Notes posted on a message board by someone who attended:
Enercom First Day
Enercom got started with a review of where the industry was. In 2012, only 13% of operators were generating FCF even at $100 oil, now 43% generate CF at $65 oil, still 57% do not. ROC returned to rates of 2012 but with $65 oil.
Natural gas has a one two punch - Range Resources and Cabot. Both are nearly pure Marcellus plays, and the NG F&D for both is about 25 cents. Cabot has the biggest wells, all dry gas in NE Pennsylvania. Range has more liquids if they want them, both have about 35 years inventory. Cabot will grow from 1.9 BCFPD to 3.5 BCFPD in three years. Both have low capex required to maintain production, and will both grow. Both will generate significant FCF by 2022. Their incremental is killing the gas markets along with Permian NG trying to find a home. This is hurting UPL and other NG producers, who do fine with $3.50/mcf. Problem that much uplift motivates RRC and COG to drill.
Core Lab was a big surprise -first 55% of revenue from independents, 45% from NOC and IOC. First time they did not talk about the decline curve never sleeps and impending shortage of oil for the last 4 Enercoms. It appears they have stopped counting on that being around the corner.
Everyone else had fleas - I could not get an analyst to say they liked a stock aside from the normal boiler plate. No enthusiasm for any stocks. Couple sounded like Doom - energy does not excite managers, rather have their money somewhere else. A lot of people attending though and lots of enthusiasm at the receptions afterward. A lot of young analysts. Older analysts and money managers there, but very patient. Now is not the time to buy, but hold seemed to be the consensus.