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Here Are America's Most Levered Energy Companies
Instead of beating an already dead horse so it looks like the Japanese (and soon, European) economy, and commenting even more on what the oil price collapse will mean for America's energy producers (and Investment as a component of GDP) we decided to bypass the foreplay and proceed straight to showing the 70 or so most levered publicly traded US companies, with exposure to not just crude but all aspects of energy, that have a leverage (Debt/EBITDA) over 4x, as well as LTM EBITDA and CapEx both more than $20 million.
So, without further ado, here is the list of companies which America's bankruptcy advisors are already circling over. Note the preponderance of LPs - what the taxman giveth, OPEC taketh away?
Source: CapIQ
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Mission accomplished..
That's an 'Investment'
starting to feel a bit 'deer-in-a-headlight-ish" out there today
What those companies are saying to their banks: "You fucked up. You trusted us."
Borrow one dollar from the bank, and the bank owns you. Borrow a billion dollars from the bank, and you own the bank.
Looks like Souki, the former Wall Street banker from Lebanon, wins the prize over at Cheniere. If LNG import or export ever becomes the thing, then the debt will get repaid. If not, then kaboom. Ports and terminals require a lot of money to develop.
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On a side note, it seems like Zero Hedge used to be, say 3-4 years ago, a much better forum for insights on the global capital markets. Now it seems that this forum is composed of mindless drivel from Bantam and Featherweights.
Fight Club looks to have lost the Heavyweights and Super Heavyweights.
I look at the comments in many threads, and it seems like the sophmoric responses and mindless drivel predominate. I have no issue with complaìning or calling ideas out, but add some intellect to the battle.
Otherwise, we are seeing "Peak Zero Hedge" right now!
A note on your side note. The antisemitism around here has become chronic. Jews are responsible for everything that is wrong with the world. It just gets old.
I am not Jewish, but I am pro free speech.
Nevrtheless, it does get old and childish...this is one of many examples of Feather and Bantamweights now here.
I'm pro free speech too. The slur seeps from bondage.
Lets save bambi for something special. an ISIS dirty bomb, Grexit, something memorable.... This is only a dip to be likely bought hard sometime in the next 24 hours. (I hope I am wrong), as I am all in beta short.
Know what you mean, I'm a bit short myself today. (Actually, more than a bit.)
No fear! The bailout tycoons have your back!
hmmm...lots of energy companies and oil is tanking
this ends well, i'm sure
$60 a barrel, shit thats not even going to keep most of these "neocon, shale nuts" up at night over Christmas!!
$30-40, extended out for 12 months to 2 years, now that's something that might have them pissing in their pants, and thats EXACTLY what the Saudis are prepared to do, but don't think this is some plan that benefits America, this is ALL about the House of Saud and its survival on the planet, BK Venezula, cut Iran's bullshit in half, keep Putin awake at night, AND MOST IMPORTANTLY BK the whole US Shale industry and put themselves in position to purchase the dead assets with phony printed USD, all the while sell unlimited cheap oil to the new boss in town.........China! Not to mention who ALSO wins in this scenerio, the EU!
THATS a Fucking WIN, WIN, WIN situation for them, Europe, and East Asia! For America AND Putin, not so much!
The Fed will eventually own everything. They have to. When you have unlimited funds, who gives a shit what the price is? What else could the end game be?
Food production
Energy production
MIC
S&P/Dow
Healthcare
Housing
etc
Exactly right. Who controls oil controls the world. Not the jews, not the american fascists, not the oligarchs, but our Saudi Masters. They are playing for all the marbles. That will mean more mosques, more sharia, higher oil prices ultimately and of course the yuan.
What makes you think the Saudis are not owned by the Rothschilds too?
Mideast and much of American oil, BP, WW1, Churchill, the Empire and the Royal Navy, most of the world's central banks and money printing presses, American politicians -- what do these have in common? All owned and/or controlled by The Family.
The Iranians and the Russians have been a bit uppity lately. They needed a lession.
"If my sons did not want war, there would be none." -- Gutle Schnapper Rothschild (1753–1849
I can't figure out if this is the Saudi's last gasp - that they've shot their wad - or if it is the final blow they deal to destroy us.
The Saudis are working with Obama to try make a few parties feel pain... the Russians (US interest in the deal) and the Iranians (Saudi interest in the deal).
The U.S. will be fine. Capital may change hands in a bit of a supplyédemand clearing effect, but the supplies will still be plentiful under North America and waiting to be tapped for decades to come.
Don`t need Saudi oil when Continental Resources can pull it out of North Dakota at a cost equal to or lower than the Saudis.
Your comment is a farce. The worst well Saudi Aramco has is better than the best well Continental has. Every US oil company CEO woud kill their own mother and children for access to the fields in Saudi Arabia. They shut in wells over there as being not worth their time that would make billionaires out of paupers over here.
There will be blood
Yup
The fact Iran will be pushing to 40/bbl is going to be fun.
http://s.mlkshk-cdn.com/r/BF4L
Hyperlink is An accurate description of the current mood.
There will also be fire. Oil fields ablaze. ghawar comes to mind.
And this is just trailing Debt/EBITDA! Wait until we see hedge-adjusted, normaiized EBITDA for some of the companies.
And to think that some broker cut estimates for the investment banks this morning, saying that issuance and trading will be poor this quarter. Perhaps. But think about all the Bankruptcy work for 2015 and beyond when all the oil hedges expire.
"And this is just trailing Debt/EBITDA!" totally agree
Merry Christmas fuckers!!
...Some folks got Merry-- Xmas-fucker'd...
There will be EBITDA
We EBITDAed some folks
I I love the name of the one about 6th from the bottom Foresight Energy---fer sure. Filing for name change to Hindsight Energy and changing Nasdaq symbol from FELP to HELP, I could have been a contender.
bailouts coming soon to the companies well connected.
No need they are sitting on a trillion plus..
Maybe so, but you never use your money to make money - Rule #1
tyler(s) why EBITA (why include intangible/amortization)?
...under the circumstances, does it really matter?
depends on the leverage contribution, many of these companies are still making revenue regardless of commodity price
Making revenue and making a profit are two different things. Would you rather sell a billion gallons of gas and lose a penny a gallon, or sell a million gallons of gas and make a dime a gallon? Hard to make payroll when your bills exceed your revenue.
the majority of these names have L.P. next to them....persistently low borrowing costs may be a major reason why some of these have not been more seriously impacted and could ultimately be outperformers on a total return basis.
Bwhahahaha. Anderson Brothers. Bwhahahahahahaha.
Drill! Drill! Drill!
- L. Krudlow
CQP barely below the 10 week MA - must have some connections to The Tribe.
They have nothing to do with oil. All LNG exports (although they could also do imports if the arb works).
Fair enough if that's true.
I don't currently have the time but would be interesting to vet the list by revenue composition and debt composition and lay that against the charts. Any chance some of these bloated piggies have not yet deviated too far below certain points on the chart thus making shorting too risky at the moment?
Equities are off the cliff to new lows: is there new news, or are they just catching up with the impending oil patch debt collapse? XOI oil index off 4% today is not exactly hiding in plain sight anymore:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=xoi&insttype=&freq=1&show=&time=8
Don't forget the Canadian energy producers. They are getting hit a bit today.
Toronto energy losers down 16% to 7% today: PWT, PRE, TLM, COS, CVE.
The banks are already scrambling to hide the oil loan losses, but it will take weeks to leak out and take all equities down 16% more for starters: here's a $12 oil stock just 5 weeks ago, today at $2.54, probably headed to penny stock territory:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=pwt&insttype=&freq=1&show=&time=9
PWE has had a whole laundry list of problems.
http://www.theglobeandmail.com/report-on-business/industry-news/energy-a...
We overlevered some folks.
This shit will be the deal of a lifetime when it finds a bottom. I think I'll keep an eye on XLE.
Crash in OIL no surprise to anyone following these charts...
http://www.globaldeflationnews.com/oil-light-sweet-crudeelliott-wave-upd...
I just knew that duke would be on the list. May they crash and burn.
Amazing how many players will start a pick-up game of catch-the-falling-drillpipe, off each set of new daily lows:
http://www.investing.com/indices/us-30-advanced-chart
What is rather interesting though, is these prices are drastically lower than they were during the 2008 - 2009 recession when oil was $35 per barrel.
We are still in the $60 per barrel range yet.
Either these shares are very over sold, and this is a great BTFD / BTFATL moment, or something horrific is yet in store.
Cost escalation in oil services and equipment since 2008 is horrific. It is going to take a while for the oil companies input prices to fall in line with the new oil price.
Relax.
Most of the LP's are pipeline/infrastucure utilities, requiring high debt levels. But mostly isolated from commodity pricing. Certainly some may be over expanded into less than prime projects but the project capacities are normally mostly contracted for prior to construction. So they would be the second or third tier of bankruptcies if it came to that.
Are you going to forego using nat gas and gasoline? Or electricity ?
Fonestar makes the list!! wasnt he dead?
Didn't Fonestar die in a diving accident trying to recover his BitCoins from the bottom of the ocean after his boating accident?
Stealth nationalization of an entire industry. How Venezuelian the USSA has become.
Those companies are ALL complete shit except Tesoro and maybe Duke. Kinger Morgan is a fucking time bomb.
I dont seen any "green energy" companies on the list at all, their leverage is entirely political, even more obscene and untenable in light of cratering oil prices.
Here's a symbol list of the above companies, if anyone wants it - - http://slopeofhope.com/2014/12/the-energy-list.html
Oneok... Heard about that outfit and a bunch of others before.
http://www.swosu.edu/alum-foun/foundation/bios/jim-mogg.aspx
Nice to see Cheniere topping the chart! Go LNG!
/sarc.