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Bearish Sentiment Prevails As 2016 Kicks Off

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Upstream companies down double-digits in 2015

 

- Unsurprisingly, 2015 was a rough year for energy stocks and their shareholders.
- Chesapeake Energy (NYSE: CHK) is faring worse than most. Its share price was off 78 percent in 2015, and its senior unsecured notes with a 6.125 percent interest rate due in 2021 was only selling for about 26 cents on the dollar as of December 24.
- "We believe equity and debt markets are effectively closed for all but the highest quality E&P's," Jefferies & Co. analyst wrote in a Dec. 22 investor note. "Spring bank redeterminations are coming and will likely feature severe cuts to available liquidity. Leverage is generally high for producers, meaning hefty cuts to budgets are likely."
- Morningstar analysts say that “the risk of a credit event” for Chesapeake Energy “has significantly increased as oil and gas prices have fallen.” Two key developments to watch: the result of Chesapeake’s debt exchange and the April credit redeterminations.
- The bond prices for EOG Resources (NYSE: EOG), widely considered one of the better shale oil and gas companies, stands out among its peers. EOG is one of the few companies of its size that has bond prices…




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