Oil & Gas: Exploration & Production

January 31, 2014

Topics covered: Unconventional Resources, Shale, Oil Price Expectations, Offshore Deepwater Oil Discoveries, Offshore Capex Growth, Offshore and Deepwater Drilling, Frontier Exploration and Development, Domestic Crude Prices, Capital Expenditures and Consolidation Activity

Companies covered: BreitBurn Energy Partners, L.P. (NASDAQ:BBEP), YPF Sociedad Anonima (NYSE:YPF), Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR), Chevron Corporation (NYSE:CVX), Gran Tierra Energy Inc. (NYSEMKT:GTE), Exxon Mobil Corporation (NYSE:XOM), Petrobras Argentina S.A. (NYSE:PZE), Ecopetrol S.A. (NYSE:EC), ConocoPhillips (NYSE:COP), Weatherford International plc (NYSE:WFT), Superior Energy Services, Inc. (NYSE:SPN), Schlumberger N.V. (NYSE:SLB), SINOPEC Shangai Petrochemical Company, Ltd. (NYSE:SHI), PetroChina Company Limited (NYSE:PTR), Key Energy Services, Inc. (NYSE:KEG), Halliburton Company (NYSE:HAL), CNOOC Limited (NYSE:CEO), Baker Hughes Incorporated (NYSE:BHI), Total SA (ADR) (NYSE:TOT), Statoil ASA (NYSE:STO), ENI S.p.A. (NYSE:E), BP p.l.c. (NYSE:BP), Transocean Ltd. (NYSE:RIG), Rowan Companies plc (NYSE:RDC), Noble Corporation (NYSE:NE), GulfMark Offshore, Inc. (NYSE:GLF)

Buy ($175)