May 7, 2014, 8:58 AM
- Devon Energy (DVN) +1.6% premarket after reporting a Q1 profit compared with a year-ago loss when it wrote down the value of some natural gas assets.
- Q1 oil and gas output totaled 691K boe/day, up 0.6% Y/Y; excluding production associated with divestiture properties, top-line production from Devon's retained, go-forward asset base rose 7% Y/Y to 563K boe/day.
- Led by the Permian Basin and Eagle Ford, DVN's most significant growth came from retained U.S. operations, where oil production jumped 56% Y/Y.
- Average realized prices, before hedging impacts, jumped 29% for oil and 51% for natural gas.
May 7, 2014, 8:05 AM
May 6, 2014, 5:30 PM
- AGN, ALE, AOL, ARIA, ARQL, ATRO, AVA, AYR, BAM, BUD, CHK, CLH, COT, CTSH, DUK, DVN, DWSN, DX, EE, ENB, END, FWLT, GTIV, GWPH, HNT, HTZ, HUM, INXN, KELYA, KING, LAMR, LGND, LINC, LMIA, MDLZ, MEMP, MZOR, NAVB, NJR, NTLS, NVDQ, POM, PRGO, QRE, RIGL, ROC, SBGI, SE, SEP, SFUN, SNSS, SPAR, SPB, STRA, SUSP, SUSS, TAP, THI, TLM, TMHC, TPC, TRGT, USAC, VOYA, VSI, WBAI, WPX, WRES, XEC.
May 6, 2014, 5:03 PM
- Devon Energy (DVN) and Cimarex Energy (XEC) each agree to acquire 50K net acres and associated production primarily in the Cana-Woodford Shale for $249M.
- DVN's share of the assets includes current production of ~5,800 boe/day (37% liquids) and proved reserves of ~23M boe; XEC's portion includes current production of 35M cfe/day (63% gas) and proved developed reserves of ~140B cfe.
May 5, 2014, 5:42 PM
- Talisman Energy (TLM) and Statoil (STO) are considering selling their joint venture in the Eagle Ford basin, which could fetch more than $4B, Bloomberg reports.
- TLM is said to have solicited offers last year for its 50% interest in the JV and couldn’t find a buyer in part because STO wasn’t ready to exit.
- The report speculates that a sale could draw interest from large exploration companies such as Encana (ECA), Murphy Oil (MUR) and Devon Energy (DVN) that want to acquire more oil-producing properties.
Apr. 16, 2014, 10:48 AM
- Alberta looks likely to implement energy efficiency measures when it revamps its climate-change policy to win support for its oil sector, an about-face on the former premier’s vow that the province wouldn’t enact new rules until the U.S. did.
- The province plans to have new regulations on emissions in the near future and may include a higher carbon price, Alberta's environment minister says.
- The struggle by Alberta’s oil producers for access to new markets, as reflected in U.S. delays in approving the Keystone XL (TRP) pipeline, comes amid opposition to oil sands bitumen because of its higher carbon intensity and concerns around air and water pollution.
- Relevant companies include ECA, ENB, EEP, STO, XOM, IMO, SU, CVE, PGH, BP, CNQ, BTE, DVN, IVAN, AAV, RDS.A, RDS.B, PTR, ATHOF
Apr. 10, 2014, 10:46 AM
- Oklahoma is experiencing a noticeable increase in earthquakes near drilling sites, according to the Oklahoma Geological Survey, suggesting a potential link between fracking and seismic activity.
- The state already has experienced as many earthquakes YTD than all of last year combined: 109 earthquakes with a magnitude 3 or higher through April 6, the same number of earthquakes as in all of 2013.
- The incidents pose a conundrum for regulators in a state that has fully embraced oil and gas drilling.
- Among drillers with a significant Oklahoma presence: CHK, CLR, APA, DVN, SD, EOG, MRO, OKE, OKS, GPOR, WPX, WMB, WPZ, LPI, CWEI, NFX, NGL, COG, WLL, NBL, MPO, PQ, XEC
Mar. 7, 2014, 2:57 PM| 3 Comments
Mar. 5, 2014, 4:39 PM
Mar. 5, 2014, 10:56 AM
- Crosstex Energy LP (XTEX -1.7%) is downgraded to Hold from Buy with a $33 target price at Wunderlich, as it believes near-term yield compression from synergies and growth development may be limited.
- For investors with higher risk tolerance, the firm prefers to play the story through general partner Crosstex Energy Inc. (XTXI -1.2%), which offers sector-leading dividend growth estimated at 53% in 2014 and 43% in 2015.
- The legacy businesses remain challenged, which could be a risk to 2014 guidance and 2015-16 double-digit distribution growth, the firm adds.
Feb. 24, 2014, 5:48 PM
- Encana (ECA) is working with Royal Bank of Canada to find a buyer for its Bighorn properties in Alberta, Bloomberg reports.
- Bighorn may attract bids of C$2B-C$2.5B if offers are in line with the ~C$30K per flowing barrel that Canadian Natural Resources (CNQ) agreed to spend on Devon Energy’s (DVN) conventional assets in Canada last week, Cormark analyst Todd Kepler says, adding that Exxon Mobil (XOM) may be “a natural” buyer after its purchase of Celtic Exploration last year.
- The properties up for sale are said to produce ~61.5K boe/day, of which 79% is gas.
Feb. 19, 2014, 8:04 AM| Comment!
Feb. 19, 2014, 6:58 AM
- Devon Energy (DVN) has agreed to sell some of its liquids-rich natural-gas assets in Canada and six natural-gas plants for $3.13B to Canadian Natural Resources (CNQ).
- Before royalties, the properties produced the equivalent of 383M cubic feet of natural gas per day, 10,800 bpd of light crude oil and 12,000 bpd of natural gas liquids.
- The transaction doesn't include Devon's Horn River interests in northern British Columbia and heavy oil assets in Alberta.
- The deal comes after Devon said in November that it planned to sell all of its Canadian gas assets following years of low prices. (PR)
Feb. 19, 2014, 12:05 AM
Feb. 18, 2014, 5:30 PM
Jan. 24, 2014, 2:45 PM
- As the U.S. freezes and stocks plunge, benchmark U.S. natural gas futures topped $5/mmBtu for the first time since Aug. 2010 on expectations that continued cold weather would keep demand high for the heating fuel.
- Natl gas has moved well into overbought territory during the last few days as consumers have pumped up their thermostats, and the spike may last a while longer given that the cold snap is set to continue all of next week.
- Despite the run-up in prices for Jan. and Feb., longer-dated prices for the spring and summer remain below $4.50/mmBtu, providing little incentive for the likes of Chesapeake (CHK -0.1%), Devon (DVN -0.8%) and EOG (EOG -2%) to switch from oil to gas drilling.
- The shift to backwardation is a big boost to United States Natural Gas Fund (UNG +8.2%) and even bigger to the leveraged VelocityShares 3X Long Natural Gas ETN (UGAZ +24.4%).
- Other ETFs: GAZ, BOIL, DGAZ, UNL, KOLD, NAGS, DCNG.
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