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Petrohawk Energy Corporation Valuation Report, August 2010 - Strategic and Operational Analysis
GlobalData, August 2010, Pages: 124
Petrohawk Energy Corporation Valuation Report, August 2010 - Strategic and Operational Analysis
Summary
The Petrohawk Energy Corporation (Petrohawk) is an independent oil and gas company engaged in the development, exploration and production of crude oil and natural gas in the US. The company operates in the mid-stream segment through its subsidiary Hawk Field Services, LLC (Hawk Field Services), which is engaged in the construction of gathering systems and treating facilities for the Haynesville and Fayetteville shales.
Petrohawk primarily operates in four premier shale plays: the Haynesville and Bossier Shales in North Louisiana and East Texas, the Fayetteville Shale and the Eagle Ford Shale in South Texas.
Scope
- Investment Thesis: This section highlights the companies new ventures, liquidity issues, assets analysis, hedging, new projects details, capex funding, geographical results of oil and gas operations, and other related analysis.
- Goals and Strategies: Provide highlights on their existing and upcoming challenges with the possible strategies.
- SWOT: This section highlights the companies internal strength, weakness, opportunities and threats to better understand their position in the market
- Production and Development profile: This section highlights the companies’ forecasted crude oil and natural gas production from their existing and upcoming assets. It also covers the detailed information and analysis on the producing and development assets.
- Exploration and M&A trends: This section includes exploration assets information resulted due to new discoveries, new drilling and other activities. Additionally, M&A section highlights the companies’ recent assets transactions, joint ventures, acquisition, and divestment activities during the specified period.
- Financial Forecast and Valuation: This section highlights the detailed financial forecast of the companies for coming five years. This section also provides intrinsic value of the companies’ by using different valuation techniques.
- Peer Group: This section compares peer group performance with the main companies on the basis of share prices, financial ratios, operational and financial parameters and other related activities.
Reasons to buy
- The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to:
- Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
- Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
- Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
- Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
1 Table of contents
1.1 List of Tables
1.2 List of Figures
2 Petrohawk Energy Corporation, Company Overview
3 Petrohawk Energy Corporation, Watchlist for 2010
4 Petrohawk Energy Corporation, Investment Summary
4.1 Huge Undeveloped Inventory to Offer High Growth Prospects
4.2 Balancing the Production Portfolio
4.3 Capex Funding Through Asset Monetization
5 Petrohawk Energy Corporation, SWOT Analysis
5.1 Strengths
5.1.1 Huge Potential Reserves
5.1.2 Consistent Growth
5.1.3 Strong Hedging Mechanism
5.2 Weaknesses
5.2.1 High Dependence on Natural Gas
5.3 Opportunities
5.3.1 Increased Oil Production May Lead to Increased Revenues and Profitability
5.3.2 Monetization of Assets
5.4 Threats
5.4.1 Insufficient Access to Funds may Derail the Growth Plans
6 Petrohawk Energy Corporation, Goals and Strategies
6.1 Enhance Liquidity Position Through Disposal of Non-Core Assets
6.2 Operational Efficiency
6.3 Increasing the Share of Oil in the Total Production Portfolio
6.4 Ensuring Sufficient Funds for Growth
7 Petrohawk Energy Corporation, Production and Development Overview
7.1 Production Highlights
7.2 Haynesville to Drive Natural Gas Production Growth
7.3 Operations in Fayetteville to Remain Flat
7.4 Eagle Ford Shale to Drive Oil Production Growth
7.5 Cost Incurred and Acreage
8 Petrohawk Energy Corporation, Exploration and M&A Highlights
8.1 Exploration Profile
8.2 M&A Activity
9 Petrohawk Energy Corporation, Marketing and Midstream Updates
10 Petrohawk Energy Corporation, Outlook
11 Petrohawk Production Corporation, Forecast Production and Financial Statements
11.1 Income Statement (2007-2014)
11.2 Balance Sheet (2007-2014E)
11.3 Cash Flow Statement (2007-2014)
11.4 Financial Ratios
12 Petrohawk Energy Corporation, Valuation
12.1 Net Asset Value
13 Petrohawk Energy Corporation, Peer Comparision
13.1 Share Price Performance
13.2 Financial and Operational Performance
14 Petrohawk Energy Corporation, Key Risks
14.1 High Dependence on Natural Gas
14.2 Inability to Fund Capex
14.3 Midstream Capacity Constraints
15 Petrohawk Energy Corporation, Detailed Financial and Operational Metrics
15.1 Petrohawk Energy Corporation, Quarterly Results of Oil and Gas Operations Per boe Produced
15.1.1 Results of Oil and Gas Operations Per boe Produced, Q2, 2009-Q2, 2010
15.1.2 Results of Oil and Gas Operations Per boe Growth Rates, Q2, 2009-Q2, 2010
15.2 Petrohawk Energy Corporation, Quarterly E&P Cost Trends
15.2.1 Upstream Capital Expenditure, Q2, 2009-Q2, 2010
15.3 Petrohawk Energy Corporation, Quarterly Production Trends
15.3.1 Total Crude Oil and Natural Gas Production Trend, Q2, 2009-Q2, 2010
15.3.2 Total Crude Oil and Natural Gas Production, By Country/Region, Q2, 2009-Q2, 2010
15.4 Petrohawk Energy Corporation, Crude Oil Production
15.4.1 Total Crude Oil Production Trend, Q2, 2009-Q2, 2010
15.4.2 Crude Oil Production, The US, Q2, 2009-Q2, 2010
15.5 Petrohawk Energy Corporation, Natural Gas Production
15.5.1 Total Natural Gas Production Trend, Q2, 2009-Q2, 2010
15.5.2 Natural Gas Production, By Country/Region, Q2, 2009-Q2, 2010
15.6 Petrohawk Energy Corporation, Production and Reserves Trends
15.6.1 Total Crude Oil and Natural Gas Production and Reserves Trends, 2004-2009
15.6.2 Total Crude Oil and Natural Gas Production and Reserves, MMboe, 2004-2009
15.6.3 Total Crude Oil and Natural Gas Reserve Changes, 2004-2009
15.7 Crude Oil/Liquids Production and Reserve
15.7.1 Crude Oil/Liquids Production and Reserve Trends, 2004-2009
15.7.2 Crude Oil Production and Reserves, The US, 2004-2009
15.7.3 Crude Oil/Liquids Reserve Changes, 2004-2009
15.8 Natural Gas Production and Reserves
15.8.1 Natural Gas Production and Reserve Trends, 2004-2009
15.8.2 Natural Gas Production and Reserves, By Country/Region, 2004-2009
15.8.3 Natural Gas Reserve Changes, 2004-2009
15.9 Total Crude Oil and Natural Gas Reserve Life Index
15.9.1 Total Crude Oil and Natural Gas Reserve Life Index, 2004-2009
15.9.2 Total Crude Oil and Natural Gas Reserve Life Index, By Country/Region, 2004-2009
15.10 Petrohawk Energy Corporation, E&P Costs Trends
15.10.1 Upstream Capital Expenditure, 2004-2009
15.10.2 Acquisition Costs By Country/Region, 2004-2009
15.10.3 Exploration and Development Costs, By Country/Region, 2004-2009
15.11 Oil and Gas Cost Per boe, $/boe
15.11.1 Oil and Gas Cost Per boe, $/boe, 2004-2009
15.11.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2004-2009
15.12 Petrohawk Energy Corporation, Reserve Replacement Ratio
15.12.1 Oil and Gas Production Replacement Ratio, 2004-2009
15.12.2 Oil and Gas Production Replacement Ratio, The US, 2004-2009
15.13 Petrohawk Energy Corporation, Results of Oil and Gas Operations Trend
15.13.1 Oil and Gas Revenue and Expenses, 2004-2009
15.13.2 Oil and Gas Revenue and Expenses, By Country/Region, 2004-2009
15.14 Oil and Gas Revenue and Expenses, Per boe
15.14.1 Oil and Gas Revenue and Expenses, By boe, 2004-2009
15.14.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2004-2009
15.15 Oil and Gas Performance Metrics
15.16 Petrohawk Energy Corporation, Land Holdings and Well Data
15.16.1 Gross and Net Developed and Undeveloped Acreage, 2004-2009
15.16.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2004-2009
15.17 Well Statistics
15.17.1 Producible Oil and Gas Wells, 2004-2009
15.17.2 Producible Oil and Gas Well, By Country/Region, 2004-2009
15.17.3 Exploration and Development Wells Drilled, 2004-2009
15.17.4 Exploration and Development Wells Drilled, By Country/Region, 2004-2009
15.17.5 Developed Reserves per Well, Oil (Mbbl per Well), Gas (MMcf per Well), Oil and Gas (Mboe per Well), 2004-2009
15.17.6 Developed Reserves per Well, By Country/Region, 2004-2009
16 Appendix
16.1 Methodology
16.1.1 Coverage
16.1.2 Secondary Research
16.1.3 Primary Research
16.2 Data Sources
16.2.1 Company Source
16.2.2 SEC/Other Regulatory Filings
16.2.3 Agency Reports
16.2.4 Other Sources
16.3 Expert Panel Validation
16.4 Definitions
16.5 Units of Measure
16.6 Other Abbreviations
16.7 About Us
16.8 Disclosure
16.9 Disclaimer
Petrohawk Energy Corporation Valuation Report, August 2010 - Strategic and Operational Analysis
Huge Undeveloped Inventory to Offer High Growth Prospects
Petrohawk has large acreage positions in four premier US shales: Haynesville, Fayetteville, Bossier and Eagle Ford. The company owned almost 1 m net acres in these shales at the end of Q1 2010. Additionally, these acreages held almost 2.8 Tcfe of proved reserves. Further, almost 94% of the total net acres held by the company is undeveloped and has a risked resource potential of 32 Tcfe of natural gas and 340 of oil.
Petrohawk owns interest in approximately 368,000 net acres of leasehold in the Haynesville shale located in the northwest Louisiana and east Texas region. Petrohawk’s total production from the Haynesville comprised 76.3 Bcf of natural gas and 0.1 MMbbl of crude oil and NGL representing 42.1% of the company’s total oil and gas production in 2009. The company was producing at rate of 211 MMcfe per day from the Haynesville Shale at the end of 2009. Petrohawk’s leasehold in the Haynesville Shale held approximately 1,529 Bcfe of proved reserves at the end of 2009. Moreover, approximately 91.8% of company’s acreage in Haynesville is still undeveloped and is expected to have net risked resource potential of 15.4 Tcf. Thus, the huge undeveloped resource potential of the Haynesville shale will make it an important contributor to the company’s production growth in the future.
Apart from the Haynesville shale, the company also has strong acreage position in the Fayetteville Shale. Petrohawk owns 157,000 net acres in Fayetteville shale, of which 142,000 acres undeveloped. The company has a varying working and net revenue interest in this play. The total proved reserves contributed this field were 299 Bcfe at the end of 2009 of which 54% were proved and developed reserves. Petrohawk’s production from this area averaged around 77Mcfe/d during 2009. The company’s acreages are estimated to have a net risked resource potential of about 1.4 Tcf the end of Q1 2010. Although 90.4% of this field is still undeveloped, the company does not have any major drilling plans for this field for 2010. Thus, despite huge inventory of undeveloped reserves, Fayetteville will not be a key operating area in driving the company’s reserve and production growth in 2010.
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