AR / EQT / RRC comparisons (q3)

[Fraser921]

Here is a little summary/comparison of Q3 earnings results.

All listed in order: AR / EQT / RRC
Realized Pricing:
NG: $5.51 / $3.28 / $4.42
C3+: $50.27 / $44.99 / $35.74
Oil: $82.76 / $55.41 / $63.20

Production Volumes (per day average)
NG (MMcf): 2,172 / 5,097 / 1,488
C3+ (Bbl): 108,153 / 25,352 / 100,387
Oil (Bbl): 8,734 / 2,758 / 7,098

Revenue:
Before Hedges ($MM): $2,583.9 / 3,694.2 / 1,435.2
incl der stlmnt ($MM): $2,064.6 / 2,069.5 / 1,110.5
Total Debt ($B): $1.173 / 4.769 / 2.360

FCF ($MM): $797.0 / $591 / $549.7
Capital Spend: ($MM): $227 / $349 / $138

[dan_s]

We will be sending out an updated profile on RRC today. They are in great shape and the stock is trading at a discount to the PV10 Net Asset Value of just their proved developed producing (PDP) reserves. That is insane.

The only negative for all three of these "gassers" is that their production growth is limited by lack of adequate pipeline access to get their production out of Appalachia. They have lots of stranded "running room". Regardless, all three are potential doubles for us over the next 12 months. They will set new FCF records in Q4 and Q1.

Updated profiles for AR and EQT are also being worked on today.

Updated forecast/valuation models for AR and EQT have been posted to the EPG website. You can view/download them directly from the EPG home page.

[uberCOAT]

Bet on the Haynesville!