加拿大能源行业研究报告2009年2月

相似文件 换一批

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

How Low Can You Go??
Investment Research Oil & Gas
February 24, 2009
Grant Daunheimer, CFA
grant.daunheimer@dundeesecurities.com
(403) 268-7425
Victor Rodberg, CFA
vrodberg@dundeesecurities.com
(403) 268-7426
Steven Buytels
steven.buytels@dundeesecurities.com
(403) 509-2670
Aaron Swanson
aaron.swanson@dundeesecurities.com
(403) 206-3928
Linus Lau, CA, CFA
llau@dundeesecurities.com
(403) 206-3924
Refer to important disclosures on page 95.
Detailed Economic Analysis of Plays in the WCSB and Breakeven Prices for
Junior/Intermediate Companies
This report is a detailed economic analysis of each of the companies we cover and
breakeven prices inherent in each core area. The report contains 17 companies split
into Juniors and Intermediates. After reading this report you will quickly know which
projects are economic in the current commodity price environment based on our
calculations, which companies we calculate have the lowest breakeven drilling price,
and what value each company’s 2009 drilling program could potentially add for
shareholders.
Do not let the size of this report intimidate you: The first ten pages are a macro
summary of our findings, pages 14 through 30 are one page summaries detailing key
takeaways for each company, and pages 32 through 94 are company details by core
area with sensitivity tables. If you are to focus on only one thing, we would direct
your attention to the first ten pages and the one page summaries.
Conclusion – Focus on low breakeven prices and strong balance sheets
Within our coverage universe we calculate there are still many projects that remain
economic in the current environment. This is supported by a combination of a weak
Canadian dollar boosting realized prices and a deflationary operating environment. We
recommend investing in those companies with the lowest breakeven commodity prices,
strongest balance sheets, liquidity, and highest value adding ability from their drilling
program.
Recommendations – Who can survive and outperform??
After digging through all the data, including breakeven prices, potential upside, liquidity,
and balance sheet considerations, our top three picks are: 1) Progress Energy for
the Intermediates and 2) Angle Energy and 3) Vero Energy for the Juniors. Two
honorable mentions go out to Storm Exploration and Open Range Energy who would
have made the top three except for Storm’s premium valuations and Open Range’s
limited liquidity.

Contents
HOW LOW CAN YOU GO?? .............................................................................................................. 4
Breakeven Summary ................................................................................................................ 4
Potential Upside Associated with 2009 Drilling Programs ......................................................... 7
Leverage ................................................................................................................................. 8
Liquidity .................................................................................................................................. 9
Valuation ................................................................................................................................10
The Assumptions ....................................................................................................................12
CONCLUSION ..................................................................................................................................12
COMPANY SUMMARIES ...................................................................................................................13
Intermediates
Fairborne Energy (FEL-T) ........................................................................................................14
Galleon Energy (GO-T) ...........................................................................................................15
Iteration Energy (ITX-T) ............................................................................................................16
Progress Energy Resources Corp. (PRQ-T) ............................................................................17
TriStar Oil & Gas (TOG-T) .......................................................................................................18
Juniors
Action Energy (AEC-V) ...........................................................................................................19
Angle Energy (NGL-T) .............................................................................................................20
Berens Energy (BEN-T) ..........................................................................................................21
Breaker Energy (WAV-T) .........................................................................................................22
Delphi Energy (DEE-T) ............................................................................................................23
Midnight Oil Exploration (MOX-T) ............................................................................................24
Open Range Energy (ONR-T) ..................................................................................................25
Profound Energy (PFX-T) .........................................................................................................26
Rock Energy (RE-T) ................................................................................................................27
Sabretooth Energy (SAB-T).....................................................................................................28
Storm Exploration (SEO-T) ......................................................................................................29
Vero Energy (VRO-T) ..............................................................................................................30
APPENDIX 1 – CORE AREAS ...........................................................................................................31

300738.pdf (856.76 KB, 需要: 500 个论坛币)

2009-3-6 13:13:00 上传

加拿大能源行业研究报告2009年2月
需要: 500 个论坛币  [购买]

300739.pdf (837.69 KB, 需要: 500 个论坛币)

2009-3-6 13:14:00 上传

加拿大能源行业研究报告2009年2月
需要: 500 个论坛币  [购买]

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：行业研究报告 研究报告 能源行业 行业研究 加拿大 能源 研究报告 行业 加拿大