Barclays on North America E&P (Large Cap): Sept. Energy Conference Preview - Producers Remain Bullish on No. America
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Rating Summary:
8 Buy, 21 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 17 | Down: 31 | New: 11
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Barclays on North America E&P (Large Cap): 9/6-9/8 Energy Conference Preview - Producers Remain Bullish on No. America
Barclays analyst says, "North American activity remains strong. The U.S. rig count is up 15% since the beginning of the year, with activity in "gas" plays roughly flat and "oil" rigs up 35%. More than 70% of E&P revenue will come from liquids and 2012 cash flow will likely rise 10-15%. We expect activity to remain strong with a continued shift to liquids."
"The shift towards liquids will continue. Companies will likely address the benefit of oil plays vs. liquids-rich gas plays. E&Ps are funding oil programs in the Bakken, Permian Basin, oil sands and some parts of the Eagleford and Niobrara. We expect a focus on infrastructure and take-away - but with the exception of a continued discount for WTI oil we do not expect infrastructure-related issues to be a large negative."
"Drilling economics in "hot" oil plays is under pressure. Cost inflation continues to push well, and especially completion, costs higher. The recent oil prices drop results in marginal economics in some of the oil plays (including Spraberry and parts of Bakken)."
"Second wave of oil and liquids-rich plays is about to take off. Early results from the Niobrara and several Permian formations are encouraging. We expect to hear about the Utica (Chesapeake (NYSE: CHK), Devon (NYSE: DVN), others), the Tuscaloosa (DVN, Encana (NYSE: ECA)), Lower Smackover (Southwestern (NYSE: SWN), DVN), Duverney (ECA), and several tight oil formations in Canada (Devon)."
"Buy Newfield Exploration (NYSE: NFX) and Noble (NYSE: NBL) before the conference, EOG Resources (NYSE: EOG) and DVN also remain favorites. The conference will afford NFX a chance to convince investors that they have differential economics in the Uinta and NBL an opportunity to address its new Marcellus venture."
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Barclays analyst says, "North American activity remains strong. The U.S. rig count is up 15% since the beginning of the year, with activity in "gas" plays roughly flat and "oil" rigs up 35%. More than 70% of E&P revenue will come from liquids and 2012 cash flow will likely rise 10-15%. We expect activity to remain strong with a continued shift to liquids."
"The shift towards liquids will continue. Companies will likely address the benefit of oil plays vs. liquids-rich gas plays. E&Ps are funding oil programs in the Bakken, Permian Basin, oil sands and some parts of the Eagleford and Niobrara. We expect a focus on infrastructure and take-away - but with the exception of a continued discount for WTI oil we do not expect infrastructure-related issues to be a large negative."
"Drilling economics in "hot" oil plays is under pressure. Cost inflation continues to push well, and especially completion, costs higher. The recent oil prices drop results in marginal economics in some of the oil plays (including Spraberry and parts of Bakken)."
"Second wave of oil and liquids-rich plays is about to take off. Early results from the Niobrara and several Permian formations are encouraging. We expect to hear about the Utica (Chesapeake (NYSE: CHK), Devon (NYSE: DVN), others), the Tuscaloosa (DVN, Encana (NYSE: ECA)), Lower Smackover (Southwestern (NYSE: SWN), DVN), Duverney (ECA), and several tight oil formations in Canada (Devon)."
"Buy Newfield Exploration (NYSE: NFX) and Noble (NYSE: NBL) before the conference, EOG Resources (NYSE: EOG) and DVN also remain favorites. The conference will afford NFX a chance to convince investors that they have differential economics in the Uinta and NBL an opportunity to address its new Marcellus venture."
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