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Sector reports

Below is a list of sector reports.

Sector report cover
Oil & gas

29/01/2019
Exploration watch: 2019 exploration wells
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Worldwide exploration continued to be dominated by ExxonMobil’s ongoing success offshore Guyana, with five discovery wells and the opening up of two new plays. In 2019, this activity will continue, but will be joined by two separate efforts led by Tullow Oil and Repsol that will look to extend this success to the inboard Orinduik and Kanuku blocks. In Latin America attention will also be focused on Mexico, as drilling extends into deeper waters alongside further exploration of the shallower Sureste Basin. In the North Sea, potential high-impact wells in the Barents Sea and West of Shetland were deferred into 2019 and activity looks set to increase in these areas this year. Onshore, we look at high-impact wells in the Nanushuk trend of Alaska’s North Slope and the frontier region of Western Mongolia.

Companies mentioned
Otto Energy , 88 Energy , Hurricane Energy , Cairn Energy , See more..., 88Energy, Aker BP, Azinor Catalyst, BP, Cairn Energy, Chevron, Eco Atlantic, ENI, Equinor, ExxonMobil, Hurricane Energy, INEOS, Lundin Petroleum, Murphy Oil, Nexen, Otto Energy, Pemex, Pantheon Resources, Petro Matad, Red Emperor Resources, Repsol, Siccar Point Energy, Spirit Energy, Shell, Total, Tullow Oil

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*Multiple Sectors

09/11/2018
Deutsches Eigenkapitalforum - EKF conference book 2018
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A very warm welcome to the Edison conference book for the Deutsches Eigenkapitalforum 2018. Performance in the equity markets this October has been one of the weakest in recent history. While risk factors such as ongoing trade disputes, slow-moving BREXIT negotiations and concerns about the Italian budget, to name just a few, are numerous, they are also well known and not new. As this downturn did not have a clear trigger, there is arguably also no clear path to recovery. Our strategist, Alastair George, views these equity declines as a continuation of an ongoing derating of equities. Accordingly, he retains a cautious position on developed market equities.

Companies mentioned

Sector report cover
Oil & gas

21/08/2018
Exploration watch: Argentina
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Argentina has experienced major changes in its oil and gas industry over the last five years. The country holds world-class shale potential in the Vaca Muerta and is the second-largest shale region undergoing development in the world after the US. Discovered in 2010, the Vaca Muerta has attracted major companies to invest in the region including Chevron, Dow, ExxonMobil, Shell and Total. Production has historically been dominated by the state majority-owned company Yacimientos Petrolíferos Fiscales (YPF), but this is shifting as it partners with the majors to develop the Vaca Muerta and as the country moves to more market-friendly policies under President Mauricio Macri, elected in 2015. Unconventional development is not the preserve of the majors, however, and independent Phoenix Global Resources’ 2018 programme is designed to accelerate unconventional growth in the Vaca Muerta. Meanwhile, the shift of focus of the majors to unconventionals has created an opportunity for independents operating in the conventional space, where production has been declining. Both President Energy and Echo Energy are focused on growing conventional production in Argentina and have active programmes in 2018.

Companies mentioned
President Energy , See more..., Echo Energy, Phoenix Global Resources

Sector report cover

27/07/2018
July 2018 Edition of Australasia Monthly Book
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Welcome to the July edition of Edison’s Australasia Monthly Book. The Asia Pacific region has continued to attract investment attention, with international funds looking for quality companies in safe jurisdictions with strong cash flow and yield. Access to information on the Asia Pacific region continues to be affected by the recently implemented European GDPR and MiFID II reforms, which have significantly changed the way that the buy-side can receive its research information. Our approach continues to improve the visibility of our client companies to potential investors, enhances liquidity and provides the opportunity to attract the widest range of potential investors and stakeholders.

Companies mentioned

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Investment trusts

07/06/2018
Listed private capital - Defining the LPC arena
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According to Preqin/McKinsey, private capital (PC) AUM has grown from $0.7tn in 2000 to $5.2tn in 2017. Private equity (PE) remains the largest subsector, but a number of other asset classes have developed rapidly over recent years, including infrastructure and private debt. The listed private capital (LPC) sector provides public market investors with access to these diverse investment opportunities. In light of LPEQ’s strategic shift to represent the LPC arena, we examine the size and scope of LPC and the opportunities it presents to investors. We estimate that the European LPC arena is capitalised at £130bn and offers an attractive risk-reward profile compared to traditional listed investments.

Companies mentioned
LPeC

Sector report cover
Oil & gas

20/04/2018
Exploration watch: 2018 exploration wells
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Worldwide exploration levels remain low compared to the 2014 peak and in 2018 are not expected to increase significantly from 2017. Latin America dominated 2017 in terms of both discovery numbers and size, mainly due to ExxonMobil’s continuing success offshore Guyana, but also with the 400-800mmbbl Zama discovery offshore Mexico. Activity in the region is set to continue in 2018, with further drilling in Guyana and renewed efforts to prove an extension of the basin into Suriname. The largest discovery in 2017 was the 15tcf Yakaar offshore Senegal, but in 2018 the exploration focus offshore West Africa switches to Morocco and Namibia. In this Exploration watch, we highlight these wells and more that are due to be drilled in 2018 involving independent companies, and with resource estimates greater than 100mmboe.

Companies mentioned

Sector report cover
Oil & gas

08/03/2018
Exploration watch: Trinidad: New energy to low cost, low risk region
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Trinidad is a well-established oil and gas producing region, with continuous production since the first field came onstream in 1902. The hydrocarbon sector has been predominantly producing gas since the 1990s and offshore gas development is dominated by the majors: BP, Shell, BHP and EOG resources. This has created an opportunity for independent companies to operate in the onshore oil fields located in the south of the island. Columbus Energy Resources (CERP), Range Resources, Touchstone Exploration and Trinity Exploration and Production all operate producing onshore oil fields, while Trinity also operates offshore in the Columbus Basin. Recent management changes or new funding at these companies has resulted in a boost to activity across assets that offer low cost, low risk development, although there are challenges in producing from older well stock in geologically complex structures.

Companies mentioned

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Investment trusts

20/02/2018
LPE sector performance: Outperforming through market uncertainty
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Investors in European-listed private equity (LPE) have been presented with two sources of uncertainty recently: disclosures in the new key information documents (KIDs) required under MiFID II and increased market volatility. In the 12 months to 9 February 2018, however, the LPX Europe Total Price Return Index (LPX) of major UK and European LPE companies returned 16% compared to 8% for the MSCI Europe index. Over the same period, the LPX total NAV return was even higher at 18%. Over 10 years the LPX returned 119% compared to 93% for MSCI Europe. Thus, LPE has continued to deliver impressive net-of-fee returns for investors.

Companies mentioned
LPeC