UPSIZED CASH FLOW

摘要

At the Scotia Howard Weil investor symposium in March 2018,held a year and a half ago as investor support faltered,E&P CEOs in succession pounded the podium defiantly defending their shareholder value and new promises of free cash flow over growth.Today,those same E&Ps are meticulously,painfully and humbly metamorphosing from ravenous,capital-consuming caterpillars to value-ori-ented,cash-flowing butterflies.The lingering question: Will that be enough to catch the eyes of those investors once again? More needs to be done,claim sell-side analysts.Simmons Energy analyst Ryan Todd laments that a large and growing number of investors have lost faith that the E&P sector can outperform in a $50 to $55 WTI world,despite the firm’s prediction of a 3% free-cash-flow yield for its covered companies at $55.It”just isn’t compelling enough to get generalists off the sidelines,”he said in an Oct.11 report.”Things are heading in the right direction,but it is a LONG and brutal slog with a ways to go.”Cowen analyst David Deckelbaum in an