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Oil & Gas: HY E&P 2019 Hedging Outlook

Sector Outlook: 14 Dec 2018, 5:51 AM ET - We are following up on our recent updates to cash flow expectations, liquidity and maturity outlooks, and external funding options for our High Yield E&P coverage group with a comprehensive 2019 hedging analysis.

Oil & Gas: OPEC+ Plays Let's Make a Deal

Sector Analysis: 07 Dec 2018, 11:38 AM ET - OPEC+ reportedly came together at the last minute for a 1.2 mmbd production cut although details are sparse at this point.

Oil & Gas: OPEC+ Struggling to Come Together

Sector Analysis: 06 Dec 2018, 2:02 PM ET - OPEC came away from its meeting in Vienna today empty-handed on an agreement, with plans to continue the discussion with OPEC+ tomorrow.

Oil & Gas: HY E&P 2019 External Funding Options

Sector Analysis: 03 Dec 2018, 9:03 AM ET - We see a number of external funding options available to HY E&P companies heading into a lower oil price year in 2019, however, there are risks on the horizon for investors to consider.

Oil & Gas: HY E&P Cash Flows at $50/bbl Oil

Sector Analysis: 28 Nov 2018, 4:10 AM ET - We now see HY E&P 2019 cash flows coming in 24% lower than previously expected at our new $50/WTI price deck ($65/WTI old).  We expect to see a mix of capex cuts, divestitures and incremental borrowings next year.

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

Whiting Petroleum: New COO Chip Rimer Hired

Worth Watching: 15 Nov 2018, 10:01 PM ET - Whiting Petroleum  (WLL; B2/BB) announced Charles J. "Chip" Rimer, formerly Senior VP of Global Services for Noble Energy, has been named Chief Operating Officer of the company, effective Nov. 15. Rimer will be responsible for operations, drilling ..

Anadarko: New 2019 Plan Hits All Uses of Cash

Worth Watching: 15 Nov 2018, 10:00 PM ET - Anadarko (APC; Ba1/BBB) announced detailed 2019 guidance, including new capex and production guidance, a new $1 bn share repurchase program, a $0.5 bn debt reduction, and a 20% dividend increase. We have accordingly increased our share repurcha ..

Oil & Gas: Bloodbath Over or Temporary Pause?

Sector Analysis: 15 Nov 2018, 5:11 AM ET - Oil prices finally turned north yesterday, with WTI closing up a scant $0.20/bbl to $55.89/bbl, following a record string of 12 straight down days which saw prices plunge $12/bbl, or 18%.  

EOG Resources 3Q18: Getting Defensive, Up to OP

IG Note: 09 Nov 2018, 11:20 AM ET - We are upgrading our recommendation to Outperform, from Underperform, based on the company's strong production growth outlook, low cost structure, basin diversification, and its low leverage during this period of oil price uncertainty.

Occidental 3Q18: 25% Permian CAGR Through 2022

IG Note: 09 Nov 2018, 11:17 AM ET - We are upgrading out recommendation on OXY to Market perform, based on the company's strong production and free cash flow outlook and its low leverage, which make it a defensive credit to own during this period of weak oil prices.

Noble Energy 3Q18: Beat, Awaiting Prop 112 Vote

Earnings Note: 06 Nov 2018, 8:13 PM ET - Noble Energy (NBL; Baa3/BBB) reported 3Q18 earnings of $129 mn, or $0.27/share, beating the $0.18/share consensus earnings estimate, while adjusted Ebitdax (ex-NBLX) totaled $688 mn, rising 9% QoQ and 23% YoY.

Encana: Acquiring NFX, O&G M&A Hotstreak Continues

IG Note: 01 Nov 2018, 3:41 PM ET - Encana announced the acquisition of E&P Newfield Exploration (NFX; Ba1/BB+) in an all stock deal for $27.36/share, or $5.5 bn, plus the assumption of $2.2 bn in net debt for a total transaction value of $7.7 bn.

Anadarko 3Q18: Anxiously Awaiting Prop 112 Vote

IG Note: 01 Nov 2018, 5:35 AM ET - Anadarko Petroleum (APC; Ba1/BBB) reported disappointing 3Q18 earnings ahead of next week's ballot vote on Proposal 112. The company will give its 2019 plan in the following weeks, which will be shaped by the results of the vote.

ConocoPhillips: Returns Over Growth in 2019

Earnings Note: 25 Oct 2018, 7:45 PM ET - ConocoPhillips (COP; A3/A-) reported better-than-expected 3Q18 financial and operating results, a slightly increased 2018 capital budget, and preliminary expectations for a flat 2019 capital budget.

Range Resources 3Q18: Focused On Leverage Targets

Earnings Note: 24 Oct 2018, 8:29 PM ET - Range Resources (RRC; Ba3/BB+) reported 3Q18 adjusted earnings of $64 mn, or $0.26/share, beating the $0.19/share consensus earnings estimate. Adjusted Ebitdax totaled $306 mn, rising 10% QoQ and 27% YoY.

Oasis Petroleum: Revolver Extended to 2023

Worth Watching: 22 Oct 2018, 10:22 PM ET - Oasis Petroleum  (OAS; B3/BB-) last week announced the completion of its regular semi-annual borrowing base redetermination. The lending group reaffirmed the $1.6 bn borrowing base with lender commitments remaining at $1.35 bn. The facility was ex ..

Devon Energy: Preliminary 3Q18/Jackfish Update

Worth Watching: 22 Oct 2018, 10:17 AM ET - Devon Energy  (DVN; Ba1/BBB) announced last week a third quarter update which included quarterly volumes slightly above volumes on lower-than-expected capital. The company also provided an operational update for the Jackfish complex in Alberta, Ca ..

Occidental: Terminating Qatar Field Contract

Worth Watching: 22 Oct 2018, 10:15 AM ET - Occidental  (OXY; A3/A) announced last week that it will no longer pursue a contract extension for the Idd El-Shargi North Dome (ISND) offshore field in Qatar which will expire in October 2019. The company has been partnered with Qatar Petroleum i ..

Oil & Gas: HY Issuance Flattening Out

Sector Analysis: 18 Oct 2018, 4:19 AM ET - High Yield Oil & Gas issuance in 3Q18 came in at $11 bn, matching last quarter's total, which was the lowest quarter since 1Q16, while coming in $2 bn, or 15%, lower YoY.

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