reports
- Joe Gemino
Sasol Provides Full-Year Production Update
No-moat Sasol provided an update on its full-year fiscal 2019 production metrics that included relatively stable liquids production. For the full year ended June 30, Sasol produced 1,470 thousand barrels of crude oil and condensate a day compared with 1,469 mboe/d in the year-ago period. However, declines continued with the company’s natural gas production, down 4% to 130.3 billion cubic feet compared with the period ended June 30, 2018. Sasol also reported flat refined products of 31.4 mmboe/...
- Joe Gemino
Sasol Provides Full-Year Production Update
No-moat Sasol provided an update on its full-year fiscal 2019 production metrics that included relatively stable liquids production. For the full year ended June 30, Sasol produced 1,470 thousand barrels of crude oil and condensate a day compared with 1,469 mboe/d in the year-ago period. However, declines continued with the company’s natural gas production, down 4% to 130.3 billion cubic feet compared with the period ended June 30, 2018. Sasol also reported flat refined products of 31.4 mmboe/...
- Joe Gemino
Crescent Point Energy Reports Its Second Consecutive Strong Quarter
No-moat Crescent Point Energy reported another strong quarter, with cash flow consistent with the first quarter. The company reported second-quarter adjusted operating cash flow of CAD 504 million, which was flat compared with the first quarter, but above our expectations. An improvement in realized crude pricing drove The higher-than-expected cash flow. Crude pricing realizations averaged CAD 72 per barrel of oil equivalent, which was up 11% from the first quarter while West Texas Intermediate ...
- Joe Gemino
Crescent Point Energy Reports Its Second Consecutive Strong Quarter
No-moat Crescent Point Energy reported another strong quarter, with cash flow consistent with the first quarter. The company reported second-quarter adjusted operating cash flow of CAD 504 million, which was flat compared with the first quarter, but above our expectations. An improvement in realized crude pricing drove The higher-than-expected cash flow. Crude pricing realizations averaged CAD 72 per barrel of oil equivalent, which was up 11% from the first quarter while West Texas Intermediate ...
- Joe Gemino
Morningstar | Raising Our TC Energy FVE on Recent Asset Sales
TC Energy entered into an agreement to sell its Columbia Gas Midstream subsidiary to UGI Energy Services for $1.275 billion (CAD 1.7 billion). The transaction is expected to close during the third quarter. The midstream assets operate four natural gas gathering systems along with interests in gathering, processing, and liquids assets in the Appalachian Basin. We think this is a smart move for TC Energy, which received a good price for the assets. The Columbia midstream assets generated CAD 129...
- Joe Gemino
Morningstar | Raising Our TC Energy FVE on Recent Asset Sales
TC Energy entered into an agreement to sell its Columbia Gas Midstream subsidiary to UGI Energy Services for $1.275 billion (CAD 1.7 billion). The transaction is expected to close during the third quarter. The midstream assets operate four natural gas gathering systems along with interests in gathering, processing, and liquids assets in the Appalachian Basin. We think this is a smart move for TC Energy, which received a good price for the assets. The Columbia midstream assets generated CAD 129...
- Joe Gemino
Morningstar | Raising Our TC Energy FVE on Recent Asset Sales. See Upd...
TC Energy entered into an agreement to sell its Columbia Gas Midstream subsidiary to UGI Energy Services for $1.275 billion (CAD 1.7 billion). The transaction is expected to close during the third quarter. The midstream assets operate four natural gas gathering systems along with interests in gathering, processing, and liquids assets in the Appalachian Basin. We think this is a smart move for TC Energy, which received a good price for the assets. The Columbia midstream assets generated CAD 129...
- Joe Gemino
Morningstar | Raising Our TC Energy FVE on Recent Asset Sales. See Upd...
TC Energy entered into an agreement to sell its Columbia Gas Midstream subsidiary to UGI Energy Services for $1.275 billion (CAD 1.7 billion). The transaction is expected to close during the third quarter. The midstream assets operate four natural gas gathering systems along with interests in gathering, processing, and liquids assets in the Appalachian Basin. We think this is a smart move for TC Energy, which received a good price for the assets. The Columbia midstream assets generated CAD 129...
- Joe Gemino
Raising Our TC Energy FVE on Recent Asset Sales
TC Energy entered into an agreement to sell its Columbia Gas Midstream subsidiary to UGI Energy Services for $1.275 billion (CAD 1.7 billion). The transaction is expected to close during the third quarter. The midstream assets operate four natural gas gathering systems along with interests in gathering, processing, and liquids assets in the Appalachian Basin. We think this is a smart move for TC Energy, which received a good price for the assets. The Columbia midstream assets generated CAD 129...
- Joe Gemino
Raising Our TC Energy FVE on Recent Asset Sales
TC Energy entered into an agreement to sell its Columbia Gas Midstream subsidiary to UGI Energy Services for $1.275 billion (CAD 1.7 billion). The transaction is expected to close during the third quarter. The midstream assets operate four natural gas gathering systems along with interests in gathering, processing, and liquids assets in the Appalachian Basin. We think this is a smart move for TC Energy, which received a good price for the assets. The Columbia midstream assets generated CAD 129...
- Joe Gemino
TC Energy Is Moving to a Pipeline and Power Gen Model
Effective in May 2019, TransCanada Corporation changed its name to TC Energy. TC Energy Corporation operates as an energy infrastructure company, consisting of pipeline and power generation assets in Canada, the United States, and Mexico. TC Energy's pipeline network consists of over 92,600 kilometers (57,500 miles) of natural gas pipeline, along with 4,900 kilometers (3,000) miles) from the Keystone Pipeline system. The company also owns or has interests in 11 power-generation facilities with ...
- Joe Gemino
TC Energy Is Moving to a Pipeline and Power Gen Model
Effective in May 2019, TransCanada Corporation changed its name to TC Energy. TC Energy Corporation operates as an energy infrastructure company, consisting of pipeline and power generation assets in Canada, the United States, and Mexico. TC Energy's pipeline network consists of over 92,600 kilometers (57,500 miles) of natural gas pipeline, along with 4,900 kilometers (3,000) miles) from the Keystone Pipeline system. The company also owns or has interests in 11 power-generation facilities with ...
- Joe Gemino
Morningstar | Reducing Peyto FVE on Lower Gas Prices, but Stock Still ...
We are lowering our fair value estimate for narrow-moat Peyto Exploration & Development to CAD 6 per share from CAD 7. AECO gas prices have tumbled 70% in June since their May highs, and we expect Peyto’s gas realizations to suffer a similar fate. The stock has declined over 4% this year as the market is also aware of the declining price realizations as pipeline shortages plague Canada. However, we think the stock continues to look oversold at current levels. We expect price realizations to no...
- Joe Gemino
Morningstar | Reducing Peyto FVE on Lower Gas Prices, but Stock Still ...
We are lowering our fair value estimate for narrow-moat Peyto Exploration & Development to CAD 6 per share from CAD 7. AECO gas prices have tumbled 70% in June since their May highs, and we expect Peyto’s gas realizations to suffer a similar fate. The stock has declined over 4% this year as the market is also aware of the declining price realizations as pipeline shortages plague Canada. However, we think the stock continues to look oversold at current levels. We expect price realizations to no...
- Joe Gemino
Reducing Peyto FVE on Lower Gas Prices, but Stock Still Looks Oversold
We are lowering our fair value estimate for narrow-moat Peyto Exploration & Development to CAD 6 per share from CAD 7. AECO gas prices have tumbled 70% in June since their May highs, and we expect Peyto’s gas realizations to suffer a similar fate. The stock has declined over 4% this year as the market is also aware of the declining price realizations as pipeline shortages plague Canada. However, we think the stock continues to look oversold at current levels. We expect price realizations to .....
- Joe Gemino
Lack of New Pipelines Continues to Plague Peyto
After taking a fresh look at Peyto Exploration’s first-quarter results, we are lowering our fair value estimate to CAD 7 from CAD 8 to reflect our lower near-term price realizations due to pipeline shortages. The stock has tumbled over 20% this year, as the market is also aware of the declining price realizations as pipeline shortages plague Canada. However, we think the stock looks oversold at current levels. We expect price realizations to normalize to higher levels when crude and natural ga...
- Joe Gemino
Morningstar | Best Idea Enbridge: Line 3 Is Likely Delayed Again, but ...
On June 3, the Minnesota Court of Appeals reversed the state Public Utilities Commission's approval of Enbridge’s Line 3 environmental review. The court’s ruling was based on the review not addressing the potential impact of an oil spill into the Lake Superior watershed. The court’s decision now sends the environmental impact statement back to the commission, but most importantly, it calls into question the previous approval of the pipeline’s certificate of need and route pipeline, which...
- Joe Gemino
Morningstar | Best Idea Enbridge: Line 3 Is Likely Delayed Again, but ...
On June 3, the Minnesota Court of Appeals reversed the state Public Utilities Commission's approval of Enbridge’s Line 3 environmental review. The court’s ruling was based on the review not addressing the potential impact of an oil spill into the Lake Superior watershed. The court’s decision now sends the environmental impact statement back to the commission, but most importantly, it calls into question the previous approval of the pipeline’s certificate of need and route pipeline, which...
- Joe Gemino
Best Idea Enbridge: Line 3 Is Likely Delayed Again, but Our Long-Term ...
On Monday, June 3, the Minnesota Court of Appeals reversed the state Public Utilities Commission's (PUC) approval of Enbridge’s Line 3 environmental review. The court’s ruling was based on the review not addressing the potential impact of an oil spill into the Lake Superior watershed. The court’s decision now sends the environmental impact statement back to the PUC, but most importantly, it calls into question the PUC’s previous approval of the pipeline’s certificate of need and route ...
- Joe Gemino
Best Idea Enbridge: Line 3 Is Likely Delayed Again, but Our Long-Term ...
On Monday, June 3, the Minnesota Court of Appeals reversed the state Public Utilities Commission's (PUC) approval of Enbridge’s Line 3 environmental review. The court’s ruling was based on the review not addressing the potential impact of an oil spill into the Lake Superior watershed. The court’s decision now sends the environmental impact statement back to the PUC, but most importantly, it calls into question the PUC’s previous approval of the pipeline’s certificate of need and route ...
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