Energen Corp

Energen Corporation currently owns 266 net royalty acres in the Midland and Delaware Basins.

Diamondback Energy expects $205.0 million–$310.0 million of annual savings following the completion of the merger with Energen Corporation (EGN).

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.

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

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.

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.

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.

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

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 […]

Venezuela is OPEC’s sixth-largest crude oil producer. The EIA estimates that Venezuela’s crude oil production fell by 30,000 bpd to 1.91 MMbpd in October.

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 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.

US crude oil futures contracts for December delivery fell 0.02% and were trading at $53.90 per barrel in electronic trade at 2:20 AM EST on October 30.

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

The EIA estimates that US crude oil production rose by 1,101,000 bpd or 13.1% to 9,507,000 bpd on October 13–20, 2017. It rose from almost a four-year low.

If the EIA reports a larger-than-expected fall in US gasoline and distillate inventories, it would support gasoline and diesel prices.

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.

The US Energy Information Administration (or EIA) released its “Weekly Petroleum Status Report” on October 12, 2017.

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.

The majority of Marathon Oil’s revenues comes from crude oil and NGL sales. The price of crude oil is thus the key driving factor for MRO stock.

As of September 22, 2017, around 89.7% of analysts covering Pioneer Natural Resources (PXD) have “buy” or “strong buy” recommendations on the stock.

In 2Q17, 58 funds were buyers of W&T Offshore (WTI) stock, and 40 funds were sellers. That means that total buying funds outnumbered total selling funds by 18.

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

On August 3, 2017, around 30.4% of the total analysts covering Occidental Petroleum (OXY) had “strong buy” or “buy” recommendations on the 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.”

Recommendations As of July 24, 2017, most of the 23 analysts (60.9%) covering Occidental Petroleum (OXY) had “hold” recommendations. Four analysts recommended “strong buy,” three analysts recommended “buy,” 14 analysts recommended “hold,” one analyst recommended “sell,” and one analyst recommended “strong sell.” Target price Analysts have given a median target price of $65.50, which is ~10% higher […]

As of May 30, 2017, California Resources’ (CRC) total shares shorted (or short interest) stood at ~13.0 million, whereas its average daily volume is ~2.1 million.

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.

Despite the decrease in crude oil prices last week, the Energy Select Sector SPDR ETF (XLE) outperformed the S&P 500 ETF (SPY).

Last week, natural gas (UNG) and crude oil (USO) producer Marathon Oil (MRO) saw its stock outperform crude oil.

Production guidance Encana (ECA) did not give any specific production guidance for 1Q17. However, during its 4Q16 earnings conference call, it gave fiscal 2017 production guidance. For 2017, Encana expects total production of 320 Mboepd[1.thousand barrels of oil equivalent per day]–330 Mboepd, which represents a midpoint decrease of ~8% from 2016. Encana expects to return to […]

In 4Q16 Marathon Oil’s (MRO) operating revenue from crude oil (USO), natural gas (UNG), and natural gas liquids sales totaled ~$1.2 billion, a fall of ~16% compared to 4Q15.

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.

Since March 2016, natural gas prices have risen ~83%, but Southwestern Energy’s stock price has risen only ~48% since its February 2016 low.

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.

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

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

Since November 9, 2016, SWN stock hasn’t been keeping up with the strong rise in natural gas prices. The stock has risen marginally from $9.78 to $10.10 per share.

On December 14, 2016, Stone Energy announced that it had filed for voluntary relief under Chapter 11 of the United States Bankruptcy Code.

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

As of October 26, 2016, Murphy Oil (MUR) had an implied volatility of ~44.5%, which is ~31.4% below its 260-trading-day historical price volatility of ~64.8%.

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.

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 […]

California Resources (CRC) paid its last dividend on October 15, 2015. It paid a dividend of $0.10 per share on its common stock.

Energen (EGN) announced its 2Q16 earnings on August 8, 2016, after the markets closed.

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 2, 2016, SM Energy (SM) had an implied volatility of 74.9%, which is 26.8% below its 260-trading-day historical price volatility of 102.2%.

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%.

As of July 29, 2016, Murphy Oil (MUR) had an implied volatility of ~47.9%, which is ~25.8% below its 260-day historical price volatility of ~64.5%.

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

Pioneer Natural Resources’ free cash flow as normalized to total production declined substantially in the last quarter. This was mainly due to the much lower operating cash flows.

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.

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.

In 1Q16, Denbury Resources’ reported free cash flow normalized for total production of ~-$10 per boe (barrel of oil equivalent), ~$2 lower compared to 1Q15.

Denbury Resources’ adjusted EBITDA normalized for total production have fallen substantially in the last two quarters.

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.

Diamondback Energy (FANG) operates in the Permian Basin in West Texas, which is one of the lowest cost, highest quality basins in the US.

Excluding the effect of hedges, Devon Energy’s (DVN) average realized crude oil and bitumen price in 1Q16 was $20.06 per barrel, down by ~43% from $35.17 per barrel in 1Q15.

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.”

In February 2016, Devon Energy forecasted its E&P (exploration and production) capital expenditure in the range of $0.9 billion–$1 billion.

As of May 27, 2016, about 50% of Wall Street analysts have rated Range Resources (RRC) as a “buy,” and ~47% of analysts have rated it as a “hold.”

In 1Q16, Encana’s (ECA) production mix was ~66% natural gas, ~21% crude oil, and ~13% natural gas liquids. Its total liquids production was at ~34%.

Energen (EGN) announced its 1Q16 earnings on May 5, 2016. Following its earnings release, a contrarian reaction occurred in which better-than-expected earnings pushed Energen’s stock price down by ~4% in two sessions.

Currently, ~52% of Wall Street analysts rate Energen (EGN) as a “buy” and ~44% of analysts rate it as a “hold.” Around 4% rate the stock a “sell.”

For 2016, Energen has increased its drilling and development capital by $100 million–$150 million to a new range of $350 million–$400 million.

Tudor, Pickering, Holt & Co. assigned Southwestern Energy (SWN) the highest target price of $18, which is ~69% higher than the closing price of $10.67 on April 21.

Currently, ~81% of Wall Street analysts rate Pioneer Natural Resources (PXD) as a “buy” and ~14% of analysts rate it as a “hold.” Around 5% rate the stock a “sell.”

As of April 18, 2016, about 40% of Wall Street analysts have rated Consol Energy (CNX) as a “buy,” and ~55% have rated it as a “hold.”

In July 2015, WPX Energy acquired RKI Exploration & Production. This was a strategically transformative acquisition for WPX Energy.

On March 31, 2016, Devon Energy (DVN) paid a dividend of $0.24 per share on its common stock. This was its dividend payment for 1Q16.

Pioneer Natural Resources’ stock price followed a massive uptrend between September 2011 and June 2014.

In 4Q15, Pioneer Natural Resources’ production mix was ~53% crude oil, ~19% natural gas liquids, and ~28% natural gas.

In 4Q15, Range Resources (RRC) paid a dividend of $0.04 per share on its common stock.

As of March 28, 2016, about 55% of Wall Street analysts rated Range Resources (RRC) as a “buy” and ~40% of analysts rated it as a “hold.”

In this final part of the series, we’ll look at recent Wall Street ratings for Cabot Oil & Gas (COG), Marathon Oil (MRO), EQT (EQT), and Energen (EGN).

Looking back, 2015 was a brutal year for all of the commodities. Energy commodities weren’t an exception. Crude oil (USO) fell by ~30% in 2015.

For 4Q15, excluding hedges, Southwestern Energy’s total average realized price for its production was ~$1.51 per Mcfe.

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.”

PDC Energy (PDCE) reported its 4Q15 earnings on February 22, 2016. The company announced adjusted revenue of ~$168.6 million.

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.

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.

On a YoY (year-over-year) basis, Oasis Petroleum (OAS) has fallen ~73% since February 2015, and crude oil prices have fallen ~45%.

March WTI (West Texas Intermediate) crude oil futures contracts trading in NYMEX fell by 1.4% and settled at $29 per barrel on February 16, 2016.