Intrinsic value of Approach Resources - AREX

Previous Close

$1.39

  Intrinsic Value

$1.61

stock screener

  Rating & Target

hold

+16%

Previous close

$1.39

 
Intrinsic value

$1.61

 
Up/down potential

+16%

 
Rating

hold

We calculate the intrinsic value of AREX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  21.50
  19.85
  18.37
  17.03
  15.83
  14.74
  13.77
  12.89
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
Revenue, $m
  128
  153
  182
  213
  246
  282
  321
  363
  407
  453
  502
  553
  606
  662
  720
  780
  843
  909
  977
  1,047
  1,120
  1,197
  1,276
  1,358
  1,444
  1,534
  1,627
  1,724
  1,825
  1,930
Variable operating expenses, $m
  191
  229
  271
  318
  368
  422
  480
  542
  608
  677
  750
  826
  906
  989
  1,076
  1,167
  1,261
  1,358
  1,460
  1,565
  1,675
  1,789
  1,908
  2,031
  2,159
  2,293
  2,432
  2,577
  2,728
  2,885
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  191
  229
  271
  318
  368
  422
  480
  542
  608
  677
  750
  826
  906
  989
  1,076
  1,167
  1,261
  1,358
  1,460
  1,565
  1,675
  1,789
  1,908
  2,031
  2,159
  2,293
  2,432
  2,577
  2,728
  2,885
Operating income, $m
  -63
  -76
  -90
  -105
  -122
  -140
  -159
  -180
  -201
  -224
  -248
  -274
  -300
  -328
  -356
  -386
  -417
  -450
  -483
  -518
  -555
  -592
  -632
  -672
  -715
  -759
  -805
  -853
  -903
  -955
EBITDA, $m
  23
  27
  32
  38
  44
  50
  57
  64
  72
  80
  89
  98
  108
  117
  128
  139
  150
  161
  173
  186
  199
  212
  227
  241
  256
  272
  289
  306
  324
  343
Interest expense (income), $m
  26
  20
  26
  33
  40
  48
  56
  66
  76
  86
  97
  109
  121
  134
  148
  162
  177
  192
  208
  225
  242
  260
  279
  298
  319
  340
  361
  384
  408
  433
  458
Earnings before tax, $m
  -84
  -102
  -123
  -145
  -170
  -196
  -225
  -255
  -287
  -321
  -357
  -395
  -434
  -476
  -519
  -563
  -610
  -658
  -708
  -761
  -815
  -871
  -930
  -991
  -1,055
  -1,121
  -1,189
  -1,261
  -1,336
  -1,414
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -84
  -102
  -123
  -145
  -170
  -196
  -225
  -255
  -287
  -321
  -357
  -395
  -434
  -476
  -519
  -563
  -610
  -658
  -708
  -761
  -815
  -871
  -930
  -991
  -1,055
  -1,121
  -1,189
  -1,261
  -1,336
  -1,414

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,347
  1,615
  1,911
  2,237
  2,591
  2,973
  3,382
  3,818
  4,280
  4,768
  5,281
  5,818
  6,380
  6,967
  7,578
  8,214
  8,876
  9,564
  10,279
  11,022
  11,795
  12,597
  13,432
  14,300
  15,203
  16,143
  17,122
  18,143
  19,207
  20,316
Adjusted assets (=assets-cash), $m
  1,347
  1,615
  1,911
  2,237
  2,591
  2,973
  3,382
  3,818
  4,280
  4,768
  5,281
  5,818
  6,380
  6,967
  7,578
  8,214
  8,876
  9,564
  10,279
  11,022
  11,795
  12,597
  13,432
  14,300
  15,203
  16,143
  17,122
  18,143
  19,207
  20,316
Revenue / Adjusted assets
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
Average production assets, $m
  1,326
  1,589
  1,881
  2,201
  2,549
  2,925
  3,328
  3,757
  4,211
  4,691
  5,196
  5,724
  6,277
  6,855
  7,456
  8,082
  8,733
  9,410
  10,114
  10,845
  11,605
  12,395
  13,216
  14,070
  14,958
  15,884
  16,847
  17,851
  18,898
  19,990
Working capital, $m
  -9
  -11
  -13
  -15
  -18
  -20
  -23
  -26
  -29
  -33
  -36
  -40
  -44
  -48
  -52
  -56
  -61
  -65
  -70
  -75
  -81
  -86
  -92
  -98
  -104
  -110
  -117
  -124
  -131
  -139
Total debt, $m
  487
  607
  740
  886
  1,044
  1,215
  1,399
  1,594
  1,801
  2,019
  2,249
  2,490
  2,742
  3,005
  3,278
  3,563
  3,860
  4,168
  4,489
  4,821
  5,167
  5,527
  5,901
  6,290
  6,694
  7,116
  7,554
  8,012
  8,488
  8,985
Total liabilities, $m
  604
  723
  856
  1,002
  1,161
  1,332
  1,515
  1,711
  1,918
  2,136
  2,366
  2,606
  2,858
  3,121
  3,395
  3,680
  3,977
  4,285
  4,605
  4,938
  5,284
  5,644
  6,017
  6,406
  6,811
  7,232
  7,671
  8,128
  8,605
  9,102
Total equity, $m
  744
  891
  1,055
  1,235
  1,430
  1,641
  1,867
  2,108
  2,363
  2,632
  2,915
  3,212
  3,522
  3,846
  4,183
  4,534
  4,900
  5,279
  5,674
  6,084
  6,511
  6,954
  7,414
  7,893
  8,392
  8,911
  9,452
  10,015
  10,602
  11,215
Total liabilities and equity, $m
  1,348
  1,614
  1,911
  2,237
  2,591
  2,973
  3,382
  3,819
  4,281
  4,768
  5,281
  5,818
  6,380
  6,967
  7,578
  8,214
  8,877
  9,564
  10,279
  11,022
  11,795
  12,598
  13,431
  14,299
  15,203
  16,143
  17,123
  18,143
  19,207
  20,317
Debt-to-equity ratio
  0.650
  0.680
  0.700
  0.720
  0.730
  0.740
  0.750
  0.760
  0.760
  0.770
  0.770
  0.780
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
Adjusted equity ratio
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -84
  -102
  -123
  -145
  -170
  -196
  -225
  -255
  -287
  -321
  -357
  -395
  -434
  -476
  -519
  -563
  -610
  -658
  -708
  -761
  -815
  -871
  -930
  -991
  -1,055
  -1,121
  -1,189
  -1,261
  -1,336
  -1,414
Depreciation, amort., depletion, $m
  86
  103
  122
  143
  166
  190
  216
  244
  273
  305
  337
  372
  408
  445
  484
  525
  567
  611
  657
  704
  754
  805
  858
  914
  971
  1,031
  1,094
  1,159
  1,227
  1,298
Funds from operations, $m
  2
  1
  -1
  -2
  -4
  -6
  -9
  -11
  -14
  -17
  -20
  -23
  -27
  -31
  -34
  -38
  -43
  -47
  -52
  -56
  -61
  -67
  -72
  -77
  -83
  -89
  -95
  -102
  -109
  -116
Change in working capital, $m
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Cash from operations, $m
  4
  3
  1
  0
  -2
  -4
  -6
  -8
  -11
  -14
  -16
  -20
  -23
  -27
  -30
  -34
  -38
  -42
  -47
  -51
  -56
  -61
  -66
  -72
  -77
  -83
  -89
  -95
  -101
  -108
Maintenance CAPEX, $m
  -71
  -86
  -103
  -122
  -143
  -166
  -190
  -216
  -244
  -273
  -305
  -337
  -372
  -408
  -445
  -484
  -525
  -567
  -611
  -657
  -704
  -754
  -805
  -858
  -914
  -971
  -1,031
  -1,094
  -1,159
  -1,227
New CAPEX, $m
  -238
  -263
  -292
  -320
  -348
  -376
  -403
  -429
  -455
  -480
  -504
  -529
  -553
  -577
  -601
  -626
  -651
  -677
  -704
  -731
  -760
  -790
  -821
  -854
  -889
  -925
  -964
  -1,004
  -1,047
  -1,092
Cash from investing activities, $m
  -309
  -349
  -395
  -442
  -491
  -542
  -593
  -645
  -699
  -753
  -809
  -866
  -925
  -985
  -1,046
  -1,110
  -1,176
  -1,244
  -1,315
  -1,388
  -1,464
  -1,544
  -1,626
  -1,712
  -1,803
  -1,896
  -1,995
  -2,098
  -2,206
  -2,319
Free cash flow, $m
  -305
  -346
  -393
  -442
  -493
  -545
  -598
  -653
  -709
  -767
  -826
  -886
  -948
  -1,011
  -1,077
  -1,144
  -1,214
  -1,287
  -1,361
  -1,439
  -1,520
  -1,604
  -1,692
  -1,784
  -1,879
  -1,979
  -2,084
  -2,193
  -2,307
  -2,427
Issuance/(repayment) of debt, $m
  111
  120
  133
  146
  159
  171
  183
  195
  207
  218
  230
  241
  252
  263
  274
  285
  297
  308
  320
  333
  346
  360
  374
  389
  405
  421
  439
  457
  477
  497
Issuance/(repurchase) of shares, $m
  220
  250
  286
  325
  365
  407
  451
  496
  542
  591
  640
  692
  745
  799
  856
  915
  975
  1,038
  1,103
  1,171
  1,241
  1,315
  1,391
  1,470
  1,553
  1,640
  1,730
  1,824
  1,923
  2,026
Cash from financing (excl. dividends), $m  
  331
  370
  419
  471
  524
  578
  634
  691
  749
  809
  870
  933
  997
  1,062
  1,130
  1,200
  1,272
  1,346
  1,423
  1,504
  1,587
  1,675
  1,765
  1,859
  1,958
  2,061
  2,169
  2,281
  2,400
  2,523
Total cash flow (excl. dividends), $m
  27
  23
  26
  28
  31
  33
  36
  38
  40
  42
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  67
  70
  72
  75
  78
  82
  85
  89
  92
  96
Retained Cash Flow (-), $m
  -220
  -250
  -286
  -325
  -365
  -407
  -451
  -496
  -542
  -591
  -640
  -692
  -745
  -799
  -856
  -915
  -975
  -1,038
  -1,103
  -1,171
  -1,241
  -1,315
  -1,391
  -1,470
  -1,553
  -1,640
  -1,730
  -1,824
  -1,923
  -2,026
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -193
  -227
  -261
  -297
  -334
  -374
  -415
  -458
  -502
  -548
  -596
  -645
  -696
  -749
  -803
  -859
  -918
  -978
  -1,041
  -1,106
  -1,174
  -1,245
  -1,318
  -1,395
  -1,475
  -1,558
  -1,645
  -1,736
  -1,831
  -1,930
Discount rate, %
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
  -180
  -195
  -205
  -213
  -216
  -216
  -212
  -205
  -195
  -182
  -168
  -152
  -135
  -117
  -101
  -85
  -70
  -56
  -44
  -34
  -26
  -19
  -14
  -10
  -7
  -4
  -3
  -2
  -1
  -1
Current shareholders' claim on cash, %
  65.9
  44.5
  30.5
  21.2
  14.9
  10.6
  7.6
  5.5
  4.0
  3.0
  2.2
  1.6
  1.2
  0.9
  0.7
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0

Approach Resources Inc. is an independent energy company. The Company is focused on the exploration, development, production and acquisition of unconventional oil and gas reserves in the Midland Basin of the greater Permian Basin in West Texas. The Company's business segment is the exploration and production of oil, natural gas liquids (NGLs) and natural gas. The Company's assets cover an area of approximately 126,000 net acres. Its proved reserves are approximately 166.6 million barrels of oil equivalent. The Company's proved reserves are primarily located in Crockett and Schleicher Counties, Texas. The Company's Permian Basin acreage is known as the Project Pangea. The Company owns and operates approximately 800 producing oil and gas wells in the Permian Basin. The Company, through a joint venture with EnCana Oil & Gas (USA) Inc., holds interests in the approximately 3,000 gross acre project in Limestone and Robertson Counties, Texas, in the East Texas Cotton Valley trend.

FINANCIAL RATIOS  of  Approach Resources (AREX)

Valuation Ratios
P/E Ratio -1.1
Price to Sales 0.6
Price to Book 0.1
Price to Tangible Book
Price to Cash Flow 2.2
Price to Free Cash Flow 9.7
Growth Rates
Sales Growth Rate -31.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -86.8%
Cap. Spend. - 3 Yr. Gr. Rate -41.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 88.5%
Total Debt to Equity 88.5%
Interest Coverage -2
Management Effectiveness
Return On Assets -3%
Ret/ On Assets - 3 Yr. Avg. -3.3%
Return On Total Capital -4.8%
Ret/ On T. Cap. - 3 Yr. Avg. -5%
Return On Equity -8.9%
Return On Equity - 3 Yr. Avg. -8.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 70%
Gross Margin - 3 Yr. Avg. 73.5%
EBITDA Margin 31.1%
EBITDA Margin - 3 Yr. Avg. 3.9%
Operating Margin -51.1%
Oper. Margin - 3 Yr. Avg. -75%
Pre-Tax Margin -85.6%
Pre-Tax Margin - 3 Yr. Avg. -85.1%
Net Profit Margin -57.8%
Net Profit Margin - 3 Yr. Avg. -56.3%
Effective Tax Rate 32.5%
Eff/ Tax Rate - 3 Yr. Avg. 35.1%
Payout Ratio 0%

AREX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AREX stock intrinsic value calculation we used $105.349 million for the last fiscal year's total revenue generated by Approach Resources. The default revenue input number comes from 0001 income statement of Approach Resources. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AREX stock valuation model: a) initial revenue growth rate of 21.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.5%, whose default value for AREX is calculated based on our internal credit rating of Approach Resources, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Approach Resources.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AREX stock the variable cost ratio is equal to 149.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AREX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Approach Resources.

Corporate tax rate of 27% is the nominal tax rate for Approach Resources. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AREX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AREX are equal to 1035.7%.

Life of production assets of 15.4 years is the average useful life of capital assets used in Approach Resources operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AREX is equal to -7.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $607.416 million for Approach Resources - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 94.487 million for Approach Resources is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Approach Resources at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Approach Resources: 3Q Earnings Snapshot   [07:24PM  Associated Press]
▶ Approach Resources: 2Q Earnings Snapshot   [05:07AM  Associated Press]
▶ Approach Resources Inc. Reports Second Quarter 2018 Results   [Aug-01-18 04:30PM  Business Wire]
▶ Approach Resources: 1Q Earnings Snapshot   [May-03-18 05:11AM  Associated Press]
▶ Approach Resources Inc. to Host Earnings Call   [Mar-09-18 09:00AM  ACCESSWIRE]
▶ Approach Resources meets 4Q profit forecasts   [Mar-08-18 06:19PM  Associated Press]
▶ OECDs Crude Oil Inventories: Trump Card for Crude Oil Bulls?   [Jan-18-18 08:53AM  Market Realist]
▶ Upstream Losers: AREX, EXXI, NOG, SN, and REI   [Jan-17-18 04:20PM  Market Realist]
▶ What Is Approach Resources Incs (AREX) Share Price Doing?   [Nov-17-17 09:14AM  Simply Wall St.]
▶ Approach Resources Inc. to Host Earnings Call   [Nov-02-17 09:00AM  ACCESSWIRE]
▶ Approach Resources reports 3Q loss   [05:47AM  Associated Press]
▶ Are Approach Resources Incs (AREX) Interest Costs Too High?   [Oct-20-17 02:56PM  Simply Wall St.]
▶ Last Week on Market Realist: Key Energy Industry Updates   [Sep-19-17 03:06PM  Market Realist]
▶ Why these Upstream Companies Have Concerning Debt Situations   [Sep-14-17 04:37PM  Market Realist]
▶ What Is Approach Resources Incs (AREX) Share Price Doing?   [Sep-06-17 03:26PM  Simply Wall St.]
▶ Approach Resources reports 2Q loss   [Aug-04-17 01:08AM  Associated Press]
▶ 5 Zombie Stocks Coming Back From the Dead   [May-20-17 03:00PM  Motley Fool]
▶ Oil and Gas Stock Roundup: Crude Oil Mounts a Comeback   [May-13-17 10:00AM  Motley Fool]
▶ Approach Resources reports 1Q loss   [May-04-17 07:25PM  Associated Press]

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