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CEO Harold Hamm said in today's earnings conference call that CLR will take "absolutely do new debt" and forgo some growth opportunities as it curtails spending and funds future wells only from cash flow.
$VLO posted strong results for the second quarter of 2017 beating both EPS and revenue estimates. Excluding the impact of an inventory valuation adjustment in the second quarter of 2016, Valero's EPS grew 15% year over year in the second quarter of 2017.
$CVX is now finally showing the growth the company was aiming for with its huge investments over the last few years, and it looks as if its output could continue to grow going forward.
$AXAS has been continuing to incrementally add to its Delaware Basin position and now has around 8,497 net acres for the Bone Spring/Wolfcamp. The most recent acquisition could potentially result in Abraxas increasing its production guidance, as second half production may increase by 250 to 300 BOEPD through the resulting increase in working interest for its Caprito wells.?
$RDS.A - Shell has positioned itself pretty well. The company's takeover of BG Group looks like a smart move right now, as it has bolstered the company's cash flows, and since Shell is easily able to pay down the debt it had to take on for that acquisition.
Shell is trading at a relatively low valuation, has a high and secure dividend, and investors will likely see increasing shareholder returns going forward, as cash flows continue to grow and as debt reduction becomes less important.
$SLB is a solid 3% dividend yield and a company that is very well positioned for an oil and gas recovery even if crude prices remain low, as was demonstrated this quarter. Even with low crude prices, there is substantial cost inflation in US onshore drilling, due largely to increasing demand for rigs in the Permian. For this reason I think that Schlumberger is a fine recovery play, and one that pays you nicely to wait.
$SLB There is considerable upside here, and the potential for an upward catalyst if cost inflation continues in onshore North America, plus you're locking in a solid, 3% yield right here. Schlumberger is indeed worth buying.
$HAL +2.9% premarket after posting a solid Q2 earnings beat as revenues rose nearly 30% Y/Y and 24% Q/Q, outpacing the average sequential U.S. land rig count growth of 21%.
HAL says Q2 results primarily were driven by continued strengthening of market conditions in North America; revenue in Completion and Production rose 20% Q/Q to $3.1B and operating margins improved by 700 bps to ~13%, driven by strength in its production enhancement, cementing and completion tools product service lines.
Q2 North America revenue rose 24% Q/Q to $2.8B, driven primarily by increased utilization and pricing throughout the U.S. land sector, particularly in pressure pumping and well construction product service lines; international revenue rose 7% to $2.2B, but HAL says the global market continues to move sideways with continued pricing pressure.
HAL's $28M net profit for Q2 was in stark contrast to its $32M in Q4 2016 and whopping $3.2B loss during the year-ago Q2.
$HAL +2.9% premarket after posting a solid Q2 earnings beat as revenues rose nearly 30% Y/Y and 24% Q/Q, outpacing the average sequential U.S. land rig count growth of 21%.
HAL says Q2 results primarily were driven by continued strengthening of market conditions in North America; revenue in Completion and Production rose 20% Q/Q to $3.1B and operating margins improved by 700 bps to ~13%, driven by strength in its production enhancement, cementing and completion tools product service lines.
Q2 North America revenue rose 24% Q/Q to $2.8B, driven primarily by increased utilization and pricing throughout the U.S. land sector, particularly in pressure pumping and well construction product service lines; international revenue rose 7% to $2.2B, but HAL says the global market continues to move sideways with continued pricing pressure.
HAL's $28M net profit for Q2 was in stark contrast to its $32M in Q4 2016 and whopping $3.2B loss during the year-ago Q2.
The company projects its production to grow 15%+ this year, fueled by moderate outspending. However, even assuming some inflationary pressures, I estimate the outspending to be moderate, whereas the production guidance may prove conservative.
Mass exodus of US companies from Canada. Creating new opportunities in my opinion.
Not much reaction. What do you think?
I think this could be a good deal going forward.
Starting to look more attractive.
Seems to be holding its own. Will it pull back first before going higher?
Thank you much for your feedback. I like this one long term as well.
Thank you for the feedback. Excited to see new results. I've been in this one for a while now. They need results but also more acquisitions to support growth.
The market cap seems to have baked a lot of this in already. Any thoughts on the catalyst to over $1?
Anyone have an update on this?
The company's Johnson State #1H well reached total depth and casing has been cemented in place. Hydraulic fracturing in the Lower Wolfcamp A Zone is scheduled to begin June 19, 2017.
Looks like things are getting stronger. Excited to see further updates from management.
Ring’s Chief Executive Officer, Mr. Kelly Hoffman, stated, “2017 is off to a fast start. With the promising initial results from the first 10 horizontal wells we drilled on our Central Basin Platform (“CBP”) property, our enthusiasm has only increased. Our staff has amassed a premier acreage portfolio in what is arguably one of the best locations in the country. With the acquisition of the 33,000 acres in Gaines County completed, we now have over 600 net potential drilling locations. We continue to look for opportunities that complement our core assets. We are excited and expect this year to be an extraordinary time for the Company.”
Whiting Petroleum (WLL +1.9%) is higher after providing an investor presentation alongside the J.P. Morgan energy conference, in which it says it is strongly positioned for multi-year growth.
WLL sees Q2 production of 10.2M-10.8M boe, FY 2017 45.2M-46.2M boe.
Highlights: premier core position in the Bakken and Niobrara, strong liquidity position and strong balance sheet with no maturities until 2019, strong 2017 crude hedge position (53% hedged in 2017).
Whiting Petroleum (WLL +1.9%) is higher after providing an investor presentation alongside the J.P. Morgan energy conference, in which it says it is strongly positioned for multi-year growth. WLL sees Q2 production of 10.2M-10.8M boe, FY 2017 45.2M-46.2M boe. Highlights: premier core position in the Bakken and Niobrara, strong liquidity position and strong balance sheet with no maturities until 2019, strong 2017 crude hedge position (53% hedged in 2017).
Atlantic Equities names EOG Resources (EOG +0.6%) as its favorite energy investment, upgrading shares to Overweight from Neutral with a $100 price target as it sees EOG as one of the best placed E&P companies to manage the current oil price environment.
TerraForm Global (NASDAQ:GLBL): Q1 EPS of -$0.02. Revenue of $56.48M (+18.4% Y/Y)
CEO Doug Lawler expects Chesapeake Energy (NYSE:CHK) to increase end-of-year oil production by 10% from year-end 2016, but says "We're not going to grow production at all cost... The opportunity in 2018 to reduce our program, to reduce that spend, is something we're very focused on."
Occidental Petroleum (NYSE:OXY), the largest acreage holder in the Permian, has no plans to cut back on capital spending, CEO Vicki Hollub says; OXY hopes to be able to cover its capital budget and shareholder dividends from cash flow at $50 oil for the year.
WPX Energy (NYSE:WPX) plans to add 1-3 drilling rigs next year to its existing 10-rig plan for 2017, but could reduce the plan to 0-3 additional rigs if weak pricing holds, says COO Clay Gaspar.
Tim Dove, who heads Pioneer Natural Resources (NYSE:PXD), one of the biggest operators in the Permian Basin, says newer operating efficiencies allow his company to continue to drill more, but "we will not drill into oblivion... we can pare away and still be a growth company even in a $45 environment."
U.S. shale oil producers plan to keep drilling new wells despite lower crude prices but could revisit spending if oil remains below $45/bbl for several months, E&P executives told investors today at the J.P. Morgan energy conference in New York.
Guggenheim analysts downgrade eight oil services companies as they cut their 2017 oil price forecast to $48/bbl from $55, saying they do not expect a recovery until H2 2018.
Profire Energy (NASDAQ:PFIE): Q4 EPS of $0.01. Revenue of $7.02M (-7.0% Y/Y)
$WEBC Webco Industries FQ2 EPS of $2.61. Revenue of $91.62M (+21.3% Y/Y)
SunPower (NASDAQ:SPWR) has put the 100 MW El Pelicano solar plant in Chile up for sale in an effort to cut costs, Reuters reports.
Canadian Natural Resources (NYSE:CNQ) soared nearly 10% in today's U.S. trading after agreeing to acquire Alberta oil fields and processing facilities from Royal Dutch Shell and Marathon Oil for a combined $12.7B, CNQ's biggest purchase ever.
Jenkins says EQT will continue its efforts to delineate the deep Utica play - which lies to the east of the shallower Ohio Utica - with plans to drill seven wells this year, and is continuing to develop its acreage in the nearby Marcellus.
EQT has achieved significant efficiency gains during the period, chief commercial officer Blue Jenkins told the CERAWeek energy conference today, noting that it had increased average lateral lengths by greater than 50% from 2011 levels.
Appalachian-focused EQT Corp. (NYSE:EQT) says its production in the Marcellus and Utica shales has surged nearly fivefold, to ~2.2B cf/day from 500M cf/day in 2011, making it the fifth-largest U.S. gas producer.
$BP has big plans for Mexico's once-closed retail gasoline market
http://www.seekingalpha.com/news/3250227
BP says Mexico's motorists will be able to fill up their gas tanks at ~1,500 new service stations it plans to open across the country over the next five years.
Very bullish. If interested watch Enercom webcast today. http://www.enercomdallas.com/webcast/epm/