NEW YORK, NY--(Marketwire -07/27/12)- Oil and gas stocks have struggled in recent months as a less than favorable demand outlook for crude weakens investor optimism in the exploration industry. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has fallen over 10 percent in the last three months. The recent economic slowdowns in Europe and China have continued to raise concerns regarding future oil demand. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on BP plc (BP) and ConocoPhillips (COP).
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The U.S. Energy Information Administration earlier this month slashed their global oil demand growth forecast by 130,000 barrels per day to 670,000. The EIA also lowered its oil demand growth estimate for 2013 by 360,000 bpd to 730,000 bpd in its monthly forecast.
"Global oil consumption is now expected to increase by 700,000 barrels a day next year, about 400,000 barrels a day less growth than previously forecast," EIA chief Adam Sieminski said in a statement accompanying the report. "Most of the growth in oil demand next year will occur in China, the Middle East, and Brazil."
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BP has invested more in the United States over the last five years than any other oil and gas company. With more than $52 billion in capital spending between 2007 and 2011, BP invests more in the U.S. than in any other country. The company recently reported it has entered into a long-term agreement with Kinder Morgan to provide condensate processing services and storage at Kinder Morgan's terminals located on the Houston Ship Channel.
ConocoPhillips on Wednesday reported second-quarter 2012 earnings of $2.3 billion, or $1.80 per share, compared with second-quarter 2011 earnings of $3.4 billion, or $2.41 per share. Production for the second quarter of 2012 was 1.54 million BOE per day, compared with 1.64 million BOE per day in the second quarter of 2011. Shares of the company fell 2.5 percent Wednesday.
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