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Tue, Feb. 9, 5:21 PM
- Standard & Poor's downgrades the junk ratings of 25 oil and gas companies on expectations of deteriorating credit quality due to low commodities prices and reduced production.
- The ratings firm, which also affirmed the ratings of an additional 20 speculative-grade E&P companies, says the ratings actions follow a revision of its price assumptions for crude oil and natural gas.
- Among companies receiving downgrades: AREX, BBG, BCEI, BBEP, CWEI, DNR, EPE, EVEP, GST, KOS, LGCY, MEMP, NOG, OAS, REN, SM, SGY, TPLM, UNT, WTI, WLL
- Last week, S&P cut the ratings of 10 U.S. oil and gas E&P companies, including investment-grade Chevron, and placed Exxon's AAA corporate rating on watch for a possible downgrade.
Mon, Jan. 25, 4:57 PM
Wed, Jan. 6, 12:47 PM
- J.P. Morgan says it expects the harsh oil and gas market conditions will force distribution cuts in 2016 from EV Energy Partners (EVEP -3%), Memorial Production Partners (MEMP -4.6%) and Legacy Reserves (LGCY -5.9%).
- "The market has come to the realization that supportive yield-based valuation metrics remain inadequate as distributions appear unsustainable against liquidity and balance sheet concerns,” JPM analyst Gabriel Daoud writes.
- The firm also downgrades Vanguard Natural Resources (VNR +0.4%) to Neutral from Overweight with a $5 price target, cut in half from $10, and lowers its price target for BP Prudhoe Bay Royalty Trust (BPT -6.1%) to $11 from $18.
Dec. 30, 2015, 5:38 PM
Dec. 30, 2015, 12:46 PM
- Hit hard two days ago as oil fell below $37/barrel, oil/gas industry names are seeing more pain today after the EIA reported U.S. crude inventories rose by 2.6M barrels last week - expectations were for a decline. The report comes shortly after the API estimated U.S. crude inventories rose by 2.9M barrels during the most recent weekly period.
- After rising yesterday, WTI crude is down 3.1% to $36.71/barrel. Brent crude is down 2.9% to $36.69/barrel. Nymex natural gas is down 7.3% to $2.20/MMBtu.
- The biggest decliners include Chesapeake Energy (CHK -4.1%), Petrobras (PBR -4.1%), Linn Energy (LINE -7.5%), Gulfport Energy (GPOR -5.2%), SeaDrill (SDRL -5.5%), MV Oil Trust (MVO -4.5%), EV Energy Partners (EVEP -6.7%), and Southwestern Energy (SWN -5.7%).
- Other notable decliners include Hercules Offshore (HERO -5.2%), Marathon Oil (MRO -4%), Devon Energy (DVN -4.4%), Encana (ECA -4.1%), Range Resources (RRC -4.7%), Sandridge Mississippian Trust (SDR -4%), Newfield Exploration (NFX -3.8%), BP Prudhoe Bay Royalty Trust (BPT -3.1%), Enerplus (ERF -3.9%), and ONEOK Partners (OKS -2.5%).
- ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG, DRIP, GUSH
Nov. 9, 2015, 3:48 PM
- EV Energy Partners (EVEP -26.1%) sinks by more than 25% after reporting a 54% Y/Y drop in Q3 revenue, falling gar short of expectations, and warning distributable cash flow likely will fall below levels needed to maintain its $0.50/share quarterly distribution.
- "Over the next several months, as the budgeting process for 2016 is completed, EVEP will address its future quarterly distribution levels and policies to align future distributions with projected distributable cash flow," the company says.
- Q3 production was 9.7 Bcf of natural gas, 212 Mbbl of oil and 526 Mbbl of natural gas liquids, or ~153M cfe/day, a 13% Y/Y decrease and 6% lower Q/Q.
Nov. 9, 2015, 12:45 PM
Nov. 9, 2015, 6:41 AM
- EV Energy Partners (NASDAQ:EVEP): FQ2 EPS of -$0.20 may not be comparable to consensus of $0.22.
- Revenue of $38.32M (-54.7% Y/Y) misses by $18.03M.
Nov. 8, 2015, 5:30 PM
Oct. 29, 2015, 6:05 PM
- EV Energy Partners (NASDAQ:EVEP) declares $0.50/share quarterly dividend, in line with previous.
- Forward yield 37.11%
- Payable Nov. 13; for shareholders of record Nov. 9; ex-div Nov. 6.
Oct. 5, 2015, 10:32 AM
- The energy sector is an early leader in today's trading even after Standard & Poor's issued negative outlooks for Exxon Mobil (XOM +0.3%) and Chevron (CVX +1.9%) after Friday's close, citing high debt levels and low energy prices.
- XOM "has substantially more debt than during the last cyclical commodity price trough in 2009, while upstream production and costs are at similar levels,” S&P said, adding that “a sustained period of lower oil and gas prices will significantly reduce the company’s operating cash flow in 2015 and 2016 from 2014 levels, resulting in rising debt balances as the company sustains its capital investments and dividends.”
- The ratings agency anticipates CVX "will outspend internally generated cash flow to fund major project capital spending and dividends."
- While S&P stopped short of credit downgrades - it held CVX’s long-term credit rating at AA and XOM’s at AAA - it did downgrade 12 others: CHK, WLL, UPL, DNR, LINE, BBG, LGCY, TPLM, ARP, CWEI, MPO, EXXI.
- Outlooks also were lowered for NOG and EVEP.
- Ratings were affirmed for COP, WPX, WTI and CRK.
Sep. 14, 2015, 7:21 PM
- Citigroup analysts foresee a second round of distribution cuts is coming to the energy MLP sector, predicting companies in the sector will have drawn down their revolving credit lines by a combined 61% by year's end.
- The two upstream MLPs the Citi analysts consider at the highest risk of a "meaningful" distribution cut are Legacy Reserves (NASDAQ:LGCY) and Atlas Resource Partners (NYSE:ARP).
- The only two MLPs the analysts recommend are Memorial Production Partners (NASDAQ:MEMP) and EV Energy Partners (NASDAQ:EVEP), mostly for valuation reasons.
- ETFs: AMLP, AMJ, KYN, MLPL, TYG, SRV, KYE, CEM, MLPI, NML, FEN, NTG, MLPA, KMF, EMLP, FMO, MLPN, SRF, FEI, JMF, CBA, MLPX, GMZ, EMO, MLPS, TTP, CTR, AMU, CEN, GER, AMZA, SMM, MIE, DSE, ENFR, FPL, ATMP, JMLP, MLPW, IMLP
Sep. 4, 2015, 12:45 PM
Sep. 3, 2015, 10:51 AM
- EV Energy Partners (EVEP +0.8%) agrees to acquire oil and natural gas properties with combined estimated net proved reserves of 302B cfe in the Appalachian Basin, San Juan Basin, Michigan and Austin Chalk from certain EnerVest partnerships for $259M.
- Among the acquisitions is the purchase of a 100% ownership interest in Belden & Blake Corp., which owns oil and natural gas properties in the Appalachian Basin and Michigan near EVEP's existing properties with estimated net proved reserves of 120B cfe.
Aug. 24, 2015, 10:59 AM
- EV Energy (EVEP -6.2%) is downgraded to Underperform from Neutral with a $5 price target, cut from $13, at Baird, which notes that after selling its UEO assets for $575M, the company has yet to fill the cash flow gap required to maintain its already haircut distribution into 2016.
- With an onerous cost of equity, EVEP will be hard pressed to win an auction, and buying assets even at size may not do enough to hold off another distribution cut, the firm says.
Aug. 13, 2015, 12:45 PM
EV Energy Partners LP is engaged in the acquisition, development and production of oil and natural gas properties. Its midstream segment is engaged in the construction and operation of natural gas processing and natural gas liquids fractionation.
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