BP plc

Published : October 06th, 2015

Thanks, Alaska: Every Barrel Of Oil Just Got More Expensive

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Thanks, Alaska: Every Barrel Of Oil Just Got More Expensive

  • Last week Royal Dutch Shell plc (ADR) (NYSE: RDS-A) (NYSE: RDS-B) abandoned its Burger exploration well offshore Alaska following disappointing results.
  • Oswald Clint of Bernstein commented in a note that "the value of every single oil barrel held by companies just increased."
  • Clint added he is now "more bullish than consensus" on oil prices, as a "broken geological model means new supply may never come."
  • Shell has spent nearly $7 billion exploring oil in basins across Alaska. The company announced last week it will abandon its work in the Alaskan Arctic because its findings to date do not warrant further exploration.

    "Shell continues to see important exploration potential in the basin, and the area is likely to ultimately be of strategic importance to Alaska and the U.S.," Marvin Odum, director of Shell Upstream Americas, said in a statement. "However, this is a clearly disappointing exploration outcome for this part of the basin."

    Related Link: New Wild Salmon Oil: The Iceland-Alaska Connection

    Bernstein Comments On Shell's Decision To Stop Current Exploration

    In a report published Tuesday, Oswald Clint of Bernstein commented on Shell's decision, noting that the company's move has industry-wide implications. The analyst stated that the concept of "yet-to-find" oil was a key story investors used to be told and consisted of resources that remain to be found.

    In Shell's case, the company's operations in the region, if successful, could have proved to be a "game changer," even for a company of Shell's size.

    Clint continued that north of latitude 66 represents "one of the most alluring" yet-to-find regions, and the industry was relying on resources in the region to meet global demand for the next few decades. However, Shell's technological ability was insufficient to tackle the geological interpretations of the basins, which suggests a full suite of rock types including sandstones, carbonates and shales.

    Geological Implications, Insufficient Resources Leave Much To Be Desired

    Clint added that if the geology "isn't working," then no oil-prone government or oil price can bring the supply to the market. As such, the analyst is "more bullish than consensus" on oil prices, as a "broken geological model means new supply may never come." Accordingly, this means "existing barrels in the portfolios of listed energy companies has [sic] just become more valuable (and therefore even more undervalued today)."

    Related Link: Royale Energy Regains 100% Ownership In N. Slope Acreage

    Outperform Rated Picks

    Shell's announcement adds "underappreciated support" for future oil prices and has implications for how, where and when large operators replace reserves. According to the analyst, Shell "has done their reserve addition move at the trough" and thus it remains his top Integrated pick with an Outperform rating and $72.69 price target.

    Shares of UK-listed BG Group plc are Outperform rated with a GBp 1,460 price target.

    Shares of BP plc (ADR) (NYSE: BP) are Outperform rated with a $41.58 price target.

    Shares of Eni SpA (ADR) (NYSE: E) are Outperform rated with a $43.29 price target.

    Shares of Europe-listed Galp Energia SGPS SA are Outperform rated with a €14 price target.

    Shares of Statoil ASA(ADR) (NYSE: STO) are Outperform rated with a $23.96 price target.

    Image Credit: Public Domain

    Latest Ratings for RDS-A
    DateFirmActionFromTo
    Dec 2014Deutsche BankDowngradesBuyHold
    Nov 2014
    Jul 2014NomuraUpgradesNeutralBuy

    View More Analyst Ratings for RDS-A
    View the Latest Analyst Ratings

    See more from Benzinga

    © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

    Read the rest of the article at finance.yahoo.com

    BP plc

    CODE : BP
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    BP plc is a producing company based in United kingdom.

    BP plc is listed in Canada and in United States of America. Its market capitalisation is US$ 96.3 billions as of today (€ 88.7 billions).

    Its stock quote reached its lowest recent point on January 15, 1993 at US$ 10.53, and its highest recent level on October 31, 2024 at US$ 29.36.

    BP plc has 3 279 639 808 shares outstanding.

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    5/29/2009Solar and RGE Energy AG Announce One of the World's Largest ...
    5/28/2009TNK-BP Shareholders Agree on CEO Succession Plan
    5/27/2009Makes Eighteenth Oil Discovery in Ultra-Deep Water Block 31 ...
    3/5/2009Annual Review 2008
    3/3/2009Replaces 2008 Production by 121 Per Cent and Aims to Grow An...
    3/3/2009Makes Seventeenth Oil Discovery in the Ultra-deep Water Bloc...
    3/2/2009Reminder - BP's strategy update - March 2009
    2/19/2009and Verenium Form Leading Cellulosic Ethanol Venture to Deli...
    2/18/2009Robert Dudley to Join BP Board
    2/17/2009strategy update - March 2009
    2/11/200928th CERA Executive Conference - Opening speech to the Cambr...
    2/11/2009Quarterly Financial and Operating Information
    2/3/2009Hayward Pledges to Keep BP on Course, with Output Rise and E...
    1/15/2009Former German Chancellor Gerhard Schroeder Agrees To Join TN...
    1/9/2009Sign Deal To Align Interests and Boost Value of Russian Join...
    1/6/2009Lamar Mckay To Lead BP America
    12/3/2008Asset Exchange Strengthens BP Position In Southern North Sea
    11/26/2008Energy Trends and Climate Change: A Road ahead for Governmen...
    9/4/2008and AAR Move to Resolve Joint-Venture Dispute
    9/2/2008Chesapeake Energy Corporation and BP America Announce Fayett...
    8/6/2008and Verenium announce significant partnership to accelerate ...
    7/28/2008Series of Oil Developments Gets Go Ahead in Angola Block 31
    7/25/2008Pledges Continued Robust Support for TNK-BP CEO Robert Dudle...
    7/18/2008Global newsletter
    7/3/2008Signs as London 2012 Partner
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    NYSE (BP)
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