Fundamental, Research

Oil & Gas E&P: The Best Stewards of Capital Among the Crude Oil Names

Stewart Glickman, CFA, Deputy Director of Research
06 July 2023

Summary

Oil & gas producers have filed their 2022 annual reports, and as always, they contain year-end reserve reports. Using 2020-2022 data, we identify the best stewards of capital, where cash obtained from product sales exceeds cash spent to replace reserves (the recycle ratio). We focus here on the firms that are predominantly producers of liquids – crude oil and natural gas liquids (NGLs).


Want to learn more? Download the Report.

Solutions

Fundamental Equity Research
Gain a comprehensive view of global themes, industries, and companies.

Related Insights

Upstream Energy Review: Choppy Waters Ahead

Upstream Energy Review: Choppy Waters Ahead

The energy sector has been experiencing profound transformations this...
Read more