How would you value each Oil and Gas company?
How would you value each oil and gas company, and the multiples involved?
Upstream, Midstream, downstream, Oil Field Services, and Integrated Majors?
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Just a fellow prospective monkey so anyone feel free to correct me if I'm wrong
Upstream - NAV (net asset valuation) bc finite resources, EV/EBITDAX, EV/Proved reserves, EV/BOEPD, EV/PV-10
Everything else think it's like regular (again, correct if I'm wrong) company esp OFS bc it's essentially an industrial company. Integrated super majors use SOTP (sum of the parts) tho
Upstream: EV/production unit (barrel of oil or mcf of gas), Price / FCF per share, net asset value (basically a long term DCF of production FCF)
Midstream: EV/EBITDA, distribution yield
OFS: EV/EBITDA
Major: EV/EBITDA
Would you use EV/EBITDAX?
This is right...only a couple additions I'd add...a lot of the upstream deals have transitioned into EV/EBITDA as well...usually you triangulate all the other metrics + EBITDA metric....and on U.S. majors like XOM and CVX, they care so much about their dividend yield, a sanity check DDM is probably worth it too...
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