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Wed, Feb. 3, 9:19 AM
Thu, Jan. 28, 9:23 AM
- Gainers: NEOS +59%. DNR +17%. BCEI +16%. UA +16%. FB +14%. INO +13%. ATHX +12%. PBR +12%. WLL +11%. MRO +10%. [[PBR-A]] +10%. TRXC +9%. CHK +9%. MLNX +9%. LINE +9%. MT +9%. SDRL +8%. HOG +8%. ETE +8%. STO +8%. CRUS 7%. KMI 7%. BBL 6%. HCA 6%. MJN 6%. CJES 6%. PYPL 6%.
- Losers: NOW -22%. OSIS -22%. EBAY -11%. INVN -10%. URI -10%. INCY -9%. JNPR -10%. OAS -7%.
Thu, Jan. 28, 7:57 AM
- Oasis Petroleum (NYSE:OAS) -7.7% premarket after announcing a public offering of 34M common shares, with an underwriters option to purchase up to an additional 5.1M shares.
- OAS says it plans to use the proceeds for general corporate purposes and to fund part of its 2016 capital spending, which the company now projects at $385M-$435M, ~30% below 2015 levels.
- OAS says its 2015 capex totaled $605M-$615M, below its $670M plan, and that 2015 production rose 11% Y/Y to 50,477 boe/day; Q4 production averaged 50,652 boe/day, which exceeded the high-end of company guidance of 49K boe/day.
Mon, Jan. 25, 9:14 AM
Fri, Jan. 22, 9:21 AM
Thu, Jan. 21, 2:39 PM
- A new report from Sterne Agee CRT analyst Tim Rezvan suggests the situation for oil and gas E&P stocks is not as bad as the market fears for many companies.
- After studying liquidity positions of the E&P names under the firm's coverage, Rezvan concludes that only Chesapeake Energy (CHK +4%), Gastar Exploration (GST +13.2%) and Ultra Petroleum (UPL +25.7%) face potential credit issues prior to 2018.
- Conversely, Rezvan says Oasis Petroleum (OAS +8.5%) and Whiting Petroleum (WLL +11.3%) maintain strong liquidity despite sharp equity underperformance and can withstand the reduction in credit facilities expected this spring from lending banks feeling stress in their energy loan portfolios.
- The firm has Buy ratings on OAS and WLL, and Neutral ratings on CHK, GST and UPL.
Fri, Jan. 15, 9:29 AM
Tue, Jan. 5, 2:47 PM
- An eventual upturn in crude oil prices should turn the tide for the E&P sector In 2016, Citi analyst Robert Morris says as he upgrades Anadarko Petroleum (APC -1%), Canadian Natural Resources (CNQ +1%), EOG Resources (EOG +0.8%) and Cimarex Energy (XEC +1.4%) to Buy from Neutral and ups Oasis Petroleum (OAS -3.3%) to Neutral from Sell.
- For the first time in more than a decade, the per share debt-adjusted growth metrics within the E&P sector showed no correlation to the share price performance in 2015, according to Morris; without a further collapse in commodity prices, he sees debt-adjusted growth metrics, along with key debt metrics and the ability to increase production by spending within cash flow, driving relative E&P share performance.
- Morris maintains Buy ratings on Antero Resources (AR -2.4%), Apache (APA -2.3%), Concho Resources (CXO +1%), Memorial Resource Development (MRD -2%), Range Resources (RRC -0.4%) and Whiting Petroleum (WLL -7.1%), but downgrades Hess (HES -0.5%) to Neutral from Buy.
Dec. 31, 2015, 1:52 PM
- The volatility continues: After getting drubbed yesterday following the release of EIA inventory data, a slew of North American oil/gas industry firms are up strongly today as Nymex natural gas futures rise 6.1% to $2.35/MMBtu. The EIA reported today a weekly U.S. natural gas inventory change of -58 Bcf (close to expectations) to 3,756 Bcf.
- Oil is also higher: WTI crude is up 2.5% to $37.53/barrel, and Brent crude up 3.7% to $37.80/barrel. The S&P is down 0.3%.
- Also: Cheniere Energy (LNG +3.4%) has begun production at its Sabine Pass terminal, which will be the first to export shale gas from the U.S. Partner ING Capital states Cheniere is currently receiving, chilling, and storing 50M cubic feet of gas per day at the facility.
- Major gainers include Southwestern Energy (SWN +9.6%), Williams (WMB +5.6%), Encana (ECA +4.5%), Gulfport Energy (GPOR +5.3%), Whiting Petroleum (WLL +8.2%), Rice Energy (RICE +5.6%), SandRidge Permian Trust (PER +8.9%), Oasis Petroleum (OAS +5.9%), BP Prudhoe Bay Royalty Trust (BPT +7.3%), and Baytex Energy (BTE +9.3%). ONEOK is up over 7% after catching an upgrade from Credit Suisse.
Dec. 30, 2015, 9:15 AM
Dec. 29, 2015, 9:20 AM
Dec. 28, 2015, 11:45 AM
- WTI crude is down 3.2% to $36.90/barrel, and Brent crude down 2.5% to $36.95/barrel, leaving prices close to 11-year lows. Energy industry firms are among the biggest decliners on a day the S&P is down 0.6%.
- Fears about excess supply appear to be weighing once more. OPEC figures point to a global oil supply glut of more than 2M barrels (over 2% of global demand); a smaller glut is expected next year. Meanwhile, Japanese government data indicates the country's oil product sales fell to a 46-year low in November, and European data suggests the continent's oil product demand growth turned negative in October.
- The biggest casualties include Whiting Petroleum (WLL -9.9%), Oasis Petroleum (OAS -8.2%), Vanguard Natural Resources (VNR -12.5%), Denbury Resources (DNR -8%), SandRidge Energy (SD -8.1%), SandRidge Permian Trust (PER -10.9%), SandRidge Mississippian Trust (SDT -7.5%), U.S. Silica (SLCA -6.2%), Marathon Oil (MRO -6.7%), C&J Energy Services (CJES -8.1%), MV Oil Trust (MVO -9.2%), Bonanza Creek (BCEI -6.4%), Parker Drilling (PKD -7.9%), and Continental Resources (CLR -5.9%).
- Other notable decliners include Kinder Morgan (KMI -5%), Williams Partners (WPZ -4.4%), EOG Resources (EOG -3.4%), Cheniere Energy (CQP -3.6%), SeaDrill (SDRL -3.5%), Encana (ECA -2.8%), Devon Energy (DVN -2.7%), Ensco (ESV -3.8%), Hercules Offshore (HERO -4.7%), Atwood Oceanics (ATW -4.9%), Helmerich & Payne (HP -3.8%), and Pioneer Natural (PXD -2.6%).
- ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG, DRIP, GUSH
Dec. 22, 2015, 2:38 PM
- "Quality" oil stocks will perform well during H1 2016 but it will be time to buy “beta” names in H2 as global oil market conditions fundamentally improve over the course of the year, RBC analysts say, adding that a sustainable oil price recovery appears more on the cards in 2017.
- RBC thinks stocks with lower leverage, good asset quality and cheap valuation are likely to perform best and earlier, citing 12 names: Apache (APA +1.1%), Devon Energy (DVN +3.4%), Continental Resources (CLR +8.3%), ConocoPhillips (COP +2.9%), Carrizo Oil & Gas (CRZO +1.9%), EP Energy (EPE +14.6%), Gulfport Energy (GPOR -0.9%), Newfield Exploration (NFX +0.5%), Oasis Petroleum (OAS +6.3%), Rice Energy (RICE -0.6%), SM Energy (SM -0.1%) and Whiting Petroleum (WLL +6.9%).
Dec. 10, 2015, 11:34 AM
- Companies such as Chesapeake Energy (CHK +1.8%) pushed the SEC for an accounting change in 2009 that made it easier to claim reserves from wells that would not be drilled for years, but Bloomberg says the chickens will come home to roost in the next few months when billions of barrels of shale drillers’ reserves are wiped out.
- The rule requires the undrilled wells to be profitable and be drilled within five years, but now the time is up, and the companies must soon report 2015 figures - and prices are down, way down.
- Regulatory filings show CHK's inventory will be cut by 45%, Bill Barrett (BBG +4.1%) will lose as much as 40%, and Oasis Petroleum (OAS +5.8%) will loss 33%.
- "How are these reserves going to come back?” says a Guggenheim Securities analyst. “Because if you have to spend within cash flow, those reserves aren’t coming back. Not unless we get a spike in prices, or we return to levered growth.”
Dec. 7, 2015, 9:19 AM| Dec. 7, 2015, 9:19 AM
Oct. 21, 2015, 3:27 PM
- Oasis Petroleum (OAS -3.2%) is lower after asking bondholders to allow it to take on second-lien debt, which would let it raise more capital to weather the downturn in crude oil prices.
- OAS also says it would cap its secured borrowing base at $1.525B, which should ease fears the company is becoming too levered, Reuters reports.
- Banks had cut OAS's credit line by 10% earlier this month to $1.525B, the largest reduction yet this fall of an oil producer's access to debt markets.
- E&P companies are taking it on the chin today as crude oil falls sharply following a larger than expected inventory build.
Oasis Petroleum Inc is an exploration and production company. The Company acquires and develops unconventional oil and natural gas resources in the Montana and North Dakota regions of the Williston Basin.
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