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Ensco

Ensco PLC is a British-domiciled, global offshore drilling company with the one of the largest fleets in the industry. The fleet is fairly evenly balanced between jackups and floaters and has a presence in all major offshore basins globally. (20 Jun 2018)

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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.

Oilfield Services: A Storm is Threatening

Sector Analysis: 04 Dec 2018, 3:58 AM ET - Following up on our reduced oil price forecast from last week we are downgrading our recommendation on Investment Grade OFSE&D to Underperform, from Market perform previously, and recommend investors avoid HY OFSE&D.

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.

October 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Oct 2018, 10:03 PM ET - Our monthly report provides executive summaries for the twenty-eight company recommendation changes made on North American companies during the month of October.
Focused

Ensco: 3Q Beat on Higher Activity & Cost Control

Worth Watching: 30 Oct 2018, 9:58 PM ET - Ensco (ESV; B3/B) reported a 3Q18 adjusted loss of $143 mn, or $0.33/share, beating the $0.35/share consensus estimate.  Adjusted Ebitda of $74 mn beat the $70 mn consensus estimate but was down 13% QoQ and 44% YoY on lower dayrates. We reite ..

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 ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

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