Vanguard Energy ETF
Key update on Antero Midstream’s assets
Antero Resources’ current acreage is focused in the Marcellus Shale in West Virginia and the Utica Shale in Ohio.
Chevron Corporation: A must-know brief overview
Chevron Corporation is currently trading at EV-to-2014E EBITDA of 5x, has an approximately $239 billion market cap, and ~$245 billion enterprise value.
Why the summer heat wave supports natural gas prices
A heat wave that has persisted in the US has helped to lift natural gas prices.
Drop in US Crude Oil Production Supported WTI Prices
The EIA estimates that US crude oil production fell by 40,000 barrels per day to 9.096 million barrels per day in the week ending September 25.
How Have Depressed Oil Prices Impacted Total’s Stock Performance?
In 2015, sinking oil prices impacted earnings of integrated energy companies. This reflects on the stock performance of these companies.
Asia’s Crude Oil Imports and Demand Could Drive Oil Prices
China’s General Administration of Customs estimates that the country’s crude oil imports fell by 810,000 bpd to 8.4 MMbpd in April 2017—compared to March.
Why Is Tesoro Stock on a Roller Coaster Ride?
Tesoro stock, continuing its 2015 downtrend, had a weak opening to 2016. TSO traded below its 50-day moving average but above its 200-day moving average.
Crude Oil Inventories Rose despite Oil Demand from US Refineries
The rise in US crude oil production would have contributed to the rise in US crude oil inventories between October 28 and November 4, 2016.
US Refinery Inputs: Another Cause for Crude Oil Inventory Build
The four-week average refinery input level of 15.7 MMbpd for the week ended October 9 was 0.3% higher than last year, which is relatively flat.
Spectra Energy’s Capital Projects Should Fuel Its Dividend Growth
Spectra Energy’s distributable cash flow for 3Q15 was $223 million, compared with $236 million in 3Q14.
Suncor Energy: The Only Integrated Energy Loser This Week
Suncor Energy (SU) is the only losing stock in the current week from the integrated energy sector. It fell from last week’s close of $34.67 to $34.52 on October 11, 2017.
US Crude Oil Inventories Slowed Down Last Week, WTI Rises
In its weekly report released on October 28, the EIA reported an increase of 3.4 million barrels in crude oil inventories for the week ended October 23.
Why Halliburton’s Free Cash Has Been Plummeting
As a result of steeply falling CFO, Halliburton’s free cash flow deteriorated to a negative $499 million in 3Q15 from a negative $71 million a year ago.
Why Did Cushing Crude Oil Stocks Hit a New Record?
The U.S. Energy Information Administration reported that Cushing crude oil stocks rose by 36,000 barrels to 65 MMbbls for the week ending February 12, 2016.
Which Way Will Schlumberger’s Indebtedness Go?
Schlumberger’s net debt to TTM EBITDA shot up from 4Q14 to 4Q15. In 4Q15, its net-debt-to-EBITDA multiple was 0.84, or 71% higher than one year ago.
SandRidge’s 2014 guidance shows 25%+ pro forma production growth
SandRidge Energy updated its 2014 guidance given its Gulf of Mexico divestiture. The new cost guidance shows lower lifting costs per unit.
What to Expect from Crude Oil Prices in March 2017
US crude oil futures contracts for April delivery closed at $54.01 per barrel on February 28, 2017—0.1% less than the previous closing price.
Why the latest oil inventory report affects crude prices
Every week, the U.S. Energy Information Administration (or EIA) reports figures on crude inventories, or the amount of crude oil stored in facilities across the U.S.
OPEC Pumps Oil at a Record Level: Should Energy Investors Wait?
The fall in oil prices on October 11 coincides with the market’s doubts about the execution of the output limit deal among OPEC members on September 28.
Horizontal Rigs Continued to Increase Last Week
According to oil service company Baker Hughes (BHI), the horizontal rig count was up by one rig in the week ended August 21, 2015.
Bearish Crude Oil Prices Pressured US Gasoline Futures
Bearish momentum in crude oil prices pressured gasoline prices on October 26, 2016. Gasoline active futures contracts rose 30% from their lows in February.
WTI Crude Oil: Where It Could Settle This Week
Crude oil’s (USO) (DBO) (USL) (OIIL) implied volatility was 26.6% on April 28, 2017, which was 4.6% above its 15-day average.
Will Crude Oil Futures Break Key Resistance of $54 per Barrel?
WTI (West Texas Intermediate) crude oil futures contracts for May delivery rose 1.2% to $51.6 per barrel in electronic trade at 5:20 AM EST on April 5.
Refining Stocks and WTI: A Correlation Analysis
Let’s analyze the correlations between oil prices and the top four American refiners: Marathon Petroleum (MPC), Valero Energy (VLO), Tesoro (TSO), and Phillips 66 (PSX).
What Really Drove U.S. Steel’s 2Q16 Revenues
U.S. Steel shipped 3.88 million metric tons of steel in 2Q16, which represents a sequential increase of 8.2%. Its 2Q16 shipments were almost flat YoY.
What Are the Expectations for Concho Resources’ 4Q15 Earnings?
Concho Resources (CXO) will release its 4Q15 earnings on February 25, 2016. The estimate for 4Q15 revenue is ~$592.4 million. Revenue in 4Q14 was ~$692.4 million.
Tesoro’s Big Bet on Building Crude-by-Rail Infrastructure
An important part of Tesoro’s business, crude-by-rail allows refiners to cover maximum accessibility and to gain from price differentials.
US Distillate Inventories Were Down Less than Expected Last Week
The EIA reported that US distillate inventories fell by 0.3 MMbbls to 151.6 MMbbls in the week ending September 25.
Denbury Resources’ Production Fell to a 3-Year Low in 2Q17
For 2Q17, Denbury Resources’ continuing production averaged 59.8 Mboepd, which is ~5% lower than its 2Q16 continuing production of ~63.0 Mboepd.
Cushing Crude Oil Inventories: What Does the Future Hold?
Bloomberg surveys projected that Cushing crude oil inventories fell by 0.7 MMbbls (million barrels) for the week ending June 3—compared to the previous week.
Will OPEC Successfully Implement Its Production Cap Plans?
An OPEC meeting is scheduled for November 30, 2016, in Vienna. The meeting could provide details about the quota system for OPEC members.
Patterson-UTI Energy’s 4Q15 Earnings Beat Wall Street Estimates
Patterson-UTI Energy (PTEN) released its 4Q15 financial results on February 4, 2016. The company recorded total revenues of $338.5 million in 4Q15, down 62% from $901.2 million recorded in 4Q14.
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.
Will Crude Oil Futures Extend the Bullish Momentum?
Record US crude oil production, profit-booking, and a larger-than-expected increase in Cushing inventories could pressure oil prices this week.
US Rig Count Falls, Production Falls Only Slightly: Why?
The US crude oil (USO) rig count fell below 400 in the week ended April 22, 2016.
US Crude Oil Inventories Pushed Crude Oil Prices Higher
The EIA released its weekly crude oil inventory report on April 18, 2018. US crude oil inventories decreased by 1 MMbbls to 427.5 MMbbls on April 6–13.
How Will Traders Play the Major Oil Producers’ Meeting?
US crude oil prices were up by 12% in August 2016, partially due to speculation about the oil producers’ meeting, which could result in an output cap.
Why Williams Companies’ Valuation Has Been on the Rise
Williams Companies’ forward EV-EBITDA multiple, which is based on the current fiscal quarter’s EBITDA estimates, is 13.1x.
Where Integrated Energy Companies’ Dividends Stood in 1Q17
Integrated energy companies such as ExxonMobil (XOM), Chevron (CVX), Royal Dutch Shell (RDS.A), and BP (BP) are steady dividend-paying companies.
Your Segmental Analysis of Marathon Petroleum’s 4Q15 Results
On a sequential basis, Marathon’s operating income fell by 78%. All the segments reported declines in income in 4Q15 over 3Q15.
US Power Generation Down Again: An Analysis of Trends
An increase in US power generation numbers is expected for the week ended October 30, 2015.
Must-know points of Devon Energy’s plan to develop the Eagle Ford
Devon plans to rapidly grow production in the Eagle Ford over the next few years.
How Did WTI and Brent Crude Oil Prices React to IEA Report?
April WTI (West Texas Intermediate) crude oil futures contracts trading on the NYMEX (New York Mercantile Exchange) rose by 1.7% and settled at $38.5 per barrel on March 11, 2016.
How the Oil Industry Slump Is Making Times Tough for Deere
The direct impact of the oil and gas (VDE) slump on Deere & Company is not significant. So why have sales of Deere’s construction equipment fallen?
Rise in US Crude Oil Inventories Pressures Crude Oil Futures
According to the EIA, US crude oil inventories increased by 1.9 MMbbls (million barrels) to 420.2 MMbbls on January 26–February 2, 2018.
Why a dip in natural gas liquids prices affects energy names
NGLs prices remain uptrend despite the falling last week, which is positive to producers.
Natural gas producers declining due to expected warm weather
Last week temperatures were colder than normal, however, natural gas fell steeply on the week despite this.
Will Tesoro’s Stock Uptrend Last after 4Q15 Earnings?
Tesoro Corporation’s (TSO) stock was on an uptrend in 2015, fueled by healthy refining margins. TSO rose 21% in the trailing 12 months up to January 20, 2016.
Shell’s 1Q16 Pre-Earnings Outlook by Segment
In 1Q16, Shell’s (RDS.A) upstream segment is likely to put on a dull show due to weaker crude oil prices. Earnings from the downstream segment are also likely to be subdued.
Will 2017 or 2018 Mark the Return of the Bulls?
The EIA published its monthly STEO report on January 12, 2016. The global crude oil production will rise to 95.9 MMbpd in 2016 and 96.7 MMbpd in 2017.
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.
Valero Energy beats expectations with its 4Q 2014 earnings
Valero Energy (VLO) released its fourth quarter earnings on January 29. The company reported a net income of $1.2 billion.
How Has Concho Resources’ Stock Fared ahead of 4Q15 Earnings?
As 2015 came to a close, Concho Resources’ (CXO) stock started falling. CXO has fallen ~21% since February 2015.
Why oil prices spiked on tensions in Gaza and Ukraine
Early last week, WTI crude oil had eased to close to $99 following Libya’s restarting exports from major ports and abating fears over supply disruptions in Iraq.
Now for the ConocoPhillips Nitty-Gritty: Debt, Cash, Leverage, and Liquidty
ConocoPhillips’s net debt-to-EBITDA was in the range of 0.6x–1.1x between 3Q13 and 4Q14. But in 2015, its net debt-to-EBITDA multiple started increasing.
Higher natural gas liquids prices help wet gas producers like LINE
NGL prices traded higher last week, helping wet gas producers. NGL prices are an important indicator to track in the energy space.
What’s Weatherford Management Saying after Fiscal 4Q15 Earnings?
Weatherford International’s (WFT) management expects crude oil price to start stabilizing by the second half of 2016. It plans to keep reducing costs to manage the current uncertainty.
A Look at Cobalt International Energy’s 2Q17 Revenues
For 2Q17, Cobalt International Energy (CIE) reported revenues of ~$14.0 million, which was lower than Wall Street analysts’ consensus of ~$34.0 million.
Chart in Focus: The Correlation of Phillips 66 Stock with WTI
The correlation coefficient of Phillips 66 (PSX) versus WTI stands at 0.40.
Is the US Rig Count Fall Steadying?
The four-week average fall in the US rig count was at eight for the week ending November 25. Four-week averages offer a broader view of the rig counts.
Must-know overview: The geography of the Permian Basin
The Permian Basin spreads across a wide swath of western Texas and southern New Mexico. The name “Permian Basin” generally refers to a combination of the Delaware Basin and Midland Basin.
What to Expect from OPEC’s Crude Oil Production in August 2017
October WTI (or West Texas Intermediate) crude oil (USO) (UCO) futures contracts rose 0.4% and were trading at $47.73 per barrel in electronic trade at 2:00 AM EST on August 22, 2017.
US Gasoline Demand Is Important for Crude Oil Bulls
The EIA estimated that four-week average US gasoline demand rose by 134,000 bpd (barrels per day) to 9,102,000 bpd from March 10–17, 2017.
Libya’s Crude Oil Production: Time to Sell Oil Futures?
Libya plans to pump 1.25 million barrels per day of crude oil by December 2017. An increase in Libya’s crude oil production could weigh on oil prices.
EIA Downgrades US Crude Oil Price Forecast for 2017
Lower crude oil prices tend to narrow the supply and demand imbalance.
Is Falling US Crude Oil Production Bullish or Bearish for Prices?
The EIA reported that monthly US crude oil production fell by 91,000 bpd to 8.8 MMbpd in December 2016—compared to the previous month.
Attention Freeport-McMoRan Investors: Here’s What to Watch in 2016
There’s a long road ahead for Freeport-McMoRan’s asset sales program. The company is looking to raise between $5 billion and $10 billion in 2016.
An essential guide to Exxon Mobil: XOM’s major areas of operation
Exxon Mobil has three major business segments: Upstream, Downstream, and Chemical. Upstream contributes the most to XOM’s earnings.
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.
US Distillate Inventories Fell for the First Time in 5 Weeks
The fall in distillate inventories supported diesel and crude oil futures on June 28, 2017. US diesel futures rose 1.4% to $1.43 per gallon on June 28.
EIA Could Report Record Crude Oil Inventory Levels
US crude oil futures contracts for March delivery closed at $53.20 per barrel on February 14, 2017—0.5% more than the previous closing price.
Analyzing the US Natural Gas Production Trend
PointLogic estimates that US dry natural gas production increased 0.6% to 80.1 Bcf (billion cubic feet) per day on April 19–25.
How Rise in US Natural Gas Consumption Affects Prices
PointLogic reported that US natural gas consumption rose 10% between December 8 and December 14, 2016.
How Did OPEC Members’ Crude Oil Production Trend in September?
The EIA estimates that OPEC’s crude oil production will rise to 32.4 MMbpd in 2016 and 33 MMbpd in 2017.
How Cushing Inventories Could Affect Crude Oil Prices in 2017
Market surveys suggest that Cushing crude oil inventories rose between December 16 and December 23, 2016.
What Are Analysts Saying about Energen after Its 1Q16 Earnings?
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.”
Could WTI Crude Oil Prices Rise This Week?
The API (American Petroleum Institute) is set to release its weekly crude oil inventory report on May 30, and the EIA (U.S. Energy Information Administration) is set to release its US crude oil production data on May 31.
Is Global Oil Demand Key to Crude Oil Bulls?
The EIA estimates that global oil demand could average 100.1 MMbpd in 2018. Global oil demand could increase to 101.75 MMbpd in 2019.
Will Oil Producers’ Meeting Support Crude Oil Prices in September?
OPEC producers will be meeting at an energy forum in Algeria from September 26–28, 2016. Crude oil prices are up by 16% so far in August 2016.
US Shale Oil Productivity Impacts the US and Global Oil Market
US shale oil production rose between 2007 and April 2015. The record US crude oil production was due to the mammoth surge in shale oil production in 2015.
Natural gas liquids prices rise, boosted by propane prices
The representative NGL barrel reached highs of up to ~$50 per barrel in early February, given the strength in propane prices due to a cold winter as well as natural gas prices that pushed ethane prices up.
Crude Oil Futures Near 7-Week High
September US crude oil (RYE) (VDE) (BNO) futures contracts rose 3.3% to $47.8 per barrel on July 25, 2017.
API’s Crude Oil Inventories: Boon or Bane for Oil Prices?
On May 23, the API will release its weekly crude oil inventory report. US crude oil inventories could have fallen by 2.3 MMbbls on May 12–19, 2017.
Why Did Brent and WTI Crude Oil Prices Diverge?
US crude oil prices rose due to a larger-than-expected draw in US crude oil inventories and record refinery crude oil demand.
Higher natural gas liquids prices: Key causes and beneficiaries
This week saw NGL prices trade up by 5%, a positive short-term indicator. Plus, note that NGL prices are up significantly since late June, a positive medium-term indicator.
US Inventories and OPEC Boost Crude Oil Futures
WTI (West Texas Intermediate) crude oil (XOP) (XLE) (VDE) futures contracts for June delivery rose 3.2% and settled at $47.33 per barrel on May 10, 2017.
How Geopolitical Tensions Are Affecting Oil Prices
Supply outages in the Kurdistan region supported crude oil (BNO) (USO) (USL) prices last week.
What Analysts Are Saying about SM Energy after Its 1Q16 Earnings
Currently, ~33% of Wall Street analysts rate SM Energy (SM) as a “buy” and ~67% of analysts rate it as a “hold.” There is no “sell” recommendation on the stock.
What Are Wall Street Analysts Saying about Occidental Petroleum?
Currently, ~48% of Wall Street analysts rate Occidental Petroleum (OXY) as a “buy” and ~41% of analysts rate it as a “hold.”
Will Oil Rigs Undo the Gains in Natural Gas?
On March 24, the natural gas rig count was 155—a fall of two rigs over the previous week. Active natural gas rigs have risen by 63 in the past year.
US Crude Oil Inventories Increased More Than Expected, WTI Down
In its Weekly Petroleum Status Report released on November 4, 2015, the EIA reported an increase of 2.8 MMbbls in crude oil inventories for the week ended October 30, 2015.
US Distillate Inventories Rose for the Fourth Time in 5 Weeks
US distillate inventories rose for the fourth time in the last five weeks. They rose ~3% in the last five weeks, which is bearish for diesel and oil prices.
This Wall Street Target Price Indicates Upside for Marathon Oil
Currently, ~54% of Wall Street analysts rate Marathon Oil (MRO) as a “buy” and ~43% of analysts rate it as a “hold.”
Analysts’ Target Prices for the Best-Performing OFS Stocks
Approximately 78% of the Wall Street analysts tracking Newpark Resources (NR) recommended a “buy” or some equivalent on November 20, 2017.
Analysts’ Recommendations for Chevron before 3Q15 Earnings
It terms of analysts’ recommendations for Chevron, approximately 53.3% of analysts rate Chevron a “hold,” 40% rate it a “buy,” and 6.7% rate it a “sell.” The average broker target price of $93.11 for CVX implies a ~3.4% return in the next 12 months.
What higher natural gas liquids prices mean for the energy sector
Natural gas liquid prices recovered somewhat last week, likely off the back of higher crude oil prices.
EIA Downgraded US and Brent Crude Oil Price Forecasts
The EIA released its monthly STEO report on May 9, 2017. It estimates that US WTI crude oil prices would average $50.68 per barrel in 2017.
OPEC and Russia: More Negative Forces for Crude Oil Market
The EIA reported that OPEC’s crude oil production rose by 510,000 bpd (barrels per day) to 32.7 MMbpd (million barrels per day) in June 2016.
The spread between WTI and Brent oil narrows to ~$6 per barrel
The WTI-Brent spread narrowed to ~$6 per barrel last week and the prices between WTI and Brent have generally been moving closer over the past few months.
Analyzing US Distillate Inventories and Diesel Prices
The EIA estimates that US distillate inventories fell by 2.6 MMbbls (million barrels) to 135.4 MMbbls on September 22–29, 2017.