Wed, Nov. 4, 6:33 AM
Tue, Nov. 3, 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
Mon, Oct. 19, 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.
Thu, Oct. 15, 4:52 PM
- Carrizo Oil & Gas (NASDAQ:CRZO) announces a public offering of 5.3M common shares, with an underwriters option to purchase up to an additional 795K shares.
- CRZO says it plans to use the proceeds to purchase additional shares and repay borrowings under its revolving credit facility, with the remainder for general corporate purposes, including future potential acquisitions with a primary focus in the Permian Basin.
- Separately, CRZO says it estimates Q3 production volumes totaled ~35.9K boe/day, above the high end of its 33.1K-34.3K guidance range, with Q3 oil production estimated at ~23.5K bbl/day, up 18% Y/Y.
- Citing continued strong performance from the company's primary operating areas, CRZO raises its 2015 production guidance to 22.75K-22.85K bbl/day of oil from 22.35K-22.5K, 56M-57M cf/day of natural gas from 54M-56M, and 3.5K-3.6K bbl/day pf natural gas liquids from 3.25K-3,35K.
Tue, Sep. 1, 5:18 PM
- SunTrust’s energy team suggests four E&P stocks it believes “can thrive at $55 and easily survive at $35" oil: Carrizo Oil & Gas (NASDAQ:CRZO), Concho Resources (NYSE:CXO), Gulfport Energy (NASDAQ:GPOR) and PDC Energy (NASDAQ:PDCE).
- The firm believes the four companies can grow production 200%-plus next year if oil surpasses $50/bbl but more importantly can spend relatively within cash flow while doing so, with the option of dramatically cutting spending and activity if oil falls toward $35, yet their cash flow coverage actually could increase slightly.
- SunTrust says the companies are best positioned to take advantage of either type of oil environment, and rates each of them a Buy.
Thu, Aug. 6, 6:38 AM
Wed, Aug. 5, 5:30 PM
- AAON, ACTA, AGIO, AGN, AGO, AINV, AMCX, APA, AXAS, AYR, BBEP, BBW, BCE, BDBD, BDX, BECN, CC, CCC, CCOI, CECE, CNK, CNQ, CNSL, CRIS, CRZO, CTB, DDD, DUK, DX, EAT, EBS, EMES, ENOC, ENR, EXK, EXTR, FSV, FSYS, GCAP, GLOG, GLP, GNRC, GOGO, GTXI, GWPH, HCLP, HGG, HII, HILL, HL, HSNI, INFI, INSY, IRC, KOP, KORS, LAMR, LEAF, LPI, LQDT, MBLY, MEG, MFC, MITL, MMP, MMS, MPEL, MYL, NGS, NRF, NRP, NRZ, NVO, NXST, NXTM, NYT, OA, OGE, ONE, OTIV, OWW, PBH, PGNX, PLUG, PRIM, RDEN, RGEN, RICE, RSTI, RVLT, RWLK, SATS, SBH, SEAS, SFY, SGM, SNH, SPH, SRPT, SSTK, STN, SUNE, TA, TAP, TDC, TECH, TESO, THS, TK, TLP, TNK, VER, VIAB, WIN, WPP, YORW, ZEUS
Wed, Jul. 22, 2:37 PM
- A reduction in non-OPEC production eventually will provide an opportunity for U.S. producers to get back in the game, Credit Suisse analyst Mark Lear says as he upgrades the oil and gas E&P sector to Overweight and changes ratings for several individual stocks.
- Lear sees a handful of names with limited downside at WTI prices of ~$60/bbl and “decent” upside with prices in the $70’s, and expects a better year for natural gas in 2016 as dropoffs in production and higher demand could lead to higher winter prices.
- "We may be early,” but Credit Suisse assumes coverage at Outperform on some E&P stocks: EOG, EPE, PXD, DNR, APC, DVN.
- Upgraded to Outperform from Neutral: HES, CXO, CRZO, NBL
- Upgraded to Neutral from Underperform: MUR.
- Assumed coverage at Neutral: APA, DNR
- Assumed at Underperform: SD, SWN
- Downgraded to Underperform from Neutral: REXX, CRK
Fri, May 29, 5:25 PM
- Natural gas production in the Marcellus shale, which has grown over the past decade from near zero to ~20% of U.S. output, may decline for the first time if prices in the basin remain low for much longer, the U.S. Energy Information Administration says.
- "Relatively low gas prices, combined with low oil prices, have slowed drilling in the Marcellus so production from new wells is only offsetting the decline in old wells," EIA says, expecting Marcellus output to remain flat through 2018 before declining ~1%/year during 2019-25.
- Recent data indicates a potential slowdown: The number of rigs in the area has dwindled to its lowest since 2011, and drillers including Chesapeake Energy (NYSE:CHK) and Cabot Oil & Gas (NYSE:COG) have temporarily shut in some production due to weak regional prices.
- An inability to move all the gas out of the Marcellus region has depressed prices there compared with the Gulf coast benchmark, the Henry Hub in Louisiana, making it less attractive for local producers to drill more.
- Other top Marcellus producers include RRC, RDS.A, RDS.B, TLM, APC, ATLS, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN, AR.
Mon, May 11, 11:27 AM
- Some analysts say Noble Energy’s (NBL -7.5%) acquisition of Rosetta Resources (ROSE +25.5%) is the deal that will finally open the floodgates of M&A activity in the oil patch.
- The premium for ROSE is below average for the sector over the past five years, suggesting there are more mergers to come, says Oppenheimer's Fadel Gheit, and the sale shows that M&A was “arguably” a cheaper option for growth than organic investment, according to Morgan Stanley's Martijn Rats.
- SunTrust's Neal Dingmann sees Matador Resources (MTDR -0.9%), Callon Petroleum (CPE -0.5%) and Carrizon Oil & Gas (CRZO -1.8%) as the most likely targets for acquisitive eyes.
Wed, May 6, 6:34 AM
Tue, May 5, 5:30 PM
- ANSS, ARQL, ATHM, AVA, AYR, BAM, BUD, CEQP, CHH, CHK, CKSW, CLH, CMLP, CRNT, CRZO, CSTE, DAVE, DDD, DNR, EE, EGAN, ENB, EXK, GDP, GLOG, HAIN, HCLP, HFC, HSC, HSNI, HTA, IMN, INFI, KELYA, LAMR, LG, LINC, MEMP, MPO, MSI, MWE, NOR, NXTM, OXY, PERI, PGNX, POWR, RDC, RHP, SBGI, SCMP, SE, SNH, SODA, STRA, SUP, SWC, TMHC, TRXC, VG, VOYA, VSI, WCG, WD, WEN, WIX, WMC, WPX, XLS, XRAY
Thu, Apr. 9, 7:21 PM
- Radon levels have been rising measurably in Pennsylvania since 2004, when the fracking industry began drilling natural gas wells in the state, according to a new report by the Johns Hopkins Bloomberg School of Public Health.
- The report does not pinpoint the exact cause of rising radon readings or explicitly tie it to any activity, but it says that buildings in counties where natural gas is most actively being extracted have in the past decade had much higher radon measurements than buildings in low-activity areas, where no such discrepancies were found before 2004.
- Pennsylvania has long been known to have some of the highest indoor radon levels in the U.S., but the researchers say fracking of the Marcellus shale formation could exacerbate pathways for radon to enter buildings.
- Top Marcellus Shale producers include CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN, AR.
Thu, Mar. 26, 5:49 PM
- After oil's drop from more than $100/bbl to ~$50 in just months, oil producers are using hedges as a source of income rather than just as a form of insurance to lock in minimum prices for oil, Dow Jones reports.
- Carrizo Oil & Gas (NASDAQ:CRZO), for example, has placed several hedges on ~12K bbl/day that guaranteed it at least $91/bbl on average, locking in a $166M gain which exceed its $163M in total revenue last quarter, and added new contracts guaranteeing a minimum price of $50/bbl for some of its oil this year and next as protection in case oil prices fall further.
- Continental Resources (NYSE:CLR) dropped nearly all its oil hedges when crude was still priced at ~$80 in early November, earning $433M from the move and using the cash to cover operating costs and keep its investment grade credit rating.
- Cashing in hedges is part of the survival strategy being used by Energy XXI (NASDAQ:EXXI), which booked a $377M loss in its latest quarter; it got $73M in January and February for cashing in some of this year's hedges, and put on new hedges at lower prices; similarly, Parsley Energy (NYSE:PE) says it brought in $63M in recent months by cashing in some of its hedges.
- But companies are notoriously bad at choosing when to put on and take off hedges; though many U.S. oil firms, especially smaller producers, routinely use hedges to lock in prices, many were less hedged than usual heading into the oil price plunge that started last June.
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