rbnenergy.com Open in urlscan Pro
2606:4700:10::ac43:e0  Public Scan

Submitted URL: https://r20.rs6.net/tn.jsp?f=0015_ppELJOFWCxcdVT-en_Ks7zXjEcu4EN8GndlRzeD8uf6euwsESxlaTjzbU3ZB7jU2kxb249jpQq_-TtZHKQ...
Effective URL: https://rbnenergy.com/replace-me-part-3-diversified-andp-reserve-growth-driven-by-acquisitions-after-tepid-organic-add...
Submission: On September 18 via manual from US — Scanned from DE

Form analysis 2 forms found in the DOM

GET /search

<form action="/search" method="get" id="views-exposed-form-search-page" accept-charset="UTF-8">
  <div>
    <div class="views-exposed-form">
      <div class="views-exposed-widgets clearfix">
        <div id="edit-query-form-33M-hq_dl60IqeAKCCMD_K-D5GxEUBa3rgg6D86uHm8-wrapper" class="views-exposed-widget views-widget-filter-search_api_views_fulltext">
          <div class="views-widget">
            <div class="form-item form-type-textfield form-item-query" role="search">
              <input class="auto_submit form-text form-autocomplete" data-search-api-autocomplete-search="search_api_views_search" placeholder="Enter search terms..." type="text" id="edit-query-form-33M-hq_dl60IqeAKCCMD_K-D5GxEUBa3rgg6D86uHm8"
                name="query" value="" size="30" maxlength="128" autocomplete="OFF" aria-autocomplete="list" role="combobox"><input type="hidden" id="edit-query-form-33M-hq_dl60IqeAKCCMD_K-D5GxEUBa3rgg6D86uHm8-autocomplete"
                value="https://rbnenergy.com/index.php?q=search_api_autocomplete/search_api_views_search/author%3Aname%20body%3Avalue%20field_tags%3Aname%20title" disabled="disabled" class="autocomplete autocomplete-processed">
              <span class="element-invisible" aria-live="assertive" aria-atomic="true" id="edit-query-form-33M-hq_dl60IqeAKCCMD_K-D5GxEUBa3rgg6D86uHm8-autocomplete-aria-live"></span>
            </div>
          </div>
        </div>
        <div class="views-exposed-widget views-submit-button">
          <input type="submit" id="edit-submit-search" value="Search" class="form-submit">
        </div>
      </div>
    </div>
  </div>
</form>

POST /replace-me-part-3-diversified-andp-reserve-growth-driven-by-acquisitions-after-tepid-organic-additions

<form class="user-info-from-cookie" enctype="multipart/form-data" action="/replace-me-part-3-diversified-andp-reserve-growth-driven-by-acquisitions-after-tepid-organic-additions" method="post" id="user-register-form" accept-charset="UTF-8">
  <div><input type="hidden" name="form_build_id" value="form-bHEdbWFdREos9jic1TxCw-APFe44hFt2zqnPmWfsHi8">
    <input type="hidden" name="form_id" value="user_register_form">
    <input type="hidden" name="honeypot_time" value="1695070706|MRhvRqSx96orWn87CrTSIi2fdtePeRwvauQ4qPTe3pY">
    <input type="hidden" name="lhfingerprintjs"
      value="[{&quot;key&quot;:&quot;user_agent&quot;,&quot;value&quot;:&quot;Mozilla/5.0 (Windows NT 10.0; Win64; x64) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/117.0.5938.88 Safari/537.36&quot;},{&quot;key&quot;:&quot;language&quot;,&quot;value&quot;:&quot;en-US&quot;},{&quot;key&quot;:&quot;color_depth&quot;,&quot;value&quot;:24},{&quot;key&quot;:&quot;pixel_ratio&quot;,&quot;value&quot;:1},{&quot;key&quot;:&quot;resolution&quot;,&quot;value&quot;:[1600,1200]},{&quot;key&quot;:&quot;available_resolution&quot;,&quot;value&quot;:[1600,1200]},{&quot;key&quot;:&quot;timezone_offset&quot;,&quot;value&quot;:-120},{&quot;key&quot;:&quot;session_storage&quot;,&quot;value&quot;:1},{&quot;key&quot;:&quot;local_storage&quot;,&quot;value&quot;:1},{&quot;key&quot;:&quot;indexed_db&quot;,&quot;value&quot;:1},{&quot;key&quot;:&quot;cpu_class&quot;,&quot;value&quot;:&quot;unknown&quot;},{&quot;key&quot;:&quot;navigator_platform&quot;,&quot;value&quot;:&quot;Win32&quot;},{&quot;key&quot;:&quot;do_not_track&quot;,&quot;value&quot;:&quot;unknown&quot;},{&quot;key&quot;:&quot;regular_plugins&quot;,&quot;value&quot;:[&quot;Chrome PDF Plugin::Portable Document 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              <div class="description">i.e. Analyst, VP, COO</div>
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        <div class="field-type-text field-name-field-phone field-widget-text-textfield form-wrapper" id="edit-field-phone">
          <div id="field-phone-add-more-wrapper">
            <div class="form-item form-type-textfield form-item-field-phone-und-0-value">
              <label for="edit-field-phone-und-0-value">Phone Number </label>
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REPLACE ME - DIVERSIFIED E&P RESERVE GROWTH DRIVEN BY ACQUISITIONS AFTER TEPID
ORGANIC ADDITIONS


READ MORE BLOGS FROM THIS SERIES

 1. Say You'll Be There - How Much Longer Can Shale Support U.S. Oil and Gas
    Production?
 2. Replace Me - E&Ps Grapple With Replacing Oil and Gas Reserves in
    Challenging, Uncertain Times
 3. Replace Me, Part 2 - Metrics Favor Large Oil-Focused Shale Producers in Race
    to Replenish Reserves
 4. Replace Me - Diversified E&P Reserve Growth Driven by Acquisitions After
    Tepid Organic Additions

Play this Blogcast

Wednesday, 09/13/2023Published by: Tom Biracree

While the weather-related headlines might still scream “summer” in some places —
from stifling heat to powerful hurricanes to downpour-induced mud bogs at
Burning Man in the Nevada desert — we’ve actually turned the corner into
meteorological fall. Oil and gas prices have moved up from their Q2 2023 lows
and supply issues, particularly for oil, are the chief concerns as the heating
season approaches. Long-term production by the Diversified E&P peer group, whose
production streams are weighted 40%-60% for gas and oil, respectively, are a
major factor in U.S. supply. In today’s RBN blog, we analyze the crucial issue
of reserve replacement by the major diversified U.S. producers.

In Say You’ll Be There we raised the question: “How much longer can shale
support U.S. oil and gas production?” EIA estimates of “proved” reserves, which
are assumed to have at least a 90% chance of eventual recovery under existing
economic and operating conditions, imply about 10 years of remaining volumes of
crude oil and condensate and 10-17 years of remaining volumes of natural gas in
the major producing basins. Critical to maintaining or improving these
inventories is the rate at which U.S. producers are replacing the reserves they
produce. Equally critical (especially in an era of heightened scrutiny over
capital efficiency) is the price paid to achieve that rate.







In Part 1 of this series we examined the overall reserve replacement metrics of
our universe of 41 top U.S. E&Ps. Using three-year average data, the most
reliable method of analyzing long-term trends, we found that the reserve
replacement rate bounced back from a major dip in 2020, when plunging prices
resulted in major negative reserve revisions, to 200% in 2022. This doubling of
the reserves added was accomplished at an average reserve replacement cost (RRC)
of just under $10 per barrel of oil equivalent (boe), compared with nearly
$25/boe in 2016 and $15/boe in 2020. These results were achieved with a
reinvestment rate (total cash flow divided by capital expenditures) of 39%, a
10-year low.

In Part 2, we revealed that the major U.S. Oil-Weighted shale producers were
instrumental in driving that reserve replacement performance. The reserve
replacement rate for the group soared from 24% in 2020 to 357% in 2021 and 244%
in 2022. The impact of the industry shift to the much more productive
unconventional shale resources resulted in RRCs plunging from more than $30/boe
in 2016 to a three-year RRC of $10.38/boe, a decade low, in 2022. A key measure
of profitability, the recycle ratio, which is calculated by dividing the netback
generated per boe produced by the cost of finding and developing a barrel,
soared to near 500% in 2021 and 2022 while the reinvestment rate fell to just
over one-quarter of cash flow.

Today, in Part 3, we turn our focus to the largest Diversified producers. The
oil and gas price plunge of 2014-15 severely punished these producers, as
massive reserve revisions lowered reserve replacement rates (orange line in
Figure 1) to just 50% in 2016 and 2017. But the group recovered quickly as oil
realizations rebounded, with replacement rates surging to more than 200% in 2019
and replacement costs (blue bars in Figure 1) plunging to under $10/boe from
over $50/boe just four years prior. The onset of the pandemic in early 2020 had
a less dramatic impact on reserve replacement metrics. Despite 2.2 billion boe
in negative reserve revisions in 2020, the three-year rate remained well above
100%, a stark contrast with the Oil-Weighted group, in part due to the
Diversified E&Ps’ production balance between oil and gas. A major factor was the
quick rebound in crude and natural gas realizations. The Securities and Exchange
Commission (SEC) price case used in the year-end calculation of reserves, which
is the average of the price on the first day of every month, fell from $57/bbl
in 2019 to $39/bbl in 2020, then nearly doubled to $67 in 2021 and rose to
$94/bbl in 2022. The SEC gas price case bottomed out at $1.99/MMBtu in 2020,
then rebounded to $3.60/MMBtu in 2021 and $6.40/MMBtu in 2022. The three-year
reserve replacement rate for the Diversified peer group recovered from 133% in
2020 to 179% in 2021 and 177% in 2022, well below the replacement rates of more
than 200% generated by the Oil-Weighted producers. Replacement costs did jump
from $9.03/boe in 2019 to $13.76/boe in 2020 and over the next two years settled
at just below that level, the highest among the three groups of producers.



Figure 1. Diversified E&Ps’ 3-Year Reserve Replacement Metrics.

Source: Oil & Gas Financial Analytics, LLC

The total reserve replacement performance for the Diversified E&Ps lags the
Oil-Weighted group because of tepid metrics from finding and development (F&D)
activities. As shown in Figure 2, the three-year replacement rate (orange line)
from organic activities plunged to 77% in 2020 and only slowly recovered to 91%
in 2021 and 100% in 2022 — in other words, barely replacing output. The
three-year weighted average F&D cost (blue bars) plunged from nearly $80/boe in
2016 to $10/boe in 2019, but doubled to nearly $20/boe in 2020. The cost has
retreated only modestly to $16.86/boe in 2021 and $14.96/boe in 2022. In
contrast, the three-year F&D cost for the oil-focused producers fell from
$23.61/boe in 2020 to $10.38/boe in 2022. One factor in the difference between
the two peer groups is the size of the companies. We noted in Part 2 that the
metrics favored the large shale producers. The Oil-Weighted group includes seven
companies with 2022 proved reserves larger than 1 billion boe, in contrast with
just four producers in the Diversified group. The average 2022 one-year F&D cost
for the four large Diversified producers was $9.36/boe, compared with $12.91/boe
for the remaining 11 companies in the group.

Total three-year replacement rates for the Diversified group reached 179% in
2021 and 177% in 2022 because of 2.8 billion boe added through acquisitions over
the two years, which accounted for 36% of total reserve growth. The proved
acquisition cost was $12.00/boe in 2021 and $10.25/boe in 2022, lower than F&D
costs. Positive reserve revisions added another 1.25 billion boe, or 16% of
total reserve growth.



Figure 2. Diversified E&Ps’ 3-Year Finding & Development Metrics.

Source: Oil & Gas Financial Analytics, LLC

Remarkably, the Diversified E&P peer group has generated substantial growth in
profitability despite the relatively higher-cost reserve additions. As shown in
Figure 3, profitability has soared as measured by the recycle ratio (blue bars).
This measure, which we introduced in Part 1, is calculated by dividing the
netback generated per boe produced by the cost of finding and developing a
barrel. The rule of thumb in the industry is that long-term profitability
requires a recycle ratio of 200% or higher. The recycle ratio dipped under 100%
in 2015 on plunging oil prices, then hovered around the 300% range in 2017-19.
It dipped slightly in 2020 but soared to over 500% in 2021 and nearly 400% in
2022 while the reinvestment rate (orange line) plunged to a little over a
quarter of cash flow. This chart helps to explain why producers have been able
to allocate increasing percentages of their soaring profits to reward
shareholders through debt reduction, rising dividends, and share buybacks.



Figure 3. Diversified E&Ps Recycle Ratio and Reinvestment Rate.

Source: Oil & Gas Financial Analytcs, LLC

Within the Diversified peer group, individual company performance varies widely.
The scatter chart below, Figure 4, plots the three-year replacement rate of each
company (x-axis) and the three-year RRC (y-axis). Given our discussion above
about the relatively low organic replacement rates in the group, it’s no
surprise that acquisitions have fueled the reserve growth of the top performers.
Civitas Resources (CIVI), Northern Oil & Gas (NOG), and PDC Energy (PDCE)
generated RRC rates over 300% on major acquisition activity. DJ Basin producer
Civitas Resources (formerly Bonanza Creek Energy) was created from the 2021-22
acquisitions of HighPoint Resources, Extraction Oil & Gas, Crestone Peak
Resources, and Bison Oil & Gas, adding 362 million boe of proved reserves.
Northern Oil & Gas has emerged as the major U.S. consolidator of non-operated
working interests (see Let’s Dance), adding 176 million boe in reserves. PDC
Energy, which was recently acquired by Chevron, acquired DJ Basin competitor
Great Western for $1.3 billion in early 2022. Crescent Energy (CRGY), formed
from the 2021 merger of Independence Energy and Contango Oil & Gas, added
significant subsequent purchases in the Uinta Basin and Eagle Ford Shale.
ConocoPhillips (COP) added over 1 billion boe in reserves, primarily through the
$9.5 billion purchase of Shell’s assets in the Permian in 2021.



Analyst Insights
September 12 (1:30 pm)
Mont Belvieu Ethane Prices Move Higher Again

One outlier is Murphy Oil (MUR), which has reported an under 50% reserve
replacement rate and a cost above $30/boe. This stems from 272 million boe of
negative reserve revisions, including 195 million boe in 2020, which resulted in
net three-year reserve additions of just 88 million boe, compared with 189
million boe in production. APA Corp., the only other producer with a RRC rate
under 100%, cut back development of its Permian Basin assets as it focused on
development of its production sharing contract in Egypt and assets in the U.K.
North Sea.



Figure 4. Diversified E&Ps Reserve Replacement Metrics By Company.

Source: Oil & Gas Financial Analytcs, LLC

The strength of an oil and gas company’s portfolio is reflected in its finding
and development performance, which reflects organic reserve additions. Figure 5
clearly identifies the top performers in the Diversified group, which are all
unconventional producers. Multi-basin unconventional producers Ovintiv (OVV) and
Continental Resources (CLR) both recorded reserve additions that more than
doubled production. Ovintiv has significant positions in the Anadarko, Permian,
and Uinta basins in the U.S., as well as the Montney Shale in Canada, the
quality of which is reflected in the sub-$5.00/boe RRC, the lowest in the peer
group. Longtime Bakken and Anadarko producer Continental Resources recently
entered the Permian and Powder River Basin before being taken private by major
shareholder Harold Hamm. Canada-based Enerplus (ERF) made what it called a
“transformational pivot” in 2022, exiting its remaining north-of-the-border
holdings to enter the Bakken Shale with a $465 million purchase of Bruin E&P and
a $312 million asset purchase from Hess. Enerplus also operates in the Marcellus
Shale. Murphy Oil (MUR) has focused on Eagle Ford and Gulf of Mexico development
after exiting Malaysia in 2020. SM Energy (SM) holds positions in the Permian
and Eagle Ford. The companies reporting below 100% reserve replacement are the
acquisition-focused firms we discussed in the previous section of this blog. The
F&D metrics of these producers are likely to improve when they finish
integrating their significant new acreage into their portfolios.



Figure 5. Diversified E&Ps Finding and Development Metrics By Company.

Source: Oil & Gas Financial Analytcs, LLC

The five companies with the highest F&D reserve replacement rates and the lowest
RRCs top the profitability chart, as measured by the recycle ratio. Figure 6
shows that nine of the 14 companies reported three-year ratios of 300% or
higher, which indicates the level of post-pandemic profitability they’ve been
able to achieve. However, these results are likely to be dampened in 2023 by
declining realizations, especially lower natural gas prices.



Figure 6. Diversified E&Ps 3-Year Recycle Ratio By Company.

Source: Oil & Gas Financial Analytcs, LLC

While profitability has not been a major concern for most Diversified E&Ps, some
still struggle with the depth of their inventories. The average R/P ratio, which
is calculated by dividing the previous year-end reserves by total production, is
9.5 years, the same as the Oil-Weighted peer group. The highest rates are
reported by shale producers Ovintiv (12.2 years), Continental Resources (11.2
years) and Murphy Oil (11.2 years) as well as multi-basin producer Crescent
Energy (10.5 years) and non-op consolidator Northern Oil & Gas (10.4 years).
ConocoPhillips, which holds more than one-third of the reserves for the groups,
hovers around the average at 9.3 years.  The companies that have the lowest R/P
ratios are Eagle Ford producer Magnolia Oil & Gas (4.9 years), APA Corp. (6.3
years), and Civitas Resources (6.4 years).

We will continue to monitor the replacement results of these key diversified
producers. In Part 4 of this series, we will focus on the Gas-Weighted E&P peer
group.







“Replace Me” was written by Nas, Sean Anderson, Caleb Toliver, Hollis, Rashad
Muhammad, Ella Mai, Varren Wade, Quinton Q. Gulledge and Dijon McFarlane. It
appears as the sixth song on Nas’s 12th studio album, King’s Disease. The song
features fellow rap artists Don Toliver and Big Sean appearing with Nas.
Released as a single in August 2020, it went to #49 on the Billboard R&B/Hip-Hop
Songs Singles chart. A video directed by Christian Sutton and featuring Nas, Don
Tolliver, Big Sean and Hit-Boy was released to support the single. Personnel on
the record were: Nas, Don Toliver and Big Sean (vocals), MonoNeon (bass,
sampling, programming), and Hit-Boy, Exit Goodchild and Gabriel Zardes
(sampling, programming).

King’s Disease was recorded during early 2020 and produced by Hit-Boy, Gabriel
Zardes, Audio Anthym, Corbett, Cyanca, G.Ry, Haze, J. Pelham, Pat Junior,
Penthouse Parti and Roget Chahayed. Released in August 2020, the album went to
#5 on the Billboard 200 Albums chart. The album won a Grammy Award for Best Rap
Album at the 63rd Annual Grammy Awards. Three singles were released from the LP.

Nas (Nasir bin Olu Dara Jones) is an American rapper rooted in East Coast hip
hop. He is the son of American jazz musician Olu Dara. Nas began his hip hop
career in 1989, and released his debut album, Illmatic, in 1994. He has released
16 studio albums, five compilation albums, one EP and 79 singles. He has sold
more than 35 million records worldwide. Nas has also appeared in a few films and
television shows. He continues to record and tour.



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