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Meet the Frackers

By Robert Rapier on November 19, 2015

The world’s leading oil and gas producers are national oil companies like Saudi Aramco and National Iranian Oil Company. Among the publicly traded companies, the huge integrated companies like ExxonMobil (NYSE: XOM), BP (NYSE: BP) and Shell (NYSE: RDS-A) top the list.

But among the pure publicly traded exploration and production (E&P) companies, the leaderboard is dominated by U.S.-based companies. Today, I want to highlight the top 10 oil producers, gas producers, and overall producers as of Q3 2015.

First, the top 10 oil producers, ranked in descending order by daily oil production:

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  • EV = Enterprise value in billions as of Nov. 13
  • EBITDA = Earnings before interest, tax, depreciation and amortization for the trailing 12 months (TTM), in billions
  • Debt/EBITDA = Net debt at the end of Q3 divided by TTM EBITDA
  • FCF = Levered free cash flow for TTM in billions
  • Oil production = Q3 daily oil production in thousand barrels per day
  • YTD = Year-to-date total return

ConocoPhillips (NYSE: COP) is the world’s largest pure E&P company according to both enterprise value (EV) and oil production. Most of the names on the list are probably familiar with the possible exception of Canadian producer Crescent Point Energy (TSX: CPG). The only one of the group to generate positive free cash flow (FCF) for the past 12 months is EOG (NYSE: EOG), which also happened to tie for the best year-to-date total return within the group.

ConocoPhillips also tops the list of leading gas producers:

151119TELtopnagastable

  • Gas Production = Q3 daily oil production in billion cubic feet (BCF) per day

Joining ConocoPhillips on both lists was Canadian Natural Resources (NYSE, TSX: CNQ), Devon Energy (NYSE: DVN) and EOG. Again, EOG was the only member of this group to have positive FCF for the past year, although nearly all the companies on the list were at or approaching positive FCF in the most recent quarter.

ConocoPhillips was unsurprisingly also on top for overall production in Q3, which includes production of oil, gas, and natural gas liquids:

151119TELtopnaoilandgastable

  • Total Production = Overall Q3 daily production in thousand barrels of oil equivalent (BOE) per day

For perspective, ExxonMobil led all supermajors with 3.8 million BOE/day of overall production in Q3, more than twice ConocoPhillips’ 1.5 million BOE/day. To further put that into perspective, Saudi Aramco — the largest oil and gas producer in the world — had total production of oil, gas, and NGLs in Q3 of around 12.5 million BOE/day.

Join us at The Energy Strategist as we break these companies down in greater detail and highlight the ones that are most likely to thrive as oil prices recover.

(Follow Robert Rapier on Twitter, LinkedIn, or Facebook.)



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