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While PXD assured that the rising gas-to-oil ratio would not affect its oil production growth, its stock dropped anyway.
We believe that strong focus on the low-cost and lucrative Permian Basin will help Pioneer Natural (PXD) counter the rise in exploration expenses.
Anadarko's (APC) premium properties in Delaware and Denver-Julesburg basins and the Deepwater Gulf of Mexico will help in production growth. However, increasing dry hole expenses is a concern.