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This year, we have detected a subtle, but significant change in tone and word choice from the C-suite.Companies that would have been otherwise bragging about their production growth rates have toned down use of the “G” word, especially when it is in the context of growing capital budgets, proved reserves and other key measures. The language has changed because there has been change in who owns E&P companies.
One touchstone of how oil executives feel about the market is their Letter to Shareholders found in their annual reports.
The chart below illustrates that except for the past month, the energy sector has flagged far behind the broader market for the one and three-year periods ended April 6, 2008.
Growth investors haven’t just ignored energy, they are actively avoiding it.
Several companies having quality assets and strong management find their total enterprise value is less than the PV-10 value of their proved reserves.
For example, on April 6, 2018 Range Resources Corporation's common equity closed at .97 per share making its market capitalization .42 billion and enterprise value .81 billion, as compared to its 2017 year-end 2017 pretax PV-10 value of proved reserves of .1 billion.