Oil & Gas: Refining, Independent and Major Integrated

January 30, 2014

Buy ($175)

Topics covered: Oil Price Expectations, Oil Market Supply and Demand, Master Limited Partnerships Distribution Growth, Investor Sentiment on Oil Sector, Independent E&P Opportunities, Finding Value in Oil Market Recovery, E&P Opportunities, Capital Expenditures and Consolidation Activity

Companies covered: Pioneer Natural Resources Company (NYSE:PXD), Newfield Exploration Company (NYSE:NFX), EOG Resources, Inc. (NYSE:EOG), Exxon Mobil Corporation (NYSE:XOM), Questar Corporation (NYSE:STR), BP p.l.c. (NYSE:BP), Western Gas Partners, LP (NYSE:WES), Occidental Petroleum Corporation (NYSE:OXY), Noble Energy Inc. (NYSE:NBL), Murphy Oil Corporation (NYSE:MUR), Marathon Oil Corporation (NYSE:MRO), Encana Corporation (NYSE:ECA), Devon Energy Corporation (NYSE:DVN), Chevron Corporation (NYSE:CVX), California Resources Corporation (NYSE:CRC), ConocoPhillips (NYSE:COP), Anadarko Petroleum Corporation (NYSE:APC), BreitBurn Energy Partners, L.P. (NASDAQ:BBEP), Valero Energy Corporation (NYSE:VLO), Plains All American Pipeline, L.P. (NYSE:PAA), Linn Energy, LLC (NASDAQ:LINE), ENERGY TRANSFER PARTNERS (NYSE:ETP), EQT Corporation (NYSE:EQT), Enterprise Products Partners L.P. (NYSE:EPD), Total SA (ADR) (NYSE:TOT), Talisman Energy Inc. (NYSE:TLM), Statoil ASA (NYSE:STO), Eagle Rock Energy Partners, L.P. (NASDAQ:EROC), Evolution Petroleum Corporation, Inc. (NYSEAMERICAN:EPM), Transglobe Energy Corp (NASDAQ:TGA), InterOil Corporation (NYSE:IOC), Hess Corporation (NYSE:HES)