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Richard Zeits

 
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  • Penn Virginia: Soros Is An Activist Shareholder With 9.18% Stake
    Wed, Mar. 19 PVA 8 Comments

    Summary

    • Soros Fund Management LLC filed Schedule 13D declaring a 9.18% ownership stake in Penn Virginia.
    • The filing states that the stock “is undervalued” and the company “has been very well managed”.
    • The fund insists that the company “should explore strategic alternatives as a means to enhance or maximize shareholder value”.
    • At current price, potential acquirers may see enough value headroom to be able to offer a significant premium.
  • SandRidge Mississippian Trust II: Analyzing Year-End Reserves
       • Tue, Mar. 18 SD, SDT, SDR 17 Comments

    Summary

    • While SDR’s 2013 10-K report reveals a year-on-year decline in the Trust’s proved reserves, the well performance-driven revision appears less significant than in SDT’s case.
    • In the context of SDR’s dramatic unit price correction during the past six months, the reserve report can be viewed as a positive.
    • The current $8.05 price per unit corresponds to approximately 10% “IRR to maturity” and, in the event of no additional downward reserve revisions, may offer moderate upside.
    • Even though the majority of development wells have already been brought on production, the shape of future production decline remains a risk.
  • Clayton Williams Energy: Asset Sale And Latest Well Results
       • Mon, Mar. 17 CWEI 10 Comments

    Summary

    • Clayton Williams’ sale of non-core assets provides meaningful proceeds without diminishing the multi-decade scale of the company’s drilling inventory.
    • The company’s two most wells in the East Texas Eagle Ford are performing strongly and confirm earlier success of the Pivonka well.
    • The latest wells are on track to exceed Clayton William’s EUR guidance. At $5-$6 million per well, drilling economics look highly compelling.
    • If Clayton Williams is able to deliver additional strong well results in the Eagle Ford, the play may provide a second catalyst for the stock, alongside the Permian.
  • SandRidge Mississippian Trust I: Large Downward Reserve Revision
    Mon, Mar. 17 SD, SDT 38 Comments

    Summary

    • SDT’s annual report shows a 22% downward revision to last year’s proved reserve quantities.
    • Crude oil represents 22% of 2013 year-end reserves and accounts to an estimated 56% of the asset value.
    • After a ~38% decline (factoring in distributions) since July 2013, the current unit price ($7.43) adequately reflects the underlying asset value.
  • Sanchez Energy: Latest Well Results In The Marquis Area
       • Fri, Mar. 14 MRO, SN 3 Comments

    Summary

    • The article presents latest well-by-well production data for Sanchez Energy’s strategically important Marquis operating area in the Eagle Ford.
    • Latest well results are impressive and confirm high productivity of the 11 drilling units that Sanchez operates in the Prost Area (10,000+ net acres).
    • The implications of the recent Sante North test well are discussed.
    • Given the shortage of the company’s “core quality” drilling inventory, the Marquis remains a highly important operating area for Sanchez.
  • SandRidge Energy: Latest Mississippian Well Results
       • Tue, Mar. 11 SD 36 Comments

    Summary

    • Presented are production test results for SandRidge's operated Mississippian/Woodford wells in Oklahoma brought on-line during January 2014.
    • Comparison to the previous four quarters indicates weaker average oil production rates and stronger natural gas rates.
    • Approximately 80% of the Mississippian wells used open hole completions.
    • Permitting and spudding activity indicates increased focus on Garfield County, Oklahoma.
  • SandRidge Energy: Turnaround In 2014?
    Editors' Pick • Fri, Mar. 7 SD 30 Comments

    Summary

    • SandRidge’s Analyst Day focused on the company’s game plan to achieve operating efficiencies and improved well performance in the Midcontinent.
    • The presentation highlights ~$0.9 billion outspending in 2014 relative to internally generated cash flow.
    • The company’s total capital-to-producing wells ratio remains high.
    • SandRidge’s operational initiatives must succeed to support the stock’s current trading multiples and rich premium to the PV-10 value of developed reserves.
  • Halcón Resources: Latest Eagle Ford Well Results (Through January 2014)
    Wed, Mar. 5 APA, APC, CRK 19 Comments

    Summary

    • Presented is a well-by-well analysis of halcón's latest production data in the east texas eagle ford play.
    • Early data for the most recent wells indicates solid performance and no low-productivity wells.
    • January production in the eagle ford may show a slight decline from december due to the timing of well completions and well maintenance activity.
  • SandRidge Energy: What Are The Assets Worth?
       • Tue, Mar. 4 SDR, SDT, SD 41 Comments
  • Forest Oil: Strategic Challenges Are Not Over
       • Sat, Mar. 1 FST 3 Comments
  • Carrizo Oil & Gas: Eagle Ford Drives Valuation
       • Thu, Feb. 27 EOG, CRZO 3 Comments
  • Halcon Resources: Q4 2013 Results - Quick Read
    Thu, Feb. 27 HK 6 Comments
  • Ultra Petroleum: Uinta Production Guidance Increased
       • Wed, Feb. 26 BBG, UPL 4 Comments
  • Cabot Oil & Gas: Marcellus Differentials Should Not Overshadow Strong Operating Results
       • Mon, Feb. 24 WGL, WMB, COG 13 Comments
  • Halcón Resources To Test The Eagle Ford In Burleson County
    Mon, Feb. 24 APA, CRK, CWEI 3 Comments
  • Penn Virginia: Strong Operating Momentum In The Eagle Ford
       • Sat, Feb. 22 PVA 4 Comments
  • Sanchez Energy: Important Well Result Released
       • Thu, Feb. 20 PVA, SN 3 Comments
  • Newfield Exploration: Read-Across From Anadarko's Bohai Bay Sale
       • Thu, Feb. 20 APC, NFX 2 Comments
  • Halcón Resources: Latest Eagle Ford Well Results
       • Wed, Feb. 19 APA, HK 24 Comments
  • SandRidge Energy: Mississippian Well Results Update
       • Tue, Feb. 18 SD 46 Comments
  • Apache Trumpets Reveille In East Texas Eagle Ford
    Editors' Pick • Tue, Feb. 18 APC, CRK, CWEI 7 Comments
  • Comstock Resources Joins East Texas Eagle Ford Club
       • Sun, Feb. 16 CWEI, HK, CRK 1 Comment
  • WPX Energy: Analyzing The $1.4 Billion Write-Off
       • Thu, Feb. 13 WPX 7 Comments
  • QEP Resources: Analyzing Year-End Reserves
       • Wed, Feb. 12 QEPM, QEP Comment!
  • Halcón Resources: Eagle Ford Update
       • Sun, Feb. 9 CRK, HK 22 Comments
  • Utica Shale: Antero Revises Down EUR Estimates For Condensate Window
    Editors' Pick • Fri, Feb. 7 CHK, GPOR, HK 15 Comments
  • Bill Barrett: Analyzing 2014 Guidance
       • Fri, Feb. 7 UPL, BBG 5 Comments
  • Clayton Williams Energy: Analyzing Latest Eagle Ford Results
       • Fri, Feb. 7 HK, CWEI 14 Comments
  • Natural Gas: A Meltdown Behind The Revival
    Mon, Feb. 3 COG, ECA, EQT 36 Comments
  • SandRidge Mississippian Trust I: Oil Volumes Disappoint Again
       • Sat, Feb. 1 SD, SDT 42 Comments
  • Sanchez Energy: Expanding Eagle Ford's Eastern Frontier
       • Wed, Jan. 29 SN 14 Comments
  • Antero Resources: Utica Shale Shines
       • Wed, Jan. 29 COG, AR 7 Comments