Energen : OGIS NYC
April 16, 2012 |
Pioneer: OGIS NYC
April 17, 2012 |
Devon: OGIS NYC
April 16, 2012
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Range: OGIS NYC
April 16, 2012 |
Energen, a "Top 20 Independent Producer", had 343 MMboe and >900 MMboe of 1P and 3P reserves, respectively, as of year-end 2011. The company is primarily focused on the Permian basin, constituting 85% of its ~$855MM 2013 capex budget. Specifically, Energen is targeting the Wolfberry in the Midland Basin, and the Bone Spring, Wolfcamp, Avalon & Wolfbone in the Delaware Basin.
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Pioneer has been impressive to observe the last few years, becoming a clear leader in the Spraberry & Wolfcamp Permian plays as well as the Eagle Ford. The firm boasts being the 3rd largest driller in the U.S. and has 2012 capex and production targets of $2.4B and
148 - 153 MBoed, respectively. In addition, Pioneer has running room with exposure to >5 BBoe of resource potential and 30,000 drilling locations. |
Recently, Devon discussed their intentions to stay aggressive in developing high-return projects while preserving financial strength and flexibility. Underlying the strategy is their economic assumptions on commodity pricing, which sees 2014 pricing of HH gas rising to $4.00 WTI oil at $100 in. Devon plans to grow capex to $7.8B by 2016 and is pursuing additional JV transactions. |
Having been around since 1975, Range knows the ebbs and flows of the E&P industry well. 2012 is an "inflection point" for Range as a result of a multi-year strategy of building and high grading its inventory.
Range notes that the capital efficiency and attractive returns of its asset base, mostly Marcellus, will enable 2012 organic growth of 30%-35%, versus its history of ~10% or less. Range also boasts a strong balance sheet. |
