Stephen Smith Energy Associates

                                                        Energy Investment Research

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Subscription Fees

Stephen Smith Energy Associates publishes three main subscription services.

 ¨       Monthly Energy Outlook

The Monthly Energy Outlook is published in the latter half of each month.  Roughly half of this 75-80 page report is focused on oil and gas macro issues including the outlook for global oil and domestic natural gas supply, demand, inventory and prices.  The remaining half is focused on valuation of the E&P sector as a group and individual E&P valuation.  The sector valuation is principally focused on the performance of a composite price-to NAVPS indicator as compared with current oil and gas price expectations.  A one-page company update is included for each of 16 E&P companies.  In addition to a valuation assessment and year-ahead target price, this one-page summary provides eight years of history and five year of projection for earnings, cash flow, capital spending, reserves, production, and reserve replacement costs. 

The annual subscription price is $1,500 per year.

 ¨       Weekly Gas Outlook

The Weekly Gas Outlook is published each Monday Morning (at least 50 weeks per year).  The focus of this 15-page report is to help energy investors, E&P companies, and industrial gas users keep abreast of week to week changes in the highly volatile domestic natural gas market.  Weekly gas storage levels are a major factor influencing gas prices.  Surprises in weekly storage changes (vs. street expectations) can often sharply move gas futures and cash prices when the DOE releases its storage report each Thursday morning. Carefully monitoring of current gas storage levels relative to historical storage norms and price behavior, provides important signals as to when gas futures have become overly excited about expected arctic cold fronts or overly depressed about winter thaws.  Since the inception of this report in March 2002, we have established a verifiable track record of superior forecast accuracy (as compared with 15-20 other published forecasts).  We have also been correct more often than not in identifying over-priced gas.

The annual subscription price is $750 per year.

¨        Monthly Energy Macro

The Monthly Energy Outlook is published in the latter half of each month.  This publication is a spin-off from the Monthly Energy Outlook.  It contains the same oil and gas macro coverage but excludes all company-specific projections and valuation.  It consists of roughly 40-45 pages per month.  See “Monthly Energy Outlook” section above for more information.

The annual subscription price is $1,000 per year.

Two Options to Subscribe

1.   Call or send an email to sas@stephensmithenergy.com with name, company, mailing address, email, telephone number, and a list of the services you wish to order.  We will send a statement by email along with the password(s) for the most recent publication(s).  Payment should be made by check to Stephen Smith Energy Associates.

2.   Purchase by credit card below using the secure PayPal system managed by Ebay.

To Purchase by Credit Card

To purchase one of the subscription services listed below please click the "Add to Cart" button shown below the price.  This will add the subscription to a PayPal shopping cart (PayPal is a secure connection for credit card payments operated by Ebay).  After adding the first subscription to the shopping cart, other subscriptions may be added by the same procedure.  When the last item has been added to the cart, click the "check out" button on the shopping cart page.

After purchase, an email confirming the transaction will be sent immediately by PayPal, and this will be followed by an email from Stephen Smith Energy Associates.  Subscribers will be emailed a password (usually immediately, but no later than 12 hours) for the most recent issue of each annual subscription ordered (these issues are complimentary and the subscription begins with the next issue released).  Passwords for subsequent issues are emailed on the day of release. 

Special Note for 3-month subscriptions.  All three-month subscriptions have the option of initiating the subscription with the most recently published monthly report or with the next monthly to be published.  Unless requested by prior email we will assume the three month subscription to begin with the last monthly report published and will send a password for this report with notification of the order.

To purchase a service, click the “add to cart” button shown below the selected service

Subscription Services Available

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Monthly Energy Outlook – Annual Subscription        $1,500

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Monthly Energy Outlook –       

   3-month subscription starting with last issue             $475

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Weekly Gas Outlook – Annual Subscription               $750