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Hunting delivered EBITDA of US$103m, ahead of revised guidance and the inferred year-end expectation, representing a 98% y-o-y uplift (and 11.1% margin, +380bp). Major contract awards boosted Subsea and OCTG activities in particular, but top line progress was also accompanied by good cost control to deliver the full year outturn. A record year-end order book position leaves the company well-placed to deliver further progress in FY24, where guidance is unchanged. At the headline level, Hunting
Companies: Hunting PLC
Equity Development
Hunting has released its full year 2023 results. These were guided to in the trading statement in January, though EBITDA has now come out ahead of this, and overall the results demonstrate a year of very significant growth.
Zeus Capital
Good revenue progress, a strong EBITDA uplift (and margin expansion), an ungeared year-end balance sheet and the in-year launch of an ambitious 2030 strategy represents a healthy FY23 scorecard for Hunting. Furthermore, additional order book growth and unchanged management guidance positions the company well to achieve further progress. A number of large contract awards announced at the end of FY22 and as FY23 progressed contributed meaningfully to the FY23 outturn. In addition, Hunting ended
Hunting has released its full year 2023 trading statement, reiterating guidance of US$96-100m of 2023 EBITDA (10.5% margin) and a flat end 2023 net debt position, driven by a strong performance from its OCTG and Subsea business units, and backed up by a steady performance from Perforating Systems.
The front of this note takes a look at the UK oil and gas sector, why domestic production is advantageous, what the main political parties think, and what could happen going forward. The latter part contains a review of the companies in our coverage – some that are UK centric, which give exposure to the note’s wider theme, and others that are focused elsewhere.
Companies: TLOU PTAL HTG ENW ITM BLVN RKH HBR UJO GMS JOG MATD CEG GENL AXL
With positive trading momentum and order book development continuing, Hunting has outlined a clear growth strategy for the remainder of this decade. This is predicated upon further progress in traditional markets amplified by deeper penetration of newer adjacent ones and other non-oil & gas industries. In share price terms, only partial credit has been given for an improving financial performance. Yet, at current levels it is effectively discounting no growth beyond a return to pre-Covid levels
Statement ahead of capital markets day sets strong growth ambitions. Hunting has released a statement in advance of its capital markets day later today. On the numbers side, this includes further details of the company’s targets, including achieving revenue of c.US$1.3bn and an EBITDA margin of c.15%, both by 2025, which would imply an EBITDA number of US$195m for 2025. Hunting reported US$52.0m of EBITDA for 2022, and today reiterates guidance of US$96-100m for 2023 and US$125-135m for 2024. As
Hunting has release its H1 results to the end of June 2023. These report strong growth, in-line with recent guidance, supported by a wider return to growth across Hunting’s international markets.
Hunting has released a trading update, reporting a strong H1 for the company on the back of growth in USA and South America demand alongside higher activity in APAC
Hunting has announced a significant new OCTG contract, and an increase in its 2023 EBITDA guidance
Forecasts for 2023 remain unchanged, a little behind consensus. We have now updated our Hunting model for the recent full year 2022 results. For 2023 we continue to leave our forecasts unchanged, with our numbers remaining a little below guidance. Hunting guided to 2023 EBITDA of c.US$85-90m in December, and maintained this at the results in March, while current consensus is US$86m. The results also included guidance of an EBITDA margin for 2023 of c.10% (7.2% was achieved in 2022), with a longe
Full year results report a strong year of recovery. Hunting has released its full year 2022 results. Revenues are reported at US$725.8m, compared with our US$695.7m forecast and consensus of US$710m (2% beat). EBITDA is then reported at US$52.0m, against guidance in December of c.US$50m, our forecast of US$50.2m and consensus of US$51m (2% beat). As such, this is minor outperformance versus expectations.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Hunting PLC. We currently have 0 research reports from 5 professional analysts.
Since November, the JOG share price has moderated from a high of 250p to current levels of 149.5p. This is despite JOG having now made significant progress towards FID on its c.70mmboe Buchan project, with FID upcoming later this year. In our view this share price move is unjustified, with current levels further enhancing the value on offer, and making an attractive opportunity for investors.
Companies: Jersey Oil & Gas PLC
i3 Energy has announced that it has refinanced its Trafigura straight-line amortising facility with a traditional RBL facility provided by a Canadian chartered bank. We believe that i3 Energy's shareholders stand to benefit considerably from the restructured balance sheet because it is significantly better adapted to the company's needs, in our opinion. We believe the new RBL facility will free funds for growth and provide better long-term balance sheet stability, while significantly reducing in
Companies: i3 Energy Plc
WHIreland
i3 has announced a refinancing of its C$75m Trafigura debt facility, increasing liquidity for the company to pursue further growth initiatives. i3 has also announced its end 2023 reserves update, showing significant replacement of production during the year.
Diversified Energy, Touchstone Exploration, Savannah Energy, Chariot, Plexus Holdings, Energean, Gulf Keystone Petroleum, PetroTal Corp, Ithaca Energy, Pantheon Resources, Serinus Energy, Angus Energy, Aker BP, Equinor, BlueNord ASA, Invictus Energy Source: FactSet, weekly change 18/03/24-22/03/24 Oil edged lower to settle below $81 a barrel after a stronger dollar curbed investor appetite for commodities, offsetting signs of a tighter global crude market. Refined product supplies are looking m
Companies: TXP POS SAVE DEC CHAR
Cavendish
Companies: Good Energy Group PLC
Canaccord Genuity
Results demonstrate Bretana cash flows that allow growth CAPEX and dividends. PetroTal has produced a solid set of 2023 results. These show the cash flow generating capability of the company’s Bretana field in Peru, which enables PetroTal to both expend growth CAPEX while also making material returns to shareholders.
Companies: PetroTal Corp.
Companies: FOG PEB KBT EMR TIME GETB JNEO
The company's business structure is evolving and diversifying into several compelling and complementary businesses. The opportunistic, potential sale of its producing shallow assets would represent a significant change and the company's openness to realise value from that sale speaks to the company's prioritisation of shareholder interests and shareholder value creation. The current year will be significant for many of the company's growth businesses as they establish their first significant com
Companies: Caspian Sunrise PLC
• YE23 2P reserves were estimated at 11.8 mmboe, including 0.7 mmboe for Canada and 4.6 mmboe non-core, leaving 6.5 mmboe for the company’s core Colombian assets. This compares with 2.1 mmbbl at YE23 plus 3.9 mmbbl for Carrizales Norte reported in September for a total of 6 mmbbl. Adding back 0.6 mmbbl (net) produced at Tapir in 2023 suggests that Arrow has added 1.1 mmbbl at its core Colombian assets since the latest reserve reports (September 2023 for Carrizales Norte and YE23 for the other a
Companies: Arrow Exploration Corp.
Auctus Advisors
Companies: Diversified Energy Company PLC
Tennyson Securities
Central Asia Metals (CAML LN) reported full year earnings with net revenue of US$197m down 12% YoY (-1% against VSA estimate) owing to lower commodity prices and modestly lower output albeit comfortably within guidance. EBITDA of US$97m was down 27% YoY marginally below our estimate as the lower top line combined with inflationary pressure. However, group COGS ex-D&A increased 8% YoY, far lower than in-country inflation. A flagged increase in taxation in Kazakhstan meant that net income was US$3
Companies: Central Asia Metals Plc
VSA Capital
Companies: PMG DUKE CMCL BOOM
• FY23 production, YE23 net cash and YE23 reserves and resources had been reported previously. • The FY24 production guidance of 21.5-24.5 mbbl/d with US$205-235 mm opex and US$135-155 mm capex has been re-iterated. • Current production continues to be high, with average production for the first half of March of ~23,000 bbl/d, including ~7.9 mbbl/d for Jasmine, 7.2 mbbl/d for Nong Yao, 2.9 bbl/d for Manora and 4.9 mbbl/d for Wassana. Production at Wassana is particularly high. • Valeura will als
Companies: Valeura Energy Inc.
Companies: FOG TND BVXP ACC HDD
Companies: Pantheon Resources plc
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