PDC Energy Inc

Apache Corporation’s (APA) pro forma production volume in 1Q16 was 479,000 barrels of oil equivalent per day, a fall of 20% year-over-year.

Integrated energy stock YPF Sociedad Anonima (YPF) was the second weakest on our list last week, and midstream stocks Western Gas Partners (WES) and Shell Midstream Partners (SHLX) ranked third and fourth.

PDC Energy’s 2015 forward EV-EBITDA multiple is 6.6x. So the sharply lower forward multiple indicates that Wall Street expects PDCE’s EBITDA to improve sharply in 2H15.

The API released its weekly crude oil inventories report on July 6. US crude oil inventories fell by 6.7 MMbbls for the week ending July 1, 2016.

The EIA estimates that Iran’s crude oil production was flat at 3.8 MMbpd (million barrels per day) in March 2017—compared to February 2017.

Chesapeake Energy’s total production volume in 1Q16 was 672.4 Mboepd . This represents a YoY rise of ~1%, adjusted for asset sales.

November WTI (West Texas Intermediate) crude oil futures’ moving averages suggest that crude oil prices could keep trading higher going forward.

Cushing crude oil inventories have fallen 10% in the last ten weeks. A better-than-expected fall in Cushing inventories could support US crude oil prices.

Crude oil prices have risen ~15% since November 2016 due to the expectation that major oil producers’ production cuts would curb oversupply in the market.

A Bloomberg survey estimates that OPEC’s crude oil production rose by 315,000 bpd to 32.21 MMbpd in May 2017—compared to the previous month.

Hedge funds increased their net long positions in US crude oil futures and options by 43,861 contracts or 18.4% to 282,362 contracts on July 25–August 1.

June diesel futures contracts rose 2.1% to $1.47 per gallon on May 10, 2017. Prices rose due to the larger-than-expected fall in distillate inventories.

Crude oil (IEZ) (RYE) (USO) (XOP) prices rose ~16% between November 15, 2016, and March 6, 2017, due to major oil producers’ production cut deal.

US crude oil production is at the highest level since February 2016. The rise in crude oil production pressured crude oil prices on March 8, 2017.

UNG shares trade on the NYSE like a company stock. They gained 9.09% last week.

UNG shares trade on the New York Stock Exchange like company stock. UNG fell just 0.41% between September 18 and September 24.

Saudi Arabia is expected to cut exports 10% to North Asian refiners in September 2017 due to OPEC’s production cut deal.

Brent crude oil futures closed at $57.54 per barrel on September 29, 2017. Some OPEC officials think that $60 per barrel for crude oil isn’t sustainable.

Natural gas futures fell 1.2% this week. For retail investors who don’t have easy access to the futures market, there are safer, low-cost avenues to bet on natural gas.

OPEC’s crude oil production rose by 236,700 bpd (barrels per day) to 33,643,000 bpd in October 2016—compared to the previous month.

A less-than-expected rise in gasoline inventories supported gasoline prices on May 3, 2017. Gasoline and crude oil (DIG) (SCO) (VDE) prices rose on May 3.

Crude oil prices rose between November 15 and December 28, 2016, due to the expectation that major oil producers’ production cuts would curb oversupply.

The United States Natural Gas ETF (UNG) tracks prompt natural gas futures. UNG shares rose 0.88% between September 4 and September 10.

On August 23, Reuters reported that Iran showed interest in joining major oil producers’ meeting meant to freeze output and support crude oil prices.

November WTI (West Texas Intermediate) crude oil futures contracts rose 0.8% and were trading at $50.32 per barrel in electronic trade at 5:25 AM EST on October 18, 2016.

The EIA reported that US distillate inventories rose by 0.3 MMbbls to 151.4 MMbbls on June 2–9, 2017. Inventories rose for the third straight week.

Libya’s crude oil production   On December 20, 2016, Libya’s National Oil Corporation reported that pipelines leading from the Sharara and El Feel fields were reopened. The pipelines were closed for two years due to militant attacks. The pipelines are expected to add 270,000 bpd (barrels per day) of crude oil supply over the next three months. The […]

The EIA (U.S. Energy Information Administration) reported that US crude oil production rose by 13,000 bpd (barrels per day) to 9,265,000 bpd on April 14–21.

Debt reduction could be one of the most advantageous trade-offs Whiting Petroleum (WLL) sees resulting from its Bakken midstream divestiture.

Noble Energy’s stock has been volatile for most of 2016. Year-over-year, its stock has fallen ~5%. Natural gas prices have risen ~34% in the same period.

The expectation of slowing production will support crude oil prices. Crude oil prices are up more than 90% from the lows in February 2016.

Last week, total US natural gas consumption increased by 5.1% week-over-week. Consumption increased by 0.8% compared to last week in the residential and commercial sectors.

The United States Natural Gas ETF (UNG) tracks natural gas futures and trades on the NYSE. Notably, UNG fell by 7.53% between September 25 and October 1.

The EIA reported that US crude oil production rose 59,000 bpd to 9.4 MMbpd between June 30, 2017, and July 7, 2017.

UNG shares trade on the New York Stock Exchange like company stock. UNG fell 1.1% between August 21 and August 27.

The EIA reported that the four-week average US gasoline demand fell by 6,000 bpd (barrels per day) to 9,770,000 bpd from August 5–12, 2016.

One safer and low-cost avenue for betting on natural gas prices is the United States Natural Gas Fund (UNG), an ETF that tracks prompt natural gas futures.

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.

The EIA (U.S. Energy Information Administration) reported that US distillate inventories fell by 2 MMbbls to 148.3 MMbbls on April 7–14, 2017.

The EIA estimates that the US crude oil output was steady at 11 MMbpd on July 13–20. The production was steady for the second consecutive week.

Russia’s crude oil production is down ~179,000 bpd (barrels per day) from 11.23 MMbpd in October 2016 due to major producers’ production cut deal.

September WTI (West Texas Intermediate) crude oil futures contracts rose 0.87% to $49.59 per barrel on August 2, 2017.

For retail investors who don’t have easy access to the futures market, there are other safer low-cost avenues for betting on natural gas prices.

April West Texas Intermediate crude oil (ERX) (USO) (UCO) futures contracts were flat at $54.45 per barrel in electronic trading at 12:40 AM EST on February 24, 2017.

The EIA estimates that OECD’s oil inventories rose by 2.5 MMbbls to 2.98 MMbbls in September 2017—compared to August 2017.

Oasis Petroleum (OAS) stock rose significantly in the run-up to the company’s Q1 2018 earnings release in early May, which didn’t disappoint.

US distillate inventories fell by 3.8 MMbbls or 2.7% to 139.2 MMbbls on January 5–12, 2018. The inventories fell by 29.9 MMbbls or 18% from a year ago.

The EIA (U.S. Energy Information Administration) reported that US distillate inventories fell by 0.7 MMbbls to 170.1 MMbbls from February 3–10, 2017.

On September 27, 2017, the EIA estimated that US crude oil production rose 37,000 bpd (barrels per day) to ~9.5 MMbpd from September 15–22, 2017.

The EIA (U.S. Energy Information Administration) reported that US crude oil production rose 14,000 bpd (barrels per day) to 8,464,000 bpd between October 7 and October 14, 2016.

UNG fell 1.49% between September 11 and September 17, mirroring natural gas prices throughout the week and giving similar returns at the end of our weekly cycle.

The United States Natural Gas ETF (UNG), which tracks prompt natural gas futures, rose by 1.4% between October 2 and October 8, 2015.

Reuters estimates that OPEC’s crude oil exports rose by 450,000 bpd to 25.92 MMbpd in June 2017—compared to the previous month.

Barring 4Q12 when capex had a sudden spurt, PDCE’s capex in the past 13 quarters has been steady with an upward bias.

PDC Energy’s (PDCE) total production volume in 2Q16 was ~57.1 Mboepd (thousand barrels of oil equivalent per day).

In 2Q15, PDC Energy recorded a $47 million adjusted net loss. In 1Q15, it recorded $17 million in net income. Its 4Q14 net income of $132 million was the highest in the past 13 quarters.

On January 20, 2016, PDC Energy (PDCE) announced that its production in fiscal 2015 was ~15.4 MMboe (million barrels of oil equivalent).

According to the EIA, US crude oil production increased by 28,000 bpd (barrels per day) to 9,782,000 bpd on December 22–29, 2017.

US crude oil inventories decreased by 1.1 MMbbls to 411.6 MMbbls on January 12–19, 2018. They also fell ~12% in 2017.

On January 11–18, Laredo Petroleum fell the most on our list of upstream energy stocks from XOP.

US gasoline production decreased 0.4% to 10.3 MMbpd (million barrels per day) on July 13–20. The production decreased 1.3% from a year ago.

Between April 20 and April 27, oilfield services stock Ensco (ESV) fell the most on our list of energy stocks.

US gasoline inventories rose by 4.1 MMbbls (million barrels) to 237.3 MMbbls between December 29, 2017, and January 5, 2018.

February WTI crude oil futures (DWT)(SCO) contracts rose 0.8% to $60.3 per barrel at 12:45 AM EST on December 29, 2017—the highest level since June 2015.

Cushing inventories fell by 3,317,000 barrels to 52.2 MMbbls (million barrels) on December 1–8, 2017, according to the EIA.

Whiting Petroleum’s (WLL) forward EV-to-EBITDA multiple of ~5.4x is mostly in line with the peer average of 5.5x.

The US Dollar Index advanced 0.1% to 92.8 last week. Consequently, it pressured oil prices during the week.

The global oil supply is expected to average 97.99 MMbpd in 2017, which is 760,000 bpd or 0.8% higher than the oil supplies in 2016.

Cushing crude oil inventories rose for the sixth consecutive week. Any rise in Cushing inventories is bearish for crude oil (USO) (USL) (SCO) prices.

Weekly US gasoline demand rose by 81,000 bpd to 9.5 MMbpd on September 15–22, 2017. Gasoline demand rose by 642,000 bpd or 7.2% YoY.

October WTI (West Texas Intermediate) crude oil (USO)(UCO)(DIG) futures contracts rose 0.16% and were trading at $49.98 per barrel in electronic trading at 2:10 AM EST on September 18.

On September 13, the EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report.

Russia’s crude oil production averaged ~11.0 MMbpd in 2016—the highest level in 30 years. Russia’s crude oil production could average 11.1 MMbpd in 2017.

West Texas Intermediate crude oil (DBO) (DIG) (XLE) futures contracts for October delivery rose 1.2% to $48.07 per barrel on September 11, 2017.

The US Dollar Index fell 0.34% to 91.33 on September 8—the lowest level in the last 33 months. Prices fell due to the following factors.…

A preliminary market survey estimates that Cushing inventories fell on July 28–August 4, 2017. Inventories fell for the 11th consecutive week.

The EIA estimates that US crude oil production could average 9.9 MMbpd in 2018. It would be the highest level ever. It could weigh on crude oil prices.

The EIA (US Energy Information Administration) estimates that US gasoline demand rose 1.5% to 9.6 MMbpd (million barrels per day) in May 2017 compared to May 2016.

Anadarko Petroleum (APC) plans to release its 2Q17 earnings on July 24, 2017. APC’s 2Q17 revenue estimate stands at ~$2.5 billion compared to its 2Q16 revenues of ~$1.9 billion.

August US crude oil (VDE) (IEZ) (XES) futures are trading above their 20-day moving average of $45 per barrel as of July 3, 2017.

The EIA estimated that four-week average US gasoline demand rose by 124,000 bpd (barrels per day) to 9,430,000 bpd on May 12–19, 2017.

Market surveys estimate that Cushing crude oil inventories rose between April 28 and May 5, 2017.

The EIA estimates that Iraq’s crude oil production fell by 115,000 bpd (barrels per day) to 4.42 MMbpd in February 2017—compared to the previous month.

By year-end 2017, Encana (ECA) plans to increase its corporate margin to more than $10 per boe (barrel of oil equivalent) from year-end 2016’s corporate margin of ~$6.4 per boe.

In 3Q16, PDC Energy reported total production of ~65.3 Mboepd, ~39% higher compared to its total 3Q15 production of ~47 Mboepd.

CPE’s highest target price stands at $24, while its lowest target price stands at $12.42, and its median target price stands at $19.5.

Whiting Petroleum’s (WLL) high target price stands at $18.00. Its low target price is ~$6.90, and its median target price is $12.50.

For the week ending December 9, 2016, US gasoline inventories were 5% higher than they were in the same period in 2015.

On November 16, 2016, Noble Energy (NBL) provided its long-term outlook from 2016–2020. It also provided an update on its US onshore operations.

Under President Obama’s tenure, US crude oil production rose 92% and peaked at 9.6 MMbpd (million barrels per day) in June 2015.

Crude Oil represented ~83% of Oasis Petroleum’s total production in 2Q16. Its share as a percentage of Oasis’s total production has declined since 4Q15.

Crude oil represented ~71% of Whiting Petroleum’s total production in 2Q16. Before 3Q15, Whiting’s total production was hovering around 80% on average.

With the rally in crude oil prices since the start of 2016, WLL’s stock began an uptrend. Since June, however, WLL’s stock has slipped into a downtrend.

Approximately 71% of analysts rate PDC Energy (PDCE) as a “buy,” and 29% rate it as a “hold.” The average broker target price for PDCE is $71.96.

In 2016, Cimarex Energy (XEC) expects its annual production to be in the range of 940 MMcfe–970 MMcfe, 3% lower than its 2015 production at the midpoint.

Concho Resources (CXO) expects its annual production to be flat in 2016.

Militant attacks in Nigeria led to a decline in Nigeria’s crude oil production in May 2016.

Anadarko Petroleum’s (APC) 2016 capex (capital expenditures) budget is $2.6 billion–$2.8 billion, a 50% reduction from $5.4 billion in 2015.

Net long positions rose by 21,586 contracts to 213,075 contracts for the week ended June 21, 2016, compared to the previous week.

Cimarex Energy’s (XEC) total production volume in 1Q16 was 973 MMcfe (millions of cubic feet equivalent). This represents a rise of ~3% YoY