Energen Corp

Mild weather and rising inventory estimates could drag natural gas prices lower. The key support for natural gas prices is seen at $2.60 per MMBtu.

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

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

NYMEX-traded WTI crude oil futures contracts for October delivery fell by 1.41% on September 14. The speculation of slowing demand put pressure on crude oil prices.

The IEA downgraded the global crude oil demand estimates for 2017 and 2018, which weighed on oil (USO) (USL) prices on November 14, 2017.

The EIA estimates that US crude oil production fell by 1,074,000 bpd (barrels per day) to 8,406,000 bpd on October 6–13, 2017.

NYMEX-traded WTI crude oil futures contracts for July delivery rose marginally by 0.12% and settled at $59.68 per barrel on June 22, 2015.

On May 8, President Trump said that the US is exiting the Iranian nuclear deal. He plans to impose new sanctions on Iran.

WTI crude oil futures increased ~8.6% on June 25–July 2. Expectations of a drop in US crude oil inventories could support oil prices.

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).

March WTI crude oil futures contracts rose 0.36% and settled at $30.8 per barrel on February 18, 2016. Brent fell 0.64% and closed at $34.3 per barrel.

August WTI crude oil futures contracts trading in NYMEX rose for the second day by 1.33% and closed at $61.01 per barrel on Tuesday, June 23, 2015.

In the weeks leading up to PDC Energy’s (PDCE) earnings release for the fourth quarter of 2015, Wall Street analysts provided target prices for the next 12 months.

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.”

NYMEX-traded July natural gas futures show the emergence of a symmetrical triangle pattern. Prices broke below the trend line support of this pattern on June 22.

Diamondback Energy expects its 2018 production to lie between 115.0 Mboepd and 119.0 Mboepd.

In Q1 2018, 140 funds bought CNX Resources (CNX).

For the second quarter, Wall Street analysts expect EOG Resources (EOG) to report revenue of ~$3.91 billion.

EOG Resources (EOG) is expected to report its second-quarter earnings results after the market closes on August 2.

In Q1 2018, 265 funds were “buyers” of Marathon Oil (MRO) stock, either creating new positions or adding to existing positions.

For Q2 2018, Wall Street analysts expect Devon Energy (DVN) to report revenues of ~$3.90 billion. On a year-over-year basis, DVN’s Q2 2018 revenues expectations are ~24% higher compared with its Q2 2017 revenues of ~$3.15 billion.

Devon Energy (DVN) is expected to report its Q2 2018 earnings on July 31 after the market closes. Here’s what you need to know.

In this article, we’ll try to quantify any correlation between OXY and crude oil prices.

As we saw in the previous part of this series, ConocoPhillips’s (COP) stock price was up by 3.70% for the week ended June 22.

Tellurian stock has risen 25.4% YoY (year-over-year), Energen stock has risen 25.3% YoY, and Centennial stock has risen 24% YoY.

Ring Energy’s leverage ratio as of the first quarter was ~1.09x. The company’s assets are mainly financed by equity.

US gasoline inventories increased by 3.6 MMbbls (million barrels) or 1.5% to 241 MMbbls on January 5–12, 2018, according to the EIA.

The API reported that US gasoline and distillate inventories rose by 9,200,000 barrels and 4,300,000 barrels on November 24–December 1, 2017.

US gasoline inventories rose by 3,627,000 barrels to 214 MMbbls (million barrels) on November 17–24, 2017, according to the EIA.

US gasoline inventories According to the EIA (U.S. Energy Information Administration), US gasoline inventories rose by 44,000 barrels to 210.4 MMbbls (million barrels) between November 10 and 17, 2017. However, gasoline inventories were 13.5 MMbbls (6.1%) lower than in the same period in 2016. The market estimated that US gasoline inventories would rise by 737,000 barrels between […]

The US Dollar Index rose 0.13% to 94.4 on November 13, 2017. It limited the upside for US crude oil (UWT) (DWT) prices on the same day.

For 4Q17, Occidental Petroleum expects total production of 633–641 Mboepd, ~5% higher than its 3Q16 production of 607 Mboepd.

As of October 26, 2017, around 27.3% of analysts covering Occidental Petroleum (OXY) have “strong buy” or “buy” recommendations on the stock.

Iraq’s crude oil exports hit 3.98 MMbpd (million barrels per day) in September 2017, according to Bloomberg—its highest level since December 2016.

On August 9, 2017, ~63.6% of the 11 analysts covering Denbury Resources (DNR) gave “hold” recommendations on its stock.

As of August 2, eight analysts rated Devon Energy as a “strong buy,” 14 analysts rated it as a “buy,” and 12 analysts rated it as a “hold.”

Last week, natural gas and crude oil producer Marathon Oil’s stock price outperformed crude oil prices, declining marginally from $12.54 to $12.52.

Since January 26, 2017, crude oil prices have dropped from $53.78 per barrel to $47.72 per barrel. Encana (ECA) stock also fell from $13.83 to $10.32 during this period.

For fiscal 2016, Encana (ECA) reported production of 352.7 Mboepd (thousand barrels of oil equivalent per day), which is above the mid-point of its production guidance range of 340–360 Mboepd.

Recently, Marathon Oil declared a dividend of $0.05 per share for 1Q17. The dividend will be payable on March 10, 2017, to stockholders of record at the close of business on February 15.

4Q16 production guidance For 4Q16, Devon Energy (DVN) expects total production of 524 Mboepd[1.thousand barrels of oil equivalent per day]–546 Mboepd. The midpoint of Devon Energy’s 4Q16 production guidance is ~21% lower than it was in 4Q15. Additionally, Devon Energy’s production guidance is ~7% lower than it was in 3Q16. For 4Q16, Devon Energy expects […]

On January 31, 2017, ConocoPhillips (COP) announced that it has increased its quarterly dividend by 6% from $0.25 per share to $0.27 per share.

In 3Q16, MRO’s reported FCF normalized to total production of ~$3.68 per boe, which was ~$6.9 higher than in 3Q15.

Since 2014, ConocoPhillips (COP) has been focusing on reducing its break-even price.

Marathon Oil’s FCF normalized to production In 2Q16, Marathon Oil’s (MRO) reported FCF (free cash flow) normalized to total production of about -$3.38 per boe (barrel of oil equivalent), which is ~$8.92 higher than in 2Q15. Marathon Oil’s FCF normalized to total production fell steeply in 4Q14 and 1Q15. In fact, in 1Q15 Marathon Oil […]

As of August 9, 2016, Energen (EGN) had an implied volatility of ~44.7%, which is ~23.8% below its 260-day historical price volatility of ~58.6%.

For 2Q16, Energen (EGN) reported cash flow of $1.03 per share, which is lower by ~61% when compared with 2Q15.

As of August 3, 2016, Marathon Oil had implied volatility of ~52.0%, which is ~25.4% below its 260-trading day historical price volatility of ~69.8%.

As of August 1, 2016, ConocoPhillips had an implied volatility of ~33.3%, which is ~26.8% below its 260-trading day historical price volatility of ~45.5%.

A peer group comparison shows that Newfield Exploration’s forward EV-to-EBITDA multiple of ~12x is slightly undervalued compared to its peer average of 12.6x.

Denbury Resources’ valuation appears to be at the lower end of the range compared to its peers’. The average EV-to-EBITDA ratio for the industry is ~11.1x.

Currently, ~67% of Wall Street analysts rate Devon Energy (DVN) as a “buy” and ~31% of analysts rate it as a “hold.” Around 3% rate the stock as a “sell.”

Crude oil’s forward curve suggests that crude oil prices could hit $40 per barrel in 2016. They may hit $52 per barrel by the end of 2024.

PDC Energy (PDCE) will release its 4Q15 earnings on February 22. 4Q15 revenue estimates for the compan sit at ~$179 million.

The fall in supply disruptions from OPEC member nations will add to the global oil market glut. This would extend the bear market and negatively impact oil prices.

The day after Energen (EGN) released its 4Q15 earnings, its stock price fell a whopping 15.9% but recovered somewhat during the day to close at $22.91, which was a 7.1% fall from the previous day’s close.

Lower refined products prices led to the fall in refinery demand. The EIA reported that US refined demand fell to 15.5 MMbpd for the week ending February 5.

The EIA reported that Cushing crude oil inventories fell by 212,000 barrels to 53.1 MMbbls in the week ended October 30, 2015. That was the third weekly fall in Cushing inventories.

The EIA reported that the US crude oil output fell by 18,000 bpd (barrels per day) to 9.117 MMbpd (million barrels per day) for the week ending September 11.

Crude oil, which accounts for the majority of Diamondback Energy’s production, recorded a 44% decline in average realized prices from 2Q14 to 2Q15.

Bullish traders could see resistance at $3 per MMBtu. Warm weather and the demand from power plants could boost natural gas prices.

The current momentum suggests that natural gas prices could fluctuate in either direction. Bullish traders could see resistance at $3.20 per MMBtu.

The warmer weather consensus could push natural gas prices to the nearest resistance of $3.20 per MMBtu. Gas prices hit this level in January 2015.