SOURCE: Research Driven Investing
NEW YORK, NY--(Marketwire - Mar 20, 2013) - U.S. oil and gas companies have benefitted from rising U.S. crude prices in 2013 as expanded pipelines and increased rail shipments have helped eased the supply glut. The iShares Dow Jones US Oil & Gas Exploration & Production ETF (IEO) has surged over 13 percent year-to-date. Research Driven Investing examines investing opportunities in the Oil & Gas Industry and provides equity research on Bill Barrett Corporation (NYSE: BBG) and Goodrich Petroleum Corporation (NYSE: GDP).
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The gap between West Texas Intermediate crude oil and Europe's Brent crude has fallen to its narrowest margin in eight months. Increased pipeline capacity has been a major contributor to rising U.S. oil prices. Later this this year the Seaway Pipeline, after experiencing some issues in January, will begin to increase shipments to the Gulf Coast. Additionally, the Longhorn pipeline has recently reversed flow and has begun sending oil to refineries along the Gulf Coast. Since reaching a record of 51.9 million barrels in January, inventories at the Cushing, Oklahoma transport hub have fallen to 49.3 million barrels.
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Bill Barrett's assets are located solely in the resource-rich Rocky Mountain region with active exploration and development properties located throughout the area. Their largest development programs are located in Colorado, Utah and Wyoming. The company reported oil & natural gas production of 117.6 Bcfe in 2012, an increase of 10 percent when compared to a year ago.
Goodrich Petroleum owns working interests in 392 producing oil and natural gas wells located in 32 fields in eight states. At December 31, 2012, the company had estimated proved reserves of approximately 333.1 Bcfe, comprised of 254.0 Bcf of natural gas, 5.1 MMBbls of natural gas liquids and 8.1 MMBbls of oil and condensate. Shares of Goodrich have gained nearly 60 percent year-to-date.
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