RESEARCH REPORT - Merrill bullish on oil E&P cos
NEW YORK, March 10 (Reuters) - Merrill Lynch on Friday issued a bullish report on 43 North American energy exploration and production companies, saying they should benefit from higher oil and natural gas prices.
-- Said North American exploration and production (E&P) companies account for about 45 percent of the continent's oil production and 75 percent of its natural gas output.
-- ``Given the industry's ongoing consolidation, aging geotechnical workforce, and new integrated behemoths, it's clear that the corporate landscape has changed greatly in just a few years,' the report said, adding that the E&P industry has been the prime beneficiary.
-- ``Clearly, we are bullish. E&P stocks have lagged.'
-- Said the group should attract investment as companies benefit from the strength of oil and gas prices.
-- Buy ratings include
Alberta Energy (Toronto:AEC.TO - news),
Apache Corp. (NYSE:APA - news),
Triton Energy (NYSE:OIL - news),
Canadian Natural Resources (Toronto:CHQ.TO - news),
Burlington Resources (NYSE:BR - news),
Unocal Corp (NYSE:UCL - news),
Canadian Occidental (Toronto:CXY.TO - news),
Kerr McGee Corp. (NYSE:KMG - news),
Union Pacific Resources (NYSE:UPR - news),
Compton Petroleum (Toronto:CMT.TO - news),
Talisman Energy (Toronto:TLM.TO - news),
Noble Affiliates (NYSE:NBL - news),
Crestar Energy (Toronto:CRS.TO - news),
and Stone Energy (NYSE:SGY - news). |
