VAALCO Energy Inc. Oil Gas: Ken Research
VAALCO Energy, Inc. Oil & Gas Exploration and Production Operations and Cost Analysis-Q4, 2016

VAALCO Energy, Inc. Oil & Gas Exploration and Production Operations and Cost Analysis-Q4, 2016


  • Products Id :- GDGE27336OAR
  • |
  • Pages: 86
  • |
  • |
  • |
  Request for Sample Report
  Request A Quote

Executive Summary

VAALCO Energy, Inc. Oil & Gas Exploration and Production Operations and Cost Analysis-Q4, 2016

VAALCO Energy, Inc. (VAALCO) is an upstream energy company. It acquires, explores, develops and produces crude oil and natural gas. The company conducts exploration activities as operator in Gabon and as a non-operator in Equatorial Guinea, West Africa. VAALCO also owns minor in certain non-conventional undeveloped acreage in Montana, Texas, the US. The company asset portfolio includes interests including Ebouri, Etame and South Tchibala fileds in the Etame Marin offshore block and Mutamba Iroru onshore block. It has presence in the US, Africa and other regions. VAALCO is headquartered in Houston, Texas, the US.

VAALCO Energy, Inc. Oil & Gas Exploration and Production Operations and Cost Analysis is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the operational and financial performance of the company. The report is an essential source for key operational metrics, analysis and provides a strategic insight into the company. The report provides an annual and quarterly overview of oil and gas reserves and production, changes in reserves, costs incurred and results of oil and gas operations, acreage and well details, share price performance and key valuation metrics.

Scope

The report provides in-depth analysis and insights into companies' capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes the following

The report provides detailed and unique insight information on the key operational metrics. It gives a comprehensive overview of oil and gas production and reserves, costs incurred and results of oil and gas operations, acreage and well details and other performance metrics.

Provides details with respect to the company oil and gas reserves and production information by country. It further consists of in-depth information on the company expenditures in relation to the acquisition, exploration and development activities; developed and undeveloped acreage position; key costs and revenue information; and performance metrics of the company as disclosed in its annual reports and regulatory filings.

Provides a comprehensive overview of the company share price performance and key valuation metrics such as market capitalization, enterprise value, EV/Production ($boe/d) and EV/Proved Reserve ($/boe)

Provides information on key operational and financial metrics on an annual and quarterly basis. The annual information provided is for a five-year period and the quarterly information is for the last five quarters.

*Note:

1. The scope mentioned above is generic and may not apply to all the companies. The report is based on the information disclosed by the companies in their annual and quarterly reports, regulatory filings and other company documents and sources.

2. Quarterly information is provided only for the companies that are December ending and files quarter reports and documents.

3. There can be cases where countries/regions data column/Charts will be blank. This can be due to the fact that the company might have discontinued the reporting of those countries/regions. Information that is not disclosed by the company may not be available in the report.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to

Be up-to-date with the latest information and in-depth analysis of the operational metrics of the company.

Identify M&A targets from up-to-date information and in-depth analysis on financial and operational metrics of your competitors.

Rank your performance against other companies in the exploration and production (E&P) sector using operational and financial benchmarking metrics.

Formulate your strategies based on in-depth analysis of your competitors' financial and operational data.

Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational metrics.

Establish relative performance among the industry players based on key operational and financial measures.



Read More



Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications

+91-9015378249

Table of Contents

Table of Contents 2

List of Tables 4

List of Figures 5

Company Snapshot 7

Key Information 7

Company Overview 7

VAALCO Energy, Inc., Valuation and Financial Data 8

VAALCO Energy, Inc., Share Price Performance 8

Share Price Performance, Q4, 2015-Q4, 2016 8

VAALCO Energy, Inc., Key Valuation Metrics 9

Key Valuation Metrics, Q4, 2015-Q4, 2016 9

VAALCO Energy, Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 10

Results of Oil & Gas Operations Per boe Produced, Q4, 2015-Q4, 2016 10

Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2015-Q4, 2016 11

VAALCO Energy, Inc., Quarterly E&P Costs Trends 12

Upstream Capital Expenditure, Q4, 2015-Q4, 2016 12

VAALCO Energy, Inc., Quarterly Production Trends 13

VAALCO Energy, Inc., Total Oil and Gas Production 13

Total Crude Oil and Natural Gas Production Trend, Q4, 2015-Q4, 2016 13

Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2015-Q4, 2016 14

VAALCO Energy, Inc., Crude Oil Production 15

Total Crude Oil Production Trend, Q4, 2015-Q4, 2016 15

Crude Oil Production, By Country/Region, Q4, 2015-Q4, 2016 16

VAALCO Energy, Inc., Natural Gas Production 17

Total Natural Gas Production Trend, Q4, 2015-Q4, 2016 17

Natural Gas Production, By Country/Region, Q4, 2015-Q4, 2016 18

VAALCO Energy, Inc., Valuation and Financial Data, 2012-2016 19

VAALCO Energy, Inc., Share Price Performance, 2012-2016 19

Share Price Performance, 2012-2016 19

Key Valuation Metrics, 2012-2016 20

VAALCO Energy, Inc., Production and Reserves Trends 21

Total Oil and Gas, Reserves and Production 21

Total Crude Oil and Natural Gas Production and Reserves Trend, 2012-2016 21

Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2012-2016 23

Total Crude Oil and Natural Gas Reserve Changes, 2012-2016 24

Crude Oil/Liquids Production and Reserve 25

Crude Oil/Liquids Production and Reserve Trend, 2012-2016 25

Crude Oil Production and Reserves By Country/Region, 2012-2016 26

Crude Oil/Liquids Reserve Changes, 2012-2016 27

Natural Gas Production and Reserve 28

Natural Gas Production and Reserve Trend, 2012-2016 28

Natural Gas Production and Reserves, By Country/Region, 2012-2016 29

Natural Gas Reserve Changes, 2012-2016 30

Total Crude Oil and Natural Gas Reserves Life Index 31

Total Crude Oil and Natural Gas Reserves Life Index, 2012-2016 31

Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2012-2016 32

VAALCO Energy, Inc., E&P Costs Trends 33

Allocation of the Upstream Capital Expenditure 33

Upstream Capital Expenditure, 2012-2016 33

Acquisition Costs By Country/Region, 2012-2016 34

Exploration and Development Costs, By Country/Region, 2012-2016 35

Oil and Gas Cost Per boe, US$/boe 37

Oil and Gas Cost Per boe, US$/boe, 2012-2016 37

VAALCO Energy, Inc., Reserve Replacement Ratio 39

Oil and Gas Production Replacement Ratio 39

Oil and Gas Production Replacement Ratio, 2012-2016 39

Oil and Gas Production Replacement Ratio, By Country/Region, 2012-2016 42

VAALCO Energy, Inc., Results of Oil & Gas Operations Trend 44

Oil and Gas Revenue and Expenses 44

Oil and Gas Revenue and Expenses, 2012-2016 44

Oil and Gas Revenue and Expenses, By Country/Region, 2012-2016 46

Oil and Gas Revenue and Expenses, Per boe 52

Oil and Gas Revenue and Expenses, By boe, 2012-2016 52

Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2012-2016 53

Oil and Gas Performance Metrics 59

VAALCO Energy, Inc., Land Holdings and Well Data 60

Developed and Undeveloped Acreage 60

Gross and Net Developed and Undeveloped Acreage, 2012-2016 60

Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2012-2016 61

Well Statistics 64

Producible Oil and Gas Well, 2012-2016 64

Producible Oil and Gas Well, By Country/Region, 2012-2016 65

Exploration and Development Wells Drilled, 2012-2016 70

Recent Developments 72

VAALCO Energy, Inc.-Recent Developments 72

May 08, 2017: Vaalco Energy Announces First Quarter 2017 Results 72

Apr 17, 2017: VAALCO Energy appoints new CFO 74

Apr 10, 2017: Vaalco Energy Receives Continued Listing Standard Notice From NYSE 75

Mar 13, 2017: VAALCO Energy Announces Fourth Quarter And Full Year 2016 Results 75

Feb 21, 2017: VAALCO Energy Announces Year-End 2016 Reserves 79

Feb 01, 2017: Vaalco Energy Announces Listing Plan Accepted By The NYSE And Stock Price Compliance 79

Jan 25, 2017: VAALCO Energy Provides Operational Update 80

Jan 05, 2017: VAALCO Announces Successful Workover Of Avouma 2-H Well That Is Now Producing 2,700 Barrels Of Oil Per Day Gross 80

Jan 03, 2017: VAALCO Energy Announces Appointment Of Cary Bounds As Chief Executive Officer And Board Member And Closing Of Hefley Lease Sale In North Texas 81

Dec 21, 2016: Vaalco Energy Announces Successful Workover On Avouma Platform Offshore Gabon 82

Appendix 83

Methodology 83

Coverage 83

Secondary Research 83

Primary Research 84

Data Information Sources 84

Company Source 84

SEC/Other Regulatory Filings 84

Other Sources 84

Expert Panel Validation 84

Data Definition 85

Oil and Gas Reserves 85

Units of Measure 85

About GlobalData 86

Disclosure 86

Disclaimer 86

List of Figures

Figure 1: VAALCO Energy, Inc., Share Price Performance, USD/Share, Q4, 2015-Q4, 2016 8

Figure 2: VAALCO Energy, Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2015-Q4, 2016 9

Figure 3: VAALCO Energy, Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2015-Q4, 2016 10

Figure 4: VAALCO Energy, Inc., Upstream Capital Expenditure, US$ mil, Q4, 2015-Q4, 2016 12

Figure 5: VAALCO Energy, Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2015-Q4, 2016 13

Figure 6: VAALCO Energy, Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2015-Q4, 2016 14

Figure 7: VAALCO Energy, Inc., Total Crude Oil Production, mmbbl, Q4, 2015-Q4, 2016 15

Figure 8: VAALCO Energy, Inc., Crude Oil Production, By Country/Region, mmbbl, Q4, 2015-Q4, 2016 16

Figure 9: VAALCO Energy, Inc., Total Natural Gas Production, bcf, Q4, 2015-Q4, 2016 17

Figure 10: VAALCO Energy, Inc., Natural Gas Production, By Country/Region, bcf, Q4, 2015-Q4, 2016 18

Figure 11: VAALCO Energy, Inc., Share Price Performance, USD/Share, 2012-2016 19

Figure 12: VAALCO Energy, Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2012-2016 20

Figure 13: VAALCO Energy, Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 21

Figure 14: VAALCO Energy, Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2012-2016 23

Figure 15: VAALCO Energy, Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2016 24

Figure 16: VAALCO Energy, Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 25

Figure 17: VAALCO Energy, Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2012-2016 26

Figure 18: VAALCO Energy, Inc., Crude Oil Reserve Changes, mmbbl, 2016 27

Figure 19: VAALCO Energy, Inc., Natural Gas Production and Reserves Metrics, bcf, 2012-2016 28

Figure 20: VAALCO Energy, Inc., Oil and Gas Reserves Life Index, Years, 2012-2016 31

Figure 21: VAALCO Energy, Inc., Gas Reserve Life Index, By Country/Region, Years, 2012-2016 32

Figure 22: VAALCO Energy, Inc., Upstream Capital Expenditure, US$ mil, 2012-2016 33

Figure 23: VAALCO Energy, Inc., Development Costs, By Country/Region, US$ mil, 2012-2016 35

Figure 24: VAALCO Energy, Inc., Exploration Costs, By Country/Region, US$ mil, 2012-2016 35

Figure 25: VAALCO Energy, Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 37

Figure 26: VAALCO Energy, Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2012-2016 39

Figure 27: VAALCO Energy, Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2012-2016 42

Figure 28: VAALCO Energy, Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2012-2016 42

Figure 29: VAALCO Energy, Inc., Revenue and Expenses, US$ mil, 2012-2016 44

Figure 30: VAALCO Energy, Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 46

Figure 31: VAALCO Energy, Inc., Exploration Expenses, By Country/Region, US$ mil, 2012-2016 46

Figure 32: VAALCO Energy, Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 47

Figure 33: VAALCO Energy, Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 47

Figure 34: VAALCO Energy, Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2012-2016 48

Figure 35: VAALCO Energy, Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 48

Figure 36: VAALCO Energy, Inc., Production Costs, By Country/Region, US$ mil, 2012-2016 49

Figure 37: VAALCO Energy, Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 49

Figure 38: VAALCO Energy, Inc., Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 52

Figure 39: VAALCO Energy, Inc., Exploration Expenses per boe, By Country/Region, US$/boe, 2012-2016 53

Figure 40: VAALCO Energy, Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2012-2016 53

Figure 41: VAALCO Energy, Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2012-2016 54

Figure 42: VAALCO Energy, Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2012-2016 54

Figure 43: VAALCO Energy, Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2012-2016 55

Figure 44: VAALCO Energy, Inc., Total DD&A per boe, By Country/Region, US$/boe, 2012-2016 55

Figure 45: VAALCO Energy, Inc., Total Revenue per boe, By Country/Region, US$/boe, 2012-2016 56

Figure 46: VAALCO Energy, Inc., Oil and Gas Performance Metrics, 2012-2016 59

Figure 47: VAALCO Energy, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 60

Figure 48: VAALCO Energy, Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2012-2016 61

Figure 49: VAALCO Energy, Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2012-2016 61

Figure 50: VAALCO Energy, Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2012-2016 62

Figure 51: VAALCO Energy, Inc., Total Net Developed Acreage, By Country/Region, Acres, 2012-2016 62

Figure 52: VAALCO Energy, Inc., Producible Oil and Gas Wells, 2012-2016 64

Figure 53: VAALCO Energy, Inc., Gross Productive Gas Wells, By Country/Region, Number, 2012-2016 65

Figure 54: VAALCO Energy, Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 65

Figure 55: VAALCO Energy, Inc., Gross Productive Oil Wells, By Country/Region, Number, 2012-2016 66

Figure 56: VAALCO Energy, Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2012-2016 66

Figure 57: VAALCO Energy, Inc., Net Productive Gas Wells, By Country/Region, Number, 2012-2016 67

Figure 58: VAALCO Energy, Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 67

Figure 59: VAALCO Energy, Inc., Net Productive Oil Wells, By Country/Region, Number, 2012-2016 68

Figure 60: VAALCO Energy, Inc., Exploratory and Developed Wells, 2012-2016 70

List of Tables

Table 1: VAALCO Energy, Inc., Key Facts 7

Table 2: VAALCO Energy, Inc., Share Price Performance, Q4, 2015-Q4, 2016 8

Table 3: VAALCO Energy, Inc., Key Valuation Metrics, Q4, 2015-Q4, 2016 9

Table 4: VAALCO Energy, Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2015-Q4, 2016 10

Table 5: VAALCO Energy, Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2015-Q4, 2016 11

Table 6: VAALCO Energy, Inc., Upstream Capital Expenditure, Q4, 2015-Q4, 2016 12

Table 7: VAALCO Energy, Inc., Total Crude Oil and Natural Gas, Production, Q4, 2015-Q4, 2016 13

Table 8: VAALCO Energy, Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2015-Q4, 2016 14

Table 9: VAALCO Energy, Inc., Total Crude Oil Production, mmbbl, Q4, 2015-Q4, 2016 15

Table 10: VAALCO Energy, Inc., Crude Oil Production, By Country/Region, mmbbl, Q4, 2015-Q4, 2016 16

Table 11: VAALCO Energy, Inc., Total Natural Gas Production, bcf, Q4, 2015-Q4, 2016 17

Table 12: VAALCO Energy, Inc., Natural Gas Production, By Country/Region, bcf, Q4, 2015-Q4, 2016 18

Table 13: VAALCO Energy, Inc., Share Price Performance, 2012-2016 19

Table 14: VAALCO Energy, Inc., Key Valuation Metrics, 2012-2016 20

Table 15: VAALCO Energy, Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 22

Table 16: VAALCO Energy, Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2012-2016 23

Table 17: VAALCO Energy, Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2012-2016 24

Table 18: VAALCO Energy, Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 25

Table 19: VAALCO Energy, Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2012-2016 26

Table 20: VAALCO Energy, Inc., Crude Oil Reserve Changes, mmbbl, 2012-2016 27

Table 21: VAALCO Energy, Inc., Natural Gas Production and Reserves Metrics, bcf, 2012-2016 28

Table 22: VAALCO Energy, Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2012-2016 29

Table 23: VAALCO Energy, Inc., Natural Gas Reserve Changes, bcf, 2012-2016 30

Table 24: VAALCO Energy, Inc., Oil and Gas Reserves Life Index, Years, 2012-2016 31

Table 25: VAALCO Energy, Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2012-2016 32

Table 26: VAALCO Energy, Inc., Upstream Capital Expenditure, US$ mil, 2012-2016 33

Table 27: VAALCO Energy, Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2012-2016 34

Table 28: VAALCO Energy, Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2012-2016 36

Table 29: VAALCO Energy, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 38

Table 30: VAALCO Energy, Inc., Oil and Gas Production Replacement Ratio, %, 2012-2016 40

Table 31: VAALCO Energy, Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2012-2016 43

Table 32: VAALCO Energy, Inc., Revenue and Expenses, US$ mil, 2012-2016 45

Table 33: VAALCO Energy, Inc., Revenue and Expenses, By Country/Region, US$ mil, 2012-2016 50

Table 34: VAALCO Energy, Inc., Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 52

Table 35: VAALCO Energy, Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2012-2016 57

Table 36: VAALCO Energy, Inc., Oil and Gas Performance Metrics, 2012-2016 59

Table 37: VAALCO Energy, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 60

Table 38: VAALCO Energy, Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2012-2016 63

Table 39: VAALCO Energy, Inc., Producible Oil and Gas Wells, 2012-2016 64

Table 40: VAALCO Energy, Inc., Producible Oil and Gas Wells, By Country/Region, 2012-2016 69

Table 41: VAALCO Energy, Inc., Exploratory and Developed Wells, 2012-2016 71

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License:
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

To know more information on Purchase by Section, please send a mail to sales [@] kenresearch.com
 

Reserves, Production, Acquisition Costs, Development Costs, Exploration Costs, Total Costs Incurred, Acreage, Well, Price, Oil Reserves, Gas Reserves, Total Oil & Gas Reserves, Oil Production, Gas Production, Total Oil & Gas Production, F&D Costs Per boe, Reserve Replacement Ratio

select a license

Single User License
USD 250 INR 16863
Site License
USD 500 INR 33725
Corporate User License
USD 750 INR 50588

NEWSLETTER BY CATEGORY




Testimonials

An excellent provider. Thorough, precise and outstanding insight. They drill down to what we need and their reports are effective at integrating text with supporting graphics and charts. Their reports are a great resource to go back too. ...

Coherent, high-quality, thoroughly-researched reports. We received a very quick response to all our queries which eventually expedited the entire process....

Well structured, the insights they shared with us were very helpful and reliable. Their timely assistance make their services invaluable to us. I would highly recommend them and would definitely use them again in the future if needed...

The report sent to us was on the point, and its information was quite extensive, well structured, and well researched. More importantly what we valued was your response time and professionalism. As a leading global consulting firm, our clients expect high quality deliverables in short periods of time, so a reliable research partner is essential. For the price that you have charged the quality of your services were exceptional. We look forward to continue our relationship with your team on future engagements....

This is with regards to your report on India PVC pipes and fitting market outlook industry outlook to 2019. This is a very well written report and accept my compliments on the same.... ...



Ken Research, Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49
     Gurgaon, Haryana - 122001, India

download

Company Brochure

Engage with Us

sales [@] kenresearch.com