Intrinsic value of Sundance Energy Australia ADR - SNDE

Previous Close

$5.02

  Intrinsic Value

$1.06

stock screener

  Rating & Target

str. sell

-79%

Previous close

$5.02

 
Intrinsic value

$1.06

 
Up/down potential

-79%

 
Rating

str. sell

We calculate the intrinsic value of SNDE 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 0.3

 

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, %
  56.70
  51.53
  46.88
  42.69
  38.92
  35.53
  32.48
  29.73
  27.26
  25.03
  23.03
  21.22
  19.60
  18.14
  16.83
  15.64
  14.58
  13.62
  12.76
  11.98
  11.29
  10.66
  10.09
  9.58
  9.12
  8.71
  8.34
  8.01
  7.71
  7.44
Revenue, $m
  164
  248
  364
  520
  722
  978
  1,296
  1,681
  2,139
  2,675
  3,291
  3,989
  4,771
  5,636
  6,585
  7,615
  8,725
  9,914
  11,179
  12,518
  13,931
  15,416
  16,971
  18,597
  20,294
  22,062
  23,902
  25,816
  27,805
  29,873
Variable operating expenses, $m
  110
  167
  245
  350
  486
  658
  872
  1,131
  1,440
  1,800
  2,215
  2,685
  3,211
  3,793
  4,431
  5,125
  5,872
  6,672
  7,523
  8,425
  9,376
  10,375
  11,422
  12,516
  13,658
  14,848
  16,086
  17,374
  18,713
  20,104
Fixed operating expenses, $m
  45
  46
  47
  48
  49
  50
  51
  52
  54
  55
  56
  57
  58
  60
  61
  62
  64
  65
  67
  68
  69
  71
  73
  74
  76
  77
  79
  81
  83
  85
Total operating expenses, $m
  155
  213
  292
  398
  535
  708
  923
  1,183
  1,494
  1,855
  2,271
  2,742
  3,269
  3,853
  4,492
  5,187
  5,936
  6,737
  7,590
  8,493
  9,445
  10,446
  11,495
  12,590
  13,734
  14,925
  16,165
  17,455
  18,796
  20,189
Operating income, $m
  9
  35
  72
  122
  187
  270
  372
  497
  646
  820
  1,020
  1,247
  1,502
  1,783
  2,092
  2,428
  2,789
  3,177
  3,589
  4,025
  4,486
  4,970
  5,477
  6,007
  6,560
  7,137
  7,737
  8,361
  9,010
  9,684
EBITDA, $m
  115
  197
  310
  462
  659
  909
  1,220
  1,596
  2,045
  2,569
  3,171
  3,855
  4,621
  5,468
  6,397
  7,406
  8,494
  9,658
  10,897
  12,210
  13,594
  15,049
  16,573
  18,166
  19,829
  21,561
  23,364
  25,239
  27,189
  29,214
Interest expense (income), $m
  0
  13
  25
  41
  63
  92
  130
  179
  239
  312
  398
  500
  616
  748
  896
  1,060
  1,239
  1,434
  1,644
  1,869
  2,108
  2,361
  2,628
  2,909
  3,203
  3,511
  3,832
  4,166
  4,514
  4,876
  5,252
Earnings before tax, $m
  -5
  10
  31
  59
  95
  139
  194
  259
  334
  422
  520
  631
  753
  887
  1,032
  1,189
  1,355
  1,533
  1,720
  1,918
  2,125
  2,341
  2,568
  2,804
  3,049
  3,305
  3,571
  3,847
  4,133
  4,431
Tax expense, $m
  0
  3
  8
  16
  26
  38
  52
  70
  90
  114
  141
  170
  203
  240
  279
  321
  366
  414
  464
  518
  574
  632
  693
  757
  823
  892
  964
  1,039
  1,116
  1,196
Net income, $m
  -5
  8
  23
  43
  69
  102
  141
  189
  244
  308
  380
  461
  550
  648
  754
  868
  990
  1,119
  1,256
  1,400
  1,551
  1,709
  1,874
  2,047
  2,226
  2,413
  2,606
  2,808
  3,017
  3,235

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
  714
  1,083
  1,590
  2,269
  3,152
  4,271
  5,659
  7,341
  9,341
  11,680
  14,369
  17,419
  20,833
  24,612
  28,754
  33,252
  38,101
  43,291
  48,815
  54,665
  60,834
  67,317
  74,110
  81,211
  88,621
  96,341
  104,376
  112,733
  121,420
  130,448
Adjusted assets (=assets-cash), $m
  714
  1,083
  1,590
  2,269
  3,152
  4,271
  5,659
  7,341
  9,341
  11,680
  14,369
  17,419
  20,833
  24,612
  28,754
  33,252
  38,101
  43,291
  48,815
  54,665
  60,834
  67,317
  74,110
  81,211
  88,621
  96,341
  104,376
  112,733
  121,420
  130,448
Revenue / Adjusted assets
  0.230
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
Average production assets, $m
  535
  810
  1,190
  1,698
  2,359
  3,198
  4,236
  5,495
  6,993
  8,743
  10,757
  13,040
  15,596
  18,425
  21,525
  24,893
  28,522
  32,408
  36,543
  40,922
  45,540
  50,393
  55,479
  60,795
  66,342
  72,121
  78,136
  84,392
  90,895
  97,653
Working capital, $m
  -8
  -12
  -18
  -26
  -36
  -49
  -65
  -84
  -107
  -134
  -165
  -199
  -239
  -282
  -329
  -381
  -436
  -496
  -559
  -626
  -697
  -771
  -849
  -930
  -1,015
  -1,103
  -1,195
  -1,291
  -1,390
  -1,494
Total debt, $m
  348
  572
  882
  1,296
  1,835
  2,518
  3,364
  4,390
  5,610
  7,037
  8,677
  10,537
  12,620
  14,926
  17,452
  20,196
  23,153
  26,319
  29,689
  33,257
  37,021
  40,975
  45,119
  49,451
  53,971
  58,680
  63,582
  68,679
  73,978
  79,485
Total liabilities, $m
  436
  660
  970
  1,384
  1,923
  2,606
  3,452
  4,478
  5,698
  7,125
  8,765
  10,625
  12,708
  15,014
  17,540
  20,284
  23,241
  26,407
  29,777
  33,345
  37,109
  41,063
  45,207
  49,539
  54,059
  58,768
  63,670
  68,767
  74,066
  79,573
Total equity, $m
  279
  422
  620
  885
  1,229
  1,666
  2,207
  2,863
  3,643
  4,555
  5,604
  6,793
  8,125
  9,599
  11,214
  12,968
  14,859
  16,883
  19,038
  21,319
  23,725
  26,254
  28,903
  31,672
  34,562
  37,573
  40,707
  43,966
  47,354
  50,875
Total liabilities and equity, $m
  715
  1,082
  1,590
  2,269
  3,152
  4,272
  5,659
  7,341
  9,341
  11,680
  14,369
  17,418
  20,833
  24,613
  28,754
  33,252
  38,100
  43,290
  48,815
  54,664
  60,834
  67,317
  74,110
  81,211
  88,621
  96,341
  104,377
  112,733
  121,420
  130,448
Debt-to-equity ratio
  1.250
  1.360
  1.420
  1.460
  1.490
  1.510
  1.520
  1.530
  1.540
  1.540
  1.550
  1.550
  1.550
  1.550
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
Adjusted equity ratio
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -5
  8
  23
  43
  69
  102
  141
  189
  244
  308
  380
  461
  550
  648
  754
  868
  990
  1,119
  1,256
  1,400
  1,551
  1,709
  1,874
  2,047
  2,226
  2,413
  2,606
  2,808
  3,017
  3,235
Depreciation, amort., depletion, $m
  107
  162
  238
  340
  472
  640
  847
  1,099
  1,399
  1,749
  2,151
  2,608
  3,119
  3,685
  4,305
  4,979
  5,704
  6,482
  7,309
  8,184
  9,108
  10,079
  11,096
  12,159
  13,268
  14,424
  15,627
  16,878
  18,179
  19,531
Funds from operations, $m
  102
  170
  261
  383
  541
  741
  989
  1,288
  1,643
  2,056
  2,531
  3,069
  3,669
  4,333
  5,059
  5,846
  6,694
  7,600
  8,564
  9,584
  10,659
  11,788
  12,970
  14,206
  15,494
  16,837
  18,234
  19,686
  21,196
  22,766
Change in working capital, $m
  -3
  -4
  -6
  -8
  -10
  -13
  -16
  -19
  -23
  -27
  -31
  -35
  -39
  -43
  -47
  -52
  -56
  -59
  -63
  -67
  -71
  -74
  -78
  -81
  -85
  -88
  -92
  -96
  -99
  -103
Cash from operations, $m
  105
  174
  267
  391
  551
  754
  1,005
  1,307
  1,666
  2,083
  2,562
  3,104
  3,708
  4,376
  5,106
  5,898
  6,749
  7,660
  8,628
  9,651
  10,730
  11,862
  13,048
  14,287
  15,579
  16,925
  18,326
  19,782
  21,296
  22,869
Maintenance CAPEX, $m
  -68
  -107
  -162
  -238
  -340
  -472
  -640
  -847
  -1,099
  -1,399
  -1,749
  -2,151
  -2,608
  -3,119
  -3,685
  -4,305
  -4,979
  -5,704
  -6,482
  -7,309
  -8,184
  -9,108
  -10,079
  -11,096
  -12,159
  -13,268
  -14,424
  -15,627
  -16,878
  -18,179
New CAPEX, $m
  -195
  -276
  -380
  -508
  -661
  -838
  -1,038
  -1,259
  -1,498
  -1,750
  -2,013
  -2,283
  -2,556
  -2,829
  -3,100
  -3,368
  -3,629
  -3,885
  -4,135
  -4,379
  -4,618
  -4,853
  -5,085
  -5,316
  -5,547
  -5,779
  -6,015
  -6,256
  -6,503
  -6,758
Cash from investing activities, $m
  -263
  -383
  -542
  -746
  -1,001
  -1,310
  -1,678
  -2,106
  -2,597
  -3,149
  -3,762
  -4,434
  -5,164
  -5,948
  -6,785
  -7,673
  -8,608
  -9,589
  -10,617
  -11,688
  -12,802
  -13,961
  -15,164
  -16,412
  -17,706
  -19,047
  -20,439
  -21,883
  -23,381
  -24,937
Free cash flow, $m
  -158
  -209
  -275
  -355
  -449
  -556
  -673
  -799
  -931
  -1,066
  -1,200
  -1,331
  -1,456
  -1,572
  -1,679
  -1,775
  -1,859
  -1,930
  -1,989
  -2,037
  -2,073
  -2,099
  -2,116
  -2,125
  -2,127
  -2,123
  -2,114
  -2,101
  -2,086
  -2,068
Issuance/(repayment) of debt, $m
  159
  225
  310
  414
  539
  683
  846
  1,026
  1,220
  1,426
  1,641
  1,860
  2,083
  2,305
  2,526
  2,744
  2,957
  3,166
  3,370
  3,568
  3,763
  3,955
  4,144
  4,332
  4,520
  4,709
  4,901
  5,098
  5,299
  5,507
Issuance/(repurchase) of shares, $m
  106
  136
  175
  221
  275
  335
  400
  467
  536
  604
  669
  729
  782
  826
  862
  887
  901
  905
  899
  882
  855
  819
  775
  723
  664
  598
  527
  451
  371
  286
Cash from financing (excl. dividends), $m  
  265
  361
  485
  635
  814
  1,018
  1,246
  1,493
  1,756
  2,030
  2,310
  2,589
  2,865
  3,131
  3,388
  3,631
  3,858
  4,071
  4,269
  4,450
  4,618
  4,774
  4,919
  5,055
  5,184
  5,307
  5,428
  5,549
  5,670
  5,793
Total cash flow (excl. dividends), $m
  107
  152
  209
  280
  364
  462
  572
  694
  825
  965
  1,110
  1,258
  1,409
  1,559
  1,709
  1,856
  2,000
  2,141
  2,279
  2,413
  2,545
  2,675
  2,803
  2,930
  3,057
  3,185
  3,315
  3,448
  3,584
  3,725
Retained Cash Flow (-), $m
  -106
  -144
  -198
  -265
  -344
  -437
  -541
  -656
  -780
  -912
  -1,049
  -1,189
  -1,332
  -1,474
  -1,615
  -1,754
  -1,891
  -2,024
  -2,154
  -2,281
  -2,406
  -2,528
  -2,649
  -2,770
  -2,890
  -3,011
  -3,134
  -3,259
  -3,388
  -3,521
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
  1
  8
  11
  15
  20
  25
  31
  38
  45
  53
  61
  69
  77
  85
  93
  102
  109
  117
  125
  132
  139
  146
  153
  160
  167
  174
  181
  189
  196
  204
Discount rate, %
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
  1
  7
  9
  12
  14
  16
  18
  19
  21
  21
  21
  21
  20
  18
  16
  15
  13
  11
  9
  7
  6
  4
  3
  2
  2
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  76.5
  61.1
  50.4
  42.6
  36.7
  32.2
  28.6
  25.8
  23.6
  21.7
  20.2
  18.9
  17.9
  17.0
  16.2
  15.6
  15.1
  14.6
  14.2
  13.9
  13.6
  13.4
  13.2
  13.0
  12.9
  12.7
  12.6
  12.6
  12.5
  12.5

Sundance Energy Australia Limited engages in the exploration, development, and production of oil and natural gas in North America and Australia. The company’s exploration and development activities are focused in the Eagle Ford project in the South-Texas-Gulf Coast Basin; and the Mississippian/Woodford Formations in Oklahoma. Sundance Energy Australia Limited was incorporated in 2004 and is based in Wayville, Australia.

FINANCIAL RATIOS  of  Sundance Energy Australia ADR (SNDE)

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%

SNDE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SNDE stock intrinsic value calculation we used $104.399 million for the last fiscal year's total revenue generated by Sundance Energy Australia ADR. The default revenue input number comes from 0001 income statement of Sundance Energy Australia ADR. 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 SNDE stock valuation model: a) initial revenue growth rate of 56.7% 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 6.2%, whose default value for SNDE is calculated based on our internal credit rating of Sundance Energy Australia ADR, 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 Sundance Energy Australia ADR.
    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 SNDE stock the variable cost ratio is equal to 67.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $44 million in the base year in the intrinsic value calculation for SNDE 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 7.1% for Sundance Energy Australia ADR.

Corporate tax rate of 27% is the nominal tax rate for Sundance Energy Australia ADR. 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 SNDE 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 SNDE are equal to 326.9%.

Life of production assets of 0 years is the average useful life of capital assets used in Sundance Energy Australia ADR 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 SNDE is equal to -5%. 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 - $177.351 million for Sundance Energy Australia ADR - 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 68.677 million for Sundance Energy Australia ADR 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 Sundance Energy Australia ADR at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Sundance Energy Provides October 2018 Operational Update   [Oct-08-18 05:39PM  GlobeNewswire]
▶ Sundance Energy Provides September 2018 Operational Update   [Sep-06-18 02:32PM  GlobeNewswire]
▶ Drilling Permit Roundup: Australian E&P company emerges as new Eagle Ford player   [Aug-28-18 07:57AM  American City Business Journals]
▶ Drilling Permit Roundup: Live Oak County emerging as new hot spot   [Jul-24-18 08:15AM  American City Business Journals]
▶ Sundance Energy Provides July 2018 Operational Update   [Jul-11-18 07:51PM  GlobeNewswire]
▶ Sundance Energy Provides June 2018 Operational Update   [Jun-15-18 12:02PM  GlobeNewswire]
▶ Free Research Report as Cabots Adjusted EPS Soared 47%   [May-24-18 08:00AM  ACCESSWIRE]
▶ Drilling Permit Roundup: Eagle Ford rush for Pioneer Natural Resources   [02:55PM  American City Business Journals]
▶ Sundance Energy Australia Limited Provides Reserves Update   [Mar-28-18 04:26PM  GlobeNewswire]
▶ Pioneer sells some Eagle Ford assets in $102 million deal   [03:56PM  American City Business Journals]
▶ Pioneer begins selling off acreage outside the Permian in $102M deal   [Mar-27-18 12:33PM  American City Business Journals]

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