Valuation – Oil & Gas 360

U.S.-listed international oil and gas companies benefit from “friendlier” investor base, former Shell CEO says

April 9, 2024

World Oil (Bloomberg) – International oil companies listed in the U.S. benefit from higher multiples, greater access to capital and a friendlier investor base, according to Shell Plc’s former chief executive officer. “It’s a major issue,” Ben van Beurden said when discussing the valuation gap between European and North American oil and gas players at the FT Commodities Global Summit

Aramco reaches prince’s $2 trillion goal in second-day surge

December 12, 2019

Houston Chronicle Saudi Aramco shares jumped for a second day, with the oil giant’s value hitting the $2 trillion mark that alienated global investors and potentially making further share sales abroad more difficult. The stock climbed by the daily 10% limit to 38.7 riyals at the open in Riyadh before trimming gains. It was up 5.8% at 37.20 riyals at

Saudi Aramco Valuation Gap Persists as IPO Talks Resume – Sources

August 7, 2019

From Reuters Saudi Crown Prince Mohammed Bin Salman is insisting on a $2 trillion valuation of oil firm Aramco, even though some bankers and company insiders say the kingdom should trim its target to around $1.5 trillion, industry and banking sources said. With Aramco talking again to banks about an initial public offering (IPO), its board is meeting later this

Razor Energy to Drill Newly Consolidated Kaybob Position in 2018

January 23, 2018

EnerCom Dallas presenter Razor Energy Corp. releases 2018 corporate budget and guidance Alberta-based Razor Energy Corp. (ticker: RZE) announced Monday that the company has approved a corporate budget of $38.4 million for fiscal 2018. The budget will be deployed to continue production growth and to develop power generation and oilfield information technology, according to the company’s press release. The 2018

A Serious Canadian Valuation Gap

December 18, 2017

Market disconnect for a Canadian junior “Our company is undervalued” is a common phrase heard around investor conferences. Executives are their own best cheerleaders and they constantly seek innovative ways to create value with their companies. Sometimes the assertion that a company is not being valued in a fashion similar to its peers is more compelling than others, however, and

PDC Energy Builds on Reserve Base in Year-End Update

January 21, 2016

Estimates Reserve Replacement of 247% Operational execution was the primary takeaway from PDC Energy’s (ticker: PDCE) Q3’15 results, and the progressing development of the company’s Wattenberg assets carried over into its 2015 year-end reserves update. The news release, issued on January 20, 2016, reported proved reserves of 272.8 MMBOE and total 2015 production of 15.4 MMBOE, representing year-over-year increases of

Perspectives on Valuation — Why Callon Petroleum’s $212.6 Million Permian Basin Acquisition Delivers

September 8, 2014

On September 2, 2014 we reported on the acquisition of 6,230 gross acres (3,862 net) in the Midland Basin area of the Permian Basin by Callon Petroleum Company (ticker: CPE). The properties were purchased for $212.6 million in cash and are near CPE’s existing operations in Carpe Diem and Pecan Acres in Midland County, Texas. The sale is effective May

Williston Bound and Doubling Down: Oasis Petroleum Increases Williston Basin Position by Nearly 50%; Raises $1 Billion in Senior Notes

September 11, 2013

Oasis Petroleum Inc. (ticker: OAS) is an independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources, primarily operating in the Williston Basin. On September 5, 2013, the company announced it increased its acreage footprint in the Williston Basin by nearly 50% with the acquisition of a combined 161,000 net acres (91,000

Man, I Keep Missing that One! Core Lab: a Valuable Value

May 30, 2012

How is value measured? Analysts talk and write about a stock because the company creates value. Does “value” mean “cheap?” Buy low, sell high. That formula is not working with Facebook (ticker: FB) at the moment. That’s more like buy high, short sell, but we recognize that it is early for FB and its “friends.” Yahoo (ticker: YHOO) went public

Callon Petroleum Company: The Amphibian Strategy for Growing Oil Production and Value

May 3, 2012

Callon Petroleum Company (NYSE: CPE) is an independent oil and gas exploration & production (E&P) company operating both offshore and onshore in the United States. The Company generates the majority of its free cash flow from its offshore fields in the U.S. Gulf of Mexico, both on the shelf and in the deepwater regions. Callon has a non-operated interest in

Magnum Hunter Resources: A Growth Platform Through Acquisition And Drilling

April 10, 2012

Magnum Hunter Resources (MHR) is engaged in the exploration for and the exploitation, acquisition, development and production of crude oil, natural gas and natural gas liquids, in three unconventional shale resource plays in North America: the Marcellus Shale, Utica Shale, Eagle Ford Shale and Williston Basin/Bakken Shale. In total, the company owns approximately 560,072 net acres, with 170,000 net acres

Driving Down The Cost Of Production – Natural Gas Companies Can Still Make Money

March 21, 2012

EnerCom, Inc. went back through our database to determine 2008 breakeven prices (10% rate of return) based on EnerCom’s decline curve analysis of the Woodford, Fayetteville, Haynesville and Marcellus Shales. All data points reference the second slide below. We found the Woodford, Fayetteville, Haynesville and Marcellus Shales had respective breakeven points of $6.45 per Mcf, $5.39 per Mcf, $3.62 per

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