reports
- Dave Meats
Morningstar | Most E&Ps Undervalued After Oil Price Slump; Our Top Pic...
West Texas Intermediate crude oil has fallen from over $65 a barrel in late April to about $54/bbl today, a hair below our midcycle forecast of $55/bbl. The slump has dragged most exploration and production stocks down with it, with 22 of the 23 names we cover now trading below our fair value estimates. The median and mean discounts are 12% and 16%, respectively. We see more upside than that for industry cost leaders like Diamondback Energy and Pioneer Natural Resources, which are better positio...
- Dave Meats
Most E&Ps Undervalued After Oil Price Slump; Our Top Picks Are Diamond...
West Texas Intermediate crude oil has fallen from over $65 a barrel in late April to about $54/bbl today, a hair below our midcycle forecast of $55/bbl. The slump has dragged most exploration and production stocks down with it, with 22 of the 23 names we cover now trading below our fair value estimates. The median and mean discounts are 12% and 16%, respectively. We see more upside than that for industry cost leaders like Diamondback Energy and Pioneer Natural Resources, which are better positio...
Moody's downgrades Halcon's CFR to Caa2; outlook negative
Rating Action: Moody's downgrades Halcon's CFR to Caa2; outlook negative. Global Credit Research- 29 May 2019. New York, May 29, 2019-- Moody's Investors Service downgraded Halcon Resources Corporation's Corporate Family Rating to Caa2 from B3, its Probability of Default Rating to Caa2-PD from B3-PD and the rating on its senior unsecured notes to Caa3 from Caa1.
- Dave Meats
Morningstar | Halcon's Touch-and-Go Liquidity Sparks Major Sell-Off
Halcon Resources' shares have plunged more than 75% in the last week due to cautionary management commentary on the firm's precarious liquidity. Halcon's bank credit was recently slashed by $50 million owing to concerns from lenders about the company's creditworthiness. Management has engaged advisory firms to evaluate strategic alternatives, including the outright sale of the business, asset divestitures, and securing external financing. In the hands of a well-capitalized midsize operator, Hal...
- Dave Meats
Morningstar | Halcon's Touch-and-Go Liquidity Sparks Major Sell-Off. S...
Halcon Resources' shares have plunged more than 75% in the last week due to cautionary management commentary on the firm's precarious liquidity. Halcon's bank credit was recently slashed by $50 million owing to concerns from lenders about the company's creditworthiness. Management has engaged advisory firms to evaluate strategic alternatives, including the outright sale of the business, asset divestitures, and securing external financing. In the hands of a well-capitalized midsize operator, Hal...
- Dave Meats
Halcon's Touch-and-Go Liquidity Sparks Major Sell-Off
Halcon Resources' shares have plunged more than 75% in the last week due to cautionary management commentary on the firm's precarious liquidity. Halcon's bank credit was recently slashed by $50 million owing to concerns from lenders about the company's creditworthiness. Management has engaged advisory firms to evaluate strategic alternatives, including the outright sale of the business, asset divestitures, and securing external financing. In the hands of a well-capitalized midsize operator, Hal...
- Dave Meats
Halcon Faces a Severe Liquidity Crunch
After our first take on Halcon's first-quarter results we noted than the firm is on track to hit its production guidance, with just enough liquidity to keep drilling until achieving sustainable free cash flows around 2021 (assuming strip prices for oil and natural gas). That has not changed. However, management commentary on the May 10 conference call indicates that the liquidity situation is tighter than we thought. Specifically, the $50 million reduction in revolver availability was based on b...
- Dave Meats
Morningstar | Halcon Liquidity Crunch More Severe Than We Imagined
After our first take on Halcon's first-quarter results we noted than the firm is on track to hit its production guidance, with just enough liquidity to keep drilling until achieving sustainable free cash flows around 2021 (assuming strip prices for oil and natural gas). That has not changed. However, management commentary on the May 10 conference call indicates that the liquidity situation is tighter than we thought. Specifically, the $50 million reduction in revolver availability was based on b...
- Dave Meats
Morningstar | Halcon Battling Liquidity Crisis Despite Solid Permian A...
Halcon Resources completed a thorough portfolio overhaul in 2017, exiting the Bakken and El Halcon shale plays and pivoting to the southern Delaware Basin (Permian). Due to these transactions, the firm no longer bears much resemblance to its predecessor, which went bankrupt during the 2015-16 downturn in global crude prices (common shareholders were severely burned during the restructuring that followed, with 96% of the firm's equity being redistributed to creditors).The Delaware Basin acquisiti...
- Dave Meats
Halcon Battling Liquidity Crisis Despite Solid Permian Asset Base
Halcon delivered production of 17.1 mboe/d in the first quarter, which was 1% lower sequentially. The decrease was attributed to third-party sour gas takeaway constraints, which also marred the previous quarter’s operations. However, Halcon’s own sour gas treatment plant entered service during the period as expected, reducing its dependence on third party outlets. The firm is currently producing 20.4 mboe/d (57% oil), and we believe the firm’s annual target of 19-22 mboe/d is still within ...
- Dave Meats
Halcon Liquidity Crunch More Severe Than We Imagined
After our first take on Halcon's first-quarter results we noted than the firm is on track to hit its production guidance, with just enough liquidity to keep drilling until achieving sustainable free cash flows around 2021 (assuming strip prices for oil and natural gas). That has not changed. However, management commentary on the May 10 conference call indicates that the liquidity situation is tighter than we thought. Specifically, the $50 million reduction in revolver availability was based on b...
- Dave Meats
Morningstar | Halcon On Track to Hit Guidance But Liquidity Cushion Ev...
Halcon delivered production of 17.1 mboe/d in the first quarter, which was 1% lower sequentially. The decrease was attributed to third-party sour gas takeaway constraints, which also marred the previous quarter’s operations. However, Halcon’s own sour gas treatment plant entered service during the period as expected, reducing its dependence on third party outlets. The firm is currently producing 20.4 mboe/d (57% oil), and we believe the firm’s annual target of 19-22 mboe/d is still within ...
- Dave Meats
Morningstar | Halcon On Track to Hit Guidance But Liquidity Cushion Ev...
Halcon delivered production of 17.1 mboe/d in the first quarter, which was 1% lower sequentially. The decrease was attributed to third-party sour gas takeaway constraints, which also marred the previous quarter’s operations. However, Halcon’s own sour gas treatment plant entered service during the period as expected, reducing its dependence on third party outlets. The firm is currently producing 20.4 mboe/d (57% oil), and we believe the firm’s annual target of 19-22 mboe/d is still within ...
- Dave Meats
Halcon On Track to Hit Guidance But Liquidity Cushion Evaporates
Halcon delivered production of 17.1 mboe/d in the first quarter, which was 1% lower sequentially. The decrease was attributed to third-party sour gas takeaway constraints, which also marred the previous quarter’s operations. However, Halcon’s own sour gas treatment plant entered service during the period as expected, reducing its dependence on third party outlets. The firm is currently producing 20.4 mboe/d (57% oil), and we believe the firm’s annual target of 19-22 mboe/d is still within ...
HALCON RESOURCES CORP. sees a downgrade to Negative on account of less...
The independent financial analyst theScreener just lowered the general evaluation of HALCON RESOURCES CORP. (US), active in the Exploration & Production industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Negative. As of the analysis date April 26, 2019, the closing price was USD 1.31 and ...
- Dave Meats
Morningstar | Halcon Asset Value Eclipses Market Price, Despite Near-T...
Halcon Resources delivered production of 17.2 mboe/d in the fourth quarter, which was 6% higher sequentially but below the low end of guidance due to sour gas takeaway constraints in the Monument Draw area (which negatively impacted oil volumes as well as NGLs and natural gas). The constraint is likely to affect first quarter results, too, as it will not be alleviated until Halcon’s sour gas treatment plant is completed later this month. As a result, the firm’s financial results were also we...
- Dave Meats
Halcon Asset Value Eclipses Market Price, Despite Near-Term Constraint...
Halcon Resources delivered production of 17.2 mboe/d in the fourth quarter, which was 6% higher sequentially but below the low end of guidance due to sour gas takeaway constraints in the Monument Draw area (which negatively impacted oil volumes as well as NGLs and natural gas). The constraint is likely to affect first quarter results, too, as it will not be alleviated until Halcon’s sour gas treatment plant is completed later this month. As a result, the firm’s financial results were also we...
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