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Casey Hoerth

 
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  • Oneok Partners LP Bags Some Of Chevron's NGL Assets
    Yesterday, 3:09 PM OKS 8 Comments

    Summary

    • Oneok Partners picks up world-class midstream NGL assets from Chevron.
    • Article looks at effect on balance sheet.
    • Article looks at Oneok Partners' growth prospects and valuation.
  • Occidental Petroleum: A Neglected Dividend Play
    Wed, Oct. 29 OXY 8 Comments

    Summary

    • Spinoff of California Resources means a big buyback is coming.
    • Shares down significantly since last month.
    • Company is well-positioned with one of the strongest balance sheets in the industry.
  • Forum Energy Technologies: Steady Growth And Lots Of 'Firepower'
     • Wed, Oct. 29 FET Comment!

    Summary

    • Business is not a servicer but a manufacturer of equipment.
    • Forum slightly undervalued based on an important growth-stock metric.
    • Company has significant 'firepower' for opportune acquisitions.
  • AT&T Is A Good Dividend Investment Here
    Sat, Oct. 25 T 16 Comments

    Summary

    • AT&T down significantly over the course of this month.
    • Company is going through period of transformation and high capex.
    • Modest dividend growth to be expected.
  • Can Vanguard Natural Resources Turn It Around In 2015?
    Fri, Oct. 24 VNR 27 Comments

    Summary

    • Valuations in upstream MLP space have dropped significantly.
    • Article goes over Vanguard's new guidance for 2015.
    • Vanguard provides useful dry-gas diversification.
  • 4 Things To Know About Seadrill Before Throwing It Overboard
    Tue, Oct. 21 SDRL 101 Comments

    Summary

    • Shares down 38% since September 1.
    • Article looks at $85 Brent Crude and its effect on ultra deepwater operations.
    • Seadrill has some operational benefits that are being ignored by the market.
  • Taking Another Look At Vodafone Group PLC
    Tue, Oct. 21 VOD 18 Comments

    Summary

    • Stock down substantially over the last few months.
    • Southern Europe continues to be a drag on service revenue.
    • Vodafone still has plenty of cash on hand and share buybacks are helping cash flow.
  • Carrizo At $80 Oil
     • Mon, Oct. 20 CRZO 3 Comments

    Summary

    • Shares of Carrizo have dropped with the price of oil.
    • This article looks at Carrizo's well economics at $80 oil.
    • It also looks at ability to fund cash obligations at $80 oil.
  • Linn Energy At $80 Oil
    Fri, Oct. 17 LINE, LNCO 85 Comments

    Summary

    • Long-term $80 oil would have substantial effects on most MLPs.
    • Linn Energy in particular has a few 'lines of defense.'.
    • Units are near the summer 2013 lows.
  • Sanchez Energy At $80 Oil
     • Wed, Oct. 15 SN 12 Comments

    Summary

    • Article looks at Sanchez's well profitability in an $80/barrel oil environment.
    • Also looks at cash flow liabilities assuming $80 per barrel oil.
    • Company is well-hedged through 2015.
  • Kinder Morgan Inc. In A Low Oil Price Environment
    Tue, Oct. 14 KMI 33 Comments

    Summary

    • Exposure to oil limited to CO2 and Enhanced Oil Recovery.
    • Kinder Morgan has price support from the proposed merger.
    • Effect of $80 oil on DCF is discussed.
  • Southwestern Energy Company: A Jewel To Pick From The Rubble
    Fri, Oct. 10 SWN 13 Comments

    Summary

    • Southwestern enjoys low cost of production.
    • The company has excellent growth prospects.
    • Trades at a reasonable valuation.
  • ConocoPhillips In A Low-Price Environment
    Thu, Oct. 9 COP 27 Comments

    Summary

    • Oil prices may continue to fall, but Conoco has a very strong position in the shale.
    • Conoco once again has an industry-leading dividend yield.
    • Conoco also has substantial dry gas and LNG exposure.
  • Linn Energy LLC: A Look At Its Reshuffled Asset Portfolio
    Wed, Oct. 8 LINE 194 Comments

    Summary

    • Linn is selling its Granite Wash position and another chunk of its Midland Basin assets.
    • Process of reshuffling assets "largely accomplished.".
    • Linn's new asset portfolio compares very well to other upstream MLPs.
  • BreitBurn Energy Partners LP: A Closer Look At Assets And Valuation
     • Tue, Oct. 7 BBEP 40 Comments

    Summary

    • BreitBurn down significantly in September.
    • BreitBurn has a strong asset portfolio, particularly in the Permian.
    • Hedging policy not as comprehensive as some other names.
  • GasLog Ltd. A Premier Long-Term Growth Opportunity
     • Mon, Oct. 6 GLOG 53 Comments

    Summary

    • Stock down 30% on macro concerns.
    • Analysts expect robust growth over the next few years.
    • Despite some setbacks, LNG remains a strong, secular growth industry.
  • Memorial Production Partners: Still Best To Buy After Equity Offerings
       • Wed, Oct. 1 MEMP 16 Comments

    Summary

    • Memorial down 5.8% in September.
    • The wake of acquisitions and share offerings seems to be the best time to buy.
    • Additional share offerings are unlikely.
  • Sift Through The Rubble For High-Quality Dry Gas Names
    Tue, Sep. 30 COG, MEMP, SWN Comment!

    Summary

    • Brent Crude down sharply over last few months while Henry Hub natural gas remains buoyant.
    • However, most natural gas producers are down along with the oil names.
    • This creates an opportunity to pick up high-quality natural gas producers.
  • It's Time To Consider Cabot Oil And Gas Corporation
    Mon, Sep. 29 COG 9 Comments

    Summary

    • A large position in the Marcellus Shale gives Cabot a tremendous advantage.
    • Pipelines and LNG facilities coming online in the region means a longer runway of growth.
    • Overall, Cabot trades at a reasonable valuation.
  • W&T Offshore: Picking Among The Rubble
       • Sat, Sep. 27 WTI 13 Comments

    Summary

    • Brent crude has dropped substantially, and has taken offshore Gulf of Mexico E&P companies with it.
    • W&T Offshore trades at a substantial discount to its Net Asset Value.
    • Company also pays a substantial dividend that will reward shareholders for their time.
  • Downturn An Opportunity To Pick Up High-Quality Nat Gas Names
    Thu, Sep. 25 CVX, OKS, WPZ 22 Comments

    Summary

    • Brent Crude down substantially.
    • Both oil and gas names have declined.
    • Now is a good time to pick among high-quality nat gas names.
  • Seadrill Ltd.: A Few Things To Remember About The Rosneft Deal
    Tue, Sep. 23 SDRL, RNFTF 75 Comments

    Summary

    • Seadrill has several mitigating factors and defenses involving the sanctions on Russia.
    • No sign of dividend cut, but even if it happens, Seadrill still offers great yield at this price.
    • Seadrill has significant operational advantages that will keep it afloat during tough times.
  • Linn Energy LLC's Acquisition Will Flow Right Through To Unitholders
    Mon, Sep. 22 LINE 40 Comments

    Summary

    • Exxon gets the larger position on what many believe to now be the world's second-largest oil field.
    • The deal is accretive to Linn, with lower capex requirements and higher margins.
    • The acquisition should put DCF coverage at above 1.1 times.
  • Did Chevron Corporation Fumble On LNG?
    Fri, Sep. 19 CVX 12 Comments

    Summary

    • Earlier this year, Chevron closed its new Angola LNG plant.
    • Chevron's Gorgon LNG project has been plagued by cost overruns.
    • Still, the LNG market is a benign and forgiving one for suppliers.
  • Seadrill Ltd: When Will The Pain End?
    Wed, Sep. 17 SDRL 172 Comments

    Summary

    • Seadrill has faced continued downward pressure due to a few concerns.
    • Recent decline is more significant than previous ones.
    • Negative articles in the media could be contributing to Seadrill's disproportionate decline.
  • Home Properties Tweaks Its Business Model
       • Tue, Sep. 16 HME Comment!

    Summary

    • Home Properties 10% off its high, partly due to reorganization, partly due to broader market.
    • Home is simplifying its business model into more of a 'pure play' entity.
    • Home is currently undervalued compared to peers and is slightly below its average price/FFO.
  • Why EOG Resources Has Gone Conservative
    Mon, Sep. 15 EOG 26 Comments

    Summary

    • EOG does not believe another large shale discovery such as the Bakken or Eagle Ford will be made.
    • Management sees a supply impasse on the horizon.
    • Forecasts are for slower oil production growth.
  • Realty Income Not Cheap, But Still Good
    Thu, Sep. 11 O 28 Comments

    Summary

    • AFFO and FFO guidance bumped up.
    • Acquisition market remains healthy.
    • Shares not cheap, but are a solid income choice.
  • Pacific Coast Oil Trust And Measure P
    Editors' Pick • Tue, Sep. 9 ROYT 87 Comments

    Summary

    • Measure P should not have significant impact on the trust's current operations.
    • Future impact could be substantial.
    • Despite the risk, the trust is very reasonably priced here.
  • Paragon Offshore PLC: What It Is, What It Isn't
       • Tue, Sep. 9 PGN 14 Comments

    Summary

    • Company at extremely low valuation.
    • Majority of Paragon's business comes from jackups and not deepwater floaters.
    • Do not expect Paragon to be a secular growth story at this time.
  • More Rig Retirements To Come In Offshore Space
    Tue, Sep. 9 DO, NE, PGN 31 Comments

    Summary

    • Coming supply situation challenging for offshore rig suppliers.
    • Retirement of rigs could keep dayrates buoyant.
    • For operators of old rigs, write downs could be significant.
  • SandRidge Energy: Panic Is Baseless
    Thu, Sep. 4 SD 12 Comments

    Summary

    • Existing Chief Operating Officer left for offer at bigger oil company.
    • SandRidge remains on course to achieve its goals.
    • Stock is slightly discounted compared with peers.