Comparing Oil and Gas Company Reserves

Below is a comparison of oil and gas reserves for a handful of mid-sized exploration and production companies along with the enterprise value per Barrel of Oil Equivalent (BoE) that the market is currently placing on the reserves.

$CHK, $APA and $DVN trade at the low end of the range of value assigned to a barrel of oil in the ground.  Meanwhile $COG and $SWN trade at the high end, despite heavy concentrations of natural gas reserves.  Given that they trade at premiums, $EOG and $APC are slightly more gassy than I would’ve expected with 64% and 54% of their reserves in natural gas, respectively.  Note that $OXY is a little skewed by its downstream operations.

Oil Reserves Mid Sized CompaniesValues as of most recent 10-k filing

 

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