PDC Energy Inc
Hedge Funds’ Net Long Positions in WTI Contracts Hit More Lows
Hedge funds’ net long positions in WTI contracts fell by 36,248 contracts to 120,556 contracts for the week ending July 26, 2016, compared to the previous week.
Apache’s Key Operational Highlights in 1Q16
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.
These Were Last Week’s Weakest Energy Stocks
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.
Is PDC Energy Trading at a Premium?
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.
US Crude Oil Prices near 18-Month High: What’s Next?
US crude oil (BNO) (USO) (UCO) (IEZ) prices are near an 18-month high as of February 6, 2017. The S&P 500, Dow Jones, and NASDAQ are near all-time highs.
What Do Analysts Recommend for PDCE after 1Q16 Results?
Following PDC Energy’s (PDCE) 1Q16 earnings, Wall Street analysts updated their target prices for the company for the next 12 months.
Crude Oil Traders Are Skeptical about OPEC Production Cap Plans
WTI (West Texas Intermediate) crude oil futures contracts for November delivery fell 1.1% and closed at $50.79 per barrel on October 11, 2016.
Cushing Crude Inventories Could Boost Crude Oil Prices
Cushing crude oil inventories fell by 276,000 barrels from September 16–23, 2016. A decrease in crude oil inventories at Cushing will support crude oil prices.
EIA and API Crude Oil Inventories Will Benefit Crude Oil Prices
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.
How Badly Did PDC Energy Miss Analysts’ Estimates in 4Q15?
PDC Energy (PDCE) reported its 4Q15 earnings on February 22, 2016. The company announced adjusted revenue of ~$168.6 million.
Iraq Could Extend the Output Cut Deal to December 2018
On September 19, 2017, Iraq’s oil minister indicated that major producers’ output cut deal would be extended beyond March 2018.
Why PDC Energy’s Stock Fell after 1Q16 Earnings
Following PDC Energy’s (PDCE) 1Q16 earnings release on May 6, 2016, its stock fell 5%.
Iran’s Crude Oil Production Could Help Crude Oil Bulls
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.
Inside Chesapeake Energy’s 1Q16 Operational Highlights
Chesapeake Energy’s total production volume in 1Q16 was 672.4 Mboepd . This represents a YoY rise of ~1%, adjusted for asset sales.
US Crude Oil Imports Impact Inventories
US crude oil imports fell by 745,000 bpd to 7,405,000 bpd from March 3–10, 2017. Imports fell 9.1% week-over-week and 3.7% year-over-year.
Could Bearish Drivers Halt US Crude Oil Price Recovery?
June WTI (West Texas Intermediate) crude oil (IXC) (IYE) (USO) futures contracts have risen ~5% from their five-month low as of May 15, 2017.
What Dennis Gartman Thinks about Crude Oil Prices
November WTI (West Texas Intermediate) crude oil futures’ moving averages suggest that crude oil prices could keep trading higher going forward.
Cushing Inventories Have Fallen 10% in the Last 10 Weeks
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.
Oil Traders Bet about Crude Oil Prices over the Next 12 Months
A Bloomberg survey of 15 senior oil traders and executives showed that US crude oil prices could trade at $40–$60 per barrel over the next 12 months.
Analyzing Crude Oil Price Forecasts for 2Q17
A market survey of 31 banks shows that US WTI crude oil prices could average $54.5 per barrel in 2Q17. In 2Q17, prices could break the February 2017 high.
US Gasoline Inventories: Will Crude Oil’s Rally Be Short-Lived?
US gasoline inventories rose for the fourth straight week. The inventories are 8.5 MMbbls or 4% higher than the five-year average.
Reality Check: Major Oil Producers’ Output Cut Plans
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.
OPEC’s Crude Oil Production: Key for Crude Oil Traders?
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.
Crude Oil: Price Forecasts and Hedge Funds’ Position
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.
Why Did US Distillate Inventories Fall Again?
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.
Producers’ Production Cut Deal: Will the Extension Happen?
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 Hit a 13-Month High
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.
Why US Crude Oil Production Hit a 5-Week Low
The US Energy Information Administration (or EIA) released its “Weekly Petroleum Status Report” on October 12. It estimates that US crude oil production fell by 81,000 bpd (barrels per day).
UNG Mirrored Natural Gas Last Week while XOP Remained Flat
UNG shares trade on the NYSE like a company stock. They gained 9.09% last week.
UNG Mirrors Natural Gas as XOP Disappoints This Week
UNG shares trade on the New York Stock Exchange like company stock. UNG fell just 0.41% between September 18 and September 24.
Will Saudi Arabia Remove Excess Oil from the Market?
Saudi Arabia is expected to cut exports 10% to North Asian refiners in September 2017 due to OPEC’s production cut deal.
Is the US Crude Oil Bull Market Sustainable?
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.
Energy Calendar for Crude Oil and Natural Gas
All of the events on the energy calendar influence crude oil and natural gas prices. Uncertainty in the prices can impact oil and gas producers’ earnings.
US Dollar Hit a 7-Month Low: Where Are Crude Oil Bulls?
The US Dollar Index fell 0.6% to 96.6 on June 2, 2017—the lowest level in seven months. The US dollar fell due to a lower rise in US jobs in May 2017.
Natural Gas Fund a Better Trade Than Natural Gas This Week
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 Hit a Record
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.
Why Did Brent and WTI Crude Oil Prices Hit Monthly Lows?
US benchmark WTI (West Texas Intermediate) crude oil futures contracts for May delivery fell by 3% and closed at $35.7 per barrel on April 4, 2016.
Why US Gasoline Inventories Rose for the Third Straight Week
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.
Could Major Oil Producers’ Production Cut Extend to 2H17?
Crude oil prices rose between November 15 and December 28, 2016, due to the expectation that major oil producers’ production cuts would curb oversupply.
Natural Gas Rises Last Week: UNG Up, but XOP Stays Flat
The United States Natural Gas ETF (UNG) tracks prompt natural gas futures. UNG shares rose 0.88% between September 4 and September 10.
Could Iran Influence the Crude Oil Market?
On August 23, Reuters reported that Iran showed interest in joining major oil producers’ meeting meant to freeze output and support crude oil prices.
US Crude Oil Prices Trading near 15-Month High: What’s Next?
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.
Will OPEC’s Meeting Disappoint Crude Oil Traders?
Goldman Sachs predicts that oil (USO) (DWT) prices might fall quickly if there’s any disappointing announcement in OPEC’s meeting.
US Distillate Inventories and Crude Oil Price Forecasts
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.
Will US Crude Oil Prices Stay above $50 per Barrel?
WTI crude oil prices have fallen almost 12.0% year-to-date due to the rise in production for the United States, Libya, Nigeria, Brazil, and Canada in 2017.
Libya, Iran, and Nigeria Could Impact Crude Oil Prices in 2017
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 […]
US Crude Oil Production Is near August 2015 High
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.
How Will the Bakken Divestiture Affect Whiting Petroleum?
Debt reduction could be one of the most advantageous trade-offs Whiting Petroleum (WLL) sees resulting from its Bakken midstream divestiture.
Volatility Is the Word of the Year for Noble Energy’s Stock
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.
OPEC versus US Crude Oil Production: Impact on Oil Prices
March WTI (West Texas Intermediate) crude oil (XLE) (USL) (UCO) futures contracts fell 1.7% and closed at $52.93 per barrel on February 13, 2017.
What Are the Bullish Drivers for Crude Oil Prices?
The expectation of slowing production will support crude oil prices. Crude oil prices are up more than 90% from the lows in February 2016.
Natural Gas Consumption Rose 5.1% in the Week Ended May 8
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.
EIA’s Crude Oil Inventories Could Surprise Oil Traders
On February 22, the API released its weekly crude oil inventory report. It reported that US crude oil inventories fell by 0.88 MMbbls from February 10–17.
Week Ending October 1: UNG Disappoints, XOP a Better Bet
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.
What to Expect from the Oil Producer Meeting in Doha
Qatar has invited all the OPEC members and other major producers to a meeting on April 17, 2016.
US Crude Oil Production Near 2-Year High
The EIA reported that US crude oil production rose 59,000 bpd to 9.4 MMbpd between June 30, 2017, and July 7, 2017.
OPEC’s Crude Oil Production Fell Again
A Bloomberg survey estimates that OPEC showed 104% compliance with targeted production cuts in February due to major producers’ production cut deal.
Will US Crude Oil Futures Test a 3-Year High?
US crude oil (USO) futures hit $60.73 per barrel in early morning trade on January 2, 2018—the highest level since June 2015.
UNG Fell but XOP Spiked in the Week Ending August 27
UNG shares trade on the New York Stock Exchange like company stock. UNG fell 1.1% between August 21 and August 27.
Strong US Gasoline Demand Supports Gasoline and Crude Oil Prices
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.
Crude Oil Futures: What Could Drive Volatility This Week?
US crude oil (DWT) (UCO) futures hit $58.95 per barrel on November 24, 2017—the highest level in nearly three years.
UNG and XOP Fell in the Week Ending August 28
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.
Will China’s Crude Oil Imports Rise in 2018?
China’s crude oil imports increased 10% to 8.4 MMbpd (million barrels per day) in 2017 from 2016, according to China’s General Administration of Customs.
Most Analysts Rate PDC Energy a ‘Buy’ ahead of 4Q15 Earnings
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.
US Distillate Inventories Fell for the Tenth Straight Week
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.
US Crude Oil Production Is Steady
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.
Could Russia’s Crude Oil Production Help Crude Oil Bulls?
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.
Crude Oil Futures Rose Due to Record Gasoline Demand
September WTI (West Texas Intermediate) crude oil futures contracts rose 0.87% to $49.59 per barrel on August 2, 2017.
Mixed Performance for Natural Gas ETFs in Week Ended October 29
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.
US Crude Oil Inventories Hit a New All-Time High
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.
Oil Bears Track OECD’s Crude Oil Inventories
The EIA estimates that OECD’s oil inventories rose by 2.5 MMbbls to 2.98 MMbbls in September 2017—compared to August 2017.
What’s Causing Oasis Petroleum’s Stock Rise?
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 for the Third Time in 10 Weeks
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.
US Distillate Inventories Are near a 7-Year High
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.
What US Crude Oil Production’s 26-Month High Could Mean
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.
How US Crude Oil Production Affects Crude Oil Prices
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 Mirrors Natural Gas, XOP Rises Last Week
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.
OPEC’s Monthly Oil Market Report Is Negative for Oil Prices
OPEC released its Monthly Oil Market Report on October 12. It reported that OPEC’s crude oil production rose by 220,000 bpd to 33.39 MMbpd in September.
Will Global Crude Oil Supply Outages Support Crude Oil Prices?
Global crude oil supply outages rose 12.9% month-over-month, but fell 10% YoY. The rise in outages could have a positive impact on crude oil prices.
How Did PDC Energy’s 1Q16 Earnings and Revenue Look?
PDC Energy (PDCE) reported its 1Q16 earnings on May 6, 2016. The company announced adjusted revenue of ~$147 million.
Week Ending October 8: UNG, Natural Gas Up, but XOP a Winner
The United States Natural Gas ETF (UNG), which tracks prompt natural gas futures, rose by 1.4% between October 2 and October 8, 2015.
OPEC’s Crude Oil Exports: Bullish or Bearish for Traders?
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.
China’s Oil Imports Hit the Second-Highest Level in November
China’s crude oil imports rose by ~1,710,000 bpd (barrels per day) or 24% to ~9,010,000 bpd in November 2017—compared to the previous month.
Will PDC Energy Decrease Its 2015 Capex?
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 2Q16 Operational Highlights
PDC Energy’s (PDCE) total production volume in 2Q16 was ~57.1 Mboepd (thousand barrels of oil equivalent per day).
PDC Energy’s 2Q15 Net Income Plummets after Spiking in 4Q14
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.
Why PDC Energy’s Production Strategies Have Helped Cash Flows
On January 20, 2016, PDC Energy (PDCE) announced that its production in fiscal 2015 was ~15.4 MMboe (million barrels of oil equivalent).
Why Are Traders Tracking Gasoline Demand?
The EIA estimated that four-week average US gasoline demand fell by 39,000 bpd (barrels per day) to 8,222,000 bpd from January 20–27, 2017.
Will US Crude Oil Production Undermine Crude Oil Futures?
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 and OECD’s Crude Oil Inventories Could Impact Oil’s Price Rally
US crude oil inventories decreased by 1.1 MMbbls to 411.6 MMbbls on January 12–19, 2018. They also fell ~12% in 2017.
Laredo Petroleum: Top Underperformer in the Upstream Space
On January 11–18, Laredo Petroleum fell the most on our list of upstream energy stocks from XOP.
Large Drop in US Gasoline Inventories Helped Oil Futures
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.
Last Week’s Biggest Losses among Energy Stocks
Between April 20 and April 27, oilfield services stock Ensco (ESV) fell the most on our list of energy stocks.
PDC Energy’s Performance: What Happened to the Stock in 2017?
We’ll now look at PDC Energy’s (PDCE) stock performance compared to the broader energy sector, the broader market, and energy prices.
US Gasoline Inventories: More Concerns for Oil in 2018?
US gasoline inventories rose by 4.1 MMbbls (million barrels) to 237.3 MMbbls between December 29, 2017, and January 5, 2018.
Investment Banks’ Estimates for Crude Oil Prices in 2018
WTI crude oil (USL) prices are at their 30-month high. The US benchmark also opened above $60 per barrel in January for the first time since 2014.
US Crude Oil Inventories Have Fallen ~10.6% in 2017
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.
Global Crude Oil Supply Outage Is near 2012 Low
According to the EIA, global crude oil supply outages fell by 10,000 bpd (barrels per day) or 0.7% to 1,555,000 bpd in November 2017.
Cushing Inventories: Largest Weekly Fall since 2009
Cushing inventories fell by 3,317,000 barrels to 52.2 MMbbls (million barrels) on December 1–8, 2017, according to the EIA.
Where Whiting Petroleum Stands Next to Peers
Whiting Petroleum’s (WLL) forward EV-to-EBITDA multiple of ~5.4x is mostly in line with the peer average of 5.5x.