Growth, Long-Term Horizon, Commodities, Oil & Gas
Contributor Since 2007
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The 2Q10 Numbers:
Highlights
Bakken:
Leonard Shale – Southeastern New Mexico
Eagle Ford Shale:
Niobrara Shale:
Barnett:
East Texas Haynesville / Bossier:
Budget:
Guidance:
Balance Sheet:
Nutshell: In line quarter, stout operations update with one notable omission already referenced. On the one hand, people like to see new plays unveiled, especially oily ones so Leonard is a welcome addition. On the other hand, investors and analysts have abhorred boosted capital spending of late. Especially without a commensurate boost in production guidance. But on the third hand, it’s the right move and will make it possible for them to go from low double digit to high double digit growth, oilier growth at that, over the next two years and to lockup their leasehold in the process. The stock may come off initially but my sense is that that is short sighted given the radical shift in production profile here (something that began four years ago for them and not with the popular “get oily” crowd of recent months) and the large, repeatable success type drilling inventory they now hold.
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