Top 10 Prime Oil Stock

Takeover Candidates

Source: ConocoPhillips

Over a barrel

Oil stocks both small and large have been badly beaten

down by weak oil prices. Because of this, many oil

companies are selling for a discounted value of their

proved oil reserves compared to other peers.

Source: Marathon Oil

Over a barrel

In many cases, it would be in an oil company’s best interest to

sell itself to the highest bidder. That’s what Rosetta Resources

did as it recently agreed to a sale to Noble Energy. That deal was for a 28% premium to the

company’s market value, which boosted its Enterprise Value-to-Proved Reserves to $13.65 per barrel of oil equivalent, or BOE.

Source: Marathon Oil

Over a barrel

With that deal in mind, here’s a list of the 10 oil stocks with the lowest Enterprise Value-

to-Proved Oil Reserves according to S&P Capital

IQ data. These oil companies could unlock a lot of value by

agreeing to a merger at a premium to the market’s

value for their oil reserves. Source: ConocoPhillips

Oasis Petroleum (NYSE: OAS)

• Enterprise Value: $4.9 billion

• Proved Reserves: 272 million BOE

• EV-to-Proved oil reserves: $20.20/barrel

• EV-to-Proved reserves: $17.87/BOE

Bakken-focused oil company

Whiting Petroleum (NYSE: WLL)

• Enterprise Value: $12.4 billion

• Proved Reserves: 780 million BOE

• EV-to-Proved oil reserves: $19.20/ barrel

• EV-to-Proved reserves: $15.86/BOE

Rockies-focused oil company

Northern Oil & Gas (NYSEMKT: NOG)

• Enterprise Value: $1.3 billion

• Proved Reserves: 100.7 million BOE

• EV-to-Proved oil reserves: $14.60/barrel

• EV-to-Proved reserves: $12.73/BOE

Bakken Shale-focused, non-operated oil company

ConocoPhillips (NYSE: COP)

• Enterprise Value: $100.8 billion

• Proved Reserves: 8.9 billion BOE

• EV-to-Proved oil reserves: $21.6/barrel

• EV-to-Proved reserves: $11.33/BOE

Globally diversified energy company

Marathon Oil (NYSE: MRO)

• Enterprise Value: $24.4 billion

• Proved Reserves: 2.2 billion BOE

• EV-to-Proved oil reserves: $15.9/barrel

• EV-to-Proved reserves: $11.11/BOE

Globally diversified energy company

Abraxas Petroleum (NASDAQ:AXAS)

• Enterprise Value: $461.8 million

• Proved Reserves: 42.4 million BOE

• EV-to-Proved oil reserves: $14.70/barrel

• EV-to-Proved reserves: $10.89/BOE

Bakken, Eagle Ford, and Permian Basin oil company

Bill Barrett Corp (NYSE: BBG)

• Enterprise Value: $1.1 billion

• Proved Reserves: 122 million BOE

• EV-to-Proved oil reserves: $13.90/barrel

• EV-to-Proved reserves: $9.20/BOE

Rockies-focused oil development company

Approach Resources (NASDAQ: AREX)

• Enterprise Value: $771.6 million

• Proved Reserves: 146 million BOE

• EV-to-Proved oil reserves: $14.00/barrel

• EV-to-Proved reserves: $5.29/BOE

Permian Basin-focused shale oil company.

Denbury Resources (NYSE: DNR)

• Enterprise Value: $6.3 billion

• Proved Reserves: 1.2 billion BOE

• EV-to-Proved oil reserves: $17.50/barrel

• EV-to-Proved reserves: $5.25/BOE

Enhance oil recovery specialist

California Resources (NYSE: CRC)

• Enterprise Value: $3.1 billion

• Proved Reserves: 768 million BOE

• EV-to-Proved oil reserves: $17.40/barrel

• EV-to-Proved reserves: $4.00/BOE

California-focused oil and gas company

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