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


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).

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