| Analyzing Upstream Companies’ Production Mix | |
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Crude Investors Beware! Crude Might Fall Even Lower (Continued from Prior Part) Production mix
ConocoPhillips (COP) has a production mix of 43% and 46% in natural gas and crude oil, respectively. In contrast, EQT (EQT) and Cabot Oil & Gas (COG) have production mixes of 90% and 95%, respectively, in natural gas. Companies with high exposure to natural gas and crude oil will likely be impacted the most by changes in these commodities’ prices. Integrated energy producer ExxonMobil’s (XOM) production mix was 46% in both natural gas and crude oil. ExxonMobil has the highest individual weight in the Energy Select Sector SPDR Fund (XLE).
The average production mix of the above upstream companies is 50% in natural gas. These upstream companies have a 38% production mix in crude oil.
Other upstream companies like Pioneer Natural Resources (PXD) and EOG Resources operate with a production mix of 45.8% and 48.5% in natural gas, respectively. However, these companies have a production mix of 32% and 38% in oil, respectively. Anadarko Petroleum (APC) operates with a production mix of 51% and 34.6% in natural gas and crude oil, respectively.
Price-to-BOE reserves ratio
Below is a breakdown of three other companies’ price-to-BOE (barrels of oil equivalent) reserves ratios:
- ConocoPhillips has a price-to-BOE reserves ratio of 7x.
- EOG Resources (EOG) has a price-to-BOE reserves ratio of 18x.
- Apache (APA) has a price-to-BOE reserves ratio of 7.6x.
However, it’s important to note that a lower ratio usually indicates that a company is undervalued compared to its peers.
In the next part, we’ll discuss the December seasonality of crude oil inventories.
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ConocoPhillips
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CODE : COP |
ISIN : US20825C1045 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
ConocoPhillips is a producing company based in United states of america. ConocoPhillips is listed in Germany and in United States of America. Its market capitalisation is US$ 152.9 billions as of today (€ 143.5 billions). Its stock quote reached its lowest recent point on December 31, 1991 at US$ 10.94, and its highest recent level on April 23, 2024 at US$ 129.94. ConocoPhillips has 1 177 107 000 shares outstanding. |