Halliburton’s operating cash flow Between 4Q16 and 4Q17, Halliburton’s (HAL) CFO (cash from operating activities) deteriorated marginally by 5%, to $1.01 billion from $1.06 billion. Although HAL’s revenue increased, adverse changes in working capital led to its CFO falling in 4Q17. Halliburton makes up 2.4% of the iShares North American Natural Resources ETF (IGE). Since February […]
Halliburton’s net debt Between 4Q16 and 4Q17, Halliburton’s (HAL) total debt decreased 12%, while its cash and marketable securities decreased 42%. In effect, its net debt increased 3% to ~$8.6 billion. Although HAL’s total debt decreased, a steep decline in its cash and marketable securities prevented a fall in net debt. Net debt is aggregate short- and […]
Halliburton’s net debt In 3Q17, Halliburton’s (HAL) total debt fell 11% from the year prior, while its cash and marketable securities fell 42%. Its net debt remained at ~$9.0 billion. Despite a decrease in total debt, a steep decline in cash and marketable securities prevented any sharp fall in HAL’s net debt. Is HAL’s credit rating changing? Moody’s maintained Halliburton’s […]
Schlumberger’s EBITDA margin was resilient despite upstream companies’ slashed budgets. From 2Q16 to 2Q17, its EBITDA margin remained nearly unchanged.
On June 12, 92% of the analysts tracking Halliburton rated it as a “buy,” ~3% of the analysts rated it as a “sell,” and the other 5% rated it as a “hold.”
Schlumberger’s EBITDA margin was impacted negatively as upstream companies slashed their budgets. From 1Q16 to 1Q17, Schlumberger’s EBITDA margin fell.
National Oilwell Varco’s (NOV) EV (enterprise value) when scaled by the trailing 12-month (or TTM) adjusted EBITDA isn’t meaningful due to its negative earnings.
On April 19, Cabot Oil and Gas’s short interest as a percentage of its float was ~4.5%. At the beginning of the year, its short interest ratio was 4.2%.
MPC’s operating income rose 64% YoY to $553 million in 4Q16. The Refining segment’s operating income rose to $219 million in 4Q16 from $179 million in 4Q15.
Short interest in Continental Resources’ stock On April 4, 2017, Continental Resources’ (CLR) short interest as a percentage of its float (or its short interest ratio) was ~22.8%. Its short interest ratio on December 30, 2016, was 21.5%. CLR closed at $51.54 on December 30, 2016, and $46.20 on April 4, 2017. Peers Concho Resources […]
Refining stocks’ implied volatilities have witnessed falls in 1Q17. Marathon Petroleum’s (MPC) implied volatility fell 7% to 27.9% from January 2 to March 31, 2017.
Chevron’s refining capacity Before we analyze Chevron’s (CVX) refining margin trends, le’s quickly look at its refining capacity. Chevron’s total refining capacity stands at 1.8 MMbpd (million barrels per day). Most of Chevron’s capacity, around ~1 MMbpd, is in the United States. In the international arena, Chevron has combined refining capacity of 0.3 MMbpd in South […]
In this article, we’ll analyze how Halliburton’s (HAL) operating cash flows have trended over the past few quarters. We’ll also discuss its free cash flow (or FCF).
In the past couple of years, some major US upstream and integrated companies have reduced their capital expenditures (capex) following crude oil’s sharp fall.
In the past couple of years, some of the major US upstream and integrated companies have reduced capital expenditure following crude oil prices’ sharp decline.
Implied volatility in Royal Dutch Shell (RDS.A) currently stands at 16%, which is the highest compared to peers ExxonMobil (XOM), Chevron (CVX), and BP (BP).
Crude oil prices have witnessed an uptrend in 2016, recovering from their downfall in 2015. Prices saw weakness in mid-August 2016, but since September 20, 2016, they’ve risen 22%.
ExxonMobil (XOM) has found oil in the Payara-1 Well in the Stabroek Block, positioned 120 miles offshore Guyana. This is the company’s second discovery in the block.
The correlation coefficient of Valero (VLO) and WTI stands at 0.15. The correlation value for Valero’s stock and oil price show that they have a positive but feeble correlation.
On January 6, 2017, ~70% of the analysts tracking SPN recommended a “buy” or some equivalent for the stock, while ~30% of the analysts issued a “hold.”
Callon Petroleum (CPE) is an independent exploration and production company with operations focused entirely in the Permian—a pure-play Permian company.
Bill Barrett (BBG) has been focusing on lowering costs in the Denver-Julesburg (or DJ) Basin. LOE (lease operating expenses) for 3Q16 was $2.45 per boe.
In 3Q16, BP’s total debt-to-capital ratio stood at 38.9%, higher than the industry average of 36%. Its net debt-to-adjusted EBITDA ratio rose from 0.77x in 3Q14 to 2.3x in 3Q16.
In November, 83% of the analysts tracking Schlumberger rated it a “buy” or some equivalent. The other 18% of the analysts recommended a “hold” or a “sell.”
Eight of the 11 firms rated Valero as a “buy,” “overweight,” or “outperform,” with a high 12-month price target of $73, indicating a potential 35% gain.
In a bid to foster its biofuels business, Tesoro (TSO) has agreed to acquire Virent. The company is expected to operate as Tesoro’s wholly owned subsidiary.
The correlation coefficient of Marathon Petroleum (MPC) and WTI stands at 0.34. The correlation value for MPC’s stock and oil price show that they have a positive but feeble correlation.
Analysts also expect an ~11% earnings decline for National Oilwell Varco in the next three to five years. This can lower NOV’s valuation in the medium to long term.
Core Laboratories expects onshore energy production to fall by the end of 2016 and net production of legacy deepwater projects to offset onshore declines.
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.
Marathon Petroleum’s (MPC) refining segment’s operating income plunged to -$62 million in 1Q16 due to a fall in its gross refining and marketing margin.
The correlation value for Valero stock and the price of oil shows they have a positive but feeble correlation. Valero stock moves in line with WTI prices only to a certain extent.
