In today’s briefing:
- Inpex (1605 JP) – Earnings, Forecasts and a BIGLY Buyback (Aug 2023 Version)
- Australis Oil & Gas Limited – Maintaining the Strategic Position in the TMS
- Eni S.p.A.: Acquisition of Neptune Energy Group & Other Developments
- Independence Contract Drilling, Inc. – Premium Rig Fleet Supports Deleveraging Goal
Inpex (1605 JP) – Earnings, Forecasts and a BIGLY Buyback (Aug 2023 Version)
- A year ago I wrote that same headline as Inpex Corp (1605 JP) reported H1 results, a change in forecasts, and a bigly buyback.
- Yesterday, Inpex reported FY2023 H1 results, a change in forecasts, and a bigly buyback.
- The mechanics are the same. The impact is a bit different, but it is worth looking at. Then there is the event on 28 February 2024.
Australis Oil & Gas Limited – Maintaining the Strategic Position in the TMS
- Australis Oil & Gas (ASX:ATS) is an oil and gas producer/developer, with a strategic and controlling position in the emerging Tuscaloosa Marine Shale (TMS) oil play, onshore US.
- The TMS is an Eagle Ford-equivalent but early-stage oil play with recoverable oil potential of around 7bn barrels – this is the next big thing.
- Australis represents a highly leveraged and attractive exposure to the transformational potential of the TMS oil play.
Eni S.p.A.: Acquisition of Neptune Energy Group & Other Developments
- delivered mixed results in the past quarter, with revenues falling short of analysts’ expectations but above-par earnings.
- In 2023, the company surpassed expectations in terms of the underlying operating profitability.
- With increases in Mozambique, Mexico and production recovery in Kazakhstan, upstream production averaged 1.61 million barrels per day in the quarter, up 2% yearly and exceeding the company’s target of 1.6 million barrels per day.
Independence Contract Drilling, Inc. – Premium Rig Fleet Supports Deleveraging Goal
Despite turbulence affecting the 2Q23 and 3Q23 oilfield services markets, demand for ICD’s fleet of pad-optimal super- spec drilling rigs supports management’s ultimate goal of deleveraging the balance sheet and shifting value to equity owners.
ICD generated $18.7 million of adjusted EBITDA in 2Q23 from 15.0 average rigs earning revenue.
Margin per day averaged $15,462, landing in the high end of management’s $15,000-15,500 guidance range.
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