Shale Driving Investment Upside for U.S. E & P: Permian Basin, the Utica Shale, Eagle Ford and the Bakken are Current Sweet Spots

Wall Street Transcript

67 WALL STREET, New York - January 8, 2013 - The Wall Street Transcript has just published its Oil & Gas: Refining, Independent and Major Integrated Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Capital Expenditures and Consolidation Activity - Refining Crude Price Differentials - Frontier Exploration and Development - Shale Drilling Capital Expenditures - Oil and Gas Price Divergence - Oil Price Expectations - LNG Global Pricing Differentials

Companies include: Apache Corp. (APA), EOG Resources, Inc. (EOG), Occidental Petroleum Corporati (OXY), Noble Energy, Inc. (NBL), Rex Energy Corporation (REXX), Gulfport Energy Corp. (GPOR), Carrizo Oil & Gas Inc. (CRZO), Continental Resources Inc. (CLR), Range Resources Corp. (RRC), McMoRan Exploration Co. (MMR), Freeport-McMoRan Copper & Gold (FCX), Plains Exploration & Productio (PXP), Rosetta Resources, Inc. (ROSE), Pioneer Natural Resources Co. (PXD), Approach Resources, Inc. (AREX)

In the following excerpt from the Oil & Gas: Refining, Independent and Major Integrated Report, an expert analyst discusses the outlook for the sector for investors:

TWST: Can you begin with a brief introduction to your coverage, including some of the specific names you follow?

Mr. Mariani: I cover U.S. oil and gas, specifically exploration and production companies that are listed in the U.S. My coverage universe consists of about 28 stocks, ranging from some large caps like Apache (APA), EOG (EOG), OXY (OXY), Noble (NBL), and I also cover some smaller caps like Rex Energy (REXX), Sanchez Energy (SN), Gulfport (GPOR), Carrizo (CRZO), and a number of midcaps like Continental (CLR) and Range (RRC). So pretty much across the gamut - large, mid and small - and my coverage includes gassy names, oily names and plays where the companies that pretty much participate in just about every major oil and gas play in the U.S.

TWST: Your view is that M&A in the E&P space is coming back. Can you tell us about some of the recent deals that have closed? What is your outlook for M&A in 2013?

Mr. Mariani: In terms of M&A in the space in 2012, it is a little bit of lighter year that we've seen in years past. Recently announced but yet to close was the takeout of McMoRan Exploration (MMR). This definitely was somewhat of an inside deal. The company that bought it out was Freeport-McMoRan (FCX). It's the same management for these companies, and they used to be part of one another back in 1994, and it was spun out into separate companies and basically it's reconsolidated. So I don't really think that particular deal portends for a tremendous amount of M&A.

And the other deal that was recently announced was Plains Exploration (PXP), which was also...

For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

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