural gas inventory draw of 51 billion cubic feet (or Bcf) last week.

Apache’s stock has fallen almost 20% this year. However, since October, it has remained above approximately $47 on an average.

The four-week average refinery input level of 15.7 MMbpd for the week ended October 9 was 0.3% higher than last year, which is relatively flat.

It’s expected distillate production will grow by the end of 2014. Refineries have built new facilities to produce more distillates than gasoline in anticipation of strong global demand growth.

On April 26, 2017, Apache stock was trading at $50.25. Apache’s average target price of $60.06 indicates a return of ~19.5% over the next 12 months.

Following Rice Energy’s (RICE) 1Q16 earnings, Wall Street analysts updated their target prices for the company for the next 12 months.

In its weekly report released on October 28, the EIA reported an increase of 3.4 million barrels in crude oil inventories for the week ended October 23.

APA’s high target price stands at $73, its low target price stands at $42, and its median target price stands at $60.

Last week, natural gas prices didn’t increase despite forecasts for cooler weather. The forecast called for weather that would be cooler, but not cold enough to cause freezing temperatures.

As of August 17, 2016, institutional investors had increased their positions in Rice Energy (RICE) since 2Q16.

At the end of 1Q18, Continental Resources had total debt of ~$6.2 billion, which is close to the company’s short-term goal of $6.0 billion.

Short interest in WLL jumped in November 2017 after the company announced its one-for-four reverse stock split decision.

Continental Resources’ (CLR) 1Q16 revenue fell by ~27% YoY (year-over-year), while its YoY revenue growth was around -37% in 1Q15 and about -59% in 4Q15.

Whiting Petroleum (WLL) has an implied volatility of ~68.16%, which is ~12% higher than its 15-day average of ~61%.

On December 24, the US Energy Information Administration (or EIA) released its crude inventory report for the week ended December 19.

Hess’s (HES) key management objectives include taking several steps to counter lower commodity prices. These include capital and cost reductions.

Anadarko Petroleum’s (APC) total production in 3Q17 was 626 Mboepd. By comparison, its total production was 780 Mboepd in 3Q16.

Whiting Petroleum (WLL) stock rose 5.3% in the week ending December 29 from the previous week. However, the stock fell ~47.6% by the end of 2017.

According to CHK’s December 2016 presentations, break-even prices in the Marcellus and Utica Shales are $2.00 per MMBtu and $2.15 per MMBtu, respectively.

Apache Corporation’s (APA) pro forma production volume in 1Q16 was 479,000 barrels of oil equivalent per day, a fall of 20% year-over-year.

Approximately 36.4% of Wall Street analysts rated Whiting Petroleum (WLL) as a “buy,” and 45.5% of analysts rated it as a “hold.”

Oasis Petroleum (OAS) is expected to release its fiscal 2Q16 earnings on August 3, 2016. Oasis Petroleum’s 2Q16 revenue estimates are lower than its revenue for the previous quarters.

Anadarko’s dividend yield Anadarko Petroleum (APC) announced a dividend of $0.05 per share on its common stock on May 10, 2017, payable in late June. Its trailing 12-month dividend payments are $0.20 per share, translating to a trailing yield of ~0.41%. The graph above shows how Anadarko’s dividend yield mostly followed an uptrend between 1Q14 […]

WTI (West Texas Intermediate) crude oil’s discount to Brent crude oil widened in the week ended August 14 over the previous week.

Hess (HES), Apache (APA), Devon Energy (DVN), and Marathon Oil (MRO) recorded lower 4Q15 revenues compared to the corresponding quarter in 2014.

Distillate demand and stock levels drive crude demand and crude prices. As a result, energy investors watch distillate inventories closely.

Despite COG’s recent negative stock market movement, the fact that it was able to hold its own and sustain significant levels of production should ensure that it maintains relatively high stock market returns.

AR has reduced its 2016 E&P (exploration and production) capex (capital expenditure) by 22% from 2015. The E&P budget for 2016 is $1.4 billion.

Chevron has cut spending on the Kitimat liquefied natural gas project (or LNG) in Canada due to falling crude prices.

Chesapeake Energy’s (CHK) 2016 debt management efforts included a combination of debt exchanges, open market repurchases, and equity-for-debt exchanges.

SPH noted that weather during this period in its service territories was normal and 9% colder than the prior year.

ConocoPhillips (COP) reported production of 1,437 thousand barrels of oil equivalent per day (or Mboed) in 2Q17, a decline of 7% compared to 2Q16 production of 1,546 Mboed.

Chesapeake Energy’s implied volatility was ~51% on July 17, 2017. In comparison, its peers Noble Energy and Cabot Oil & Gas had implied volatilities of 36.5% and ~32%, respectively.

About 76% of the analysts covering Anadarko Petroleum (APC) have rated the stock a “buy,” and 21% have rated it a “hold.”

Concho Resources (CXO) will release its 4Q15 earnings on February 25, 2016. The estimate for 4Q15 revenue is ~$592.4 million. Revenue in 4Q14 was ~$692.4 million.

ConocoPhillips’s cash flow from operating activities this year has risen on a YoY basis. Its CFO for the first nine months of 2017 came to ~$4.6 billion.

We’ll now turn to EOG Resources (EOG)—our third-largest oil and gas producer, based on the fiscal 2017 data.

Noble Energy’s (NBL) net debt-to-EBITDA (earnings before interest, tax, depreciation, and amortization) rose steadily between 1Q15 and 1Q16.

Shares of USO trade on the NYSE like company stock. The fund lost ~5.3% in the week ended July 2.

We’ll take a look at recent recommendations that brokers have provided for Cheniere Energy Partners (CQP) ahead of its 2Q15 earnings release on July 29.

Since the beginning of 2016, these producers have reduced debt by $1.4 billion, according to the EIA.

Hess Corporation has consistently been improving its performance since long before crude oil prices began crashing.

Natural gas prices directly affect earnings for gas-weighted producers such as Chesapeake Energy Corporation (CHK), EQT Corporation (EQT), Southwestern Energy Company (SWN), and Range Resources Corporation (RRC).

EQT (EQT) increased its 2016 production guidance range to 730–740 Bcfe (Billion cubic feet equivalent) from the previous 710–730 Bcfe it predicted during its 1Q16 earnings.

In the weeks leading up to Apache’s (APA) 1Q16 earnings release, Wall Street analysts have provided target prices for the next 12 months.

Crude oil represented 32% of Sanchez Energy’s (SN) total production in 2Q16. Its share as a percentage of Sanchez’s total production has fallen significantly since 2Q14.

In its weekly report on June 3, the EIA reported that US crude oil refinery inputs averaged ~16.4 MMbpd during the week ending May 29.

The EIA reported that US distillate inventories fell by 0.3 MMbbls to 151.6 MMbbls in the week ending September 25.

As we’ve been discussing, with the Rice deal, EQT Corporation (EQT) is now the largest natural gas producer in the United States.

Antero Resources announced adjusted revenue of ~$783 million. AR’s 3Q16 revenue was ~37% higher than its 3Q15 revenue of ~$570 million.

Natural gas prices continued their declining trend from last week due to mild weather forecasts on the East Coast from December 13 through December 22.

Whiting Petroleum (WLL) is expected to release its 1Q17 earnings on April 26, 2017, after the markets close.

APA’s high target price stands at $77. Its low target price is $42, and its median target price is ~$62.

Oasis Petroleum’s net debt-to-earnings Oasis Petroleum’s (OAS) net-debt-to-adjusted-EBITDA (earnings before interest, tax, depreciation, and amortization) multiple rose steadily between 1Q15 and 4Q16, and then dropped in 1Q17. In 1Q17, Oasis’s net-debt-to-adjusted-EBITDA multiple was ~5.1x. As the graph above shows, Oasis’s net debt was mostly steady between 1Q15 and 3Q15, before it started dropping. However, Oasis’s […]

Whiting Petroleum’s (WLL) 2Q17 EV-to-adjusted EBITDA ratio was ~6.5x. The enterprise value is the sum of a company’s market capitalization and net debt.

Anadarko Petroleum’s (APC) total production in fiscal 2017 was 672 Mboed (thousand barrels of oil equivalent per day).

Following Oasis Petroleum’s (OAS) fiscal 4Q15 earnings release, OAS stock rose 3%. The stock has declined 71% year-over-year.

On June 11, Whiting Petroleum’s (WLL) short interest ratio (short interest as a percentage of float) was ~16%.

Natural gas prices started the week by falling ~2.4% to $3.67 MMBtu (million British thermal units) on Monday. This was the lowest close in 11 months.

Oasis Petroleum’s (OAS) current implied volatility is ~58%—about the same level as its 15-day average of 57.9%.

In its weekly Petroleum Status Report released on Thursday, the EIA announced a decrease of 2.8 MMbbls in crude oil inventories for the week ending May 22.

Following PDC Energy’s (PDCE) 1Q16 earnings, Wall Street analysts updated their target prices for the company for the next 12 months.

The current implied volatility for Chesapeake Energy (CHK) stock is ~69.2%. The stock could close between $4.17 and $5.00 in the next seven days.

Cabot Oil & Gas’s (COG) proved reserves have risen considerably since 2013. At the end of 2016, COG had proved reserves of ~8.6 Tcfe (trillion cubic feet equivalent).

Things were going pretty well for Mexico until 2004 when its oil production started declining. The decline was as a result of Cantarell’s—Mexico’s largest oilfield— depleting reserves.

Approximately 64.5% of the analysts covering Noble Energy (NBL) rated it as a “buy,” while 35.5% rated it as a “hold.”

Hess sees growth opportunities in the Bakken and Utica plays. It also has several growth projects offshore, including its North Malay Basin and its Stampede projects.

For 4Q17, Antero Resources (AR) is expected to report total production of 2,347 MMcfe/d (million cubic feet equivalent per day), which represents an 18% increase year-over-year.

On Friday, August 29, prices closed at $95.96 per barrel. On Tuesday, prices dropped to $92.88—a 3% decrease. On Wednesday, prices came back to $95.54 per barrel, again ~3% higher than the previous day’s market close.

Inventories provide a useful snapshot of distillate demand and supply trends, particularly near and during the winter months.

An increase in US power generation numbers is expected for the week ended October 30, 2015.

Record-high production levels have ensured that adequate supply of natural gas is available before the winter starts. The EIA anticipates that inventory levels will be 3,532 bcf by the end of this month.

Oasis Petroleum’s (OAS) total 1Q16 production volume was 50,315 boepd (barrels of oil equivalent per day). This represents a flattish year-over-year growth.

On September 8, 2017, the short interest as a percentage of float in Whiting Petroleum (WLL) stock, or its short interest ratio, was ~21.4%.

The benchmark US Gulf Coast 3:2:1 crack spread rose ~25% last week. It hit $13.115 per barrel on Friday, September 25

According to the EIA’s June 24 report, crude oil inventory decreased 4.9 MMbbls for the June 19 week. Analysts were expecting a much smaller decrease of 2 MMbbls.

After EQT’s 3Q17 earnings release on October 26, its stock fell ~1.3%. The stock likely fell due to the 3Q17 revenue miss and fall in natural gas prices.