Intrinsic value of Contango Oil&Gas - MCF

Previous Close

$5.75

  Intrinsic Value

$2.18

stock screener

  Rating & Target

str. sell

-62%

Previous close

$5.75

 
Intrinsic value

$2.18

 
Up/down potential

-62%

 
Rating

str. sell

We calculate the intrinsic value of MCF 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, %
  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
  80
  82
  84
  86
  89
  92
  95
  98
  102
  106
  110
  115
  119
  125
  130
  136
  142
  148
  155
  162
  169
  177
  186
  194
  204
  213
  224
  234
  246
  258
Variable operating expenses, $m
  135
  138
  142
  146
  150
  155
  160
  166
  172
  179
  186
  193
  201
  210
  219
  228
  238
  249
  260
  272
  285
  298
  312
  327
  343
  359
  376
  395
  414
  434
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
  135
  138
  142
  146
  150
  155
  160
  166
  172
  179
  186
  193
  201
  210
  219
  228
  238
  249
  260
  272
  285
  298
  312
  327
  343
  359
  376
  395
  414
  434
Operating income, $m
  -55
  -56
  -58
  -59
  -61
  -63
  -65
  -67
  -70
  -73
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -176
EBITDA, $m
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
Interest expense (income), $m
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
Earnings before tax, $m
  -60
  -61
  -63
  -65
  -67
  -69
  -72
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -143
  -150
  -158
  -166
  -174
  -182
  -191
  -201
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
  -60
  -61
  -63
  -65
  -67
  -69
  -72
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -143
  -150
  -158
  -166
  -174
  -182
  -191
  -201

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
  387
  396
  406
  418
  430
  444
  459
  476
  493
  512
  532
  554
  577
  601
  627
  655
  684
  715
  747
  782
  818
  856
  896
  939
  983
  1,031
  1,080
  1,132
  1,187
  1,245
Adjusted assets (=assets-cash), $m
  387
  396
  406
  418
  430
  444
  459
  476
  493
  512
  532
  554
  577
  601
  627
  655
  684
  715
  747
  782
  818
  856
  896
  939
  983
  1,031
  1,080
  1,132
  1,187
  1,245
Revenue / Adjusted assets
  0.207
  0.207
  0.207
  0.206
  0.207
  0.207
  0.207
  0.206
  0.207
  0.207
  0.207
  0.208
  0.206
  0.208
  0.207
  0.208
  0.208
  0.207
  0.207
  0.207
  0.207
  0.207
  0.208
  0.207
  0.208
  0.207
  0.207
  0.207
  0.207
  0.207
Average production assets, $m
  348
  356
  365
  375
  387
  399
  413
  428
  444
  461
  479
  498
  519
  541
  564
  589
  615
  643
  672
  703
  735
  770
  806
  844
  884
  927
  971
  1,018
  1,067
  1,119
Working capital, $m
  -36
  -37
  -38
  -39
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -92
  -96
  -101
  -105
  -111
  -116
Total debt, $m
  88
  91
  95
  100
  105
  111
  117
  124
  131
  139
  147
  156
  166
  176
  186
  198
  210
  222
  236
  250
  265
  280
  297
  314
  333
  352
  372
  394
  416
  440
Total liabilities, $m
  159
  163
  167
  172
  177
  183
  189
  195
  203
  210
  219
  228
  237
  247
  258
  269
  281
  294
  307
  321
  336
  352
  368
  386
  404
  424
  444
  465
  488
  512
Total equity, $m
  228
  233
  239
  246
  253
  262
  270
  280
  291
  302
  314
  326
  340
  354
  370
  386
  403
  421
  440
  460
  482
  504
  528
  553
  579
  607
  636
  667
  699
  733
Total liabilities and equity, $m
  387
  396
  406
  418
  430
  445
  459
  475
  494
  512
  533
  554
  577
  601
  628
  655
  684
  715
  747
  781
  818
  856
  896
  939
  983
  1,031
  1,080
  1,132
  1,187
  1,245
Debt-to-equity ratio
  0.380
  0.390
  0.400
  0.410
  0.420
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.500
  0.510
  0.520
  0.530
  0.540
  0.540
  0.550
  0.560
  0.560
  0.570
  0.570
  0.580
  0.590
  0.590
  0.600
  0.600
Adjusted equity ratio
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -60
  -61
  -63
  -65
  -67
  -69
  -72
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -143
  -150
  -158
  -166
  -174
  -182
  -191
  -201
Depreciation, amort., depletion, $m
  48
  49
  50
  51
  53
  55
  57
  59
  61
  63
  66
  68
  71
  74
  77
  81
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  139
  146
  153
Funds from operations, $m
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
Cash from operations, $m
  -11
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -20
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
Maintenance CAPEX, $m
  -47
  -48
  -49
  -50
  -51
  -53
  -55
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
  -139
  -146
New CAPEX, $m
  -5
  -8
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
Cash from investing activities, $m
  -52
  -56
  -58
  -60
  -62
  -65
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -156
  -163
  -172
  -180
  -188
  -198
Free cash flow, $m
  -63
  -67
  -70
  -73
  -75
  -79
  -82
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -122
  -128
  -135
  -141
  -148
  -155
  -163
  -171
  -179
  -188
  -198
  -208
  -218
  -229
  -240
Issuance/(repayment) of debt, $m
  2
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
  24
Issuance/(repurchase) of shares, $m
  63
  66
  69
  71
  74
  77
  80
  84
  88
  91
  96
  100
  104
  109
  114
  120
  126
  132
  138
  145
  152
  159
  167
  175
  184
  193
  203
  213
  224
  235
Cash from financing (excl. dividends), $m  
  65
  70
  73
  76
  79
  83
  86
  91
  95
  99
  104
  109
  113
  119
  125
  131
  138
  145
  151
  159
  167
  175
  184
  192
  202
  212
  223
  234
  247
  259
Total cash flow (excl. dividends), $m
  2
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
Retained Cash Flow (-), $m
  -63
  -66
  -69
  -71
  -74
  -77
  -80
  -84
  -88
  -91
  -96
  -100
  -104
  -109
  -114
  -120
  -126
  -132
  -138
  -145
  -152
  -159
  -167
  -175
  -184
  -193
  -203
  -213
  -224
  -235
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
  -61
  -64
  -66
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -93
  -97
  -102
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -154
  -162
  -170
  -178
  -187
  -196
  -206
  -216
Discount rate, %
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
  -58
  -58
  -56
  -54
  -53
  -51
  -48
  -46
  -44
  -41
  -38
  -35
  -32
  -29
  -26
  -24
  -21
  -18
  -15
  -13
  -11
  -9
  -7
  -6
  -4
  -3
  -2
  -2
  -1
  -1
Current shareholders' claim on cash, %
  71.3
  50.4
  35.4
  24.8
  17.3
  12.1
  8.4
  5.8
  4.0
  2.8
  1.9
  1.3
  0.9
  0.6
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Contango Oil & Gas Company (Contango) is an independent oil and natural gas company. The Company is engaged in the exploration, development, exploitation and acquisition of crude oil and natural gas properties in the onshore Texas Gulf Coast, offshore properties in the shallow waters of the Gulf of Mexico (GOM) and Rocky Mountain regions of the United States. The Company's properties are located in Gulf of Mexico; Madison and Grimes counties, Texas; Zavala and Dimmit counties, Texas; Weston County, Wyoming; Texas Gulf Coast, and Sublette County, Wyoming. In addition, the Company has operated properties producing from various conventional formations in various counties along the Texas Gulf Coast; operated producing properties in the Denver Julesburg Basin (DJ Basin) in Weld and Adams counties in Colorado, and operated producing properties in the Haynesville Shale, Mid Bossier and James Lime formations in East Texas.

FINANCIAL RATIOS  of  Contango Oil&Gas (MCF)

Valuation Ratios
P/E Ratio -2.5
Price to Sales 1.9
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 4.5
Price to Free Cash Flow 20.7
Growth Rates
Sales Growth Rate -33.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -67.9%
Cap. Spend. - 3 Yr. Gr. Rate -14%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 22.9%
Total Debt to Equity 22.9%
Interest Coverage -14
Management Effectiveness
Return On Assets -13.6%
Ret/ On Assets - 3 Yr. Avg. -22.9%
Return On Total Capital -18%
Ret/ On T. Cap. - 3 Yr. Avg. -29.9%
Return On Equity -24.5%
Return On Equity - 3 Yr. Avg. -37.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 62.8%
Gross Margin - 3 Yr. Avg. 71.1%
EBITDA Margin 11.5%
EBITDA Margin - 3 Yr. Avg. -59.6%
Operating Margin -69.2%
Oper. Margin - 3 Yr. Avg. -135.8%
Pre-Tax Margin -74.4%
Pre-Tax Margin - 3 Yr. Avg. -146.2%
Net Profit Margin -74.4%
Net Profit Margin - 3 Yr. Avg. -122.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 20.1%
Payout Ratio 0%

MCF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MCF stock intrinsic value calculation we used $78.545 million for the last fiscal year's total revenue generated by Contango Oil&Gas. The default revenue input number comes from 0001 income statement of Contango Oil&Gas. 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 MCF 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 4.9%, whose default value for MCF is calculated based on our internal credit rating of Contango Oil&Gas, 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 Contango Oil&Gas.
    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 MCF stock the variable cost ratio is equal to 168.4%.

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 MCF 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 5.9% for Contango Oil&Gas.

Corporate tax rate of 27% is the nominal tax rate for Contango Oil&Gas. 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 MCF 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 MCF are equal to 434.4%.

Life of production assets of 7.3 years is the average useful life of capital assets used in Contango Oil&Gas 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 MCF is equal to -45%. 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 - $224.6 million for Contango Oil&Gas - 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 25.723 million for Contango Oil&Gas 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 Contango Oil&Gas at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Drilling Permit Roundup: Denver oil company looking for black gold in South Texas   [Aug-14-18 08:17AM  American City Business Journals]
▶ Contango: 2Q Earnings Snapshot   [09:13AM  Associated Press]
▶ Contango to Present at Upcoming Conference   [May-31-18 04:34PM  GlobeNewswire]
▶ Contango Oil & Gas Company to Host Earnings Call   [May-07-18 08:15AM  ACCESSWIRE]
▶ Contango: 1Q Earnings Snapshot   [May-04-18 09:11AM  Associated Press]
▶ 10 Energy Stocks That Are Leaking   [Apr-27-18 01:26PM  InvestorPlace]
▶ Contango Updates Southern Delaware Basin Operations   [Apr-11-18 08:00AM  GlobeNewswire]
▶ Contango Announces Sale of Certain Non-Core Assets   [Apr-02-18 09:41AM  GlobeNewswire]
▶ Contango reports 4Q loss   [Mar-09-18 09:13AM  Associated Press]
▶ Contango to Participate in the 30th Annual Roth Conference   [Mar-06-18 03:11PM  GlobeNewswire]
▶ Global Crude Oil Supply Outages Are near a 4-Month High   [Jan-18-18 08:53AM  Market Realist]
▶ Crude Oil Prices Rise: Will It Impact Coal Miners?   [Dec-27-17 02:50PM  Market Realist]
▶ US Crude Oil Production Has Risen 16% since July 2016   [Dec-14-17 12:58PM  Market Realist]
▶ Traders Track US Crude Oil Production and Exports   [Dec-06-17 08:43AM  Market Realist]
▶ Contango Provides Corporate and Operational Update   [Nov-30-17 05:12PM  GlobeNewswire]
▶ Contango reports 3Q loss   [Nov-07-17 06:57PM  Associated Press]
▶ US Distillate Inventories Rise for a Third Week   [Sep-04-17 07:38AM  Market Realist]
▶ Contango reports 2Q loss   [Aug-04-17 02:05AM  Associated Press]
▶ US Gasoline Inventories and Demand Impact Crude Oil   [Jul-07-17 11:03AM  Market Realist]
▶ China, Japan, and India Could Help Crude Oil Bulls   [Jun-28-17 01:05PM  Market Realist]
▶ US Gasoline Demand Fell for the Second Straight Week   [Jun-21-17 11:35AM  Market Realist]
▶ IIROC Trading Halt - MCF   [Jun-02-17 07:44AM  PR Newswire]
▶ IIROC Trading Halt - MCF   [07:44AM  CNW Group]
▶ Contango Updates Southern Delaware Basin Operations   [May-24-17 03:17PM  GlobeNewswire]
▶ Iraqs Crude Oil Production Is near a 9-Month Low   [May-16-17 10:39AM  Market Realist]
▶ Contango posts 1Q profit   [May-10-17 05:03AM  Associated Press]
▶ US Refinery Demand Hits an All-Time High   [Apr-27-17 08:58AM  Market Realist]
▶ Will Russias Oil Production Fall in the Coming Months?   [Apr-18-17 07:39AM  Market Realist]
▶ Contango to Present at Upcoming Conference   [Mar-27-17 10:17AM  GlobeNewswire]
▶ Contango reports 4Q loss   [Mar-15-17 05:36PM  Associated Press]

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