Abraxas Petroleum: Rate Of Return Driven Growth With A Strong Balance Sheet
TheValueMan • 10 Comments
TheValueMan • 10 Comments
Abraxas Petroleum Running All-Out
Stephen Simpson, CFA
Stephen Simpson, CFA
Wed, Jun. 22, 8:22 AM
- Abraxas Petroleum (NASDAQ:AXAS) says it started its first well targeting the oil-rich Austin Chalk geological layer, ending a 16-month drilling drought.
- AXAS says it recently ended discussions with the previously disclosed potential joint venture candidate after being unable to reach an agreement on terms.
- The new well comes as AXAS raises its 2016 capital spending budget to $30M-$40M from $25M; 2016 production guidance remains 6K-6.4K boe/day.
Fri, May 20, 12:48 PM
Fri, May 20, 9:13 AM
Thu, May 19, 4:54 PM
- Abraxas Petroleum (NASDAQ:AXAS) -9.7% AH after announcing a public offering of 25M common shares, with an underwriters option to purchase up to an additional 3.75M shares.
- AXAS says it plans to use the proceeds to pay down debt under its credit facility, expand planned 2016 drilling capex and for general corporate purposes including acquisitions.
- AXAS raises its 2016 capex budget to $40M as it plans to accelerate west Texas and Austin Chalk drilling programs.
- Now read Abraxas Petroleum: Borrowing base decrease appears manageable
Tue, May 10, 5:30 PM
Tue, May 10, 5:23 PM
Wed, Mar. 16, 2:58 PM
- Abraxas Petroleum (AXAS +8.2%) is higher after reporting a smaller than expected Q4 loss, although revenues trailed analyst estimates following a 57% Y/Y drop.
- AXAS says FY 2015 production totaled 537K boe (5,841 boe/day), up 4% Y/Y, despite a 64% drop in capex from 2014; it expects to maintain or slightly improve production volume this year even with an expected drop in capital spending to $17.5M-$40M.
- AXAS also says it aims to further improve its liquidity by planning to sell ~17.3K acres of oil leases in Ward, Reeves and Pecos counties in the Permian Basin.
- AXAS says that although its borrowing base may be revised lower, the lower level would be manageable and not inhibit the achievement of its goals.
Tue, Mar. 15, 4:28 PM
Mon, Mar. 14, 5:35 PM
Dec. 28, 2015, 12:40 PM
Nov. 4, 2015, 7:16 AM
- Abraxas Petroleum (NASDAQ:AXAS): Q3 EPS of -$0.03 misses by $0.01.
- Revenue of $16.08M (-63.3% Y/Y) misses by $4.67M.
Nov. 3, 2015, 5:30 PM
- AFAM, AGN, AMRN, ARCC, ARCO, ARQL, ARRY, AVA, AVP, AXAS, BDX, BIOS, BSFT, CBB, CDW, CECO, CHK, CLH, CRK, CRL, CRTO, CRZO, CST, CSTE, CTSH, DAVE, DDD, EE, EMES, FOR, FOXA, GDP, HAE, HEP, HMC, HSIC, HSNI, INXN, KELYA, KORS, LINC, LL, MEMP, MFA, MNTA, MSI, MWE, NAVB, NCT, NEWP, NRG, NYLD, REGN, SBGI, SCMP, SE, SHOP, SNH, SODA, SSYS, STNG, TESO, TMHC, TWX, USAK, VG, VOYA, VRTU, VSI, WCG, WD, WEC, WEN, WILN, WIX, WMC
Oct. 19, 2015, 3:25 PM
- Carrizo Oil & Gas (CRZO -4.2%), Comstock Resources (CRK -4.6%), Synergy Resources (SYRG -1.6%), Callon Petroleum (CPE -6.5%), Gastar Exploration (GST -5.9%) and Goodrich Petroleum (GDP +0.1%) are mostly lower despite getting praise from a Barron's weekend article as "six small oil explorers that should do well."
- Imperial Capital considers CRZO, CRK, SYRG and CPE as its favorite low-risk, small-cap E&P companies based on liquidity risk, quality of properties and quality of operatorship; in addition, Abraxas Petroleum (AXAS -7.5%), Jones Energy (JONE -4%) and PetroQuest (PQ -6.1%) are well positioned purely from a liquidity standpoint.
- Imperial says GDP, in the firm's high-risk group, shows the most improvement at maintenance capex because Haynesville Shale wells are expected to come online at such high rates; it places GST high in its medium-risk group.
Sep. 8, 2015, 2:56 PM
- Energy E&P companies could suffer ~50% downside to 2017 consensus estimates, Cowen analysts say as they downgrade two-third of their portfolio coverage in the sector amid a weak oil price environment.
- The firm cuts capital spending estimates for several names in the sector, which in turn cuts production and cash flow estimates, the firm says as it lowers its 2016 production and operating cash flow estimates by a respective 4% and 35% below consensus view; by 2017, it sees 10% downside to consensus production estimates and 51% downside to consensus cash flow estimates.
- Downgraded to Underperform from Market Perform: BBG, BCEI, CWEI, DNR, NOG.
- Downgraded to Market Perform from Outperform: CPE, FANG, PDCE, PE, SYRG.
- Maintained at Market perform: AXAS, EGN
- Maintained at Outperform: OAS, QEP, WLL
Sep. 4, 2015, 2:34 PM
- Abraxas Petroleum (AXAS +1.8%) is higher after announcing that its bank syndicate reaffirmed its borrowing base at $165M through April 1, 2016.
- AXAS also says it continues working on steps to improve profitability amid low commodity prices, including shutting in or divesting any marginal wells and making additional investments in its production facilities and ancillary equipment; it expecting the moves will lead to more predictable production in the future.
- AXAS lowers its FY 2015 production guidance to 5,800-6,500 boe/day, and sees full-year capex of $55M-$65M.
Aug. 27, 2015, 1:34 PM| Aug. 27, 2015, 1:34 PM | 5 Comments
Abraxas Petroleum Corp. is an independent energy company. It engages in the acquisition, exploration, development and production of crude oil and natural gas in the United States and Canada. The company has operations across the Rocky Mountain, Permian Basin and onshore Gulf Coast regions of the... More
Sector: Basic Materials
Industry: Independent Oil & Gas
Country: United States
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