Income and Small Cap Weekly Analysis of Oil & Gas Stocks March 22, 2013
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- Reynold Gibson
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1 San Juan Basin Royalty Trust (SJT) Drill and It Shale Set You Free Symbol SJT Ebitda Next Twelve Months ending 3/31/14 (US$mm) 76 Rating Buy North American Natural Gas/Ebitda (%) 97 (US$/sh) Natural Gas and Oil Production/Ebitda (%) 100 Pricing Date 3/21/13 Adjusted Reserves/Production NTM 10.3 Shares (mm) 47 EV/Ebitda 9.4 Market Capitalization (US$mm) 710 PV/Ebitda 12.9 Debt (US$mm) 0 Undeveloped Reserves (%) 3 Enterprise Value (EV) (US$mm) 710 Natural Gas and Oil Ebitda (US$/mcfe) 3.19 Present Value (PV) (US$mm) 980 Present Value Proven Reserves(US$/boe) Net Present Value (US$/unit) 21 Oil and Gas Ebitda Margin (%) 66 Debt/Present Value 0.00 Earnings Next Twelve Months (US$/un) 1.08 McDep Ratio - EV/PV 0.72 /Earnings Next Twelve Months 14 Distribution Yield (%/year) 7.1 Distribution Next Twelve Months (US$/sh) 1.08 Note: Estimated cash flow and earnings tied to one-year futures prices for natural gas. Reported results may vary widely from estimates. Estimated present value per share revised only infrequently. Estimated present value presumes a long-term price for oil of US$100 a barrel and natural gas, $6 a million btu. For historical analysis of SJT since 2000 see Summary and Recommendation Buy-recommended San Juan Basin Royalty (SJT) as well as Cross Timbers Royalty (CRT) and Mesa Royalty (MTR) offer investors participation in the early stages of what may be a big play in the Mancos Shale according to presenters at the San Juan Basin Energy Conference in Farmington, New Mexico on March Independent producer T. Greg Merrion, the creator of the subtitle above, outlined the opportunity. The industry is just three years into the early stages with the drilling of 22 horizontal wells (see Timeline on page 2). Ultimately thousands of wells could be drilled into the thick Mancos formation covering 4000 square miles (see calculation by Mr. Merrion on page 2). The Mancos divides into three windows dry gas, wet gas and oil (see map on page 3). Marvelously detailed in a presentation by Ken McQueen, WPX Energy has proven the commercial viability of the dry gas area. Most of the activity to date has been in the shallower oil area where large cap Encana (ECA) has had some good wells and some not so good, suggesting both the promise of the opportunity and the need for more work. Shale wells typically get better with experience. Large cap ConocoPhillips (COP) has the only completion in the wet gas area, the Yert well that we have previously indicated as an unconfirmed success. Perhaps half or more of SJT acreage may be in the wet gas area, the window that may be the most profitable. Because drilling on SJT rights has to be paid from cash flow that would otherwise be distributed, there is no distribution for the current month (see table Monthly Distributions on page 3). Helped by a rising trend for natural gas price, cash flow supports our estimate of a 7.1% distribution yield, though we could be surprised by the timing of drilling deductions (see table Financial Estimates on page 4). Outside the San Juan Basin, practically all of our remaining income and small cap stocks have upside in one or more plays from horizontal drilling and fracking (see ISC-1 to ISC-4 on pages 5-8). Kurt H. Wulff, CFA Please see disclosures on the final page. Page 1
2 Please see disclosures on the final page. Page 2
3 San Juan Basin Royalty Trust Monthly Declarations Jan-12 Feb-12 Mar-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Volume Natural gas (mmbtu) Heat Content(btu/cf) 1,072 1,075 1,098 1,127 1,097 1,098 1,098 1,095 1,102 Natural gas (bcf) Natural Gas (mmcfd) Days Natural gas industry quotes lagged two months ($/mmbtu) Henry Hub Index/Futures San Juan Monthly Index San Juan Index/Henry Hub SJT/San Juan Index SJT ($/mmbtu) SJT ($/mcf) Revenue ($mm) Natural Gas Other (0.1) 2.0 Cost ($mm) Severance tax Operating Total Cash flow ($mm) Development Net proceeds ($mm) Royalty income ($mm) Royalty/Net proceeds 75% 75% 75% 75% 75% 75% 75% 75% 75% Distributable income ($mm) Units (millions) Distribution ($/unit) Please see disclosures on the final page. Page 3
4 San Juan Basin Royalty Trust Next Twelve Months Operating and Financial Estimates Next Twelve Q2 Year Q1E Q2E Q3E Q4E Year Q1E Months 6/30/ /31/13 6/30/13 9/30/13 12/31/ E 3/31/14 3/31/14 Highlights Revenue ($mm) (75%) Cash flow ($mm) (75%) Per unit Distributable Income ($mm) Per unit Units (millions) Volume Natural gas (mmbtu) Heat Content(btu/cf) 1,096 1,093 1,099 1,099 1,099 1,099 1,099 1,099 1,099 Natural gas (bcf) Natural Gas (mmcfd) Days Oil (mb) Oil (mbd) Days Total gas & oil (bcf) Natural gas ($/mmbtu) (Henry Hub lagged two months) Henry Hub ($/mmbtu) Differential (%) (24) (11) 6 (10) (10) (10) (7) (10) (10) Net to SJT ($/mmbtu) Natural gas ($/mcf) Oil ($/bbl) (WTI Cushing lagged two months) WTI Cushing SJT Total gas & oil ($/mcf) Revenue ($mm) Natural Gas Oil Total Cost ($mm) Severance tax Operating Total Cash flow ($mm) Development Net proceeds ($mm) Royalty income ($mm) Royalty/Net proceeds 75% 75% 75% 75% 75% 75% 75% 75% 75% Administration (0.8) One-time Distributable income ($mm) Please see disclosures on the final page. Page 4
5 Table ISC-1 McDep Income and Small Cap Energy Portfolio Debt, Segments, Cash Flow, Income and McDep Ratio Symbol/Rating (US$/sh) EV/ Enterprise PV(%) EV/ Dist. Dist. B = Buy 21-Mar Market Value Nat Ebitda NTM Yield McDep CB (see below) 2013 Cap ($mm) Gas Oil NTM ($/un) (%) Ratio Small Cap Independent Producers PDC Energy PDCE , Peyto Exploration and DevelopmentPEYUF , Range Resources RRC B , Continental Resources (32%) CLR B , Halcón Resources HK , Berry Petroleum Company BRY , Birchcliff Energy Ltd. BIREF B , Denbury Resources Inc. DNR , Cimarex Energy Company XEC B , Whiting Petroleum Corporation WLL B , Total or Median , Leveraged Cash Payers Linn Energy, LLC LINE , Vanguard Natural Resources, LLC VNR , Legacy Reserves L.P. LGCY , Enerplus Corporation ERF , Total or Median , RTF Cash Payers Freehold Royalties Ltd. FRHLF TL 1, Dorchester Minerals, L.P. DMLP B TL Enduro Royalty Trust (40%) NDRO BL San Juan Basin Royalty Trust SJT B BL Sabine Royalty Trust SBR TL Cross Timbers Royalty Trust CRT TL Permian Basin RT PBT TL Hugoton RoyaltyTrust HGT 8.16 BL Mesa RoyaltyTrust MTR BL Total or Median 5, CB=Contrarian Buy, Stock apparently in downtrend compared to 200-day average. McDep Ratio = Market cap and Debt to present value of oil and gas and other businesses Present Value (PV) presumes long-term prices of $100 a barrel for oil and $6 a million btu for natural gas. Dist. = Income distribution. NTM = Next Twelve Months Ended March 31, Enterprise Value = Market Cap and Debt. TL = Top Line income sources, BL = Bottom Line income sources Please see disclosures on the final page. Page 5
6 Table ISC-2 McDep Income and Small Cap Energy Portfolio Net Present Value and McDep Ratio Net ($/sh) Market Present Debt/ Symbol/ 21-Mar Shares Cap Value Present McDep Rating 2013 (mm) ($mm) ($/un) Value Ratio Small Cap Independent Producers PDC Energy PDCE , Peyto Exploration and Development Cor PEYUF , Range Resources RRC B , Continental Resources (32%) CLR B , Halcón Resources HK , Berry Petroleum Company BRY , Birchcliff Energy Ltd. BIREF B , Denbury Resources Inc. DNR , Cimarex Energy Company XEC B , Whiting Petroleum Corporation WLL B , Total or Median 48, Leveraged Cash Payers Linn Energy, LLC LINE , Vanguard Natural Resources, LLC VNR , Legacy Reserves L.P. LGCY , Enerplus Corporation ERF , Total or Median 14, RTF Cash Payers Freehold Royalties Ltd. FRHLF , Dorchester Minerals, L.P. DMLP B Enduro Royalty Trust (40%) NDRO San Juan Basin Royalty Trust SJT B Sabine Royalty Trust SBR Cross Timbers Royalty Trust CRT Permian Basin RT PBT Hugoton RoyaltyTrust HGT Mesa RoyaltyTrust MTR Total or Median 4, B=Buy; CB=Contrarian Buy, Stock apparently in downtrend compared to 200-day average. McDep Ratio = Market cap and Debt to present value of oil and gas and other businesses Present Value presumes long-term prices of $100 a barrel for oil and $6 a million btu for natural gas. Please see disclosures on the final page. Page 6
7 Table ISC-3 McDep Income and Small Cap Energy Portfolio Value Multiples - Rank by EV/Ebitda Adjstd ($/sh) Revenue Dist/ Resrvs/ PV/ EV/ Symbol/ 21-Mar Royalty Equity Prod Ebitda Ebitda Rating 2013 (%) Ebitda NTM NTM NTM Small Cap Independent Producers Range Resources RRC B PDC Energy PDCE Peyto Exploration and Development CorpPEYUF Birchcliff Energy Ltd. BIREF B Continental Resources (32%) CLR B Berry Petroleum Company BRY Halcón Resources HK Denbury Resources Inc. DNR Cimarex Energy Company XEC B Whiting Petroleum Corporation WLL B Median Leveraged Cash Payers Linn Energy, LLC LINE Vanguard Natural Resources, LLC VNR Legacy Reserves L.P. LGCY Enerplus Corporation ERF Median RTF Cash Payers Cross Timbers Royalty Trust CRT Dorchester Minerals, L.P. DMLP B Sabine Royalty Trust SBR Freehold Royalties Ltd. FRHLF San Juan Basin Royalty Trust SJT B Mesa RoyaltyTrust MTR Enduro Royalty Trust (40%) NDRO Permian Basin RT PBT Hugoton RoyaltyTrust HGT Median B=Buy; CB=Contrarian Buy, Stock apparently in downtrend compared to 200-day average. EV = Enterprise Value = Market Cap and Debt; Ebitda = Earnings before interest, tax, depreciation and amortization; NTM = Next Twelve Months Ended March 31, 2014; P/E = Stock to Earnings; PV = Present Value of oil and gas and other businesses Top Line Cash Payers defined as those having Revenue Royalty (see fifth column from right). Please see disclosures on the final page. Page 7
8 Table ISC-4 McDep Income and Small Cap Energy Portfolio Total Return and Enterprise Value Momentum Equity ($/sh) Total Enterprise Value/ Symbol/ 21-Mar Return 52Wk 52Wk 50 Day 200 Day McDep Rating 2013 YTD (%) High Low Avg. Avg. Ratio Small Cap Independent Producers PDC Energy PDCE Cimarex Energy Company XEC B Range Resources RRC B Peyto Exploration and Development CoPEYUF Berry Petroleum Company BRY Continental Resources (32%) CLR B Birchcliff Energy Ltd. BIREF B Denbury Resources Inc. DNR Whiting Petroleum Corporation WLL B Halcón Resources HK 6.83 (1) Median Leveraged Cash Payers Enerplus Corporation ERF Vanguard Natural Resources, LLC VNR Legacy Reserves L.P. LGCY Linn Energy, LLC LINE Median RTF Cash Payers Hugoton RoyaltyTrust HGT Freehold Royalties Ltd. FRHLF Dorchester Minerals, L.P. DMLP B San Juan Basin Royalty Trust SJT B Sabine Royalty Trust SBR Mesa RoyaltyTrust MTR Enduro Royalty Trust (40%) NDRO (4) Cross Timbers Royalty Trust CRT Permian Basin RT PBT Median CB=Contrarian Buy, Stock apparently in downtrend compared to 200-day average. Please see disclosures on the final page. Page 8
9 Disclaimer: This analysis was prepared by Kurt Wulff, Manager of McDep LLC. The firm used sources and data believed to be reliable, but makes no representation as to their accuracy or completeness. This analysis is intended for informational purposes and is not a solicitation to buy or sell a security. Past performance is no guarantee of future results. McDep or its employees may take positions in stocks the firm covers for research purposes. a subject stock shall be made within a week before or after a change in recommendation. No trades in Certification: I, Kurt H. Wulff, certify that the views expressed in this research analysis accurately reflect my personal views about the subject securities and issuers. No part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this research analysis. Research Methodology/Ratings Description: McDep LLC is an independent research originator focused on oil and gas stocks exclusively. The firm applies the forty years of experience of its analyst to estimate a present value of the oil and gas resources and other businesses of covered companies. That value is compared with a company s stock market capitalization and debt. Stocks with low market cap and debt relative to present value tend to outperform stocks with high market cap and debt relative to present value. Buy recommendations are expected to deliver a total return better than 7% per year above inflation. Hold recommendations assume the attributes of the underlying business are reflected in the current price of the stock. Sell recommendations are expected to deliver a total return less than inflation. Please see disclosures on the final page. Page 9
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Outperformance in First Half 2018 Attractive Value, Auspicious Momentum Summary and Recommendation After outperforming in the first half of 2018, oil and gas stocks stay at attractive value with the median
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Small Independents Strategic Value, Uncertain Price BIREF, CRC, RRC, WLL Price Oil Dist. (US$/sh) Market Enterprise EV/ EV/ PV/ Prod'n/ Yield McDep Symbol/Rating 20-Aug Cap Value Market Ebitda Ebitda Ebitda
More informationMesa Royalty Trust Long Reserve Life Reported
U.S. Natural Gas Royalty Trusts Page 1 S&P 500: 1173 Long Reserve Life Reported Symbol MTR Ebitda Next Twelve Months ending 3/31/06 (US$mm) 12 Rating None North American Natural Gas/Ebitda (%) 76 Price
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks September 20, 2011
20% More Oil for the Buck Summary and Recommendation The long-term investment appeal of oil and gas stocks in a growing global economy is better today than five months ago when measured by the future physical
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks April 17, 2012
ConocoPhillips (COP-W) Largest North American Independent Producer Debut Symbol COP-W Ebitda Next Twelve Months ending 3/31/13 (US$mm) 22,500 Rating Buy North American Natural Gas/Ebitda (%) 5 Price (US$/sh)
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks October 16, 2012
Royal Dutch Shell (RDS) Clean Energy for Global Growth Meter Reader Symbol RDS-A Ebitda Next Twelve Months ending 9/30/13 (US$mm) 54,400 Rating Buy North American Natural Gas/Ebitda (%) 2 Price (US$/sh)
More informationIndustry Idea Analysis of Oil and Gas Stocks Intraday July 30, 2018
Durable Cash Generators CVX, RDS, SU, XOM Price Oil Dist. (US$/sh) Market Enterprise EV/ EV/ PV/ Prod'n/ Yield McDep Symbol/Rating 30-Jul Cap Value Market Ebitda Ebitda Ebitda NTM Ratio 2018 (US$mm) ($mm)
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks May 1, 2012
Royal Dutch Shell (RDS/A) LNG and GTL Profit Gains Meter Reader Symbol RDS-A Ebitda Next Twelve Months ending 3/31/13 (US$mm) 58,500 Rating Buy North American Natural Gas/Ebitda (%) 2 Price (US$/sh) 71.54
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks February 28, 2012
ConocoPhillips (COP Buy) Shale Oil Growth with Alaska Upside Symbol COP Ebitda Next Twelve Months ending 12/31/12 (US$mm) 28,100 Rating Buy North American Natural Gas/Ebitda (%) 5 Price (US$/sh) 76.43
More informationTwo Percent a Month. Natural Gas Royalty Trusts A Weekly Analysis May 22, Summary and Recommendation
Two Percent a Month Summary and Recommendation Our title looks like interest charges on a credit card, yet San Juan Basin Royalty Trust (SJT) and Hugoton Royalty Trust (HGT) will pay almost that much to
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks January 29, 2013
Improved Crude Oil Price Outlook North American Advantage Summary and Recommendation An uptrend in long-term oil price and reduced geographic differences may benefit oil and gas producers in 2013, including
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks July 3, 2012
Gazprom (OGZPY - Contrarian Buy) Dividend Double Approved Symbol OGZPY Ebitda Next Twelve Months ending 6/30/13 (US$mm) 62,000 Rating Contrarian Buy North American Natural Gas/Ebitda (%) 0 Price (US$/sh)
More informationMeter Reader Monthly Analysis of Oil and Gas Stocks January 16, 2018
Growth is Good Summary and Recommendation Meter Reader We are happy to see the strong performance of global stock markets. We might be happier if oil and gas stocks had been participating more, but that
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks June 19, 2012
Cenovus Energy (CVE - Contrarian Buy) Deep Oil Sands Growth at Lower Price Symbol CVE Ebitda Next Twelve Months ending 6/30/13 (US$mm) 4,500 Rating Contrarian Buy North American Natural Gas/Ebitda (%)
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks December 29, 2009
Woodside Petroleum Ltd. (WOPEY) Australian Liquefied Natural Gas (LNG) Symbol WOPEY Ebitda Next Twelve Months ending 12/31/10 (US$mm) 2,900 Rating Buy North American Natural Gas/Ebitda (%) 2 Price (US$/sh)
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks April 5, 2011
Chevron Corporation (CVX) Raise NPV to $154 a Share from $146 Symbol CVX Ebitda Next Twelve Months ending 3/31/12 (US$mm) 56,900 Rating Buy North American Natural Gas/Ebitda (%) 2 Price ($/sh) 108.23 Natural
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks May 18, 2010
European Oil for Contrarians Summary and Recommendation We classify buy recommendations Royal Dutch Shell, plc (RDS-A), Statoil ASA (STO), and Total S.A. (TOT) as Contrarian Buys to acknowledge that the
More informationMeter Reader Monthly Analysis of Oil and Gas Stocks December 11, 2018
Energy of Last Resort Summary and Recommendation Meter Reader After more than 50 years of analyzing energy, we think that the economic and strategic outlook for oil and gas may be better than it has ever
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks December 20, 2011
Centenarians Win Large Cap Race in 2011 Summary and Recommendation In the 100 th anniversary year of the breakup of the Standard Oil Trust, the separate companies and their Anglo-Dutch rival delivered
More informationSuncor Energy Raise Net Present Value to $75 a Share
McDep Associates Page 1 Suncor Energy Raise Net Present Value to $75 a Share Rating: Buy S&P 500: 1274 Symbol SU Ebitda Next Twelve Months ending 12/31/06 (US$mm) 5,200 Rating Buy North American Natural
More informationKinder Morgan Energy Partners The Game Goes On
McDep Associates Page 1 Kinder Morgan Energy Partners The Game Goes On Rating: Sell S&P 500: 1235 Symbol KMI KMP KMR KMx Rating Sell Sell Sell Price (US$/sh) 89.48 53.79 48.63 Pricing Date 7/20/05 07/20/05
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks March 2, 2010 Oil Growth of 70% to 2020 for COSWF
Oil Growth of 70% to 2020 for COSWF Summary and Recommendation Buy-recommended Canadian Oil Sands Trust (COSWF) confirmed last week that preliminary design work is underway to expand oil sands capacity
More informationRemember Cost Depletion
Remember Cost Depletion Summary and Recommendation As the April 15 deadline approaches, taxpayers should remember that portions of royalty trust distributions offset by cost depletion are not taxable.
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks March 8, 2011
Favor COSWF on Price Blowout, End Buy on CNQ Summary and Recommendation A widening of the price difference between Syncrude and West Texas Intermediate (WTI) to US$12 a barrel, which when added to US$105
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks January 3, 2012
Shale Deals for DVN/Sinopec and TOT/CHK Summary and Recommendation Buy-recommended Devon Energy (DVN) will receive $2.2 billion from China oil company Sinopec and Buy-recommended Total (TOT) will pay $2.3
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks March 30, 2010 Lower ConocoPhillips NPV to $95 from $105
Lower ConocoPhillips NPV to $95 from $105 Symbol COP Ebitda Next Twelve Months ending 3/31/11 (US$mm) 25,600 Rating Buy North American Natural Gas/Ebitda (%) 8 Price (US$/sh) 51.15 Natural Gas and Oil
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks May 23, 2011
Statoil ASA (STO) Nordic Oil and Gas Stalwart Meter Reader Symbol STO Ebitda Next Twelve Months ending 3/31/12 (US$mm) 30,900 Rating Buy North American Natural Gas/Ebitda (%) 0 Price ($/sh) 24.01 Natural
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks February 15, 2011
Euro Oils Pay High Dividends from Global Profits Summary and Recommendation Buy recommendations Total (TOT), Statoil (STO) and Royal Dutch Shell (RDS) offer the highest current dividend yields in our large
More informationCNOOC Ltd. Unocal Bid?
McDep Associates Page 1 CNOOC Ltd. Unocal Bid? Rating: Buy S&P 500: 1201 Symbol CEO Ebitda Next Twelve Months ending 6/31/06 (US$mm) 5,500 Rating Buy North American Natural Gas/Ebitda (%) 0 Price (US$/sh)
More informationIncome and Small Cap Weekly Analysis of Oil & Gas Stocks October 5, 2012
Create a Custom RTF Royalty Trust Fund Looks Timely Summary and Recommendation Income and Small Cap Weekly We recommend that an interested investor create a custom RTF because five characteristics of oil
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks February 10, 2009
Optimism Creeping Back Summary and Recommendation With oil and gas stock prices gradually tracing a more positive price trend since the stock market low in October 2008, the three buy recommendations that
More informationMarathon Oil Corporation Raise Net Present Value to $42 a Share
McDep Associates Page 1 Raise Net Present Value to $42 a Share Rating: Buy S&P 500: 1171 Symbol MRO Ebitda Next Twelve Months ending 3/31/06 (US$mm) 3,800 Rating Buy North American Natural Gas/Ebitda (%)
More informationEncana Corporation Largest Independent Natural Gas Producer
McDep Associates Page 1 Encana Corporation Largest Independent Natural Gas Producer Rating: Buy S&P 500: 1122 Symbol ECA Ebitda Next Twelve Months ending 3/31/05 (US$mm) 6,700 Rating Buy North American
More informationMeter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio December 7, Canadian Income
Canadian Income Summary and Recommendation Reinstating our coverage of Enerplus Resources Fund (ERF) and Pengrowth Energy Trust (PGH) we see reasonable value and attractive income from Canadian oil and
More informationEnhance Performance with McDep Ratio
Meter Reader Page 1 Enhance Performance with McDep Ratio Summary and Recommendation The McDep Energy Portfolio differentiates among buy recommendations in an attempt to be more represented in lowest McDep
More informationTotal S.A. Raise Net Present Value to $126 a Share
McDep Associates Page 1 Total S.A. Raise Net Present Value to $126 a Share Rating: Buy S&P 500: 1171 Symbol TOT Ebitda Next Twelve Months ending 3/31/06 (US$mm) 31,800 Rating Buy North American Natural
More informationMeter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio February 15, Crude Awakening
Crude Awakening Summary and Recommendation Declining production from Mexico s largest oil field, Cantarell, fortifies concerns about future oil supply. A timely discussion in the Wall Street Journal on
More informationImperial Oil Limited Canada Blue Chip
McDep Associates Page 1 Imperial Oil Limited Canada Blue Chip Rating: Buy S&P 500: 1089 Symbol IMO Ebitda Next Twelve Months ending 3/31/05 (US$mm) 3,400 Rating Buy North American Natural Gas/Ebitda (%)
More informationMeter Reader Page 1 A Weekly Analysis of Energy Stocks Using the McDep Ratio August 7, Buy Something
Meter Reader Page 1 Buy Something Summary and Recommendation Because nothing has happened to change our long-term fundamental outlook from three weeks ago when the median buy recommendation was priced
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