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Nov. 5, 2015, 6:57 PM
- EOG Resources (NYSE:EOG) -1.1% AH after reporting better than expected Q3 earnings, attributed to cost cuts and efficiency gains, while revenues plunged by 57% Y/Y to $2.17B.
- The earnings result excludes a $4.1B writedown in the value of some shale acreage, which EOG says were older and marginal assets.
- EOG says Q3 production fell 5% Y/Y, adjusted for the sale of its Canadian operations, to 569.6K boe/day, while capital spending fell 36% from a year ago.
- EOG does not raise its production forecast, preferring to keep more oil in the ground longer to wait for higher prices.
- EOG says it added 26K net acres in the Delaware sub-basin of the Permian through a series of deals, and that better understanding of the subsurface was adding to its resource potential in the area.
- Says Q3 lease and well expenses fell 17% Y/Y on a per-unit basis because of improved operational efficiencies and reduced service costs, while per-unit transportation costs fell 11%; also says it continues to lower completed well costs and operating costs from last year.
- EOG cut its capital budget earlier this year by ~$200M but maintains its most recent guidance for $4.9B-$5.9B in spending; it spent $8.3B in 2014.
Nov. 5, 2015, 4:46 PM
- EOG Resources (NYSE:EOG): Q3 EPS of $0.02 may not be comparable to consensus of -$0.30.
- Revenue of $2.18B (-57.4% Y/Y) misses by $170M.
- Shares -1.4%.
Nov. 4, 2015, 5:35 PM
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Oct. 22, 2015, 6:25 PM
- North Dakota regulators approve a plan to give oil producers an extra year to bring a new well online, Reuters reports, in an attempt to give the energy industry breathing room during the oil price downturn.
- Companies will now have up to two years to frack drilled but uncompleted wells under changes approved by the North Dakota Industrial Commission, which means the oil industry will not be forced to spend billions of dollars to frack an estimated 1,000 DUCs, most of which will hit their previous one-year deadlines in December.
- Top Bakken shale producers include CLR, HES, EOG, WLL, XOM, OAS, NOG, EOX, MRO
Oct. 21, 2015, 12:58 PM
- Canadian Natural Resources (CNQ -2.4%) is Barclays' top E&P pick in an otherwise dismal sector, as analyst Thomas Driscoll notes that E&P firms likely slowed their completion activity due to low oil prices in Q3 while Q4 volumes may be at risk.
- But Driscoll calls Overweight-rated CNQ his "most fundamentally undervalued" name, and says the company is transitioning to a "long-lived, low-maintenance and low-decline" production profile which is not reflected in the "annuity-like character of its asset base."
- The firm also has Overweight ratings on EOG Resources (EOG -0.6%), Noble Energy (NBL -0.5%) and Southwestern Energy (SWN -4.4%).
Oct. 14, 2015, 6:54 PM
- The recent bounce in oil stocks such as Chevron (NYSE:CVX), Occidental Petroleum (NYSE:OXY), Marathon Oil (NYSE:MRO), Devon Energy (NYSE:DVN), Hess (NYSE:HES) and EOG Resources (NYSE:EOG) may not prove sustainable but their dividends are mostly safe, Deutsche Bank analysts say.
- The firm expects stock performance "to remain choppy, with coming negative revisions, challenging valuation and commodity volatility still weighing on the near-term outlook," but with H2 crude balances showing signs of improvement, MRO, HES and EOG could enjoy a ~30% increase in 2016 CFO for each $10/bbl move in crude.
- Deutsche Bank says dividends at MRO may be at risk, but believes the remaining dividends are safe, suggesting current yields of the integrated oils are overly discounted vs. the S&P 500, European oil majors and respective historical averages.
- The firm says it continues to favor OXY and EOG among large-caps, MRO and DVN for leverage to a bounce, and CVX among yield-focused integrateds.
Oct. 6, 2015, 3:28 PM
- Oil industry execs speaking at the Oil and Money conference in London warn of a "dramatic" decline in U.S. production that could pave the way for a future spike in prices if fuel demand increases.
- Former EOG Resources (EOG +2.7%) CEO Mark Papa, now a partner at energy investment firm Riverstone Holdings, expects U.S. oil production to stall this month and begin to decline from early next year.
- Royal Dutch Shell (RDS.A, RDS.B) CEO Ben van Beurden agrees, saying U.S. oil producers will struggle to refinance while prices remain so low, leading to lower output in the future.
- Weatherford (WFT +9.9%) CEO Bernard Duroc-Danner notes that the speed and brutality of cost cutting in the industry is the deepest since 1999; in addition to WFT, he thinks just two other big North American oil services companies will remain as the sector is forced to consolidate.
- November WTI crude climbed $2.27, or 4.9%, to settle at $48.53/bbl for the highest settlement since Aug. 31, propelling energy stocks (XLE +2.3%) to the top of today's stock market leaderboard.
- ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
Sep. 28, 2015, 7:02 PM
- Wolfe Research's Paul Sankey says he is bracing for some ugly Q3 earnings reports among oil and gas producers and a soft environment well into 2016, arguing that with oil prices stuck ~$45/bbl for West Texas crude, "there is real bankruptcy risk for probably one-quarter of the U.S. oil industry.”
- The analyst advises clients to stick with quality companies that can weather a prolonged stretch of soft prices, which means larger independent producers such as EOG Resources (NYSE:EOG), Anadarko Petroleum (NYSE:APC) and Chevron (NYSE:CVX) among the majors.
- Sankey says “all will be fine in due course,” although the next 6-12 months could be “tough sledding” for their businesses.
- Sankey likes a number of refiners, who will benefit from cheap crude oil, including Valero Energy (NYSE:VLO), Marathon Oil (NYSE:MRO), Western Refining (NYSE:WNR) and HollyFrontier (NYSE:HFC).
Sep. 24, 2015, 7:15 PM
- North Dakota regulators approve an industry-backed proposal to delay further cuts to associated gas flaring by 10 months while also easing more long-range flaring reduction targets.
- Gov. Dalrymple and the two other members of the North Dakota Industrial Commission voted to change the date when companies must capture 85% of natural gas produced from their wells to Nov. 1, 2016.
- The regulators agreed with industry arguments that the delays and revisions were needed because of the lack of new gas capture and pipeline infrastructure, which have been delayed for a variety of reasons, including low oil and gas prices, right-of-way disputes and pad size limitations.
- Top North Dakota producers include CLR, HES, EOG, WLL, XOM, OAS, NOG, EOX, MRO
Sep. 22, 2015, 5:45 PM
- With the outlook for oil prices uncertain, Deutsche Bank's energy analyst team prefers four stocks - Occidental Petroleum (NYSE:OXY), EOG Resources (NYSE:EOG), Devon Energy (NYSE:DVN) and Marathon Oil (NYSE:MRO) - which have “high asset quality, manageable outspend and a visible line of sight towards improving capital efficiency."
- Consensus estimates imply a modest drop in U.S. exit rate oil production in 2016, but increased drilling efficiencies, an accelerated draw-down in capital efficient DUC well inventory, and an increasingly oil-weighted allocation of onshore capital suggest the group may be able to "keep on keeping on," the firm says.
Sep. 22, 2015, 4:06 PM
- EOG Resources (NYSE:EOG) declares $0.1675/share quarterly dividend, in line with previous.
- Forward yield 0.89%
- Payable Oct. 30; for shareholders of record Oct. 16; ex-div Oct. 14.
Sep. 4, 2015, 6:45 PM
- The Morgan Stanley commodity team lowers its crude oil price estimates, forecasting WTI at $51.07/bbl at the end of 2015, $56.45 at the end of 2016 and $60 at the end of 2017; the group had foreseen a 2017 price of $80.
- At the firm's recent Houston Energy Summit, EOG Resources (NYSE:EOG) was considered the most bullish in terms of expectations for oil prices, expecting "U.S. production to come off 100Mbld per month in year end" for a total decline from a peak of 700M bbl/day at year-end.
- Many other companies in attendance, including Anadarko Petroleum (NYSE:APC) and Apache (NYSE:APA), expect a more modest pickup in crude prices.
- Of all the companies in its coverage universe, Stanley sees InterOil (NYSE:IOC), Marathon Oil (NYSE:MRO) and Devon Energy (NYSE:DVN) as offering the highest upside to its price target.
Aug. 19, 2015, 11:18 AM
- It's a broad decline for stocks this morning, with the S&P 500, DJIA, and Nasdaq all lower by 1% or more. Leading the way down are the energy names (XLE -2.5%) after an unexpected jump in oil inventories has sent the price of black gold down to new bear market lows at $41.30 per barrel.
- Chevron (CVX -2.9%), ConocoPhillips (COP -3.8%), EOG Resources (EOG -4.3%), Apache (APA -4.1%), Hess (HES -3.6%), Marathon Oil (MRO -5.5%), Noble Energy (NBL -3.1%), Anadarko (APC -3.6%).
- ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG, DRIP, GUSH
Aug. 18, 2015, 9:16 AM
- Eldorado Gold (NYSE:EGO) agrees to buy 52M shares of Integra Gold (OTCQX:ICGQF) for $0.28 per share, giving it a 15% stake in the company (Integra closed at $0.205 last night).
- The investment will bring cash on Integra's balance sheet up to $27M, giving it the firepower to move forward with an active fall and winter drill program at the Lamaque Project.
- The deal closing is expected on or about Aug. 31.
Aug. 7, 2015, 6:12 PM
- EOG Resources (NYSE:EOG) CEO Bill Thomas says he expects U.S. crude oil production to decline substantially in H2, which will start to become evident in September and October when updated and more accurate federal data on domestic oil output is released.
- The CEO said in today's earnings conference call that EOG would by early 2016 begin unbuckling its estimated backlog of 320 wells it has drilled but not brought into production, even if prices had not recovered by then.
- EOG reported yesterday that its Q2 earnings fell 99% Y/Y, but Thomas says it could make a 30% rate of return with U.S. crude at $50/bbl and that the company had noted earlier this year it was making higher returns at $65/bbl than at $95/bbl three years ago.
Aug. 6, 2015, 6:55 PM
- EOG Resources (NYSE:EOG) -0.3% AH after Q2 earnings beat low estimates, but its $5.3M profit is 99% less than the $706M earned in the year-ago quarter and $2.47B in revenues is 40% lower than a year earlier before oil prices plummeted.
- EOG says it is maintaining FY 2015 oil production guidance and reducing full-year capital spending guidance by $200M, and will refrain from growing oil production into an over-supplied market, even though Chairman/CEO Bill Thomas says the company is set up to profit in a $50/bbl oil environment.
- EOG highlights its performance in the Bakken and Three Forks plays, where it increased its net resource potential to 1B boe from 400M and grew its total net wells to 1,540 from 580.
- Says it completed an industry record Bakken well using enhanced high-density completion techniques, coming on line producing 3,395 bbl/day of oil and 6M cf/day of natural gas.
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