|Bid||126.51 x 1800|
|Ask||156.00 x 900|
|Day's Range||126.51 - 129.55|
|52 Week Range||106.73 - 163.11|
|PE Ratio (TTM)||16.67|
|Earnings Date||Aug 1, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||184.00|
On June 21, the EIA released its natural gas storage report. It reported that US natural gas inventories rose by 91 Bcf (billion cubic feet) to 2,004 Bcf from June 8 to 15. However, inventories were 757 Bcf or 27% lower than a year ago. Inventories are at their lowest level since 2014 for this time of the year.
On June 13–20, our list of oil-weighted stocks rose 2.7%, while US crude oil August futures fell 1.2%. During this period, the returns of oil-weighted stocks and US crude oil futures diverged.
Oasis Petroleum (OAS) stock’s implied volatility is ~45%, ~3% lower than its 15-day average of ~46.3%. In comparison, peers Hess (HES) and Concho Resources (CXO) have lower implied volatility, of ~30.5% and ~33.1%, respectively, and Whiting Petroleum (WLL) stock has higher implied volatility, of ~54%. The Energy Select Sector SPDR ETF’s (XLE) implied volatility is ~17.4%.
Saudi Arabia is OPEC’s largest oil producer. Saudi Arabia’s crude oil production increased by 60,000 bpd (barrels per day) to 10,120,000 bpd in May—compared to the previous month. The production was near a five-month high. The production also increased by 70,000 bpd or 0.7% from a year ago.
In this article, we’ll discuss the YTD (year-to-date) stock performances of major Permian exploration and production players.
Given that oil prices have been relatively strong lately, the upstream industry—which is usually the most affected by oil prices within the oil and gas industry—saw the highest number of deals in the first quarter, according to a report released by PricewaterhouseCoopers.
Concho Resources Inc. (CXO) (“Concho” or the “Company”) today announced that it has priced an offering of a total of $1,600 million aggregate principal amount of senior unsecured notes, consisting of $1,000 million aggregate principal amount of senior unsecured notes due 2028 (the “2028 notes”) and $600 million aggregate principal amount of senior unsecured notes due 2048 (the “2048 notes” and collectively with the 2028 notes, the “notes”). Following the closing of the Company’s acquisition of RSP Permian Inc. (“RSP”) through an all-stock transaction (the “RSP Acquisition”), Concho intends to use the net proceeds from this offering to redeem, as previously announced, RSP’s 6.625% senior notes due 2022 and 5.25% senior notes due 2025 (collectively, the “RSP notes”) for approximately $1.2 billion and to repay a portion of the outstanding indebtedness under RSP’s existing credit facility, under which RSP had outstanding borrowings of $445 million as of March 31, 2018.
From June 6–13, our list of oil-weighted stocks rose 2.6%, and US crude oil July futures rose 3%. Below are the oil-weighted stocks with the largest increases in the trailing week: Carrizo Oil & Gas (CRZO): rose 12.6% Diamondback Energy (FANG): rose 5.5% WPX Energy (WPX): rose 4.9%
Concho Resources Inc. (CXO) (“Concho” or the “Company”) today announced that it intends, subject to market conditions, to publicly offer two new series of its senior unsecured notes, one of which will mature in 2028 (the “2028 notes”) and the other in 2048 (the “2048 notes” and collectively with the 2028 notes, the “notes”). The 2028 notes and the 2048 notes will be issued pursuant to new supplemental indentures to the Company’s existing base indenture, in each case in an aggregate principal amount to be determined at pricing. Following the closing of the Company’s acquisition of RSP Permian Inc. (“RSP”) through an all-stock transaction (the “RSP Acquisition”), Concho intends to use the net proceeds from this offering to redeem, as previously announced, RSP’s 6.625% senior notes due 2022 and 5.25% senior notes due 2025 (collectively, the “RSP notes”) for approximately $1.2 billion and to repay a portion of the outstanding indebtedness under RSP’s existing credit facility, under which RSP had outstanding borrowings of $445 million as of March 31, 2018.
Losses were broad based as eight out of nine sectors finished the trading session in red. WallStEquities.com has initiated research reports on the following Oil & Gas Drilling & Exploration stocks: Concho Resources Inc. (NYSE: CXO), Diamond Offshore Drilling Inc. (NYSE: DO), Enerplus Corp. (NYSE: ERF), and Ensco PLC (NYSE: ESV).
Moody's Investors Service, ("Moody's") upgraded Concho Resources Inc. (Concho) to investment grade, raising its senior unsecured rating to Baa3 from Ba1. Moody's also withdrew Concho's Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating, and SGL-1 Speculative Grade Liquidity rating. "The upgrade acknowledges Concho's commitment to maintain credit metrics and financial philosophy appropriate for the investment grade Baa3 rating as it continues growing in the Permian Basin," commented Arvinder Saluja, Moody's Vice President.
NEW YORK, June 11, 2018-- In new independent research reports released early this morning, Fundamental Markets released its latest key findings for all current investors, traders, and shareholders of Independent ...
The Permian basin space is becoming overcrowded, resulting in a situation where survival and growth are increasingly difficult, according to Bernstein. The Permian basin is a large oil-producing basin ...
Concho Resources Inc. will host a conference call on Thursday, August 2, 2018 at 8:00 AM CT to discuss second quarter 2018 financial and operating results.
The Dow Jones Industrial Average gained more than 200 points today. In today's After the Bell, we... •...offer one possibility for where the market goes from here; •...explain why Nektar Therapeutics (NKTR) ...
On May 30, US crude oil July futures rose 2.2% and closed at $68.21 per barrel. On the same date, the US dollar fell 0.7%—a positive development for oil prices. Market concerns about a possible rise in Saudi Arabia and Russia’s oil production eased.
According to the EIA (U.S. Energy Information Administration), US dry natural gas production is expected to increase through 2050 across various alternative assumptions (see graph below).
Concho Resources (CXO) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
On May 30, the API (American Petroleum Institute) released its US gasoline and distillate inventory data. The API reported that US gasoline inventories decreased by ~1.7 MMbbls (million barrels) on May 18–25. A Reuters survey estimates that US gasoline inventories could have declined by ~1.37 MMbbls during the same period.
Federal data showed that the U.S. produced more petroleum liquids and natural gas than any other nation for the sixth consecutive year in 2017.
Current implied volatility in Whiting Petroleum (WLL) is ~49.2%. In comparison, WLL’s peers Concho Resources (CXO) and Hess Corporation (HES) have implied volatilities of ~29.4% and ~33.5%, respectively. The Energy Select Sector SPDR ETF (XLE), which represents the broader energy sector, has an implied volatility of ~19.0%.
The API (American Petroleum Institute) is set to release its weekly crude oil inventory report on May 30, and the EIA (U.S. Energy Information Administration) is set to release its US crude oil production data on May 31. Baker Hughes, a GE company (BHGE), is scheduled to release its US oil rig count report on June 1.