Meter Reader A Weekly Analysis of Oil and Gas Stocks July 1, 2014
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- Brendan Hicks
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1 Canadian Oil Sands Ltd. (COSWF) Returning to Favor Symbol COSWF Ebitda Next Twelve Months ending 6/30/15 (US$mm) 2,020 Rating Buy North American Natural Gas/Ebitda (%) 0 Price (US$/share) Natural Gas and Oil Production/Ebitda (%) 100 Pricing Date 6/30/14 Adjusted Reserves/Production NTM 18.2 Shares (mm) 485 EV/Ebitda 6.7 Market Capitalization (US$mm) 11,000 PV/Ebitda 9.4 Debt (US$mm) 2,500 Undeveloped Reserves (%) 0 Enterprise Value (EV) (US$mm) 13,500 Natural Gas and Oil Ebitda (US$/boe) Present Value (PV) (US$mm) 19,000 Present Value Proven Reserves(US$/boe) Net Present Value (US$/share) 34 Ebitda Margin NTM (%) 54 Debt/Present Value 0.13 Earnings Next Twelve Months (US$/share) 2.10 McDep Ratio - EV/PV 0.71 Price/Earnings Next Twelve Months 11 Dividend Yield (%/year) 7.0 Dividend Next Twelve Months (US$/share) 1.59 Note: Estimated cash flow and earnings tied to one-year futures prices for oil. Estimated present value presumes a long-term price for oil of US$90 a barrel and natural gas, $6 a million btu. For historical analysis of COS since 2002 see Summary and Recommendation Helped by a turnaround in the Canadian dollar and recent oil price gains, the stock price of buyrecommended Canadian Oil Sands Ltd. (COSWF) has returned to an uptrend compared to its 200-day average (see chart COSWF on page 2). The approaching completion of major capital projects may propel the stock price trend further toward Net Present Value (NPV) of $34 a share (see table Present Value on page 2). The C$4 billion (37% COSWF) Mildred Lake Mine Train Replacement should be in service in the fourth quarter of New crushers and conveyers will help correct problems that reduced production by 3% in Retrofitting bitumen centrifuges in Froth Treatment will achieve better separation of oil from sands to help reduce erosion in furnace tubes that contributed to an additional 3% loss of production last year. During a maintenance turnaround just completed, heat exchangers in the hydrogen plant have been replaced with the aim of restoring another 5% of production. Higher volume from improved reliability should generate more cash flow while the absence of large capital outlays frees up more of cash flow for dividends. We project free cash flow rising to support an increase in the quarterly dividend in early 2015 and perhaps more thereafter (see table Operating and Financial Estimates on page 3). Meanwhile, oil price is also in a new uptrend paced by North Sea Brent at $112 a barrel (CO1 in the chart on page 2). In addition, the Canadian discount to world price is narrowing slowly with progress on West Coast and East Coast pipeline plans and the greater use of flexible rail transportation. We like Canadian Oil Sands stock at a low McDep Ratio of 0.71, low financial risk at a 0.13 ratio of debt to present value and high dividend yield at an estimated 7% for the next twelve months (see Tables 1-4 on pages 4-7). Kurt H. Wulff, CFA Please see disclosures on the final page. Page 1
2 Canadian Oil Sands Ltd. Functional Cash Flow and Present Value Present NTM Ebitda Adjusted PV/ Value (US$mm) R/P Ebitda (US$mm) Oil 2, , % Debt (US$mm) 2,500 Net Present Value (US$mm) 16,490 Shares (mm) 485 Net Present Value (US$/sh) 34 NPV Approximation by Cash Flow Multiple Depending on Reserve Life (US$/sh) 33 Please see disclosures on the final page. Page 2
3 Canadian Oil Sands Ltd. Next Twelve Months Operating and Financial Estimates (Canadian Dollars) Next Twelve Q1 Year Q1 Q2E Q3E Q4E Year Q1E Q2E Months 3/31/ /31/14 6/30/14 9/30/14 12/31/ E 3/31/15 6/30/15 6/30/15 Volume Syncrude (mmb) Syncrude (mbd) Days Company share (%) Company Oil (mmb) Company Oil (mbd) Price WTI Cushing (US$/bbl) Currency (US$/C$) WTI Cushing (C$/bbl) Differential 0.98 (1.38) (3.15) 0.50 (2.00) (2.00) (1.92) (2.00) (2.00) (1.98) Company Oil Price (C$/bbl) Revenue (C$mm) Sales 828 3,562 1, ,128 1,101 3,996 1,047 1,035 4,310 Crown Royalties Net Revenue 805 3, ,051 1,028 3, ,000 Operating Expense (C$mm) Production 355 1, , ,600 Operating Income (C$mm) 450 1, , ,400 Administration and Insurance Ebitda 434 1, , ,159 Development Expense Deprec., Deplet., & Amort Exchange on U.S. Debt Other 7 (1) Ebit 250 1, , ,457 Interest Ebt 247 1, , ,445 Income Tax Net Income (C$mm) ,089 Shares (millions) Earnings per share (C$) Ebitda Margin (E&P) 54% 55% 51% 54% 54% 54% 53% 54% 54% 54% Tax Rate 27% 24% 31% 25% 25% 25% 26% 25% 25% 25% Cash Flow (C$mm) Net Income ,089 Deprec., Deplet., & Amort Exchange on U.S. Debt Deferred tax and other (24) (89) (17) (17) - Cash Flow from Operations 277 1, , ,605 Capital Expenditures 268 1, Free Cash Flow 9 (85) Cash Flow per share Free Cash Flow per share 0.02 (0.17) Dividend (C$/share) Please see disclosures on the final page. Page 3
4 Table 1 McDep Energy Stocks Enterprise Value, Segments, Yield and McDep Ratio Present Value by Segment (%) Price North Rest of Dist. (US$/sh) EV/ Enterprise Amer. World Yield Symbol/Rating 30-Jun Market Value Natural Natural Oil Down- NTM McDep B = Buy, CB (see below) 2014 Cap ($mm) Gas Gas Prod'n stream (%) Ratio Global Integrated Exxon Mobil Corporation XOM B , Total S.A. TOT , Royal Dutch Shell plc RDS-A , Chevron Corporation CVX , Lukoil Oil Company LUKOY B , Total or Median ,417, U.S. Independent EOG Resources, Inc. EOG , ConocoPhillips COP , Occidental Petroleum Corp. OXY , Devon Energy Corporation DVN B , Marathon Oil Corporation MRO B , Total or Median , Canada/Australia Woodside Petroleum Ltd. WOPEY , Imperial Oil Limited (30%) IMO , EnCana Corporation ECA B , Cenovus Energy Inc. CVE , Canadian Oil Sands Limited COSWF B , Total or Median , Small Cap Independent Producers Continental Resources (32%) CLR B , Cimarex Energy Company XEC B , Halcón Resources HK , Birchcliff Energy Ltd. BIREF B , Whiting Petroleum Corporation WLL B , Peyto Exploration and Developm PEYUF , WPX Energy Inc. WPX , Range Resources RRC B , PDC Energy PDCE , Total or Median , RTF Cash Payers Mesa RoyaltyTrust MTR Enduro Royalty Trust NDRO Freehold Royalties Ltd. FRHLF , Dorchester Minerals, L.P. DMLP B Sabine Royalty Trust SBR San Juan Basin Royalty Trust SJT B Hugoton RoyaltyTrust HGT Permian Basin RT PBT Cross Timbers Royalty Trust CRT Total or Median , CB=Contrarian Buy, Stock Price may be in downtrend compared to 200-day average. Estimated present value presumes a long-term price for oil of US$90 a barrel and natural gas, $6 a million btu. McDep Ratio = Market cap and Debt to present value of oil and gas and other businesses Please see disclosures on the final page. Page 4
5 Table 2 McDep Energy Stocks Net Present Value and McDep Ratio Price Net (US$/sh) Market Present Debt/ Symbol/Rating 30-Jun Shares Cap Value Present McDep B = Buy, CB (see below) 2014 (mm) (US$mm) (US$/sh) Value Ratio Global Integrated Exxon Mobil Corporation XOM B , , Total S.A. TOT , , Royal Dutch Shell plc RDS-A , , Chevron Corporation CVX , , Lukoil Oil Company LUKOY B , Total or Median 1,154, U.S. Independent EOG Resources, Inc. EOG , ConocoPhillips COP , , Occidental Petroleum Corp. OXY , Devon Energy Corporation DVN B , Marathon Oil Corporation MRO B , Total or Median 312, Canada/Australia Woodside Petroleum Ltd. WOPEY , Imperial Oil Limited (30%) IMO , EnCana Corporation ECA B , Cenovus Energy Inc. CVE , Canadian Oil Sands Limited COSWF B , Total or Median 98, Small Cap Independent Producers Continental Resources (32%) CLR B , Cimarex Energy Company XEC B , Halcón Resources HK , Birchcliff Energy Ltd. BIREF B , Whiting Petroleum Corporation WLL B , Peyto Exploration and Development Corp. PEYUF , WPX Energy Inc. WPX , Range Resources RRC B , PDC Energy PDCE , Total or Median 64, RTF Cash Payers Mesa RoyaltyTrust MTR Enduro Royalty Trust NDRO Freehold Royalties Ltd. FRHLF , Dorchester Minerals, L.P. DMLP B Sabine Royalty Trust SBR San Juan Basin Royalty Trust SJT B Hugoton RoyaltyTrust HGT Permian Basin RT PBT Cross Timbers Royalty Trust CRT Total or Median 6, CB=Contrarian Buy, Stock Price may be in downtrend compared to 200-day average. Estimated present value presumes a long-term price for oil of US$90 a barrel and natural gas, $6 a million btu. McDep Ratio = Market cap and Debt to present value of oil and gas and other businesses Please see disclosures on the final page. Page 5
6 Table 3 McDep Energy Stocks Value Multiples and Dividend Ranked by EV/Ebitda Price Adjustd (US$/sh) Resrvs/ PV/ EV/ Dividend Symbol/Rating 30-Jun Prod Ebitda Ebitda P/E NTM B = Buy, CB (see below) 2014 NTM NTM NTM NTM ($/sh) Global Integrated Exxon Mobil Corporation XOM B Total S.A. TOT Royal Dutch Shell plc RDS-A Chevron Corporation CVX Lukoil Oil Company LUKOY B Median U.S. Independent Devon Energy Corporation DVN B EOG Resources, Inc. EOG Occidental Petroleum Corp. OXY ConocoPhillips COP Marathon Oil Corporation MRO B Median Canada/Australia Imperial Oil Limited (30%) IMO EnCana Corporation ECA B Woodside Petroleum Ltd. WOPEY Canadian Oil Sands Limited COSWF B Cenovus Energy Inc. CVE Median Small Cap Independent Producers Range Resources RRC B Birchcliff Energy Ltd. BIREF B Peyto Exploration and Development Corp. PEYUF PDC Energy PDCE Continental Resources (32%) CLR B Halcón Resources HK WPX Energy Inc. WPX Cimarex Energy Company XEC B Whiting Petroleum Corporation WLL B Median RTF Cash Payers Sabine Royalty Trust SBR San Juan Basin Royalty Trust SJT B Mesa RoyaltyTrust MTR Dorchester Minerals, L.P. DMLP B Hugoton RoyaltyTrust HGT Freehold Royalties Ltd. FRHLF Cross Timbers Royalty Trust CRT Permian Basin RT PBT Enduro Royalty Trust NDRO Median CB=Contrarian Buy, Stock Price may be in downtrend compared to 200-day average. EV = Enterprise Value = Market Cap and Debt; Ebitda = Earnings before interest, tax, depreciation and amortization; NTM = Next Twelve Months Ended June 30, 2015; P/E = Stock Price to Earnings; PV = Present Value of oil and gas and other businesses Please see disclosures on the final page. Page 6
7 Table 4 McDep Energy Stocks Total Return and Enterprise Value Momentum Ranked by EV/200-Day Average Equity Price Total ($/sh) Return Enterprise Value/ Symbol 30-Jun YTD 52Wk 52Wk 50 Day 200 Day McDep Rating 2014 (%) High Low Avg. Avg. Ratio Global Integrated Royal Dutch Shell plc RDS-A Total S.A. TOT Chevron Corporation CVX Exxon Mobil Corporation XOM B Lukoil Oil Company LUKOY B (5) Median U.S. Independent EOG Resources, Inc. EOG Devon Energy Corporation DVN B ConocoPhillips COP Marathon Oil Corporation MRO B Occidental Petroleum Corp. OXY Median Canada/Australia Imperial Oil Limited (30%) IMO EnCana Corporation ECA B Canadian Oil Sands Limited COSWF B Cenovus Energy Inc. CVE Woodside Petroleum Ltd. WOPEY Median Small Cap Independent Producers Birchcliff Energy Ltd. BIREF B Cimarex Energy Company XEC B Continental Resources (32%) CLR B Halcón Resources HK Whiting Petroleum Corporation WLL B Peyto Exploration and Development PEYUF WPX Energy Inc. WPX PDC Energy PDCE Range Resources RRC B Median RTF Cash Payers Mesa RoyaltyTrust MTR Hugoton RoyaltyTrust HGT Dorchester Minerals, L.P. DMLP B Sabine Royalty Trust SBR Freehold Royalties Ltd. FRHLF San Juan Basin Royalty Trust SJT B Enduro Royalty Trust NDRO Cross Timbers Royalty Trust CRT Permian Basin RT PBT Median CB=Contrarian Buy, Stock Price may be in downtrend compared to 200-day average. Source: Bloomberg, Yahoo, McDep LLC Please see disclosures on the final page. Page 7
8 Index of Recent Research Stock Ideas Date Symbol Subject Theme 24-Jun DMLP Dorchester Minerals, L.P. Raise NPV to $32 on Minerals () 24-Jun FRHLF Freehold Royalties Ltd Raise NPV to $26 on Minerals () 17-Jun PEYUF Peyto Exploration Raise NPV to $42 on More Energy Growth () 10-Jun OXY Occidental Petroleum Raise NPV to $120, Spinoff Filed () 3-Jun ECA Encana Corporation Hidden Value Surfaces () 27-May CVX Chevron Oil Price Turns Up () 20-May BIREF Birchcliff Energy Raise NPV to $14 on Accelerating Volume () 13-May XEC Cimarex Energy Raise NPV to $140 on Cana Double () 23-Apr HGT Hugoton Royalty Trust Positive Arbitration Ruling 22-Apr RRC Range Resources Testing Utica () 21-Apr MTR Mesa Royalty Trust Underpayment Uncovered, Upside Commodity Leverage 15-Apr COP ConocoPhillips Shale Upside, Exploration Promise, Dividend Strength () 8-Apr WLL Whiting Petroleum Fraccing by the Nanometer () 25-Mar CVE Cenovus Energy Oil Growth Slowed by Transit States () 18-Mar PBT Permian Basin Royalty Trust Rising Oil Production, Understated Income () 11-Mar LUKOY Lukoil Economic Opportunity in Political Risk () 4-Mar EOG EOG Resources Raise NPV to $220 on Shale Oil Leadership () 21-Feb PDCE PDC Energy Raise NPV to $75 on More Shale Oil 11-Feb SJT San Juan Basin Royalty Trust Strategic Resource in a Cold Winter () 4-Feb XOM Exxon Mobil Largest and Strongest Oil and Gas Producer () 21-Jan RDSA Royal Dutch Shell plc Lower NPV to $95 on Profit Warning () 17-Dec MRO Marathon Oil New CEO Accelerates Shale Growth () 26-Nov DVN Devon Energy Acquires $6 Billion Eagle Ford Position () 19-Nov CLR Continental Resources High Density "Ears Back" Drilling Pace () 5-Nov COSWF Canadian Oil Sands Ltd. Time to Explore New Options () 4-Oct NDRO Enduro Royalty Trust Worth Another Look after Stock Price Decline 27-Sep WPX WPX Energy San Juan Basin Innovator (Income and Small Cap Weekly) 13-Sep CRT Cross Timbers Royalty Trust Fracking Upside in Permian and Scoop (Income and Small Cap Weekly) 23-Jul WOPEY Woodside Petroleum, Ltd. Distributing LNG Cash () 21-May IMO Imperial Oil Timely on Bitumen Price () 30-Apr TOT Total Recovery Potential () For historical research by stock, go to mcdep.com, click on Stock Ideas, click on stock by name. 24-Jun DMLP, FRHLF Raise NPV to $32 for Dorchester, $26 for Freehold 17-Jun PEYUF Peyto Exploration Raise NPV to $42 on More Energy Growth 10-Jun OXY Occidental Petroleum Raise NPV to $120, Spinoff Filed 3-Jun ECA Encana Corporation Hidden Value Surfaces 27-May CVX Chevron Oil Price Turns Up 20-May XEC Birchcliff Energy Raise NPV to $14 on Accelerating Volume 13-May XEC Cimarex Energy Raise NPV to $140 on Cana Double 29-Apr Prune for Portfolio Profit For earlier editions, go to mcdep.com, click on. Industry Ideas 24-Jun DMLP, FRHLF, PBT, CRT, NDRO Raise NPV, Trustee Approved, Permian Wells 4-Jun PBT, CRT Permian BRT, Cross Timbers RT Vote Your Proxy 17-Apr PBT, SBR, CRT, HGT Proxy Voting Underway 9-Jan RTF Cash Payers Trustee Change Proposed 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. No trades in a subject stock shall be made within a week before or after a change in recommendation. 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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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$105
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks June 19, 2012
Cenovus Energy (CVE - Contrarian Buy) Deep Oil Sands Growth at Lower Price Symbol CVE Ebitda Next Twelve Months ending 6/30/13 (US$mm) 4,500 Rating Contrarian Buy North American Natural Gas/Ebitda (%)
More informationMeter Reader Monthly Analysis of Oil and Gas Stocks June 12, 2018
Positive Charts Summary and Recommendation Meter Reader Fifteen of the twenty-two stocks in our research have price charts with three momentum measures all pointing up. All 15 are in the golden cross pattern
More informationIncome and Small Cap Weekly Analysis of Oil & Gas Stocks April 21, 2011
Enerplus Corporation (ERF) Bakken and Marcellus with 7% a Year Income Symbol ERF Ebitda Next Twelve Months ending 3/31/12 (US$mm) 910 Rating Buy North American Natural Gas/Ebitda (%) 28 (US$/sh) 31.19
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 ($/sh) 108.23 Natural
More informationIncome and Small Cap Weekly Analysis of Oil & Gas Stocks April 27, 2012
Range Resources (RRC) - Shale Strength Symbol RRC Ebitda Next Twelve Months ending 3/31/13 (US$mm) 821 Rating Buy North American Natural Gas/Ebitda (%) 47 Price ($/sh) 62.64 Natural Gas and Oil Production/Ebitda
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks December 29, 2009
Woodside Petroleum Ltd. (WOPEY) Australian Liquefied Natural Gas (LNG) Symbol WOPEY Ebitda Next Twelve Months ending 12/31/10 (US$mm) 2,900 Rating Buy North American Natural Gas/Ebitda (%) 2 Price (US$/sh)
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks May 1, 2012
Royal Dutch Shell (RDS/A) LNG and GTL Profit Gains Meter Reader Symbol RDS-A Ebitda Next Twelve Months ending 3/31/13 (US$mm) 58,500 Rating Buy North American Natural Gas/Ebitda (%) 2 Price (US$/sh) 71.54
More informationIncome and Small Cap Weekly Analysis of Oil & Gas Stocks September 6, 2013
Shale, McDep and the Portfolio Summary and Recommendation We like Income and Small Cap oil and gas stocks for shale growth and McDep value. The most rapidly growing companies include Range Resources (RRC),
More informationIncome and Small Cap Weekly Analysis of Oil & Gas Stocks March 30, 2012
Independents Delivering Growth Summary and Recommendation Eight Small Cap Independent Producers in our research coverage are growing oil and gas production for the North American market at a median rate
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks April 17, 2012
ConocoPhillips (COP-W) Largest North American Independent Producer Debut Symbol COP-W Ebitda Next Twelve Months ending 3/31/13 (US$mm) 22,500 Rating Buy North American Natural Gas/Ebitda (%) 5 Price (US$/sh)
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks May 18, 2010
European Oil for Contrarians Summary and Recommendation We classify buy recommendations Royal Dutch Shell, plc (RDS-A), Statoil ASA (STO), and Total S.A. (TOT) as Contrarian Buys to acknowledge that the
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks December 20, 2011
Centenarians Win Large Cap Race in 2011 Summary and Recommendation In the 100 th anniversary year of the breakup of the Standard Oil Trust, the separate companies and their Anglo-Dutch rival delivered
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks February 28, 2012
ConocoPhillips (COP Buy) Shale Oil Growth with Alaska Upside Symbol COP Ebitda Next Twelve Months ending 12/31/12 (US$mm) 28,100 Rating Buy North American Natural Gas/Ebitda (%) 5 Price (US$/sh) 76.43
More informationIncome and Small Cap Weekly Analysis of Oil & Gas Stocks July 13, 2012
Low-d Stocks Summary and Recommendation Income and Small Cap Weekly Four Contrarian Buys -- Enerplus Corporation (ERF), Birchcliff Energy (BIREF), Whiting Petroleum (WLL) and Cimarex Energy (XEC) -- and
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks July 3, 2012
Gazprom (OGZPY - Contrarian Buy) Dividend Double Approved Symbol OGZPY Ebitda Next Twelve Months ending 6/30/13 (US$mm) 62,000 Rating Contrarian Buy North American Natural Gas/Ebitda (%) 0 Price (US$/sh)
More informationMeter Reader Special End of Year Analysis of Oil and Gas Stocks December 31, 2018
2018 Final Summary and Recommendation At the end of 2018, oil and gas stocks look attractively priced for future appreciation in 2019 and beyond. We think an overreaction to surprise oil inventory build
More informationIndustry Idea Analysis of Oil and Gas Stocks August 20, 2018
Small Independents Strategic Value, Uncertain Price BIREF, CRC, RRC, WLL Price Oil Dist. (US$/sh) Market Enterprise EV/ EV/ PV/ Prod'n/ Yield McDep Symbol/Rating 20-Aug Cap Value Market Ebitda Ebitda Ebitda
More 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 $2.3
More informationIndustry Idea Analysis of Oil and Gas Stocks Intraday July 30, 2018
Durable Cash Generators CVX, RDS, SU, XOM Price Oil Dist. (US$/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 informationIndustry Idea Analysis of Oil and Gas Stocks October 23, 2018
Rising Distributions CRT, DMLP, PBT, SBR, SJT Price Oil Dist. (US$/sh) Market Enterprise EV/ EV/ PV/ Prod'n/ Yield McDep Symbol/Rating 22-Oct Cap Value Market Ebitda Ebitda Ebitda NTM Ratio 2018 (US$mm)
More informationIndustry Idea Analysis of Oil and Gas Stocks Intraday August 28, 2018
Roll Forward and Simplify CRT, DMLP, PBT, SBR, SJT Price Oil Dist. (US$/sh) Market Enterprise EV/ EV/ PV/ Prod'n/ Yield McDep Symbol/Rating 28-Aug Cap Value Market Ebitda Ebitda Ebitda NTM Ratio 2018 (US$mm)
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 informationMeter Reader Special Mid-Year Ranking of Oil and Gas Stocks July 2, 2018
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
More informationPenn West Energy Trust Acquisitions Expand Cash Flow in 2008
Penn West Energy Trust Acquisitions Expand Cash Flow in 2008 Symbol PWE Ebitda Next Twelve Months ending 12/31/08 (US$mm) 2,620 Rating Buy North American Natural Gas/Ebitda (%) 33 Price (US$/un) 28.07
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$/sh) 51.15 Natural Gas and Oil
More informationMeter Reader Monthly Analysis of Oil and Gas Stocks January 16, 2018
Growth is Good Summary and Recommendation Meter Reader We are happy to see the strong performance of global stock markets. We might be happier if oil and gas stocks had been participating more, but that
More informationIncome and Small Cap Weekly Analysis of Oil & Gas Stocks August 5, 2011
Market Motion May Mean Near-Term Downtrend Raise NPV for RRC, Confirm XEC, Discontinue HK Summary and Recommendation We recommend adding to positions in our buy-recommended stocks as their relative weighting
More informationIncome and Small Cap Weekly Analysis of Oil & Gas Stocks April 1, 2011
Remove Buy on SJT at McDep Ratio of 1.10 Summary and Recommendation Symbol SJT Ebitda Next Twelve Months ending 3/31/12 (US$mm) 83 Rating North American Natural Gas/Ebitda (%) 96 (US$/sh) 27.55 Natural
More informationIncome and Small Cap Weekly Analysis of Oil & Gas Stocks July 10, 2009
Rounding the Bend at HGT and SJT Summary and Recommendation Market prices for natural gas imply that buy-recommended Hugoton Royalty Trust (HGT) and hold-rated San Juan Basin Royalty Trust (SJT) are rounding
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks February 10, 2009
Optimism Creeping Back Summary and Recommendation With oil and gas stock prices gradually tracing a more positive price trend since the stock market low in October 2008, the three buy recommendations that
More informationIncome and Small Cap Weekly Analysis of Oil & Gas Stocks June 15, 2012
Energy Action and Income Hysteria Summary and Recommendation A 53% decline in natural gas price in the past year along with a 15% decline in oil price undoubtedly contributed mightily to the median 20%
More informationMeter Reader Monthly Analysis of Oil and Gas Stocks December 11, 2018
Energy of Last Resort Summary and Recommendation Meter Reader After more than 50 years of analyzing energy, we think that the economic and strategic outlook for oil and gas may be better than it has ever
More informationMeter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks May 23, 2011
Statoil ASA (STO) Nordic Oil and Gas Stalwart Meter Reader Symbol STO Ebitda Next Twelve Months ending 3/31/12 (US$mm) 30,900 Rating Buy North American Natural Gas/Ebitda (%) 0 Price ($/sh) 24.01 Natural
More informationIncome and Small Cap Weekly Analysis of Oil & Gas Stocks August 26, 2011
Invest in Natural Gas Summary and Recommendation After taking a back seat to oil for price excitement the past few years, natural gas stocks are leading oil stocks in recent performance by some measures.
More informationIncome and Small Cap Weekly Analysis of Oil & Gas Stocks September 30, 2011
5 Ideas from IPAA San Francisco Summary and Recommendation Visits at the Independent Petroleum Association of America conference in San Francisco on September 26-27 refresh our positive views on small
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 informationOwn More Norsk Hydro, Less BP
Meter Reader Page 1 Own More Norsk Hydro, Less BP Summary and Recommendation Among European buy recommendations we raise our suggested weighting for Norsk Hydro (NHY) to 2.9% from 1.4% and lower it for
More informationIncome and Small Cap Weekly Analysis of Oil & Gas Stocks February 20, 2009
Geographic Distortion in Natural Gas Price Summary and Recommendation Regional distortions magnify new low prices for near-month natural gas futures coinciding with new low prices for natural gas producers
More informationU.S./China Currency Devaluation Accelerates
Meter Reader Page 1 U.S./China Currency Devaluation Accelerates Summary and Recommendation Some of the recent action in stock price for buy-recommended PetroChina (PTR) and CNOOC Ltd. (CEO) seems to validate
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
More informationMeter Reader Page 1 A Weekly Analysis of Energy Stocks Using the McDep Ratio August 15, Unchanged Thesis
Meter Reader Page 1 Unchanged Thesis Summary and Recommendation Despite a momentous oil shutdown in Alaska and a Hezbollah-Israeli war in the Middle East, our oil and gas investment thesis is unchanged.
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$/sh) 89.48 53.79 48.63 Pricing Date 7/20/05 07/20/05
More informationDorchester Minerals, L.P. Defying Decline
Natural Gas and Oil Royalty Trusts Page 1 This edition of the weekly analysis is dedicated to one stock. The regular valuation tables for eleven stocks appear after page 5. Dorchester Minerals, L.P. Defying
More informationCoal, China and Currency
Coal, China and Currency Summary and Recommendation Explosive growth in coal burning in Asia from 2003 to 2005 has displaced a whopping ten million barrels equivalent daily of oil and gas. Instead of jawboning
More informationMeter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio February 15, Crude Awakening
Crude Awakening Summary and Recommendation Declining production from Mexico s largest oil field, Cantarell, fortifies concerns about future oil supply. A timely discussion in the Wall Street Journal on
More informationQuarterly Results and the Correlation
Quarterly Results and the Correlation Summary and Recommendation During this cycle of quarterly earnings disclosures, we have referred to a correlation in our quick analyses for most rated stocks. Specifically,
More informationCNOOC Ltd. Unocal Bid?
McDep Associates Page 1 CNOOC Ltd. Unocal Bid? Rating: Buy S&P 500: 1201 Symbol CEO Ebitda Next Twelve Months ending 6/31/06 (US$mm) 5,500 Rating Buy North American Natural Gas/Ebitda (%) 0 Price (US$/sh)
More informationMeter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio December 7, Canadian Income
Canadian Income Summary and Recommendation Reinstating our coverage of Enerplus Resources Fund (ERF) and Pengrowth Energy Trust (PGH) we see reasonable value and attractive income from Canadian oil and
More informationIndustry Idea Analysis of Oil and Gas Stocks June 21, 2018
8% Cash in Uncertain Times CRT, DMLP, PBT, SBR, SJT Price Oil Dist. (US$/sh) Market Enterprise EV/ EV/ PV/ Prod'n/ Yield McDep Symbol/Rating 20-Jun Cap Value Market Ebitda Ebitda Ebitda NTM Ratio 2018
More informationGlobal Natural Gas Scramble
Global Natural Gas Scramble Summary and Recommendation Attesting to global supply limitations, some energy prices have taken flight in Europe with the advent of colder weather. Current daily price for
More informationMeter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio November 23, Gold Rush!
Gold Rush! Summary and Recommendation The accessibility of gold to investors widened greatly last week in the form of a new security, symbol GLD, launched on the New York Stock Exchange. We liken the significance
More informationMeter Reader Page 1 A Weekly Analysis of Energy Stocks Using the McDep Ratio September 25, The Long-Term Energy Squeeze
Meter Reader Page 1 The Long-Term Energy Squeeze Summary and Recommendation In Chapter 24 of The Age of Turbulence, Alan Greenspan reinforces our outlook for higher oil price to benefit our buy recommendations,
More informationEurope Bids Natural Gas Higher
Europe Bids Natural Gas Higher Summary and Recommendation Rising futures prices for natural gas in Europe dramatize unrecognized value in the natural gas resources of buy-recommended Encana (ECA), XTO
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