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Jagged peak ipo

· 24.12.2020

jagged peak ipo

Jagged Peak Energy, an oil and gas E&P operating in the Delaware Basin in West Texas, raised $ million by offering million shares at. Private equity-backed Jagged Peak Energy of the US has launched its initial public offering of equities worth up to $ million in what would be the first. The Wall Street Journal reported in August that Quantum Energy Partners was interested in either selling Jagged Peak, or taking it public via an. FREQUENCY OF FOREX TICKS Note Bridge photos confirm its super-high-res. It is will be for businesses removal of Firewall is bank accounts Windows or for a. Recovery systems other side.

It is a rolling document, continuously updated with our own analysis and opinion on events impacting the sector. Coverage includes US onshore and Gulf of Mexico. Sources for the news stories include company press releases, industry events, press coverage, and our own modelling changes. The facts are presented, but more importantly we discuss implications for our modelling.

US upstream week in brief: Q4 archive. Skip to main content. Search label. LinkedIn Facebook Twitter Email. Discuss your challenges with our solutions experts Contact an Expert Close Contact an Expert Submit your details to find out more about how we can help you and your organisation.

S Minor Outlying Islands U. Consent Please keep me informed about Wood Mackenzie products, services and events. Please send me The Inside Track news digest. For details on how your data is used and stored, see our Privacy Notice. Close This article is based on North America Well Analysis Tool Track and forecast drilling activity and well performance in North America with the most complete well data package on the market.

Find out more. Related content. Insight Comstock and Range post strong reserves growth - US upstream week in brief. The Edge Shifting risks in global oil supply. Opinion What is COP26 and how is it vital to the energy transition? Insight US upstream week in brief: Q4 archive.

Jagged Peak will not receive any of the proceeds from the sale of shares of Jagged Peak's common stock by the selling stockholders. Citigroup, Credit Suisse, J. The offering of these securities will be made only by means of a prospectus that meets the requirements of Section 10 of the Securities Act of When available, a copy of the prospectus may be obtained from:.

Citigroup Global Markets Inc. A registration statement relating to these securities has been filed with, and declared effective by, the SEC. The registration statement may be obtained free of charge at the SEC's website at www. Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of These forward-looking statements represent Jagged Peak's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved.

These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Jagged Peak's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Jagged Peak does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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In , three rigs were in operation, a number the company aims to double this year. Increased production means higher costs, of course. While Jagged Peak might operate at a net loss, given the richness of its play and the presence of seasoned management, it's packed with potential, particularly on any significant upward move in the oil price.

The company surely hopes that the trajectory of its stock will be similar to that of market newcomer Centennial Resource Development , a fellow Permian Basin operator. Plus, the Jagged Peaks and the Centennials of the market have to vie for investor dollars with much bigger guns active in the play, like Chevron or Apache.

Jagged Peak is far from the only company active in the Permian. That said, the company occupies some excellent real estate, and has the experience and ambition to benefit from its efforts. For those who believe that oil and gas investments have a future, especially those busy pumping in the Permian, Jagged Peak shares could be worth buying. Jagged Peak's shares are slated to hit the market on Friday. Just over Nearly The company said the proceeds will be utilized chiefly to fund capital expenditures and to retire debt.

It says in its IPO prospectus that it does not "anticipate declaring or paying any cash dividends to holders of our common stock in the foreseeable future. After all, the newsletter theyhave run for over a decade, the Motley Fool Stock Advisor, has tripled the market. David and Tomjust revealed what they believe are the ten best stocks for investors to buy right now That's right -- theythink these 10 stocks are even better buys.

Click here to learn about these picks! Eric Volkman has no position in any stocks mentioned. Range also released early test well results for its North Louisiana position that suggest a potential shift in drilling priorities. New north Louisiana data may have implications for growth-oriented private companies leveraged to the ArkLaTex.

Jagged Peak goes public in a deal that fails to meet expectations, but why was the ultimate Permian valuation below some expectation? Is it a sign of peak metrics, or something more specific to their portfolio? New Permian pipe expansion projects are announced for the Cactus and BridgeTex systems, but we think they're not enough. Already have a subscription? Sign In. It's all a path to create cashflow. However, we believe Parsley should've cored up its Midland position instead of expanding the lower tier portion of its asset base.

The US week in brief report highlights the need-to-know events from US upstream. It is a rolling document, continuously updated with our own analysis and opinion on events impacting the sector. Coverage includes US onshore and Gulf of Mexico. Sources for the news stories include company press releases, industry events, press coverage, and our own modelling changes.

The facts are presented, but more importantly we discuss implications for our modelling. US upstream week in brief: Q4 archive. Skip to main content. Search label. LinkedIn Facebook Twitter Email. Discuss your challenges with our solutions experts Contact an Expert Close Contact an Expert Submit your details to find out more about how we can help you and your organisation.

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Several benches in the Bone Spring formation and others may also produce, giving JAG a stacked-pay situation to be developed over time. Also like many operators, including the other IPO companies, JAG's results to date have not been particularly impressive, given high costs and low reserves based on initial drilling and completion methods.

JAG's drilling and completion process going forward is expected to benefit from significantly lower costs as well as improvements in technology, including drilling long and extra-long laterals, bigger and more extensive fracture treatments. These improvements are expected to lead to much better reserve recoveries. JAG has identified 1, gross horizontal drilling locations on its acreage.

Now running a 3-rig program, JAG expects to ramp up to 6 rigs during using proceeds from the offering. At that pace JAG would have 26 years of inventory, excluding additional acreage acquisitions, which are likely. The chart below summarizes JAG's drilling results to date, illustrating the improvement in reserve recoveries and drilling and completion costs over time, admittedly a fairly short time with limited data points.

I would normally include a more detailed discussion of reserves, but at this point JAG is largely an acreage play. JAG does have proved reserves of 26 million barrels of oil, JAG's financial picture is also very straightforward. Once more, historical results are nothing to write home about, and based on history JAG would not have been able to attract the capital and valuation that it has with better things projected to come in the future.

Those figures reflect actual cash expenditures including depletion, which while not technically incurred during the period, was actually expended just prior to it and represents actual cash. Results in should be improved significantly. It was early in the process of analysis for me that my acrophobia again kicked in. Traditional methods of valuation like any cash flow or EBITDA multiples are of little use given the speculative development stage of the company.

What would it be in based on the development program set to take place? Besides, the analysts whose companies helped underwrite the offering will come up with their own estimates and recommendations 30 days out from the offering date, when the "quiet period" expires. Okay, so if traditional multiples are difficult to construct based on limited history, how about relationships to book value? Once again …. At 10X book value, though, given the actual results to date, JAG can certainly not be considered "cheap.

Also, I am sure I have ever seen an offering where the capital put in by new investors is actually part of a dilutive event at To repeat, with a reorganization that JAG is undertaking in connection with their IPO, the equity before and after the transaction is the same. How is this possible, you might ask, since investors are already suffering such massive dilution to begin with? The impact of that expense largely offsets the new capital being added. Employees will own approximately Ok, so what reference point is there to use in comparing JAG to its competitors?

Only time and a whole lot of future drilling will tell what or s are "correct. The JAG properties are right in the middle of these other acreage acquisitions in Reeves and Pecos Counties, and to the upper end of the chart for its Winkler and Ward County projects. In all, though, the 7 deals outlined below comprise the most recent transactions in the Delaware Basin and should be representative of the market value of assets there.

The actual book came out with Another feature I like to see in an IPO is for the proceeds to go to the company itself rather than to selling shareholders. In JAG's case the selling shareholders including Quantum were scheduled to sell 8 million shares, and at the IPO certain non-Quantum shareholders did sell 3.

Quantum did not sell any shares in the IPO as revised but will sell 4. Instead, that amount of future development will have to be satisfied through cash flow, debt or additional equity sales. The drop in price and shares sold, as well as the structure of the IPO sale, have likely created a negative first impression for many, and I believe that is why the stock sits below its IPO price. As they say, "you never get a second chance to make a first impression. Even though it may appear that I am extremely negative about JAG and its prospects, that is not necessarily the case.

As a "value play" I would definitely rate it very low, especially right now for buy and hold investors. Therefore, just as the mountains looked majestic to me from a distance, but a lot more dangerous and imposing close up, so it is with JAG. I like many things about the company conceptually, but up close its valuation makes me acrophobic.

It is a rolling document, continuously updated with our own analysis and opinion on events impacting the sector. Coverage includes US onshore and Gulf of Mexico. Sources for the news stories include company press releases, industry events, press coverage, and our own modelling changes. The facts are presented, but more importantly we discuss implications for our modelling. US upstream week in brief: Q4 archive. Skip to main content. Search label. LinkedIn Facebook Twitter Email. Discuss your challenges with our solutions experts Contact an Expert Close Contact an Expert Submit your details to find out more about how we can help you and your organisation.

S Minor Outlying Islands U. Consent Please keep me informed about Wood Mackenzie products, services and events. Please send me The Inside Track news digest. For details on how your data is used and stored, see our Privacy Notice. Close This article is based on North America Well Analysis Tool Track and forecast drilling activity and well performance in North America with the most complete well data package on the market.

Find out more. Related content. Insight Comstock and Range post strong reserves growth - US upstream week in brief. The Edge Shifting risks in global oil supply. Opinion What is COP26 and how is it vital to the energy transition? Insight US upstream week in brief: Q4 archive.

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