能源行业会议问题库

1、2020 Energy Conference Question BankE&P, Integrated Oil & Refining, Midstream, and Oilfield Services & Equipment Winter Conference Preparation GuideIn advance of the winter conference season that begins after New Years, the J.P. Morgan Energy Equity Research team has compiled an updated question ban

2、k as a reference for those attending presentations and meeting with management teams in the coming months. The Question Bank has been updated to incorporate 3Q19 updates and span JPMs coverage universe of E&Ps, Integrated Oils, Refining, Energy Infrastructure and MLPs, and Oilfield Services and Equi

3、pment stocks. Questions are listed alphabetically by company within the individual subsectors.E&P Questions (Primary Coverage Arun Jayaram and Michael Glick): Antero (AR), Apache Corp (APA), Cabot Oil & Gas (COG), Centennial Resource Development (CDEV), Cimarex (XEC), Concho Resources (CXO), Contine

4、ntal Resources (CLR), Devon Energy (DVN), Diamondback Energy (FANG), Encana Corporation (ECA), EOG Resources (EOG), EQT Corp (EQT), Extraction Oil & Gas, Inc (XOG), Gulfport Energy (GPOR), Hess (HES), HighPoint Resources (HPR), Laredo Petroleum (LPI), Magnolia Oil & Gas (MGY), Marathon Oil (MRO), Ma

5、tador Resources (MTDR), Montage Resources (MR), Murphy (MUR), Noble Energy (NBL), Oasis Petroleum (OAS), Parsley Energy (PE), Pioneer Natural Resources (PXD), QEP Resources (QEP), Range Resources (RRC), Seven Generations Energy (VII.CN), SM Energy (SM), Southwestern Energy (SWN), Vermillion Energy (

6、VET.CN), Whiting Petroleum (WLL), and WPX Energy (WPX).Oil Services & Equipment Questions (Primary Coverage Sean Meakim): Baker Hughes (BKR), Cactus Inc. (WHD), Core Laboratories (CLB), Diamond Offshore (DO), Dril-Quip (DRQ), Forum Energy Technologies (FET), Franks International (FI), Halliburton (H

7、AL), Helmerich & Payne (HP), Liberty Oilfield Services (LBRT), MRC Global (MRC), Nabors Industries (NBR), National Energy Services Reunited (NESR), National Oilwell Varco (NOV), NCS Multistage (NCSM), NexTier Oilfield Solutions (NEX), Nine Energy Service (NINE), Noble Corp (NE), NOW Inc. (DNOW), Oce

8、aneering International (OII), Oil States International (OIS), Patterson-UTI Energy (PTEN), Precision Drilling (PD), ProPetro Holding (PUMP), Schlumberger (SLB), Select Energy Services (WTTR), TechnipFMC PLC (FTI), Tenaris (TS), Transocean (RIG), and Valaris (VAL).Integrated Oil and Refiner (Primary

9、Coverage Phil Gresh): CNQ, CVE, CVX, COP, DK, XOM, HFC, HSE, IMO, MPC, MEG, PBF, OXY, PSX, SU, and VLO.Energy Infrastructure and MLPs (Primary Coverage Jeremy Tonet): AROC, LNG, CEQP, DCP, ENBL, ENB, ET, ENLC, EPD, EQM, GEI CN, IPL CN, KMI, MIC, MMP, MPLX, OKE, PPL CN, PSXP, PAGP/PAA, TRGP, TRP, USA

10、C, WES, and WMB.North America Equity Research06 January 2020Large Cap Oil & Gas Exploration & ProductionArun Jayaram AC(1-212) 622-8541 HYPERLINK mailto:arun.jayaram arun.jayaramBloomberg JPMA JAYARAM Michael A Glick AC(1-212) 622-9513 HYPERLINK mailto:michael.a.glick michael.a.glick Bloomberg JPMA

11、GLICK Oil Services and Equipment Sean C Meakim, CFA AC(1-212) 622-6684 HYPERLINK mailto:sean.meakim sean.meakim Bloomberg JPMA MEAKIM Integrated Oils & Refining Phil Gresh, CFA AC(1-212) 622-4861 HYPERLINK mailto:phil.m.gresh phil.m.gresh Bloomberg JPMA GRESH Energy MLPsJeremy Tonet, CFA AC(1-212) 6

12、22-4915 HYPERLINK mailto:jeremy.b.tonet jeremy.b.tonetBloomberg JPMA TONET J.P. Morgan Securities LLCSee page 158 for analyst certification and important disclosures.J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that

13、the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. HYPERLINK / Table of ContentsTOC o 1-2 h z u HYPERLINK l _bookmark0 Energy Infrastructure/MLPs5 HYPERLINK l _b

14、ookmark1 Archrock (AROC, $10.09, N)5 HYPERLINK l _bookmark2 Cheniere Energy, Inc. (LNG, $62.63, OW)6 HYPERLINK l _bookmark3 Crestwood Equity Partners LP (CEQP, $31.44, N)7 HYPERLINK l _bookmark4 DCP Midstream Partners LP (DCP, $25.51, N)8 HYPERLINK l _bookmark5 Enable Midstream Partners LP (ENBL, $1

15、0.13, N)9 HYPERLINK l _bookmark6 Enbridge Inc. (ENB, $51.50, N)10 HYPERLINK l _bookmark7 Energy Transfer LP (ET, $13.55, OW)11 HYPERLINK l _bookmark8 EnLink Midstream LLC (ENLC, $6.28, UW)12 HYPERLINK l _bookmark9 Enterprise Products Partners (EPD, $28.40, OW)13 HYPERLINK l _bookmark10 EQM Midstream

16、 Partners (EQM, $30.13, N)14 HYPERLINK l _bookmark11 Gibson Energy Inc. (GEI CN, $26.44, OW)15 HYPERLINK l _bookmark12 Inter Pipeline Ltd. (IPL CN, $22.56, N)16 HYPERLINK l _bookmark13 Kinder Morgan Inc. (KMI, $21.20, N)17 HYPERLINK l _bookmark14 Macquarie Infrastructure Corporation (MIC, $42.73, N)

17、18 HYPERLINK l _bookmark15 Magellan Midstream Partners, L.P. (MMP, $62.81, N)19 HYPERLINK l _bookmark16 MPLX LP (MPLX, $25.81, OW)20 HYPERLINK l _bookmark17 ONEOK Inc. (OKE, $76.58, OW)21 HYPERLINK l _bookmark18 Pembina Pipeline Corp (PPL CN, $47.48, NR)22 HYPERLINK l _bookmark19 Phillips 66 Partner

18、s LP (PSXP, $62.92, N)23 HYPERLINK l _bookmark20 Plains (PAGP/PAA, $19.39/$18.86, OW/OW)24 HYPERLINK l _bookmark21 Targa Resources Corp (TRGP, $41.25, OW)25 HYPERLINK l _bookmark22 TC Energy (TRP CN, $68.73, OW)26 HYPERLINK l _bookmark23 USA Compression Partners, LP (USAC, $17.96, OW)27 HYPERLINK l

19、_bookmark24 Western Midstream Partners, LP (WES, $20.82, N)28 HYPERLINK l _bookmark25 Williams Co Inc. (WMB, $23.59, OW)29 HYPERLINK l _bookmark26 Exploration and Production30 HYPERLINK l _bookmark27 Apache Corp (APA, $25.69, UW)30 HYPERLINK l _bookmark28 Antero (AR, $2.68, UW)33 HYPERLINK l _bookma

20、rk29 Centennial Resource Development (CDEV, $4.79, N)35 HYPERLINK l _bookmark30 Continental Resources (CLR, $35.34, N)36 HYPERLINK l _bookmark31 Cabot Oil & Gas (COG, $17.28, OW)39 HYPERLINK l _bookmark32 Cimarex Energy (XEC, $53.40, N)40 HYPERLINK l _bookmark33 Concho Resources (CXO, $90.20, OW)43

21、HYPERLINK l _bookmark34 Devon Energy (DVN, $26.10, OW)46 HYPERLINK l _bookmark35 Diamondback Energy (FANG, $94.41, OW)48 HYPERLINK l _bookmark36 Encana Corporation (ECA, $4.80, N)49 HYPERLINK l _bookmark37 EOG Resources (EOG, $84.99, OW)52 HYPERLINK l _bookmark38 EQT Corp (EQT, $10.34, OW)56 HYPERLI

22、NK l _bookmark39 Extraction Oil & Gas (XOG, $2.41, UW)58 HYPERLINK l _bookmark40 Gulfport Energy (GPOR, $2.88, N)59 HYPERLINK l _bookmark41 Hess Corporation (HES, $69.84, N)60 HYPERLINK l _bookmark42 HighPoint Resources (HPR, $1.73, UW)62 HYPERLINK l _bookmark43 Laredo Petroleum (LPI, $2.82, N)63 HY

23、PERLINK l _bookmark44 Magnolia Oil & Gas (MGY, $12.92, OW)64 HYPERLINK l _bookmark45 Marathon Oil (MRO, $13.75, OW)65 HYPERLINK l _bookmark46 Matador Resources (MTDR, $19.24, OW)68 HYPERLINK l _bookmark47 Montage Resources Corp (MR, $7.49, N)70 HYPERLINK l _bookmark48 Murphy Oil (MUR, $27.31, N)72 H

24、YPERLINK l _bookmark49 Noble Energy (NBL, $23.71, OW)74 HYPERLINK l _bookmark50 Oasis Petroleum (OAS, $3.44, OW)77 HYPERLINK l _bookmark51 Parsley Energy (PE, $19.58, OW)78 HYPERLINK l _bookmark52 Pioneer Natural Resources (PXD, $153.35, OW)79 HYPERLINK l _bookmark53 Range Resources (RRC, $4.49, N)8

25、1 HYPERLINK l _bookmark54 QEP Resources (QEP, $4.72, UW)83 HYPERLINK l _bookmark55 SM Energy (SM, $11.83, OW)85 HYPERLINK l _bookmark56 Seven Generations Energy (VII.CN, C$8.50, OW)86 HYPERLINK l _bookmark57 Southwestern Energy (SWN, $2.33, N)89 HYPERLINK l _bookmark58 Vermilion Energy (VET.CN, C$21

26、.28, N)91 HYPERLINK l _bookmark59 Whiting Petroleum (WLL, $7.85, N)94 HYPERLINK l _bookmark60 WPX Energy (WPX, $14.06, OW)95 HYPERLINK l _bookmark61 Integrated Oils and Refiners96 HYPERLINK l _bookmark62 Canadian Natural Resources (CNQ, C$41.57, OW)96 HYPERLINK l _bookmark63 Cenovus Energy (CVE, C$1

27、3.23, OW)98 HYPERLINK l _bookmark64 Chevron (CVX, $121.01, OW)100 HYPERLINK l _bookmark65 ConocoPhillips (COP, $65.70, OW)102 HYPERLINK l _bookmark66 Delek (DK, $32.73, UW)103 HYPERLINK l _bookmark67 ExxonMobil (XOM, $70.33, N)105 HYPERLINK l _bookmark68 HollyFrontier (HFC, $48.18, UW)107 HYPERLINK

28、l _bookmark69 Husky Energy (HSE, C$10.48, N)109 HYPERLINK l _bookmark70 Imperial Oil (IMO.CN, C$34.46, UW)110 HYPERLINK l _bookmark71 Marathon Petroleum (MPC, $58.23, N)112 HYPERLINK l _bookmark72 MEG Energy (MEG.CN, C$7.65, N)113 HYPERLINK l _bookmark73 PBF Energy (PBF, $30.09, UW)114 HYPERLINK l _

29、bookmark74 Occidental Petroleum (OXY, $43.61, UW)116 HYPERLINK l _bookmark75 Phillips 66 (PSX, $108.49, OW)118 HYPERLINK l _bookmark76 Suncor Energy (SU, C$42.63, N)120 HYPERLINK l _bookmark77 Valero Energy (VLO, $91.52, OW)122 HYPERLINK l _bookmark78 Oil Services and Equipment124 HYPERLINK l _bookm

30、ark79 Baker Hughes (BKR, $25.62, N)124 HYPERLINK l _bookmark80 Cactus Inc. (WHD, $34.70, OW)126 HYPERLINK l _bookmark81 Core Laboratories (CLB, $40.10, N)127 HYPERLINK l _bookmark82 Diamond Offshore (DO, $7.63, UW)128 HYPERLINK l _bookmark83 Dril-Quip (DRQ, $47.48, N)129 HYPERLINK l _bookmark84 Foru

31、m Energy Technologies (FET, $1.79, N)130 HYPERLINK l _bookmark85 Franks International (FI, $4.87, UW)131 HYPERLINK l _bookmark86 Halliburton (HAL, $24.76, OW)132 HYPERLINK l _bookmark87 Helmerich & Payne (HP, $45.85, OW)134 HYPERLINK l _bookmark88 Liberty Oilfield Services (LBRT, $11.06, OW)135 HYPE

32、RLINK l _bookmark89 MRC Global (MRC, $13.52, OW)136 HYPERLINK l _bookmark90 Nabors Industries (NBR, $3.14, UW)137 HYPERLINK l _bookmark91 National Energy Services Reunited (NESR, $8.82, OW)138 HYPERLINK l _bookmark92 National Oilwell Varco (NOV, $25.35, N)139 HYPERLINK l _bookmark93 NCS Multistage (

33、NCSM, $2.10, N)140 HYPERLINK l _bookmark94 NexTier Oilfield Solutions (NEX, $6.72, OW)141 HYPERLINK l _bookmark95 Nine Energy Service (NINE, $8.24, OW)142 HYPERLINK l _bookmark96 Noble Corp (NE, $1.37, UW)143 HYPERLINK l _bookmark97 NOW Inc. (DNOW, $11.12, N)144 HYPERLINK l _bookmark98 Oceaneering I

34、nternational (OII, $15.11, UW)145 HYPERLINK l _bookmark99 Oil States International (OIS, $16.55, UW)146 HYPERLINK l _bookmark100 Patterson-UTI Energy (PTEN, $10.57, UW)147 HYPERLINK l _bookmark101 Precision Drilling (PD, C$1.86, N)148 HYPERLINK l _bookmark102 ProPetro Holding (PUMP, $11.35, OW)149 H

35、YPERLINK l _bookmark103 Schlumberger (SLB, $40.56, N)150 HYPERLINK l _bookmark104 Select Energy Services (WTTR, $9.25, N)152 HYPERLINK l _bookmark105 TechnipFMC PLC (FTI, $21.58, OW)153 HYPERLINK l _bookmark106 Tenaris (TS, $23.01, N)155 HYPERLINK l _bookmark107 Transocean (RIG, $7.04, UW)156 HYPERL

36、INK l _bookmark108 Valaris (VAL, $7.42, N)157Note: All pricing in this report as of January 3, 2020, unless otherwise noted.Energy Infrastructure/MLPsArchrock (AROC, $10.09, N)Can you walk us through your expectation to be FCF positive in 2020 and what other key financial priorities you target?Can y

37、ou talk about how Elite business integration is progressing? Has anything surprised you?With producers pivoting towards a positive FCF strategy, do you see any shift in E&P customers preferring outsourcing versus in-house compression services?Some in the market express concerns regarding the stabili

38、ty of compression cash flow. Could you walk us through how AROC navigated the last cycle and how you see your current contract outlook?How does industry utilization and pricing power stand on new large HP units? How does current pricing compare to previous cycles?With moderating producer activity, a

39、re you seeing any pushback from customers on pricing, demand levels and/or contract durations?What is the latest on your 2020 capex budget? How should we think about industry health and any drivers that could push for higher or lower capex?The compression services business is highly competitive. Wha

40、t returns do you target on newly deployed capital?Where are you seeing pockets of activity? Do you see any shift in producer activity across different geographies?How does your outlook change if the Permian experiences natural gas takeaway constraints?Are you seeing incremental demand from new custo

41、mers or existing customers?Can you talk about supply dynamics in the equipment manufacturing industry? What is the timeline for new equipment order delivery?How is the appetite for M&A? Will you be open to acquisitions in case any producer wants to offload their compression equipment?How do you see

42、industry consolidation materializing over time?As we move into 2020, what new developments are you seeing across your footprint?Cheniere Energy, Inc. (LNG, $62.63, OW)How much of the open capacity has been hedged for 1H20? Besides remaining open capacity, what other factors drive the low versus high

43、 end of your 2020 guidance range?Are there any additional approvals needed at CCL Stage 3? What level of commitments are needed to move forward with the project? Can you discuss your capital allocation framework as it pertains to Corpus Christi Stage 3? How does this opportunity stack up versus de-l

44、everaging more quickly or accelerating buybacks?Can you describe the mechanics of your “Integrated Production Management” contract structure? Are you seeing more interest from other US producers?How does Phase 1 of the Chinese/U.S. trade negotiations impact your operations? Have you seen any impacts

45、 so far (trade/import activity)?How are SPL6 and CCL3 progressing? When underwriting future trains is there a preference for FOB or DES contracts? What would future growth opportunities at CCL look like?Are there any additional debottlenecking initiatives underway? Could actual capacity prove greate

46、r than the recently increased capacity range?What are the cost benefits to building “modular” versus “stick build” liquefaction units?How should we think about CMI sensitivity beyond 2020? Also, could you walk us through the CMI third-party procurement opportunities?How does Cheniere view the curren

47、t LNG macro landscape? How fast do you anticipate demand growing as we move into the next decade? What level of market share gain can Cheniere achieve as competitor contracts roll?How has the Cheniere model evolved over the years and how does this allow the company to win more business, especially w

48、ith an integrated service offering to service international utilities?How important is achieving IG at every entity across the corporate structure? Additionally, is there a preference for raising debt at the asset level versus the holdco?With several LNG projects set to ramp up, can you discuss how

49、Cheniere differs from other LNG export facilities and how it allows you to capture market share?How is Midship progressing? Do you anticipate expanding the pipeline? Are there other areas you would consider to support pipeline development to gain access to advantaged supply?Crestwood Equity Partners

50、 LP (CEQP, $31.44, N)Can you discuss the key growth drivers behind the 20% YoY EBITDA 2018- 2020 CAGR? Do you see risk to this trajectory with producers slowing activity?Could you walk us through capex by basin for 2020? How do you see growth by basin progressing?How do you see growth trending post

51、2020? How do you balance FCF generation versus growth capex?How are Bakken/Arrow volumes progressing as we enter 2020? When looking at the Bakken on a basin-level, how do you see takeaway capacity and utilization for NGLs and natgas?Do you have visibility into Bear Den expansions beyond Phase II? Wo

52、uld you secure additional capacity on Elk Creek if undertaking future expansions?As a backup, what is the NGL loading capability and utilization at COLT NGL- by-rail today?Would you consider entering the water business in the Bakken?In the PRB, how do you plan to capture incremental growth opportuni

53、ties before competition heats up in the basin? Do you see activity increasing in the Frontier and Parkman stacked formations given the favorable drilling economics at the current strip?Are you able to quantify your exposure to Chesapeake, and how has your outlook changed in the PRB over the past two

54、 years? What CHK assumptions are built into your 2020 PRB guidance?In the Permian, what do you view as the scope for expansions at Orla, Willow Lake and Nautilus going forward?What type of activity levels are you seeing in your smaller G&P footprints, such as the Barnett, Marcellus, et cetera?Do you

55、 consider any assets in your portfolio non-core? Would CEQP consider exiting to redeploy proceeds into core assets?How do you think about the distribution growth going forward? Are there any coverage and leverage goalposts that you target?Select Democratic candidates have proposed a ban of fracking

56、on federal lands; how much of your acreage would be impacted? Have you seen producers or midstream peers take any action in preparation for this?How do you define maintenance capex? Does this level of capital deployment maintain your current EBITDA? As opposed to DCF coverage, would you consider eva

57、luating distribution within the lens of FCF or EPS payout?DCP Midstream Partners LP (DCP, $25.51, N)Following the recent IDR removal transaction, are there any ongoing conversations with your sponsors or otherwise, on a potential change in the corporate structure? Would you consider converting into

58、a c-corp?DCP has captured a number of attractive brownfield expansions recently (Front Range, Texas Express, Southern Hills, etc.), do you see more opportunities for highly accretive growth projects such as these?DCP has exhibited more capital discipline than peers; are you still concerned with pote

59、ntial midstream overbuild?How have lower NGL prices impacted DCP? Do you expect NGL prices to trend towards historical WTI/natgas relationships as new crackers enter service?How are you tracking on the 80% hedged and fee-based margin target for 2020? Do you have a long-term target for fee versus com

60、modity exposed margins?Can you talk through your ethane recovery assumptions? How do you expect this to trend over the next several years?Regarding Waha pricing, can you quantify the positive impact in L&M and the negative impact in G&P if Waha widens out again? How should investors model this?For t