Most E&Ps Undervalued After Oil Price Slump; Our Top Picks Are Diamondback, Pioneer, and Laredo
West Texas Intermediate crude oil has fallen from over $65 a barrel in late April to about $54/bbl today, a hair below our midcycle forecast of $55/bbl. The slump has dragged most exploration and production stocks down with it, with 22 of the 23 names we cover now trading below our fair value estimates. The median and mean discounts are 12% and 16%, respectively. We see more upside than that for industry cost leaders like Diamondback Energy and Pioneer Natural Resources, which are better positio...Anadarko Petroleum is an independent exploration and production company. The company also participates in the hard-minerals business through royalty arrangements. The company's reporting segments are as follows: Exploration and Production, which is engaged in the exploration, development, production, and sale of oil, natural gas, and natural-gas liquids (NGLs) and in advancing its Mozambique liquefied natural gas project toward final investment decision; and WES Midstream and Other Midstream, in which these two segments engage in gathering, processing, treating, and transporting the company and third-party oil, natural-gas, and NGL production as well as gathering and disposal of produced water.
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