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Headline FFO of $514 mm, or $0.93/sh, beat consensus expectations by 14%, and even when adjusted for one-time items still generated a clean beat of 7%.
Companies: Veren Inc.
Stifel FirstEnergy
Crescent Point reported 3Q18 production of 174,275 boe/d (90% liquids), slightly ahead of consensus at 172,096 boe/d. Adjusted funds flow of ~$475 mm ($0.86/sh) for 3Q18 beat consensus estimates of $0.82/sh and GMPFE’s call of $0.83/sh. Capital spending was lower than expected at $416 mm (GMPFE - $440 mm), which included the drilling of 215 (169.2 net) wells.
The company announced that it has entered into definitive P&S agreements for the disposition of ~$280 mm of non-core assets in the Williston Basin. This total includes the ~$225 mm previously announced during 1Q18, in addition to a smaller package valued at ~$55 mm. Both dispositions are expected to close near the end of 2Q18e. As a result of these dispositions, representing approximately ~4,800 boe/d, annual 2018e guidance has been revised down from 183,500 boe/d to 181,000 boe/d, exit guidance
Crescent Point, along with Scott Saxberg, announced that he will be leaving the company and his role of President & CEO and Director. It would appear that the company is taking a new direction, and change is afoot with the naming of Craig Bryksa as President and CEO (also being named to the Board of Directors). Mr. Bryksa has been with the company for 12 years, most recently as VP, Engineering West, overseeing operations in Shaunavon, Uinta, North Dakota, Viking, Swan Hills, and other Alberta
With this update, Crescent Point announced the emergence of a 555 net section Duvernay east shale basin land position, prospective for light oil. At a reported average cost of ~$315/acre, this would imply a total entry cost of ~$112 mm for the company. We expect the company to come out with a more comprehensive map ahead of the CAPP Energy Symposium next week.
Crescent Point successfully executed a ~$650 mm equity financing, with use of proceeds earmarked to accelerate 2016e and 2017e drilling activity levels. The 2016e budget increases to $1.1 billion, with commensurate average volumes moving to 167,000 boe/d. Management’s preliminary 2017e outlook includes a $1.4 billion capital program and an exit rate of between 175,000 to 177,000 boe/d. With the Company undertaking modest dilution in order to protect the Company’s balance sheet amidst the recent
Crescent Point’s 2Q16e production and cash flow was modestly ahead of expectations in a relatively quiet quarter of operations that saw capital spending of only ~$90 mm. The Company announced two SE Saskatchewan asset acquisitions and a NW Alberta asset disposition for a net capital outlay of $221 mm. We are maintaining our target price of $29.00 per share and Top Pick ranking as the Company ramps up activity with 18 rigs currently running and a visible pathway to continue outperforming corporat
Impact: Positive. The Company posted solid quarterly results with both production and cash flow coming in ahead of FirstEnergy and consensus estimates, and ideally through less spending than anticipated. A subsequent planned non-core disposition and two tuck-in acquisitions in 2Q16, carrying a net cost of $212 mm remains well inside of quarterly free cash flow of $278 mm, further highlighting the Company's dedication to grow within organic means. The Company looks primed to meet or exceed curren
Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly rev
Companies: ARX 0UG9 TNZ BTE BNP BNE CJ CKE 0UR7 CR DEE GXE IKM JOY KEL MQL NVA PPY POU PGF PWT PMT PRQ 0VCO PNE PSK RMP RRX SKX SGY TVE TOU VET WCP YO TET
With this publication we highlight forecast revisions associated with our commodity price update (Natural Gas Update; Crude Oil Update), reaffirming a view of commodity price recovery in 2017e. In the interim until then, 2016e Canadian oil price realizations are up ~11% in the synthetic and Edmonton Light streams, with heavy WCS crude up ~20% which is amplified by Canadian oilsands output curtailments. While 2016e Canadian natural gas prices are projected to be ~20% lower, we expect much of this
Companies: ARX 0UR7 TOU POU CJ PPY
The Company posted strong first quarter results with both production and cash flow coming in ahead of FirstEnergy and consensus estimates, and ideally through less spending than anticipated. With spring break-up field conditions being better than expected so far this year and ~66% of its 2016e capital budget still remaining we believe this is setting up for future upward revisions to its guidance, particularly with continued strength in the crude oil quote.
With this publication we briefly summarize our projections for 1Q16e quarterly results for the Junior E&P (Intermediate, Mid & Small Cap) segments of our coverage universe
Companies: ARX 0UG9 TNZ BTE BNP BNE CJ CKE 0UR7 CR DEE GXE IKM JOY KEL ROAOF MQL NVA PPY POU PGF PMT 0VCO PNE PSK RMP RRX SKX SGY TVE TOU VET WCP YGR YO RE/ TET LRE
With this publication we highlight various metrics and statistics forthcoming from yearend reserve books for our Domestic E&P coverage universe (Integrateds, Large Cap, Oilsands, Intermediate, Mid Cap, and Small Cap). Similar charts for YE2014 reserves can be found in our Statistical Package dated April 7, 2015.
Companies: ARX 0UG9 TNZ BTE BNP BNE BXO CJ CKE 0UR7 GXE IKM KEL MQL NVA PPY POU PGF PWT PMT 0VCO RMP RRX SKX SGY TVE TXP VET WCP YGR YO TET LRE PNE
With this publication we highlight forecast revisions associated with our commodity price update (Natural Gas Update; Crude Oil Update), roughly characterized by near term lifts in crude oil prices concurrent with a reduction to portended 2016e and 2017e natural gas pricing outlooks. While there are a few ranking changes on mostly non-material moves to valuations, implied returns within the group on the whole are far less than postulated only a few months ago, reflective of resurgent equity pric
Companies: ARX 0UG9 BNP BNE CJ 0UR7 CR DEE KEL NVA PPY PMT 0VCO TVE VET
Monthly dividend reduced 70% (from $0.10 to $0.03 per share) to prudently manage cash use to cash flow ratios below 100% in 2016e and 2017e on both the strip and FirstEnergy price deck. Capital expenditures in 2016e now formally at the low end of former guidance ($950 mm) with $100 mm of 1H16e capital being deferred in 2H16e. The 2016e production target remains at 165,000 boe/d. Corporate production currently at 177,000 boe/d. Fourth quarter cash flow was 4% ahead of expectations while productio
Research Tree provides access to ongoing research coverage, media content and regulatory news on Veren Inc.. We currently have 36 research reports from 2 professional analysts.
Tlou has released its Q4 update, reporting ongoing progress during recent months on its Lesedi CBM gas-to-power project in Botswana, with first electricity sales continuing to be targeted for 2024.
Companies: Tlou Energy Ltd
Zeus Capital
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Diversified and high impact newsflow over the balance of 2024 – ADX has confirmed a very busy programme of activity from September. The overall unrisked value of the programme is ~A$1.70 per share, which represents 17x the current share price. In early September, ADX will drill the Anshof-2A side track. The well is expected to intersect thick Eocene reservoirs similar to that encountere
Companies: EQNR ENI GPRK ADX KAR WDS GALP REP REP EOG PANR TRIN ZPHR CHAR TTE ENI EQNR VAR ATOM GALP TCF
Auctus Advisors
Prospex Energy (PXEN LN) has announced a ten year extension of the licence concessions for its Spanish El Romeral project where the company produces natural gas and converts it to electricity. The extension was for the maximum allowable ten years to 2034 and can be extended to 2044. We note the Spanish Government’s quote highlighting the benefits of the extension and its securing electricity supply to the grid for the long-term. This follows the declaration in 2023 of the plant as a Public Utili
Companies: Prospex Energy Plc
VSA Capital
i3 Energy is an AIM and TSX-listed oil and gas company with a diversified 20kboe/d production base onshore Canada, which offers UK investors attractive exposure to North American E&P themes. The Company's production growth strategy is sensibly hedged to pivot between acquiring producing assets when commodity prices are low and to invest in its low-risk drilling inventory when prices are high.
Companies: i3 Energy Plc
SP Angel
i3 Energy announced that its 2024 guidance consists of expectations to drill 10.5 net wells (7.6 net wells in Central Alberta, 1.9 net wells in Simonette and 1.0 net wells in the Clearwater play) with 85% of capex allocated to the second half of the year. Total capex expenditure for the year is guided at $US 50.9m. The company indicated that it intends to commence pad drilling of its Montney acreage in Q1 2025 and we perceive the company is bulking up for that significant growth opportunity for
I3E is a UK and Canada listed E&P company, with a significant producing asset position onshore Canada in Alberta.
Condor Energies (CDR CN)C: Signing first LNG framework agreement in Kazakhstan – Condor has signed a first LNG Framework Agreement for the utilization of LNG to fuel Kazakhstan’s rail locomotives. The agreement was also signed by Kazakhstan Temir Zholy (KTZ), the national railway operator of Kazakhstan and Wabtec Corporation, a U.S. based locomotive manufacturer with existing facilities in Kazakhstan. KTZ and Wabtec previously signed a memorandum of understanding which includes modernization wor
Companies: TCFF OKEA MAHAA TNZ MCF ENW PHAR NOG BWEFF MAHAA OKEA EGY