The Energy Report
Notable Quotes
"With the LOI signed, we urge investors to bolster positions in FCU." (12/22/15) Fission Uranium Corp. - David Sadowski, Raymond James More >
"FCU is taking the right steps regardless of whether PLS is ultimately acquired or developed into a mine." (12/22/15) Fission Uranium Corp. - Heiko Ihle, Rodman & Renshaw More >
"I am quite excited about POE in 2016." (12/16/15) Pan Orient Energy Corp. - Chen Lin, What Is Chen Buying? What Is Chen Selling? More >
"BKX's Oklahoma asset has significant value." (12/16/15) BNK Petroleum Inc. - Michael Charlton, iA Securities More >
"EFR is one of the few companies in a position to write long-term sales contracts and deliver into them at several times its current production rate." (12/17/15) Energy Fuels Inc. - The Gold Report Interview with Eric Coffin More >
EXXI: Q211 Results
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JOSEPH MAGNER, Macquarie Capital
(02/08/2011)
"EXXI reported Q211 results late last week, which were somewhat mixed due to several onetime items mostly tied to refinancing initiatives aimed at tidying up the balance sheet in preparation for the large GOM acquisition. Adjusted Q211 EPS came in at US$0.21—well above our estimate of US$0.10 and consensus of US$0.09. CFPS of US$0.73 vs. our estimate of US$1.12 and consensus of US$1.02. Production of 29.4 Mboe/d was 1% below our 29.6 Mboe/d estimate, which we consider a great outcome given the GOM operating environment and the sizeable transaction that closed in mid-December. While Q211 results were mixed, the outlook for EXXI continues to be positive driven by the progress being made in the ultra-deep GOM exploration program. The latest interim update on the Davy Jones #2 well (EXXI 15.8%WI) suggests the well has encountered ~100 net feet of pay in multiple Wilcox zones that appear to be hydrocarbon bearing. There are also multiple pending catalysts in the program as Davy Jones #2 and Blackbeard East approach total depth. We reiterate our Outperform rating and US$42 target price on EXXI. The company's operational momentum continues to build and the ultra-deep program still provides option upside with more results expected soon." |
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More Experts
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