SOURCE: Five Star Equities
NEW YORK, NY--(Marketwire - Jul 16, 2012) - Oil and gas stocks have continued to be weighed down by falling prices as a less than favorable demand outlook for crude, created by the recent euro crisis, weakens investor optimism in the exploration industry. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has fallen over 6.5 percent in the last three months. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Halcon Resources Corp. (NYSE: HK) and Magnum Hunter Resources Corp. (NYSE: MHR).
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On Thursday, the International Energy Agency stated they expect global oil demand to increase by 1 million barrels a day in 2013. In their report the IEA forecasts global oil demand in 2013 will rise 1.1 percent to average 90.9 million barrels a day. While the rise comes as a welcome sign, demand is still "well below" the levels before the financial crisis.
"While the economic risks encompassed in our weaker GDP and demand profile this month also hint at something of a price ceiling, the latent potential of emerging market demand growth and ongoing risk of nasty supply surprises could keep prices stubbornly high in absolute terms," the IEA report said.
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Halcón Resources estimates current pro forma production to be approximately 14,550 barrels of oil equivalent per day (Boe/d) with ten operated drilling rigs running on resource style assets and three operated drilling rigs running on conventional assets. The company estimates that it will add four to six operated drilling rigs to its resource style drilling program by year end 2012.
Magnum Hunter Resources is an independent exploration and production company engaged in the acquisition, development and production of crude oil, natural gas and natural gas liquids, primarily in West Virginia, Kentucky, Ohio, Texas, North Dakota and Saskatchewan, Canada. The Company is active in four of the most prolific unconventional shale resource plays in North America, namely the Marcellus Shale, Utica Shale, Eagle Ford Shale and Williston Basin/Bakken Shale.
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