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Penn Virginia: Soros Is An Activist Shareholder With 9.18% Stake
- 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
- 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
- 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
- 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
- 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
- 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?
- 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)
- 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?
- Forest Oil: Strategic Challenges Are Not Over
- Carrizo Oil & Gas: Eagle Ford Drives Valuation
- Halcon Resources: Q4 2013 Results - Quick Read
- Ultra Petroleum: Uinta Production Guidance Increased
- Cabot Oil & Gas: Marcellus Differentials Should Not Overshadow Strong Operating Results
- Halcón Resources To Test The Eagle Ford In Burleson County
- Penn Virginia: Strong Operating Momentum In The Eagle Ford
- Sanchez Energy: Important Well Result Released
- Newfield Exploration: Read-Across From Anadarko's Bohai Bay Sale
- Halcón Resources: Latest Eagle Ford Well Results
- SandRidge Energy: Mississippian Well Results Update
- Apache Trumpets Reveille In East Texas Eagle Ford
- Comstock Resources Joins East Texas Eagle Ford Club
- WPX Energy: Analyzing The $1.4 Billion Write-Off
- QEP Resources: Analyzing Year-End Reserves
- Halcón Resources: Eagle Ford Update
- Utica Shale: Antero Revises Down EUR Estimates For Condensate Window
- Bill Barrett: Analyzing 2014 Guidance
- Clayton Williams Energy: Analyzing Latest Eagle Ford Results
- Natural Gas: A Meltdown Behind The Revival
- SandRidge Mississippian Trust I: Oil Volumes Disappoint Again
- Sanchez Energy: Expanding Eagle Ford's Eastern Frontier
- Antero Resources: Utica Shale Shines