More From Keisha Bandz
Must-know: A quick look into the Antero Midstream IPO
On October 27, Antero Resources Corporation announced the initial public offering of Antero Midstream Partners LP.
The MPLX crude oil pipeline system
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: 2015 Operational Highlights, 2016 Guidance
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.
Key update on Antero Midstream’s assets
Antero Resources’ current acreage is focused in the Marcellus Shale in West Virginia and the Utica Shale in Ohio.
Overview: How Suburban measures up among its competitors
Over the past 12 months the group has had mixed results.
Overview of Cheniere’s sale and purchase contracts
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: A must-know brief overview
Chevron Corporation is currently trading at EV-to-2014E EBITDA of 5x, has an approximately $239 billion market cap, and ~$245 billion enterprise value.
An investor’s guide to Spectra Energy Corp. and its earnings
Spectra Energy Corp. (SE), headquartered in Houston, Texas, owns and operates a large and diversified portfolio of natural gas–related assets in North America.
Overview: ONEOK Partners and its 3 operating segments
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.
XLE Outperforms USO Last Week
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).
Comparison of exchange-traded funds and exchange-traded notes
ETFs (exchange-traded funds) have stock-like characteristics, while ETNs (exchange-traded notes) possess bond-like traits.
How does Occidental Petroleum compare to industry peers?
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%.
Overview of US Gulf Coast 3:2:1 Crack Spread
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.
Must-know: How does AmeriGas stack up against its competition?
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.
Drop in US Crude Oil Production Supported WTI Prices
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.
Must-know: Key takeaways from the Whiting-Kodiak transaction
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.
How Has Oasis Petroleum’s Stock Performed This Year?
Oasis Petroleum’s (OAS) stock has shown an uptrend for the most part of 2016. Its stock dipped between June 2016 and August 2016….
Why Did Sanchez’s Stock Rise after 3Q16 Earnings Release?
After Sanchez Energy’s (SN) 3Q16 earnings release on November 7, its stock rose ~2%.
Analyzing Short Interest Trends in Oasis Petroleum
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 WTI-Brent crude oil discount narrows
The divergence between WTI and Brent narrowed last week, as a slowdown in Cushing offered a glimmer of hope, causing WTI to rise.
What We Can Forecast from EQT’s Implied Volatility Trends
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%.
Can Anadarko Petroleum Stock Maintain Its Upward Momentum?
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.
Inside the EIA’s Forecasts for Permian Production
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.
EIA Natural Gas Inventory Report – Important for Energy Investors
Analysts expected a natural gas inventory draw of 51 billion cubic feet (or Bcf) last week.
Placing Apache’s Stock Compared to Its Peers
Apache’s stock has fallen almost 20% this year. However, since October, it has remained above approximately $47 on an average.
US Refinery Inputs: Another Cause for Crude Oil Inventory Build
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.
Why analysts were surprised by distillate inventories last week
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.
Analysts’ Expectations for Apache in the Next 12 Months
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.
What Do Analysts Recommend for RICE after Its 1Q16 Results?
Following Rice Energy’s (RICE) 1Q16 earnings, Wall Street analysts updated their target prices for the company for the next 12 months.
US Crude Oil Inventories Slowed Down Last Week, WTI Rises
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.
What Are Analysts’ Targets for Apache for the Next 12 Months?
APA’s high target price stands at $73, its low target price stands at $42, and its median target price stands at $60.
Why cold weather warms natural gas investors
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.
What Moves Are Institutional Investors Making on Rice?
As of August 17, 2016, institutional investors had increased their positions in Rice Energy (RICE) since 2Q16.
Continental Resources Stock Fell 3% after Its 1Q18 Earnings
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.
The Short Interest Trends in Whiting Petroleum Stock
Short interest in WLL jumped in November 2017 after the company announced its one-for-four reverse stock split decision.
What Does Continental Resources’ Revenue Growth Trend Indicate?
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.
Forecasting Whiting Petroleum’s Stock Price Range for Next Week
Whiting Petroleum (WLL) has an implied volatility of ~68.16%, which is ~12% higher than its 15-day average of ~61%.
Why was there a surprise in the EIA’s last crude inventory report?
On December 24, the US Energy Information Administration (or EIA) released its crude inventory report for the week ended December 19.
Hess’s Key Management Objectives Investors Need to Know
Hess’s (HES) key management objectives include taking several steps to counter lower commodity prices. These include capital and cost reductions.
Anadarko Petroleum’s Operational Performance in 3Q17
Anadarko Petroleum’s (APC) total production in 3Q17 was 626 Mboepd. By comparison, its total production was 780 Mboepd in 3Q16.
What Drove Whiting Petroleum Stock in 2017?
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.
What’s the EIA Forecasting for Natural Gas Prices for 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’s Key Operational Highlights in 1Q16
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.
About 36% of Analysts Rate Whiting Petroleum Stock as a ‘Buy’
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 to Release Its 2Q16 Earnings on August 3
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.
A Look at Anadarko Petroleum’s Dividend Yield Trends
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–Brent Spread Continues to Diverge: Who Gains and Who loses?
WTI (West Texas Intermediate) crude oil’s discount to Brent crude oil widened in the week ended August 14 over the previous week.
Why Did Apache See the Worst Decline in 4Q15 Revenue?
Hess (HES), Apache (APA), Devon Energy (DVN), and Marathon Oil (MRO) recorded lower 4Q15 revenues compared to the corresponding quarter in 2014.
Distillate inventories continued to decline
Distillate demand and stock levels drive crude demand and crude prices. As a result, energy investors watch distillate inventories closely.
Must-know: Cabot Oil & Gas’ market performance
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.
Inside Antero Resources’ Key Management Objectives
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.
Why Chevron is cutting spending on some projects
Chevron has cut spending on the Kitimat liquefied natural gas project (or LNG) in Canada due to falling crude prices.
Natural Gas Prices Driving Chesapeake Energy Stock in 2017
Chesapeake Energy’s (CHK) 2016 debt management efforts included a combination of debt exchanges, open market repurchases, and equity-for-debt exchanges.
Must-know: Suburban Propane’s 1Q14 earnings
SPH noted that weather during this period in its service territories was normal and 9% colder than the prior year.
Why COP’s 2Q17 Production Fell
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.
What Can We Infer from Chesapeake’s Implied Volatility?
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.
Most Analysts Recommend a ‘Buy’ for Anadarko Petroleum Stock
About 76% of the analysts covering Anadarko Petroleum (APC) have rated the stock a “buy,” and 21% have rated it a “hold.”
What Are the Expectations for Concho Resources’ 4Q15 Earnings?
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.
What Drove ConocoPhillips’s Operating Cash Flow This Year?
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.
EOG Resources’ Stock Movement Trends
We’ll now turn to EOG Resources (EOG)—our third-largest oil and gas producer, based on the fiscal 2017 data.
How Does Noble Energy’s Debt Position Look?
Noble Energy’s (NBL) net debt-to-EBITDA (earnings before interest, tax, depreciation, and amortization) rose steadily between 1Q15 and 1Q16.
USO Is a Better Trade Compared to XOP in Week of July 2
Shares of USO trade on the NYSE like company stock. The fund lost ~5.3% in the week ended July 2.
Cheniere Energy Partners: Wall Street Recommendations ahead of Q2
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.
How Asset Transactions Are Impacting Energy Companies’ Debt Levels
Since the beginning of 2016, these producers have reduced debt by $1.4 billion, according to the EIA.
Where Is Hess Focusing Its Key Efforts amid Volatile Energy Prices?
Hess Corporation has consistently been improving its performance since long before crude oil prices began crashing.
Why investors should closely watch natural gas inventory figures
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).
Why the Marcellus Play Is Crucial for EQT
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.
What Do Analysts Recommend for Apache Pre-1Q16 Earnings Release?
In the weeks leading up to Apache’s (APA) 1Q16 earnings release, Wall Street analysts have provided target prices for the next 12 months.
Why Crude Oil Is an Essential Component of SN’s Production Mix
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.
Refinery Inputs Fall Again: What It Means for WTI Crude Oil
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.
US Distillate Inventories Were Down Less than Expected Last Week
The EIA reported that US distillate inventories fell by 0.3 MMbbls to 151.6 MMbbls in the week ending September 25.
The New and Improved EQT: Synergies from the Midstream Separation
As we’ve been discussing, with the Rice deal, EQT Corporation (EQT) is now the largest natural gas producer in the United States.
Why Antero’s Revenue Has Climbed since 3Q14: Earnings in Perspective
Antero Resources announced adjusted revenue of ~$783 million. AR’s 3Q16 revenue was ~37% higher than its 3Q15 revenue of ~$570 million.
Inconclusive weather forecasts control natural gas prices
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’s 1Q17 Earnings: A Repeat of 4Q16?
Whiting Petroleum (WLL) is expected to release its 1Q17 earnings on April 26, 2017, after the markets close.
What Are Analysts Forecasting for Apache in Next 12 Months?
APA’s high target price stands at $77. Its low target price is $42, and its median target price is ~$62.
Understanding Oasis Petroleum’s Net Debt Evolution
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 […]
Comparing Whiting Petroleum’s Valuation to Historical Numbers
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 Production in Fiscal 2017
Anadarko Petroleum’s (APC) total production in fiscal 2017 was 672 Mboed (thousand barrels of oil equivalent per day).
What Drove Oasis Petroleum’s Stock Higher after Fiscal 4Q15?
Following Oasis Petroleum’s (OAS) fiscal 4Q15 earnings release, OAS stock rose 3%. The stock has declined 71% year-over-year.
What Are the Short Interest Trends in Whiting Petroleum Stock?
On June 11, Whiting Petroleum’s (WLL) short interest ratio (short interest as a percentage of float) was ~16%.
Key insight: Why natural gas prices remain bearish
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.
Gauging Oasis Petroleum’s Implied Volatility Trends
Oasis Petroleum’s (OAS) current implied volatility is ~58%—about the same level as its 15-day average of 57.9%.
Crude Oil Inventories Drop Again: Good News for WTI
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.
What Do Analysts Recommend for PDCE after 1Q16 Results?
Following PDC Energy’s (PDCE) 1Q16 earnings, Wall Street analysts updated their target prices for the company for the next 12 months.
What Can We Gauge from Chesapeake Energy’s Implied Volatility?
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.
How Have Cabot Oil & Gas’s Proved Reserves Changed since 2013?
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).
Key analysis: Why Mexico desperately needed energy reforms
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.
Noble Energy: Analysts’ Ratings and Recommendations
Approximately 64.5% of the analysts covering Noble Energy (NBL) rated it as a “buy,” while 35.5% rated it as a “hold.”
Hess’s Management Objectives, Strategies in Focus
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.
Antero Resources’ Production Expectations for 2017 and 2018
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.
Must-know: Why oil prices swung lower only to recover again
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.
Update: Distillate inventory movement
Inventories provide a useful snapshot of distillate demand and supply trends, particularly near and during the winter months.
US Power Generation Down Again: An Analysis of Trends
An increase in US power generation numbers is expected for the week ended October 30, 2015.
Why natural gas production trends are so important to prices
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 1Q16 Production and Operational Highlights
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.
Analyzing Short Interest Trends in Whiting Petroleum Stock
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%.
US Gulf Coast 3:2:1 Crack Spread Rose 25% Last Week
The benchmark US Gulf Coast 3:2:1 crack spread rose ~25% last week. It hit $13.115 per barrel on Friday, September 25
Crude Oil Inventory Drops Last Week, Lower than Expectations
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.
Why EQT Stock Fell after Its 3Q17 Earnings
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.