Halcon Hopes to Unlock Value Through Organic Growth or M&A
We are reducing our fair value estimate to $3 for Halcon after incorporating a slower cadence of activity for the firm in 2019 and beyond. The recent decline in crude prices resulted in most upstream firms making steep capital cuts, and Halcon, with very high financial leverage and limited liquidity on hand, is likely to feel the pinch more than most. Our prior valuation was based on a flat three-rig program, though we now expect the firm to limit itself to only one or two rigs for the next few ...Halcon Resources is an independent energy company focused on the acquisition, production, exploration and development of onshore liquids-rich oil and natural gas assets in the U.S. The company focuses on oil and natural gas acquisition, production, exploration and development in the Delaware Basin. The company's properties and drilling activities are focused in the Delaware Basin in Pecos, Reeves, Ward and Winkler Counties, TX.
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