Tue, Sep. 29, 2:35 PM
- Resolute Energy (REN +4.7%) shoots higher after announcing it had begun a limited sale process for its Gardendale property in Texas' Permian Basin.
- REN says it will assess factors including market feedback and potential valuation in determining whether or not to pursue a sale of some or all of its interest in the property.
Thu, Sep. 17, 11:37 AM
- Resolute Energy (REN +17.4%) surges following news of its agreement to sell its Hilight Field assets in the Wyoming Powder River Basin for $55M, in a move seen as improving the company's liquidity and balance sheet.
- REN says that upon closing the transaction, it will have completed nearly $100M of asset sales YTD.
Mon, Aug. 24, 6:41 PM
- The plunge in oil prices may lead to some oil companies going out of business within a few weeks, according to Energy Aspects senior oil analyst Amrita Sen, who points to Linn Energy (LINE, LNCO) and Energy XXI (NASDAQ:EXXI) as bankruptcy candidates after exhausting more than 75% of the credit available to them.
- Sen names Midstates Petroleum (NYSE:MPO), Resolute Energy (NYSE:REN), W&T Offshore (NYSE:WTI), Breitburn Energy (NASDAQ:BBEP) and Comstock Resources (NYSE:CRK) as seeing their borrowing facilities "reduced the most" among companies tracked by the firm.
- "The amount of money available to these U.S. producers to borrow is half, less than half in some cases, compared to a year ago," Sen writes, which "makes it very, very difficult for them to continue investing, continue drilling," but she also predicts that supplies will tighten by the end of next year, and prices could easily more than double from current levels.
Mon, Aug. 10, 4:31 PM
Sun, Aug. 9, 5:35 PM| Sun, Aug. 9, 5:35 PM | 13 Comments
Tue, Jun. 9, 4:38 PM
- Resolute Energy (NYSE:REN) jumped 19% in today's trade after announcing late yesterday that it had hired Petrie Partners to sell its Hilight Field property in Wyoming's Powder River Basin.
- Hilight, which REN acquired in 2008, is estimated to contain ~5.9M boe at the end of 2014; REN also recently re-completed 11 exploration wells in the region and conducted a 3-D seismic program to better understand potential infill reserves.
- Resolute Energy discloses shareholders voted to approve a reverse stock split; REN also says it has regained compliance with NYSE listing requirements.
Tue, Jun. 9, 12:47 PM
Tue, May 26, 12:48 PM
Mon, May 11, 5:25 PM
Sun, May 10, 5:35 PM
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Thu, Apr. 16, 9:12 AM
Mon, Mar. 30, 8:54 AM
- Resolute Energy (NYSE:REN) agrees to sell non-core assets in the Midland Basin portion of the Permian Basin in west Texas to a private party for $42M.
- REN says the sale marks the first step in its plan to pursue non-core asset sales to reduce debt and improve liquidity.
- REN also says two of its board members have resigned, reducing the board to six members.
Thu, Mar. 5, 8:56 AM
Wed, Jan. 14, 2:35 PM
- Barclays downgrades the large-cap E&P sector to Negative from Neutral and the small- and mid-cap E&P group to Negative from Positive, arguing that downside risk outweigh potential gains even if oil prices recover.
- Equity investors are pricing in WTI crude assumptions of close to $75/bbl in 2016 compared to current strip prices of ~$57, Barclays says, also noting that an abundance of relatively cheap oil supply from U.S. producers could further delay a price recovery.
- Among specific names, the firm downgrades CHK, SD, REN and HK to Underweight; DVN, CLR, KOS, MRO, RSPP and WLL are cut to equal weight.
- At the same time, Barclays picked a few favorites, upgrading Range Resources (NYSE:RRC) to Overweight from Equal Weight, and maintained Overweight ratings on large-cap E&P companies CNQ, EOG and NBL; among small- and mid-cap E&P names, the firm favors AR, CXO and XEC.
- ETFs: XOP, IEO, PXE
Wed, Jan. 7, 7:05 PM
- U.S. oil producers will keep pumping, even at sub-$50 crude oil, because they have to pay off debt, but they are having trouble keeping up with debt payments in the wake of raising their borrowing 55% since 2010 to nearly $200B, WSJ reports.
- Energy analysts warn defaults could be coming: “The group is not positioned for this downturn... There are too many ugly balance sheets,” says Baird's Daniel Katzenberg.
- Lenders are already doling out tough love to companies, MLV amalyst Chad Mabry says, with some lenders wanting to see producer plans for handling further price drops while others are urging asset sales.
- The 10 highest ratios of net debt/EBITDA from the last 12 months, according to S&P Capital IQ, belong to KWK, AR, WRES, GDP, REN, HK, XCO, REXX, MPO, EPE.
Wed, Jan. 7, 12:45 PM
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