Topic: SM Energy

Ask-the-Analyst April 2019

Tuesday 4/30Ask-the-Analyst: Todd Bush, Boyd Skelton, and Luke Smith. What would an acquisition of Anadarko Petroleum Corporation by Oxy or Chevron look like for the #Permian basin? #OilandGas #Energy #shaleIf either Oxy or Chevron acquired Anadarko Petroleum Corporation, they would become the second largest proppant user in the Permian basin (based on 2018 data). Pioneer Natural Resources Company would still remain the largest user by 1 billion pounds, but Oxy would become the largest operator by number of fracs.Thursday 4/25Ask-the-Analyst: Todd Bush,...

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SM Energy Completions Cost Down to $400 Per Lateral Foot

SM Energy (NYSE: SM) is one of the few operators who has a positive free cash flow during 2016. They have reduced spending by almost half since 2015 and continue to manage costs having spent just under half of their planned $685 to $690 million for the year. They have taken advantage of the cost savings in the low oil price environment and have stuck to the core areas that will generate returns for them. The chart below shows SM...

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Concho Resources Extends Permian Reach with $1.62B Acquisition

Concho Resources (NYSE: CXO) is an independent pure play operator focusing in on the Permian Basin. More specifically they operate in the Delaware Basin and Midland Basins, recently acquiring more acreage in the Midland area. CXO is expecting to spend $1.2 billion during the 2016 having already depleted $572 million or 52% during the first two quarters. The company has focused in on reducing operating cost looking to reduce the transportation costs associated with water disposal volumes by using pipelines...

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E&P Earning Season Ends with DUCs, Bankruptcy, & Divesting Themes

Taking a look back at the first quarter we will review some updates from operators around the country and how they have held up into 2016 and are preparing for the rest of the year. Many have increase production guidance showing that they can still produce with declining capital budgets and others are looking to asset sales to gain liquidity. Below are some highlights from the quarter. Devon Energy Increases Production Guidance During the first quarter Devon Energy (NYSE: DVN) spent $363...

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7 E&Ps Fighting Through 2015 Low Commodity Prices

As third quarter earnings season starts we take a look at where some operators are in their drilling and completion programs and begin to get a peak at 2016 expectations. Check back for updates as operators and oilfield service companies update their positions in the current environment.  Antero Resources Expects 25% Production Growth Antero Resources (NYSE: AR) continues to cover production with 94% covered for the 2015 year and looking ahead to 2016 they expect 25% to 30% production growth having 1,793...

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Rig Count Trends for 2015

As the Baker Hughes (NYSE: BHI) rig count continues its downward trend from the end of 2014, we look forward to the activity in 2015. Many operators are continuing to prepare for the worst in 2015 and many are front-loading activity to the first quarter of 2015 and dropping rig counts lower as the year progresses if oil prices don’t improve. Eagle Ford According to the BHI historical rig count, activity has declined 32% from the start of 2015, bringing the count...

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US Crude Inventories Rise, Land Rigs Decline

The Baker Hughes US Land Rig Count declined to 1,015 down -4.3% this week. WTI fluctuated this week ending around $46 per barrel. Here's a summary chart for the week:Summary of Shale Play Rig CountsPermian Basin -6.1% to 292 rigs compared to last week’s 311 rigs Eagle Ford -5.5% to 138 rigs compared to 146 the prior week Williston Basin -4.8% to 99 from last week’s 104 rigs Marcellus +9.5% to 69 from the previous week's 63 rigs Mississippian +4.8% to 44 rigs from last week's 42 rigs DJ-Niobrara 3.1%...

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