Energy & Utilities

In 2Q17, American Tower (AMT) topped its 2Q16 results on higher organic tenant billing and prudent cost controls.

In 2Q17, American Tower distributed cash worth $275 million among its common stockholders and paid preferred stock dividends totaling $27 million.

September US crude oil futures contracts rose 0.20% and were trading at $50.29 per barrel in electronic trading at 1:35 AM EST on August 1, 2017.

As of July 14, 2017, Marathon Oil’s (MRO) total shares shorted (or short interest) stood at ~51.8 million.

American Tower’s (AMT) 2Q17 EBITDA grew 17.5% to $1.02 billion. These results surpassed the analysts’ expectations of $1 billion.

For fiscal 2017, American Tower expects to report property revenues that would be 14% higher on a year-over-year basis, or by $25 million.

For 2Q17, American Tower (AMT) reported adjusted funds from operation of $1.58 per share, meeting Wall Street estimates and topping 2Q16 by 18.8%.

As of June 30, 2017, Devon Energy’s (DVN) total shares shorted (or short interest) stood at ~10.4 million, whereas its average daily volume was ~5.9 million.

The EIA reported that US crude oil production fell by 19,000 bpd (barrels per day) to 9,410,000 bpd on July 14–21, 2017.

Implied volatility in ExxonMobil has fallen from 14.9% on April 3, 2017, to 13.6% to date.

The US dollar hit 93.68 on July 21, 2017—the lowest level in 13 months. The US dollar has fallen more than 8% in 2017.

The Russian ruble (ERUS) tends to move in line with crude oil prices (USO) (UCO).

Schlumberger’s (SLB) Production segment witnessed the highest revenue growth (17.6% rise) in 2Q17 over 2Q16.

On September 14, 2016, Superior Energy Services (SPN) had an implied volatility of ~51%.

Chevron (CVX) is focusing on expanding its high-return sectors like Petrochemicals, Additives, and Lubricants.

For 2Q16, California Resources (MRO) reported total debt of ~$466 per boe (barrel of oil equivalent) of production.

Chevron’s (CVX) Upstream segment production is poised to grow, with some of the major projects starting up in 2016–2017.

Henry Hub benchmark natural gas prices came in at $2.92 per MMBtu for the week ended September 9, 2016, compared to $2.85 per MMBtu for the previous week.

The LNG sector faces steep competition not only from other domestic terminals but also other countries in the international LNG market.

Battered by falling oil prices, the 2Q16 ROE numbers for ExxonMobil (XOM), Chevron, Royal Dutch Shell, and BP were lower than their five-year average historical ROE figures.

Apache owns 307,000 contiguous net acres in its Alpine High play that have been secured over the past 18 months at an average cost of $1,300 a net acre.

ExxonMobil (XOM) trades at an 8.1x EV-to-EBITDA multiple and a 20.2x price-to-earnings ratio, both above its peers’ averages.

Schlumberger’s business model is diversified and not overly dependent on any particular line of business, catering to upstream companies’ needs.

Cloud Peak Energy reported positive growth in its 2Q16 EBITDA margins. Cloud Peak Energy’s EBITDA margins came in at 11.1% in 2Q16.

On August 19, Patterson-UTI Energy had an implied volatility of ~40%. Since its 2Q16 results were announced, its implied volatility has fallen from ~45%.

On August 16, 2016, National Oilwell Varco (NOV) had an implied volatility of ~35%.

Since the end of June, Marathon Petroleum’s (MPC) stock has risen by 28%. MPC has crossed over its 50-day and its 200-day moving averages during this period.

In its organizational structure, Rice Energy, through its GP Holdings subsidiary, and the public hold 35% and 65% limited partner interest, respectively, in Rice Midstream Partners.

RPC is the largest company by market capitalization among our set of select OFS companies. Flotek Industries is the smallest of the lot.

Approximately 33% of analysts rate Apache (APA) a “buy,” and 55% rate it a “hold.” The remaining 12% rate it a “sell.”

In this part of the series, we’ll take a look at free cash flow for Schlumberger (SLB), Halliburton (HAL), Baker Hughes (BHI), and FMC Technologies (FTI).

The analysts’ survey shows that six out of the 11 companies surveyed rated HollyFrontier (HFC) as “neutral” or “market perform.”

Approximately 63% of analysts rate Noble Energy (NBL) a “buy,” and 34% rate it a “hold.” The remaining ~3% rate it a “sell.”

In the week ended August 5, 2016, temperatures were higher than the forecast for the week. That boosted natural gas prices on August 3.

On July 29, the US crude oil rig count was 374, which was 3 higher than in the previous week.

Natural gas futures rose ~3.9% on August 3, 2016, compared to the previous session. The gain was caused by weather reports suggesting hotter weather.

Approximately 65% of analysts rate EQT (EQT) a “buy,” and 30% rate it a “hold.” The remaining 5% rate it a “sell.”

Approximately 73% of analysts rate Anadarko a “buy,” whereas 22% rate it a “hold,” and 5% rate it a “sell.” The average broker target price is $66.50.

Changing oil prices have changed the dynamics for Total’s segments. Although upstream earnings have declined in 2Q16 YoY, they stayed positive in the quarter.

Nine out of ten companies surveyed rated Valero (VLO) a “buy,” “overweight,” or “outperform.”