Nicholas Chapman

World Fuel Services (INT) increased from last week’s close of $21.80 to $22.35 on June 14—an increase of more than 2.5%.

ConocoPhillips’s 1Q17 crude oil realized prices In 1Q17, excluding the effect of hedges, ConocoPhillips’s average realized crude oil price in the Lower 48 region was $45.89 per barrel, up ~70% from its price of $27.04 per barrel in 1Q16. Sequentially, ConocoPhillips’s 1Q17 price is ~4% higher than it was in 4Q16. Crude oil prices versus […]

For the second quarter, EOG Resources expects total production in the range of 670.3–706.2 Mboepd (thousand barrels of oil equivalent per day).

For 1Q16, Denbury Resources (DNR) reported an adjusted EBITDA of ~$105 million with an EBITDA margin of ~40%. Its EBITDA margin is only ~20% lower.

For 1Q18, ConocoPhillips (COP) reported revenues of ~$9.0 billion—higher than analysts’ consensus of ~$8.8 billion.

Along with its 4Q15 earnings, Murphy Oil announced the divestiture of its Montney midstream assets located in Canada. The transaction includes the sale of existing infrastructure capable of processing up to 320 million cubic feet per day.

For 3Q16, Range Resources reported an adjusted loss per share of $0.06—$0.09 better than the Wall Street analyst consensus estimate of $0.15 loss per share.

ConocoPhillips’s (COP) Barnett assets have a relatively small contribution to its overall production. In 2016, COP’s Barnett assets produced only 11 MBoepd.

In the last month, crude oil producer Denbury Resources (DNR) has seen its stock price underperform crude oil (USO) and natural gas (UNG) prices.

Suncor Energy (SU) is the only losing stock in the current week from the integrated energy sector. It fell from last week’s close of $34.67 to $34.52 on October 11, 2017.

Devon Energy (DVN) has a forward EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) ratio of ~13x.

On December 21, 2016, California Resources’ total shares shorted, also known as its short interest, stood at ~13.7 million.

In 4Q15, Range Resources was trading at higher price-to-book and price-to-sales multiples than peers.

The median target price on CNX Resources stock is $20.50, which is ~21% higher than its July 26 closing price of $17.01.

In 4Q17, 25 hedge funds were buyers of Southwestern Energy (SWN) stock, and 42 hedge funds were sellers.

In the week ending September 8, 2017, Flotek Industries (FTK) led the losing stocks from the oilfield services sector.

For 3Q16, Occidental Petroleum expects its total production from ongoing operations to be in the range of 600–605 Mboe per day.

ConocoPhillips (COP) announced its 4Q17 earnings on February 1, 2018, before the market opened. It had better-than-expected profits of ~$540 million, beating analyst expectations.

The price of natural gas (UNG) rose ~5% last week. It rose from $2.92 per mmBtu (million British thermal units) to $3.07 per mmBtu. ConocoPhillips’s production volume mix contains ~40% natural gas.

Energy stocks are rising this week. The Energy Select Sector SPDR ETF (XLE) has risen 1.2% from June 18–20.

On May 18, 2017, Devon Energy (DVN) had an implied volatility of ~33.9, which is ~14.9% below its 260-trading day historical price volatility of ~39.9%.

Occidental Petroleum (OXY) is set to report its 4Q17 and fiscal 2017 earnings on February 13, 2018. For 4Q17, OXY’s current consensus net income estimate is ~$275.0 million.

For 2Q16, California Resources’ (CRC) total operating revenue (excluding derivative losses) was ~$435 million or ~44% lower than 2Q15.

Diamondback Energy’s stock price saw uptrend from October 2012 to June 2014. When NYMEX WTI crude oil started falling in June 2014, FANG’s stock peaked.

On September 30, 2016, Stone Energy’s (SGY) total debt stood at ~$1.4 billion. With only ~$182 million in cash and cash equivalents, SGY’s net debt was ~$1.3 billion at the end of 3Q16.

Marathon Oil’s stock price fell from $15.91 to $15.16 last week, while crude oil prices fell from $53.18 per barrel to $49.62 per barrel.

In 9M17, Cabot Oil & Gas (COG) reported revenues of ~$1.4 billion, which is ~63.0% higher than its 9M16 revenues of ~$839.0 million.

For 2Q17, Denbury Resources’ continuing production averaged 59.8 Mboepd, which is ~5% lower than its 2Q16 continuing production of ~63.0 Mboepd.

For the past month, Energen had the highest correlation of ~0.94 with WTI crude oil (USO) prices. Occidental Petroleum had the lowest correction coefficient.

In 1Q16, natural gas hedging activities increased Range Resources’ (RRC) average realized natural gas price by $0.91 per Mcf (thousand cubic feet).

In this series, we’ll analyze Range Resources’ 2Q16 earnings and revenue and look at its cash flow, operational performance, analyst ratings, and price forecasts.

In 3Q15, Occidental Petroleum production mix was 63% crude oil, 25% natural gas, and 12% NGLs. This means that it is more tilted toward liquids production.

Range Resources (RRC) announced its 1Q18 earnings on April 25, after the market closed.

For 4Q16, Wall Street analysts expect Murphy Oil to report EBITDA of ~$261 million—compared to adjusted EBITDA of approximately -$122 million in 4Q15.

In 2Q16, Stone Energy’s (SGY) reported operating netback of ~$23.64 per boe (barrel of oil equivalent), which is higher by ~4% than in 2Q15.

For fiscal 2016, Denbury Resources (DNR) plans to spend ~$200 million in capital expenditure, which is ~51% lower when compared with fiscal 2015 capital expenditure of ~$407 million.

In 1Q16, Pioneer Natural Resources’ (PXD) reported an operating netback of ~$22.15 per boe (barrel of oil equivalent), which is ~4% lower than in 1Q15.

Although crude oil prices have rallied by ~89% from their lows in February 2016, crude is still trading ~54% lower than its high nearly two years ago.

Last week (ended May 26), crude oil prices fell from $50.67 per barrel to $49.80 per barrel.

The median target price on Marathon Oil stock is $23.50, which is ~14% higher than its July 19 closing price of $20.54.

For 2Q17, California Resources (CRC) reported total production of 129 Mboepd, which is below the midpoint production guidance of 128 Mboepd to 133 Mboepd.

Currently, ~10.0% of Wall Street analysts rate Southwestern Energy (SWN) a “strong buy,” 10.0% rate it a “buy,” and 65.0% rate it a “hold.”

So far in 2016, Consol Energy (CNX) has been outperforming bigger upstream companies in the S&P 500 (SPY). CNX has risen by ~64%.

In the last two months, Range Resources’ stock price has increased by ~68%.

Occidental Petroleum (OXY) paid its most recent dividend for 4Q16 on January 13, 2017—$0.76 per share on its common stock.

After losing ~78% of its market capitalization from July 2014 to January 2016, Murphy Oil’s (MUR) stock price is finally showing signs of new uptrend.

California Resources (CRC) is expected to report its Q2 2018 results on August 2, after the market closes.

Marathon Oil (MRO) is set to report its Q2 earnings on August 1. Excluding one-time items, the net income estimate is ~$161 million.

Encana (ECA) didn’t give any specific production guidance for 4Q17. But on its 3Q17 earnings conference call, Encana maintained its 2017 production guidance from July 2017.

In the week starting on March 26, 2018, Legacy Reserves LP increased from last week’s close of $4.47 to $4.94 on March 26—an increase of ~11%.

As we saw in the previous part of this series, Southwestern Energy’s (SWN) stock price decreased strongly by ~6.0% for the week ended January 19. Natural gas (UGAZ)(DGAZ)(UNG) prices fell marginally by ~0.5%.

Identifying the key driver Marathon Oil’s (MRO) stock price was in an uptrend from October 2011 to September 2014 when NYMEX (New York Mercantile Exchange) WTI (West Texas Intermediate) crude oil (USO) prices were in an uptrend. But NYMEX WTI crude oil started to fall in June 2014, and Marathon Oil’s stock price had topped within three […]

WPX Energy (WPX) announced its 1Q16 earnings on May 4, 2016, after the Market closed. WPX reported an adjusted loss of $0.21 per share, which was $0.02 lower than analysts’ consensus.

For 4Q15, Range Resources’ production of ~1.4 Bcfe (billions of cubic feet equivalent) per day was ~12% higher than the ~1.3 Bcfe per day from 4Q14.

In 3Q15, Occidental Petroleum production was 689,000 BOE per day, which is higher by almost 16% than its 595,000 BOE per day in 3Q14.

For the week ending March 16, Southwestern Energy stock had a high correlation of ~79% with natural gas (UGAZ).

Currently, ~54% of Wall Street analysts rate Marathon Oil (MRO) as a “buy” and ~43% of analysts rate it as a “hold.”

The median target price on Occidental Petroleum stock is $78.50, which is ~12% higher than its closing price of $69.85 on February 14.

As of June 30, 2016, Marathon Oil’s total debt was ~$7.3 billion. With ~$2.6 billion in cash and cash equivalents, MRO’s net debt was ~$4.7 billion.

For the week ending November 17, ConocoPhillips (COP) stock had shown the highest correlation of ~91% with natural gas (UNG).

From June 18–20, Energy XXI Gulf Coast (EGC) rose from last week’s close of $7.49 to $8.97, an increase of 20%.

In 2Q17, Marathon Oil’s (MRO) reported a lifting cost of ~$6.75 per boe (barrel of oil equivalent), which is ~28.0% lower than its 2Q16 lifting cost of ~$10.88.

Southwestern Energy (SWN) announced its 1Q18 earnings yesterday after the market closed.

For the week ending October 20, ConocoPhillips stock showed a negative correlation of -15% with crude oil (USO) (SCO).

For 4Q17, ConocoPhillips (COP) expects total production (USO) (UNG) in the range of 1,195–1,235 Mboepd (thousand barrels of oil equivalent per day).

For the week ending October 20, 2017, crude oil (USO) prices rose from $51.45 per barrel to $51.84 per barrel—an increase of 0.76%.

In the week starting March 5, 2018, California Resources (CRC) fell from $14.98 to $14.65, a decrease of ~6.1%.

Excluding the effect of hedges, Apache Corporation’s (APA) average realized crude oil (USO) price in 4Q15 was $38.86 per barrel, down ~45% from $70.81 per barrel in 4Q14.

Due to the prolonged downturn in crude and natural gas, credit rating agencies reviewed many upstream companies earlier this year, including Marathon Oil.

As of June 30, 2016, ConocoPhillips’s total debt stood at ~$28.7 billion. With ~$4.2 billion in cash and cash equivalents, its net debt was ~$24.5 billion.

On April 29, 2016, Ultra Petroleum (UPL) (UPLMQ) and its subsidiaries (or Ultra Entities) filed voluntary petitions seeking in-court reorganization.

As of May 27, 2016, Range Resource’s dividend yield, which measures the amount of cash flow an investor can get for each dollar invested in an equity position, stood at ~0.34%.

Marathon Petroleum (MPC) was the biggest loser last week from the refining and marketing sector.

Over the past two months, Pioneer Natural Resources stock price has dropped by about 19%. But XOP has been down ~27% during same period.

In 4Q17, 470 funds were “buyers” of EOG Resources (EOG) stock, and 450 funds were “sellers” of EOG stock.

On December 31, 2017, 740 13F filers held DVN in their portfolios, out of which 13 filers had DVN in their top ten holdings.

Southwestern Energy’s (SWN) stock price rose ~4.9% for the week ending December 29. Even natural gas (UGAZ) (DGAZ) (UNG) prices moved to the upside.

On September 30, MRO’s total debt was ~$7.3 billion. With ~$1.95 billion in cash and cash equivalents, MRO’s net debt was ~$5.3 billion at the end of 3Q16.

Marathon Oil (MRO) paid its last dividend on September 12, 2016, issuing a dividend of $0.05 per share on its common stock for 2Q16.

For 2Q16, ConocoPhillips (COP) expects total production in the range of 1,500–1,540 Mboepd (thousand barrels of oil equivalent per day).

Should investors be worried about Pioneer Natural Resources’ (PXD) common stock offering? What are PXD’s strengths? In this series, we’ll answer these questions and more.

As of February 16, 2018, 29 analysts were covering Encana (ECA). Of these, ~31% have “strong buy” ratings, ~62% have “buy” recommendations, while the remaining ~7% of analysts have “hold” recommendations.

Last year turned out to be a quite brutal one for all commodities, and energy commodities are no exception. Crude oil was down by ~30% in 2015, whereas natural gas saw a decline of ~19% during the same period.

As of August 5, ~49% of Wall Street analysts rate EOG Resources as a “buy,” and ~49% of analysts rate it as a “hold.” About 2% rate the stock as a “sell.”

Although crude oil prices have rallied ~78% from their lows in February 2016, crude is still trading ~57% lower than its high two years ago.

Range Resources’ 4Q17 revenue In 4Q17, Range Resources (RRC) reported revenue of ~$600 million, lower than Wall Street analysts’ estimate of ~$626 million. RRC’s revenue rose ~24% from its 3Q17 revenue of ~$482 million and ~2% from its 4Q16 revenue of ~$590 million. Reasons behind Range Resources’ higher revenue in 4Q17 Range Resources’ higher revenue could be attributed […]

In order to deal with lower energy prices, Devon Energy has designed its own approach. One of the key components of this approach is the protection of its balance sheet.

CNX Resources (CNX) is set to report its 4Q17 and 2017 earnings on February 6, 2018, before the market opens. CNX is expected to report 1,000% higher profits YoY than 4Q16.

Currently, ~29% of Wall Street analysts rate ConocoPhillips (COP) as a “buy” and ~67% of analysts rate it as a “hold.”

As of March 4, 2016, about 85% of Wall Street analysts have rated Diamondback Energy (FANG) as a “buy,” and ~12% of analysts have rated it as a “hold.”

As of September 30, 2016, ConocoPhillips’s (COP) total debt stood at ~$28.7 billion.

For 4Q17, Wall Street analysts expect CNX Resources (CNX) to report revenues of $338 million.

As of June 13, HighPoint Resources (HPR) had fallen ~5.7% this week, to $6.28 from $6.66, pushing HPR below its 50-day moving average.

ConocoPhillips (COP) is set to report its 4Q17 and 2017 earnings results before the market opens on February 1, 2018.

This week, which started on October 9, 2017, China National Offshore Oil (CEO) is at the top of the list of gainers in the integrated energy sector.

ConocoPhillips (COP) plans to report its Q2 2018 earnings on July 26. Its consensus net income estimate is ~$1.18 billion.

For 3Q16, Wall Street analysts expect Occidental Petroleum (OXY) to report cash flows of $1.36 per share, which would be ~1% higher than in 3Q15.

In 1Q18, Range Resources (RRC) reported operating cash flow of ~$371 million, beating analysts’ expectation of ~$312 million.

Murphy Oil (MUR) is set to report its 2Q16 earnings on July 27, 2016. For 2Q16, Wall Street analysts expect Murphy Oil to report revenues of ~$489 million, which is lower by ~34% when compared with 2Q15 revenues of ~$738 million.

For the week ending March 16, 2018, Southwestern Energy (SWN) stock rose ~3% or from $4.35 to $4.46.