OVV - J.P. Morgan: Picks for seven narratives playing out in oil and gas E&Ps

J.P. Morgan's fall "playbook" for oil and gas exploration and production companies zooms in on seven key narratives set for impact to the sector in the second half of 2021 (and early 2022 as well). And most important among those, analyst Arun Jayaram and team say, is the potential return of "significant" levels of free cash flow to equity holders - rather than used for reducing debt, as the sums have done this year. Since the end of 2020, companies in the firm's coverage group have cut net debt by $9.65 billion through balance sheets of June 30 - and a key theme from Q2 earnings has been a planned shift of cash returns toward equity, which would narrow the discount of the stock prices to intrinsic value. But which companies have announced cash return strategies beyond normal dividends? Continental Resources (NYSE:CLR), CNX Resources (NYSE:CNX), Cabot Oil & Gas/Cimarex (COG,

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J.P. Morgan: Picks for seven narratives playing out in oil and gas E&Ps