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Stone Energy Corporation, Company Intelligence Report - Product Image

Stone Energy Corporation, Company Intelligence Report

  • Published: January 2013
  • Region: Global
  • 94 pages
  • GlobalData

Stone Energy Corporation, Company Intelligence Report

Summary

Stone Energy Corporation (Stone) is an independent oil and natural gas company engaged in the acquisition, exploration, exploitation and development of oil and gas resources in the US. The company’s Exploration and Production (E&P) operations are primarily located in the Gulf of Mexico (GoM), where it has made strategic investments in the deepwater and conventional shelf areas. The company acquired deepwater assets in the Pompano field and several deepwater blocks during 2011–2012. This acquisition was completed in two tranches, of which one was completed in Q4 2011 and the other was completed in Q2 2012. This acquisition increased its reserves and production, along with other exploration prospects. These assets included producing oil and gas properties and several other exploratory prospects. Moreover, these assets contained oil-rich resources. Thus, the acquisition of these assets was in line with the company’s strategy to focus on the development of oil-rich assets, compared to natural gas-rich assets. Stone derived the majority of its production from the GoM conventional shelf in 2011. READ MORE >

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1.1 List of Tables
1.2 List of Figures
2 Stone Energy Corporation, Company Overview
3 Stone Energy Corporation, Key Highlights
3.1 Strategically Aligning Operational Focus to Boost Cash Flows
4 Stone Energy Corporation, SWOT Analysis
4.1 Strengths
4.1.1 Balanced Upstream Portfolio Mix; Strong Financial Margins
4.2 Weaknesses
4.2.1 Low Reserve Life Index
4.3 Opportunities
4.3.1 Substantial Drilling Inventory to Expand its Upstream Portfolio
4.4 Threats
4.4.1 Slow Production Growth may Impact Cash Flow Pattern
5 Stone Energy Corporation, Goals and Strategies
5.1 Maintaining Financial Flexibility; Tapping Unlocked Resource Potential to Grow its Upstream Portfolio
6 Stone Energy Corporation, Production Overview
6.1 Production Profile
7 Stone Energy Corporation, Exploration and Development Overview
8 Stone Energy Corporation, Capital Expenditure
8.1 Costs Incurred
9 Stone Energy Corporation, Acreage
10 Stone Energy Corporation, M&A Highlights
11 Stone Energy Corporation, Peer Comparison
11.1 Share Price Performance
11.2 Operational and Financial Performance
11.3 Key Financial and Operational Ratio
12 Stone Energy Corporation, Forecast Production and Financial Statements
12.1 Income Statement (2009–2016)
12.2 Balance Sheet (2009–2016)
12.3 Cash Flow Statement (2009–2016)
12.4 Financial Ratios
13 Stone Energy Corporation, Valuation
14 Stone Energy Corporation, Detailed Operational and Financial Metrics
14.1 Stone Energy Corporation, Total Oil and Gas, Reserves and Production
14.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2007-2011
14.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2007-2011
14.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2007-2011
14.2 Crude Oil/Liquids Production and Reserve
14.2.1 Crude Oil/Liquids Production and Reserve Trend, 2007-2011
14.2.2 Crude Oil Production and Reserves By Country/Region, 2007-2011
14.2.3 Crude Oil/Liquids Reserve Changes, 2007-2011
14.3 Natural Gas Production and Reserve
14.3.1 Natural Gas Production and Reserve Trend, 2007-2011
14.3.2 Natural Gas Production and Reserves, By Country/Region, 2007-2011
14.3.3 Natural Gas Reserve Changes, 2007-2011
14.4 Total Crude Oil and Natural Gas Reserves Life Index
14.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2007-2011
14.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2007-2011
14.5 Stone Energy Corporation, E&P Costs Trends
14.5.1 Upstream Capital Expenditure, 2007-2011
14.5.2 Acquisition Costs By Country/Region, 2007-2011
14.5.3 Exploration and Development Costs, By Country/Region, 2007-2011
14.6 Oil and Gas Cost Per boe, $/boe
14.6.1 Oil and Gas Cost Per boe, $/boe, 2007-2011
14.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2007-2011
14.7 Stone Energy Corporation, Reserve Replacement Ratio
14.7.1 Oil and Gas Production Replacement Ratio, 2007-2011
14.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2007-2011
14.8 Stone Energy Corporation, Results of Oil & Gas Operations Trend
14.8.1 Oil and Gas Revenue and Expenses, 2007-2011
14.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2007-2011
14.9 Oil and Gas Revenue and Expenses, Per boe
14.9.1 Oil and Gas Revenue and Expenses, By boe, 2007-2011
14.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2007-2011
14.10 Oil and Gas Performance Metrics
14.11 Stone Energy Corporation, Land Holdings and Well Data
14.11.1 Gross and Net Developed and Undeveloped Acreage, 2007-2011
14.11.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2007-2011
14.12 Well Statistics
14.12.1 Producible Oil and Gas Well, 2007-2011
14.12.2 Producible Oil and Gas Well, By Country/Region, 2007-2011
14.12.3 Exploration and Development Wells Drilled, By Country/Region, 2007-2011
15 Appendix
15.1 Abbreviations
15.2 Sources
15.3 Methodology
15.3.1 Coverage
15.3.2 Secondary Research
15.3.3 Primary Research
15.4 Contact Us
15.5 Disclaimer

1.1 List of Tables
Table 1: Stone Energy Corporation, Upstream Growth Profile, 2012–2016
Table 2: Stone Energy Corporation, Capital Expenditure Classification ($m), 2009–2011
Table 3: Stone Energy Corporation, Costs Incurred ($m), 2009–2011
Table 4: Stone Energy Corporation, Reserve Replacement Ratio (%) and Finding and Development Cost ($m), 2009–2011
Table 5: Stone Energy Corporation, Recent Transactions as a Buyer, 2004–2011
Table 6: Stone Energy Corporation, Recent Transactions as a Seller, 2004–2011
Table 7: Stone Energy Corporation and its Peers, Operational and Financial Performance, 2011
Table 8: Stone Energy Corporation and its Peers, Total Reserves and Production (mmboe), 2011
Table 9: Stone Energy Corporation and its Peers, Financial Ratios, 2011
Table 10: Stone Energy Corporation, Historical and Estimated Production, 2009–2016
Table 11: GlobalData, Price Forecasts, 2012–2016
Table 12: Stone Energy Corporation, Income Statement ($m), 2009–2016
Table 13: Stone Energy Corporation, Balance Sheet ($m), 2009–2016
Table 14: Stone Energy Corporation, Cash Flow Statement ($m), 2009–2016
Table 15: Stone Energy Corporation, Profitability Ratios, 2009–2016
Table 16: Stone Energy Corporation, Other Financial Ratios, 2009–2016
Table 17: Stone Energy Corporation, Free Cash Flow Calculation ($m), 2012
Table 18: Stone Energy Corporation, DCF Calculation, 2012
Table 19: Stone Energy Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2007-2011
Table 20: Stone Energy Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2007-2011
Table 21: Stone Energy Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2007-2011
Table 22: Stone Energy Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2007-2011
Table 23: Stone Energy Corporation, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2007-2011
Table 24: Stone Energy Corporation, Crude Oil Reserve Changes, MMbbl, 2007-2011
Table 25: Stone Energy Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2007-2011
Table 26: Stone Energy Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2007-2011
Table 27: Stone Energy Corporation, Natural Gas Production and Reserves, By Country/Region, Bcf, 2007-2011
Table 28: Stone Energy Corporation, Natural Gas Reserve Changes, Bcf, 2007-2011
Table 29: Stone Energy Corporation, Oil and Gas Reserves Life Index, Years, 2007-2011
Table 30: Stone Energy Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2007-2011
Table 31: Stone Energy Corporation, Upstream Capital Expenditure, $m, 2007-2011
Table 32: Stone Energy Corporation, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2007-2011
Table 33: Stone Energy Corporation, Exploration and Development Costs, By Country/Region, $m, 2007-2011
Table 34: Stone Energy Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011
Table 35: Stone Energy Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2007-2011
Table 36: Stone Energy Corporation, Oil and Gas Production Replacement Ratio, %, 2007-2011
Table 37: Stone Energy Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2007-2011
Table 38: Stone Energy Corporation, Revenue and Expenses, $m, 2007-2011
Table 39: Stone Energy Corporation, Revenue and Expenses, By Country/Region, $m, 2007-2011
Table 40: Stone Energy Corporation, Oil and Gas Revenue and Expenses, $/boe, 2007-2011
Table 41: Stone Energy Corporation, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2007-2011
Table 42: Stone Energy Corporation, Oil and Gas Performance Metrics, 2007-2011
Table 43: Stone Energy Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011
Table 44: Stone Energy Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2007-2011
Table 45: Stone Energy Corporation, Producible Oil and Gas Wells, 2007-2011
Table 46: Stone Energy Corporation, Producible Oil and Gas Wells, By Country/Region, 2007-2011
Table 47: Stone Energy Corporation, Exploratory and Developed Wells, 2007-2011
Table 48: Stone Energy Corporation, Exploratory and Developed Wells, By Country/Region, 2007-2011

1.2 List of Figures
Figure 1: Stone Energy Corporation, Operational Map, 2012
Figure 2: Stone Energy Corporation, Financial and Operational Performance, 2007–2011
Figure 3: Stone Energy Corporation, Share Price Performance, December 2011 – November 2012
Figure 4: Stone Energy Corporation, Major Prospects, Deepwater, US, 2012
Figure 5: Stone Energy Corporation, Historic and Estimated Production (mmboe), 2009–2016
Figure 6: Stone Energy Corporation, Share of Oil and Gas in Production and Reserves (%), 2007–2011
Figure 7: Stone Energy Corporation and Peer Group Average, Profitability Ratios (%), 2011
Figure 8: Stone Energy Corporation and Peer Group Average, Reserve Life Index (Years), 2007–2011
Figure 9: Stone Energy Corporation, Historic and Estimated Production, 2009–2016
Figure 10: Stone Energy Corporation, Historic and Estimated Production by Type (%), 2009–2016
Figure 11: Stone Energy Corporation, Net Dry and Productive Wells Drilled (Number), 2007–2011
Figure 12: Stone Energy Corporation, Finding and Development Costs Incurred ($m) and Annual Reserve Replacement Ratio (%), 2007–2011
Figure 13: Stone Energy Corporation, Major Exploration Prospects, US, 2012
Figure 14: Stone Energy Corporation, Capital Expenditure, $m, 2009–2011
Figure 15: Stone Energy Corporation, Costs Incurred ($m), 2009–2011
Figure 16: Stone Energy Corporation, Reserve Replacement Ratio (%) and Finding and Development Cost ($m), 2009–2011
Figure 17: Stone Energy Corporation vs. Peers, Total Net Acreage Comparison (Acres), 2011
Figure 18: Stone Energy Corporation and its Peers, Relative Share Price Performance, %, December 2011 – November 2012
Figure 19: Stone Energy Corporation and its Peers, Operational and Financial Parameters ($/boe) 2011
Figure 20: Stone Energy Corporation and its Peers, Reserve Life Index (Years), 2011
Figure 21: Stone Energy Corporation and its Peers, Total Reserves and Production (mmboe), 2011
Figure 22: Stone Energy Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2007-2011
Figure 23: Stone Energy Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2007-2011
Figure 24: Stone Energy Corporation, Total Oil & Gas Production, By Country/Region, MMboe, 2007-2011
Figure 25: Stone Energy Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2011
Figure 26: Stone Energy Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2007-2011
Figure 27: Stone Energy Corporation, Oil Reserves, End of Period, By Country/Region, MMbbl, 2007-2011
Figure 28: Stone Energy Corporation, Oil Production, By Country/Region, MMbbl, 2007-2011
Figure 29: Stone Energy Corporation, Crude Oil Reserve Changes, MMbbl, 2011
Figure 30: Stone Energy Corporation, Gas Reserves, End of Period, By Country/Region, Bcf, 2007-2011
Figure 31: Stone Energy Corporation, Gas Production, By Country/Region, Bcf, 2007-2011
Figure 32: Stone Energy Corporation, Natural Gas Reserve Changes, Bcf, 2011
Figure 33: Stone Energy Corporation, Oil and Gas Reserves Life Index, Years, 2007-2011
Figure 34: Stone Energy Corporation, Gas Reserve Life Index, By Country/Region, Ratio, 2007-2011
Figure 35: Stone Energy Corporation, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2007-2011
Figure 36: Stone Energy Corporation, Oil Reserve Life Index, By Country/Region, Ratio, 2007-2011
Figure 37: Stone Energy Corporation, Upstream Capital Expenditure, $m, 2007-2011
Figure 38: Stone Energy Corporation, Development Costs, By Country/Region, $m, 2007-2011
Figure 39: Stone Energy Corporation, Exploration Costs, By Country/Region, $m, 2007-2011
Figure 40: Stone Energy Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011
Figure 41: Stone Energy Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2007-2011
Figure 42: Stone Energy Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/Boe, 2007-2011
Figure 43: Stone Energy Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011
Figure 44: Stone Energy Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2007-2011
Figure 45: Stone Energy Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2007-2011
Figure 46: Stone Energy Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2007-2011
Figure 47: Stone Energy Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2007-2011
Figure 48: Stone Energy Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2007-2011
Figure 49: Stone Energy Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2007-2011
Figure 50: Stone Energy Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2007-2011
Figure 51: Stone Energy Corporation, Revenue and Expenses, $m, 2007-2011
Figure 52: Stone Energy Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 53: Stone Energy Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 54: Stone Energy Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 55: Stone Energy Corporation, Oil & Gas Revenue, By Country/Region, $m, 2007-2011
Figure 56: Stone Energy Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 57: Stone Energy Corporation, Production Costs, By Country/Region, $m, 2007-2011
Figure 58: Stone Energy Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 59: Stone Energy Corporation, Oil and Gas Revenue and Expenses, $/boe, 2007-2011
Figure 60: Stone Energy Corporation, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2007-2011
Figure 61: Stone Energy Corporation, Lifting Cost per boe, By Country/Region, $/boe, 2007-2011
Figure 62: Stone Energy Corporation, Annual Net Income per boe, By Country/Region, $/boe, 2007-2011
Figure 63: Stone Energy Corporation, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2007-2011
Figure 64: Stone Energy Corporation, Total DD&A per boe, By Country/Region, $/boe, 2007-2011
Figure 65: Stone Energy Corporation, Total Revenue per boe, By Country/Region, $/boe, 2007-2011
Figure 66: Stone Energy Corporation, Oil and Gas Performance Metrics, 2007-2011
Figure 67: Stone Energy Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011
Figure 68: Stone Energy Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2007-2011
Figure 69: Stone Energy Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2007-2011
Figure 70: Stone Energy Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2007-2011
Figure 71: Stone Energy Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2007-2011
Figure 72: Stone Energy Corporation, Producible Oil and Gas Wells, 2007-2011
Figure 73: Stone Energy Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2007-2011
Figure 74: Stone Energy Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011
Figure 75: Stone Energy Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2007-2011
Figure 76: Stone Energy Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2007-2011
Figure 77: Stone Energy Corporation, Net Productive Gas Wells, By Country/Region, Number, 2007-2011
Figure 78: Stone Energy Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011
Figure 79: Stone Energy Corporation, Net Productive Oil Wells, By Country/Region, Number, 2007-2011
Figure 80: Stone Energy Corporation, Exploratory and Developed Wells, 2007-2011

Strategically Aligning Operational Focus to Boost Cash Flows

Stone’s major operating activities are located in the conventional shelf, deep gas and deepwater areas in the GoM and the Marcellus Shale in the Appalachian Basin. Until 2011, the majority of its production was driven by the GoM shelf area, which contributed 89.3% towards its total production in the year; however, going forward, it plans to diversify production sources through increased focus on other areas such as deepwater and deep gas areas of the GoM, and the Marcellus Shale. In line with this, Stone acquired the deepwater assets in the Pompano field and other areas during 2011–2012 in a series of transactions. Apart from diversifying its geographic footprints to other areas, the company also shifted the capital investment to areas other than GoM shelf in 2012 as compared to 2011. The company invested 44% of its 2011 capex towards the GoM; however, it has allocated only 36% of its 2012 capex towards this area. This shift in the capital allocation is due to the company’s strategic prioritization of operational areas. Going forward, it plans to maintain steady production and cash flows from its legacy assets in the GoM shelf, and utilizing the cash flows in accelerating the development of its future growth assets in the deepwater areas of the GoM and the Marcellus Shale. This operational realignment will help the company to offset the decline from the legacy assets and add new production centers, thereby reducing dependence on GoM and ensuring long-term growth simultaneously.

In line with this strategy, Stone acquired deepwater assets in a series of transactions during 2011–2012. In Q4 2011, the company acquired BP’s 75% interest in the deepwater Pompano field in the Mississippi Canyon, a 51% interest in Mississippi Canyon’s block 29, a 50% interest in the Mica field, which is tied back to the Pompano platform, and interests in 23 deepwater exploration leases located near the Pompano field. This acquisition entitled Stone to 3,300 Thousand Barrels of Oil Equivalent per Day (mboe/d) of production capacity and 17mmboe of proved reserves. These proved reserves consisted of 83% crude oil and 17% natural gas. These assets were acquired near the end of the year, and thus their contribution was very low in 2011; however, this is expected to increase in the future. Moreover, the company also completed another transaction in Q2 2012, when it acquired the remaining 25% interest from Anadarko Petroleum Corporation. This acquisition entitled Stone to its remaining 25% interest in the deepwater Pompano field in the Mississippi Canyon, a 22% working interest in Mississippi Canyon’s block 29, and a 10% working interest in portions of block MC 72. Consequently, Stone expanded its reserve base by 5.9mmboe and production by more than 1,000boe/d. These assets mainly consisted of oil resources and as a result will support the company’s oil production in a scenario of high imparity between oil and gas prices, thereby strategically boosting its profitability in the near future and ensuring stronger cash flows.

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