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We are an independent oil and natural gas company currently focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. This basin, which is one of the major producing basins in the United... More
Saturday, Nov 308:53 AM
Saturday, Nov 308:53 AM| 5 Comments
- Pioneer Natural Resources (PXD) Wednesday announced that severe winter weather in Texas has significantly impacted the company's production and drilling operations in the Spraberry/Wolfcamp, Eagle Ford Shale and Barnett Shale Combo plays.
- Commenting, analyst Gordon Douthat of Wells Fargo said, "PXD did not revise production guidance at this point as the company is still assessing impacts across its operations, but will provide an update once impact can be quantified. Production downtime will vary by company with some stating only 12 days of downtime and others stating more substantial downtime."
- Douthat said impacts will likely be felt by all Permian operators including Concho Resources (CXO), Laredo Petroleum Holdings (LPI), Athlon Energy (ATHL), Diamondback Energy (FANG), Approach Resources (AREX) though more time is needed to fully quantify the extent.
Friday, Nov 2911:59 AM
Friday, Nov 2911:59 AM| 1 Comment
- Pioneer Natural Resources (PXD +0.1%) warned late Wednesday that severe winter weather in Texas has significantly impacted production and drilling operations in the Spraberry/Wolfcamp, Eagle Ford shale and Barnett shale plays in the state, and analysts expect PXD to revise down its production guidance in the coming weeks.
- PXD has said it expects production to average 179K-187K boe/day in Q4.
- Topeka Capital keeps its Hold rating but cuts its price target on the stock to $210 from $225, while Global Hunter calls the news "more of a short-term nuisance than a long-term threat."
- PXD shares have gained 66% YTD, the most among energy stocks in the S&P 500, as Permian plays have been hot.
- Other Permian names are mixed today: CXO -0.2%, FANG -0.6%, LPI -1.7%, ATHL +1.4%, AREX +0.5%.
Thursday, Nov 75:22 PM
Thursday, Nov 75:22 PM| 1 Comment
- Concho Resources' (CXO) plan to double its oil production in three years wins Wall Street praise, though investors mostly greeted the news with a yawn as shares fell 1% in regular trading.
- CXO aims to catch Diamondback Energy (FANG) and Pioneer Natural (PXD) in the race to become top producer in the Permian Basin.
- Citi analysts reiterate that CXO is their top small and mid-cap oil and gas E&P company, setting a target price of $120 on the stock.
- The plan is one the company is likely to deliver, Simmons analysts say, believing it should be "the primary focus for investors as it highlights a robust inventory of drilling locations" - adding that CXO's forecast 2014 production Y/Y gain of 18%-22% might prove a conservative estimate.
Tuesday, Nov 56:24 PM
Tuesday, Nov 59:57 AM
Tuesday, Nov 59:57 AM| Comment!
- Diamondback Energy (FANG +6.2%) springs higher at the open following strong Q3 results, which some analysts see as a "mini-version" of Pioneer Natural Resources and its strong Permian Basin presence (earlier).
- During Q3, FANG's first horizontal Middle Spraberry test well, the Sarah Ann 3814H, had a peak 24-hour initial production rate of 733 boe/day (90% oil).
- Sterne Agee raises its price target on FANG shares to $74 from $54.
Monday, Nov 46:51 PM|Monday, Nov 46:51 PM| Comment!
Saturday, Oct 268:25 AM
Saturday, Oct 268:25 AM| 60 Comments
- The Permian Basin is all the rage on Wall Street, but oil prices need to stay high enough to support the current rate of exploratory drilling - and prices for West Texas crude have dropped below $100/bbl for a third straight weekly decline.
- The Permian remains the largest U.S. oil producer, with output averaging ~1.3M bbl/day and rising, but it's also the most expensive U.S. shale formation in which to drill - meaning the boom could become a bust if crude moves near $70/bbl, as some analysts predict.
- If oil drops to $80, wells in some parts of the Permian will become money-losers; wells drilled in the Cline Shale and Northern Mississippian Lime layers of the Permian need $96 oil to break even.
- Among top Permian producers: PXD, FANG, CXO, APA, ATHL, OXY, XOM, EOG, XEC, APC, CVX, COP, CWEI.
- Oil ETFs: OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI.
Thursday, Oct 2412:26 PM
Thursday, Oct 2412:26 PM| Comment!
- Diamondback Energy (FANG +5.1%) rallies after announcing last night that its oil and gas production will double next year.
- FANG predicts full-year 2014 production averaging 15K-16K boe/day, and sees Q3 output in line with expectations at 7,400 boe after anticipating ending 2013 with production in the upper range of 7,200-7,500 boe.
- The free cash flow will allow the company to pursue acquisitions, Simmons analysts say in reiterating its Overweight rating; also, FANG's stock is the cheapest in terms of valuation of all companies exposed to the Permian.
Tuesday, Oct 2211:57 AM
Tuesday, Oct 2211:57 AM| 5 Comments
- North Dakota’s Bakken and south Texas’ Eagle Ford shale formations were responsible for 75% of oil production growth over the past month, and west Texas’ Permian remains the biggest overall oil producer, according to a first-of-its-kind EIA report released Tuesday.
- The Marcellus formation, which straddles Pennsylvania, West Virginia and New York, accounted for 75% of natural gas' production growth, the report said.
- Top Bakken producers in the Bakken include Oasis Petroleum (OAS) and Continental Resources (CLR); in the Eagle Ford, EOG Resources (EOG) and Chesapeake (CHK) are among the top producers, while Diamondback Energy (FANG) is a top asset holder in the Permian.
- Cabot Oil & Gas (COG) is among the largest producers in the Marcellus formation.
Monday, Oct 145:48 PM
Monday, Oct 145:48 PM| Comment!
- The energy sector has raised a record $5.6B YTD through IPOs, such as last week's highly successful $1.57B IPO of Antero Resources (AR), and there's another $3.8B planned IPOs still in the pipeline.
- Oil and gas companies have been active with offerings, not just to cash out their P-E owners but to buy up properties and rapidly expand their drilling in the most sought-after shale regions while oil and gas prices are supportive.
- For example, Diamondback Energy (FANG), which has more than 50K acres in the Permian Basin in Texas, has sold more than $500M worth of stock this year through three offerings, each of which has come at a higher share price; shares are up 136% YTD despite the flood of new stock.
Monday, Sep 303:59 PM
Monday, Sep 303:59 PM| 7 Comments
- Chevron (CVX) and Range Resources (RRC) stand out among energy plays Credit Suisse thinks will thrive amid fast-rising U.S. production and declining demand.
- The firm favors upstream companies with repeatable drilling inventory at the low end of the cost curve (e.g. Wattenberg, Eagle Ford, Northern Midland, Utica, super-rich Marcellus, core Bakken): Taking value into account, it likes Pioneer Natural Resources (PXD), Noble Energy (NBL), Anadarko Petroleum (APC), Marathon Oil (MRO), Gulfport Energy (GPOR), Diamondback Energy (FANG) and PDC Energy (PDCE).
Friday, Sep 276:38 PM
Friday, Sep 276:38 PM| Comment!
- Shares of oil and gas E&P companies in the West Texas Permian Basin have outpaced peers with operations elsewhere, and Simmons analysts expect to see more of the same, believing "we are in the early innings of a significant increase in resource potential."
- Permian producers are likely to announce robust increases in capital spending for the next year as well as 19% total production growth, the analysts say, and oil production growth in 2014 is projected at an even more impressive 29% Y/Y.
- Among companies heavily engaged in the Permian, Diamondback Energy (FANG) is the YTD leader, up ~130%; also, Pioneer Natural Resources (PXD) has surged 76%, Cimarex Energy (XEC) is up 67% and Concho Resources (CXO) has gained 34%, while Approach Resources (AREX) is up just 5% YTD.
Tuesday, Sep 2412:59 PM
Tuesday, Sep 2412:59 PM| Comment!
- Diamondback Energy (FANG +0.8%) is upgraded to Buy from Neutral with a $54 price target at Sterne Agee, which believes investors under-appreciate the magnitude of FANG's minerals rights acquisition earlier this month, which adds ~1.5M boe/day of production with no incremental expense.
- The firm thinks FANG warrants a premium valuation based on near-term growth expectations and resource quality, with drilling catalysts in the Permian Basin into year-end helping quantify the resource potential.
Tuesday, Sep 1710:26 AM
Tuesday, Sep 1710:26 AM| Comment!
- Pioneer Natural Resources (PXD -0.5%) is downgraded to Hold from Buy at Topeka Capital, which believes PXD stands alone as the premier player with more than 700K net acres prospective for the Wolfcamp shale in the Midland Basin, but current valuation awards a paramount premium to the group.
- Though the firm likes the PXD story, but Permian Basin exposure it now prefers Energen (EGN) and Diamondback Energy (FANG), and for exposure to the Eagle Ford shale, it sees upside in Rosetta Resources (ROSE).
Thursday, Sep 124:28 PM
Tuesday, Sep 34:45 PM
Tuesday, Sep 34:45 PM| Comment!
- Diamondback Energy (FANG) agrees to acquire Midland County, Tex., mineral interests from an unidentified third party for ~$440M; more than half of the minerals already are operated by FANG.
- In an operations update, FANG says its first operated Andrews County horizontal well produced at a peak IP rate of 613 boe/day (85% oil) and has averaged 585 boe/day over the last seven days.
- Shares -0.5% AH.