In today’s briefing:
- MVIS Australia Equal Weight Index Rebalance Preview: Should I Stay or Should IGO?
- Flotek Industries, Inc. – Market Share Gains Despite Headwinds
- VAALCO Energy, Inc. – 4Q23 Production Outperformed Guidance
MVIS Australia Equal Weight Index Rebalance Preview: Should I Stay or Should IGO?
- The review period for the March rebalance of the MVIS Australia Equal Weight Index ends on 29 February with results announced on 8 March and implemented on 15 March.
- Lendlease Group (LLC AU), IDP Education (IEL AU) and IGO Ltd (IGO AU) are very close to deletion zone and price moves over the next couple of weeks are important.
- IGO Ltd (IGO AU) is also a deletion from a global index in February and a lower stock price could lead to deletion from this index too.
Flotek Industries, Inc. – Market Share Gains Despite Headwinds
- Flotek’s suite of chemical solutions, which can help customers increase economic returns on their capital investment, helped the company gain market share during FY23 despite headwinds created by a declining US rig count.
- The company’s prescriptive chemistry solutions, combined with its proprietary Complex nano Fluid (CnF)® technologies, have demonstrated improved production performance over a large population of wells completed in the Permian Basin.
- Customer efforts to improve their returns on capital could continue to provide a buffer against headwinds and result in further market share gains in 2024.
VAALCO Energy, Inc. – 4Q23 Production Outperformed Guidance
- Continued strong asset performance across VAALCO’s portfolio in Gabon, Egypt, and Canada contributed to 4Q23 production and sales at, or above, the high end of management’s November 7, 2023, updated outlook.
- 4Q23 working interest (WI) production and sales fell to 23.1-23.5 MBOE/d and 27.4-27.6 MBOE/d, compared with guidance of 22.9- 24.6 MBOE/d and 25.3-27.6 MBOE/d, respectively.
- 4Q23 net revenue interest (NRI) production and sales volumes averaged 17.9-18.2 MBOE/d and 21.725-22.125 MBOE/d, compared with guidance of 17.6-19.4 MBOE/d and 19.8-22.0 MBOE/d, respectively.
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