Intrinsic value of Halcon Resources - HK

Previous Close

$3.02

  Intrinsic Value

$1.67

stock screener

  Rating & Target

sell

-45%

Previous close

$3.02

 
Intrinsic value

$1.67

 
Up/down potential

-45%

 
Rating

sell

We calculate the intrinsic value of HK 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 0.5

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  386
  394
  405
  416
  429
  442
  457
  474
  491
  510
  530
  552
  575
  599
  625
  652
  681
  712
  744
  779
  815
  853
  893
  935
  980
  1,027
  1,076
  1,128
  1,182
  1,240
Variable operating expenses, $m
  2,308
  2,361
  2,422
  2,490
  2,566
  2,648
  2,739
  2,836
  2,941
  3,054
  3,175
  3,304
  3,441
  3,587
  3,742
  3,906
  4,079
  4,263
  4,457
  4,661
  4,877
  5,105
  5,346
  5,599
  5,865
  6,146
  6,441
  6,752
  7,079
  7,423
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
  2,308
  2,361
  2,422
  2,490
  2,566
  2,648
  2,739
  2,836
  2,941
  3,054
  3,175
  3,304
  3,441
  3,587
  3,742
  3,906
  4,079
  4,263
  4,457
  4,661
  4,877
  5,105
  5,346
  5,599
  5,865
  6,146
  6,441
  6,752
  7,079
  7,423
Operating income, $m
  -1,923
  -1,967
  -2,017
  -2,074
  -2,137
  -2,206
  -2,281
  -2,362
  -2,450
  -2,544
  -2,645
  -2,752
  -2,866
  -2,988
  -3,117
  -3,253
  -3,398
  -3,551
  -3,712
  -3,883
  -4,063
  -4,253
  -4,453
  -4,663
  -4,885
  -5,119
  -5,365
  -5,624
  -5,897
  -6,183
EBITDA, $m
  -1,810
  -1,852
  -1,900
  -1,953
  -2,012
  -2,077
  -2,148
  -2,225
  -2,307
  -2,396
  -2,490
  -2,592
  -2,699
  -2,814
  -2,935
  -3,063
  -3,200
  -3,344
  -3,496
  -3,656
  -3,826
  -4,005
  -4,193
  -4,391
  -4,601
  -4,821
  -5,052
  -5,296
  -5,553
  -5,822
Interest expense (income), $m
  0
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
Earnings before tax, $m
  -1,945
  -1,990
  -2,041
  -2,098
  -2,162
  -2,232
  -2,308
  -2,391
  -2,480
  -2,575
  -2,678
  -2,787
  -2,903
  -3,026
  -3,157
  -3,295
  -3,442
  -3,598
  -3,762
  -3,935
  -4,118
  -4,310
  -4,513
  -4,728
  -4,953
  -5,190
  -5,440
  -5,703
  -5,980
  -6,271
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
  -1,945
  -1,990
  -2,041
  -2,098
  -2,162
  -2,232
  -2,308
  -2,391
  -2,480
  -2,575
  -2,678
  -2,787
  -2,903
  -3,026
  -3,157
  -3,295
  -3,442
  -3,598
  -3,762
  -3,935
  -4,118
  -4,310
  -4,513
  -4,728
  -4,953
  -5,190
  -5,440
  -5,703
  -5,980
  -6,271

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
  1,397
  1,429
  1,466
  1,507
  1,553
  1,603
  1,657
  1,716
  1,780
  1,848
  1,921
  1,999
  2,082
  2,171
  2,264
  2,364
  2,469
  2,580
  2,697
  2,821
  2,952
  3,090
  3,235
  3,388
  3,549
  3,719
  3,898
  4,086
  4,284
  4,492
Adjusted assets (=assets-cash), $m
  1,397
  1,429
  1,466
  1,507
  1,553
  1,603
  1,657
  1,716
  1,780
  1,848
  1,921
  1,999
  2,082
  2,171
  2,264
  2,364
  2,469
  2,580
  2,697
  2,821
  2,952
  3,090
  3,235
  3,388
  3,549
  3,719
  3,898
  4,086
  4,284
  4,492
Revenue / Adjusted assets
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
Average production assets, $m
  2,063
  2,111
  2,165
  2,226
  2,293
  2,367
  2,448
  2,535
  2,629
  2,730
  2,838
  2,953
  3,076
  3,206
  3,345
  3,491
  3,646
  3,811
  3,984
  4,167
  4,360
  4,564
  4,779
  5,005
  5,243
  5,494
  5,758
  6,036
  6,328
  6,636
Working capital, $m
  -104
  -107
  -110
  -113
  -116
  -120
  -124
  -128
  -133
  -138
  -144
  -150
  -156
  -162
  -169
  -177
  -185
  -193
  -202
  -211
  -221
  -231
  -242
  -253
  -265
  -278
  -292
  -306
  -320
  -336
Total debt, $m
  420
  433
  449
  466
  485
  506
  529
  553
  580
  608
  639
  671
  706
  743
  782
  823
  867
  913
  962
  1,014
  1,068
  1,126
  1,187
  1,250
  1,318
  1,388
  1,463
  1,541
  1,624
  1,711
Total liabilities, $m
  582
  596
  611
  628
  647
  668
  691
  716
  742
  771
  801
  834
  868
  905
  944
  986
  1,029
  1,076
  1,125
  1,176
  1,231
  1,288
  1,349
  1,413
  1,480
  1,551
  1,625
  1,704
  1,786
  1,873
Total equity, $m
  814
  833
  854
  879
  905
  934
  966
  1,001
  1,038
  1,078
  1,120
  1,166
  1,214
  1,266
  1,320
  1,378
  1,439
  1,504
  1,572
  1,645
  1,721
  1,801
  1,886
  1,975
  2,069
  2,168
  2,273
  2,382
  2,498
  2,619
Total liabilities and equity, $m
  1,396
  1,429
  1,465
  1,507
  1,552
  1,602
  1,657
  1,717
  1,780
  1,849
  1,921
  2,000
  2,082
  2,171
  2,264
  2,364
  2,468
  2,580
  2,697
  2,821
  2,952
  3,089
  3,235
  3,388
  3,549
  3,719
  3,898
  4,086
  4,284
  4,492
Debt-to-equity ratio
  0.520
  0.520
  0.530
  0.530
  0.540
  0.540
  0.550
  0.550
  0.560
  0.560
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
  0.610
  0.610
  0.620
  0.620
  0.630
  0.630
  0.630
  0.640
  0.640
  0.640
  0.650
  0.650
  0.650
Adjusted equity ratio
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583
  0.583

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1,945
  -1,990
  -2,041
  -2,098
  -2,162
  -2,232
  -2,308
  -2,391
  -2,480
  -2,575
  -2,678
  -2,787
  -2,903
  -3,026
  -3,157
  -3,295
  -3,442
  -3,598
  -3,762
  -3,935
  -4,118
  -4,310
  -4,513
  -4,728
  -4,953
  -5,190
  -5,440
  -5,703
  -5,980
  -6,271
Depreciation, amort., depletion, $m
  112
  115
  118
  121
  125
  129
  133
  138
  143
  148
  154
  161
  167
  174
  182
  190
  198
  207
  217
  226
  237
  248
  260
  272
  285
  299
  313
  328
  344
  361
Funds from operations, $m
  -1,833
  -1,875
  -1,923
  -1,977
  -2,038
  -2,104
  -2,175
  -2,253
  -2,337
  -2,427
  -2,523
  -2,626
  -2,735
  -2,852
  -2,975
  -3,106
  -3,244
  -3,390
  -3,545
  -3,708
  -3,881
  -4,062
  -4,254
  -4,456
  -4,668
  -4,892
  -5,127
  -5,375
  -5,636
  -5,910
Change in working capital, $m
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
Cash from operations, $m
  -1,831
  -1,872
  -1,920
  -1,974
  -2,034
  -2,100
  -2,171
  -2,249
  -2,332
  -2,422
  -2,518
  -2,620
  -2,729
  -2,845
  -2,968
  -3,098
  -3,236
  -3,382
  -3,536
  -3,699
  -3,871
  -4,052
  -4,243
  -4,444
  -4,656
  -4,879
  -5,114
  -5,361
  -5,621
  -5,895
Maintenance CAPEX, $m
  -110
  -112
  -115
  -118
  -121
  -125
  -129
  -133
  -138
  -143
  -148
  -154
  -161
  -167
  -174
  -182
  -190
  -198
  -207
  -217
  -226
  -237
  -248
  -260
  -272
  -285
  -299
  -313
  -328
  -344
New CAPEX, $m
  -40
  -47
  -54
  -61
  -67
  -74
  -81
  -87
  -94
  -101
  -108
  -115
  -123
  -130
  -138
  -147
  -155
  -164
  -173
  -183
  -193
  -204
  -215
  -226
  -238
  -251
  -264
  -278
  -292
  -307
Cash from investing activities, $m
  -150
  -159
  -169
  -179
  -188
  -199
  -210
  -220
  -232
  -244
  -256
  -269
  -284
  -297
  -312
  -329
  -345
  -362
  -380
  -400
  -419
  -441
  -463
  -486
  -510
  -536
  -563
  -591
  -620
  -651
Free cash flow, $m
  -1,981
  -2,032
  -2,089
  -2,153
  -2,223
  -2,298
  -2,381
  -2,469
  -2,564
  -2,666
  -2,774
  -2,890
  -3,012
  -3,143
  -3,281
  -3,427
  -3,581
  -3,744
  -3,917
  -4,099
  -4,290
  -4,493
  -4,706
  -4,930
  -5,166
  -5,415
  -5,677
  -5,952
  -6,241
  -6,546
Issuance/(repayment) of debt, $m
  11
  13
  15
  17
  19
  21
  23
  25
  27
  28
  30
  33
  35
  37
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  67
  71
  75
  78
  83
  87
Issuance/(repurchase) of shares, $m
  1,961
  2,008
  2,062
  2,122
  2,189
  2,261
  2,340
  2,425
  2,517
  2,615
  2,720
  2,832
  2,951
  3,077
  3,211
  3,353
  3,503
  3,662
  3,830
  4,007
  4,194
  4,391
  4,598
  4,817
  5,047
  5,289
  5,544
  5,813
  6,095
  6,392
Cash from financing (excl. dividends), $m  
  1,972
  2,021
  2,077
  2,139
  2,208
  2,282
  2,363
  2,450
  2,544
  2,643
  2,750
  2,865
  2,986
  3,114
  3,250
  3,394
  3,547
  3,708
  3,879
  4,059
  4,249
  4,449
  4,659
  4,881
  5,114
  5,360
  5,619
  5,891
  6,178
  6,479
Total cash flow (excl. dividends), $m
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
Retained Cash Flow (-), $m
  -1,961
  -2,008
  -2,062
  -2,122
  -2,189
  -2,261
  -2,340
  -2,425
  -2,517
  -2,615
  -2,720
  -2,832
  -2,951
  -3,077
  -3,211
  -3,353
  -3,503
  -3,662
  -3,830
  -4,007
  -4,194
  -4,391
  -4,598
  -4,817
  -5,047
  -5,289
  -5,544
  -5,813
  -6,095
  -6,392
Prev. year cash balance distribution, $m
  274
  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
  -1,696
  -2,008
  -2,062
  -2,122
  -2,189
  -2,261
  -2,340
  -2,425
  -2,517
  -2,615
  -2,720
  -2,832
  -2,951
  -3,077
  -3,211
  -3,353
  -3,503
  -3,662
  -3,830
  -4,007
  -4,194
  -4,391
  -4,598
  -4,817
  -5,047
  -5,289
  -5,544
  -5,813
  -6,095
  -6,392
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -1,626
  -1,838
  -1,795
  -1,748
  -1,697
  -1,641
  -1,581
  -1,516
  -1,446
  -1,371
  -1,292
  -1,209
  -1,122
  -1,033
  -943
  -852
  -762
  -674
  -590
  -509
  -434
  -364
  -301
  -245
  -196
  -154
  -119
  -90
  -67
  -48
Current shareholders' claim on cash, %
  22.2
  4.9
  1.1
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Halcón Resources Corporation, an independent energy company, engages in the acquisition, production, exploration, and development of onshore oil and natural gas properties in the United States. The company primarily holds interests the Bakken/Three Forks Formations comprising approximately 123,000 net acres of area in North Dakota; and East Texas Eagle Ford Formations covering approximately 92,000 acres of area in Brazos, Burleson, and Robertson counties. As of December 31, 2014, it had estimated proved reserves of approximately 146.8 million barrels of oil equivalent comprising 120.7 million barrels of crude oil, 13.0 million barrels of natural gas liquids, and 78.4 billion cubic feet of natural gas. The company was formerly known as RAM Energy Resources, Inc. and changed its name to Halcón Resources Corporation in February 2012. Halcón Resources Corporation was founded in 1987 and is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  Halcon Resources (HK)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

HK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HK stock intrinsic value calculation we used $377.965 million for the last fiscal year's total revenue generated by Halcon Resources. The default revenue input number comes from 0001 income statement of Halcon 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 HK stock valuation model: a) initial revenue growth rate of 2% 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 4.3%, whose default value for HK is calculated based on our internal credit rating of Halcon 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 Halcon 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 HK stock the variable cost ratio is equal to 598.7%.

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 HK 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 Halcon Resources.

Corporate tax rate of 27% is the nominal tax rate for Halcon 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 HK 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 HK are equal to 535.2%.

Life of production assets of 18.4 years is the average useful life of capital assets used in Halcon 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 HK is equal to -27.1%. 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 - $1071.998 million for Halcon 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 160.655 million for Halcon 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 Halcon Resources at the current share price and the inputted number of shares is $0.5 billion.

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