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MR

Montage Resources

$3.39 /

-0.255 (-7.00%)

07:19
02/25/20
02/25
07:19
02/25/20
07:19

Montage Resources reports Q4 net production averaged 623.4 MMcfe per day

Net production for the full year 2019 averaged 547.8 MMcfe per day, within the company's most recent guidance range of 545-552 MMcfe per day and 6% above the midpoint of the company's initial guidance range for the year of 500 - 525 MMcfe per day. Year-End 2019 proved developed reserves increased by 33% to 1,494 Bcfe, based upon SEC pricing, and by 34% to 1,506 Bcfe, based upon December 31, 2019 strip pricing, over year-end 2018. John Reinhart, President and CEO, commented, "The past year represented a significant inflection point for the Company's operations with the progression to a business model that prioritized capital efficiency, cost reductions, balance sheet protection and a focus on cash flows. At a time when investor attention has shifted from resource capture to capital discipline and operational execution, Montage has delivered on its targets to provide disciplined production growth within the context of a significantly lower capital spend while achieving or exceeding the respective 2019 guidance metrics. Given the well productivity results, operational efficiencies and lower capital and expense cost structure, the company was also able to maintain its net debt position over the second half of 2019 with no incremental net debt incurred from the end of the second quarter of 2019 to year-end 2019. The company also took the opportunity with the natural gas price pullback in the fourth quarter to systematically shut-in some production in order to complete a number of production enhancement workover projects, in addition to realizing unscheduled non-recurring third-party system downtime and associated maintenance items, which impacted fourth quarter production volume. We remain steadfast in our objective of long-term shareholder value creation by employing prudent 2020 development plans and maintaining continued flexibility on the pace of 2020 development activity to drive cash flows from de-risked, repeatable investments in our high-quality asset base."

  • 06

    Mar

MR Montage Resources
$3.39 /

-0.255 (-7.00%)

02/04/20 Imperial Capital
Montage Resources price target lowered to $6 from $7 at Imperial Capital
12/06/19
Fly Intel: Top five analyst upgrades
12/06/19 Scotiabank
Montage Resources upgraded to Outperform from Sector Perform at Scotiabank
11/11/19 Imperial Capital
Montage Resources upgraded to Outperform from In-Line at Imperial Capital

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Catch up on the…

Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Gilead Sciences (GILD) said it is donating 1.5M doses of its experimental anti-coronavirus drug remdesivir, which could treat 140,000 patients. In an open letter, Chairman and CEO Daniel O'Day said that the drug will be offered for compassionate use, expanded access and clinical trials, and will treat patients with severe symptoms. "Our existing supply, including finished product ready for distribution as well as investigational medicine in the final stages of production, amounts to 1.5 million individual doses. Depending on the optimal duration of treatment, which is something we are studying in clinical trials, this supply could equate to well over 140,000 treatment courses for patients. [...] Gilead is providing the entirety of this existing supply at no cost, to treat patients with the most severe symptoms of COVID-19. The 1.5 million individual doses are available for compassionate use, expanded access and clinical trials and will be donated for broader distribution following any potential future regulatory authorizations. These doses are for treating patients with severe symptoms, through daily intravenous infusions in a hospital setting. Having a potential treatment in our hands comes with significant responsibility." 2. Boeing (BA) announced that it is extending the temporary suspension of production operations at all Puget Sound area and Moses Lake sites until further notice. "These actions are being taken in light of the company's continuing focus on the health and safety of employees, current assessment of the spread of COVID-19 in Washington state, the reliability of the supply chain and additional recommendations from government health authorities," the plane maker said in a statement Sunday night. 3. Across the media landscape, advertising is disappearing, one more casualty of the global economic shutdown, and new technology won't be a savior as this is an equal-opportunity problem across print, TV, digital, radio, and outdoor advertising, Eric Savitz wrote in this week's edition of Barron's. Even the most prominent ad buyers lack reasons, and often the means, to buy ads, the author notes, while many of the small and medium-size businesses that buy online ads are struggling to stay solvent. Both Facebook (FB) and Twitter (TWTR) have already warned that they will take a hit from the downturn, and Alphabet's Google (GOOGL) no doubt is seeing the same effects, but so far hasn't discussed the matter, the publication adds. 4. United Airlines (UAL) is cutting nearly 90% of its New York-area flying, as public health officials predicted that the city will reach the peak of its novel coronavirus outbreak in the coming days, The Wall Street Journal's Alison Sider reported. The airline said the reductions set to remain in place for at least three weeks will mean substantially fewer employees will need to show up each day, though workers will continue to receive pay and benefits, the author noted. 5. Comcast (CMCSA), AT&T (T), Verizon (VZ), Abbott Laboratories (ABT), Chevron (CVX), Hormel Foods (HRL), Johnson & Johnson (JNJ), Kimberly-Clark (KMB), Medtronic (MDT), Procter & Gamble (PG), and T. Rowe Price (TROW) saw positive mentions in this week's edition of Barron's.

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Initiation
Adyen initiated with a Buy at Jefferies » 19:58
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ADYYF

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Recommendations
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Initiation
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