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Dec. 9, 2015, 10:36 AM
- Concho Resources (CXO +2.3%) and Pioneer Natural Resources (PXD +4.3%) are named J.P. Morgan's top large-cap picks among E&P companies focused on the Permian Basin, which the firm says is positioned at the low end of the U.S. tight oil cost curve and thus poised to benefit from efficiency and productivity gains.
- CXO boasts a deep inventory of high rate of return locations in the Delaware Basin; given the company's success there, the firm sees the potential for a "positive rate of change" in the Midland Basin.
- Even though PXD has lagged its Permian peers over the past 12-18 months on a weaker capital efficiency metric, the firm expects the company to realize a positive turn in capital efficiency along with differential oil growth to drive outperformance.
- Parsley Energy (PE +4.2%) and Diamondback Energy (FANG +4.4%) are JPM's top small- and mid-cap picks; Cimarex (XEC +1.7%), Energen (EGN +1.8%) and RSP Permian (RSPP +2.6%) are rated Neutral, while Laredo Petroleum (LPI +4.7%) is tagged with an Underweight rating.
Mar. 2, 2015, 9:15 AM
Mar. 2, 2015, 8:18 AM
- Laredo Petroleum (NYSE:LPI) -7.3% premarket after announcing a public offering of 50M common shares, with an underwriters option to purchase up to an additional 7.5M shares.
- LPI says it will use the proceeds to repay all outstanding indebtedness under its senior secured credit facility and to apply the excess to capital expenditures or to redeem certain senior notes.
Feb. 6, 2015, 5:37 PM
Jan. 21, 2015, 12:45 PM
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Dec. 31, 2014, 5:50 PM
Dec. 16, 2014, 9:10 AM
Dec. 16, 2014, 8:29 AM
- Laredo Petroleum (NYSE:LPI) -5.9% premarket after announcing a ~50% cut to its capital budget for 2015 to $525M, which the company says demonstrates its ability to operate efficiently in an uncertain commodity price environment and generate capital efficient production growth expected to exceed 12%.
- LPI reaffirms that it has been in discussions with interested parties regarding a potential transaction involving a portion of its northern Permian-Garden City properties, which are continuing.
Dec. 2, 2014, 3:13 PM
- Apache (APA -1%), Bill Barrett (BBG -5.6%) and Laredo Petroleum (LPI -4.9%) are downgraded to Neutral from Buy at Mizuho, as the firm lowers its crude oil price deck and views OPEC's decision not to cut production as a structural shift in crude oil markets.
- Although the current excess supply/weak demand situation will be resolved gradually, market fundamentals will increasingly drive crude prices in a ~$70/bbl world, the firm says; in the E&P space, it prefers APC, MRO, FANG, RSPP and RICE.
Dec. 1, 2014, 2:59 PM
- Laredo Petroleum (LPI -5.9%) raises its Q4 production guidance to 3.4M-3.6M boe from prior guidance of 3.2M-3.5M boe, and expects to complete 15 horizontal wells that will achieve a full month of peak production in Q4 vs. previously announced guidance of 12.
- LPI also says it has hedges in place for Q4 for ~1.55M barrels of oil at a weighted-average floor price of $89.45/bbl, which is ~75% of anticipated Q4 oil production.
- Defers its investor day to early 2015 due to ongoing discussions in structuring a potential transaction on its northern acreage in the Midland Basin.
- Northland Capital maintains its Outperform rating on LPI after the upside production estimates, as the firm views potential asset monetization as a positive and catalytic event (Briefing.com).
Nov. 28, 2014, 12:45 PM
Oct. 27, 2014, 8:55 AM
- Goldman Sachs lowers its ratings on the oil services sector (NYSEARCA:OIH) to Cautious from Attractive and downgrades several specific stocks as it cuts its 2015 oil price forecast.
- U.S. land activity will suffer the biggest impact of the lower price deck, Goldman says, with customer capital spending expected to decline 6% next year vs. its prior outlook for a 9% increase; as a result, the firm now forecasts the horizontal U.S. rig count to fall 7%, or ~200 rigs, over the next 12 months.
- Goldman downgrades Parsley Energy (PE -3.8% premarket), Diamond Offshore (DO -1.5%), Laredo Petroleum (LPI -9%) and Basic Energy Services (BAS -6.2%) to Sell with sharply lower price targets; Patterson-UTI (NASDAQ:PTEN), Pioneer Energy (NYSE:PES) and Emerge Energy (NYSE:EMES) are cut to Neutral.
- The firm adds Oceaneering (OII -0.3%) to its Conviction Buy list; it also removes Halliburton (HAL -1.5%) from the list but maintains its Buy rating on the stock.
Sep. 29, 2014, 12:26 PM
- Encana’s (ECA +2.3%) takeover of Athlon Energy (ATHL +24.6%) is good news for Diamondback Energy (FANG +2.3%) and Energen (EGN +2.2%), according to analysts at Sterne Agee.
- The acquisition implies a value of $98/share for FANG, Sterne says, based on FANG's 85K net acre leasehold position, estimated 19.8K boe/day of Q3 production, $585M of assumed debt, and a $1.7B market value for the Viper Energy Partners (NASDAQ:VNOM) units it owns.
- The firm sees even more upside for EGN, as ECA’s price implies a value of $102/share for EGN, based on 180K net acres across both sides of the Permian Basin, 48K boe/day of Q3 Permian Basin production, 132M cfe/day of Q3 San Juan Basin, and $835M of pro forma net debt as of Sept. 30.
- Permian producers Laredo Petroleum (LPI +5%), Parsley Energy (PE +5%) and RSP Permian (RSPP +4.8%) also are higher following the acquisition news.
Aug. 7, 2014, 3:59 PM
- Laredo Petroleum (LPI -8.6%) is sharply lower after reporting Q2 earnings and revenue that trailed analyst forecasts.
- Q2 revenue rose 3.2% Y/Y to $183M but fell short of estimates; LPI said it produced a quarterly record 28,653 boe/day during the quarter, up 13% Y/Y.
- Completed 19 horizontal wells during Q2, 15 of which were drilled as stacked laterals on multi-well pads.
- Sees FY 2014 production of 11.1M-11.7M boe.
Apr. 2, 2014, 2:59 PM
Laredo Petroleum Inc, together with its subsidiaries, is an independent energy company focused on the exploration, development and acquisition of oil and natural gas properties mainly in the Permian Basin in West Texas.
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