SOURCE: The Bedford Report

The Bedford Report

August 30, 2011 08:16 ET

Oil Majors Revise Growth Strategies

The Bedford Report Provides Equity Research on BP & Chevron

NEW YORK, NY--(Marketwire - Aug 30, 2011) - Conflicting reports regarding a resolution to Libya's civil war has led to increased volatility in the Oil and Gas sector. The continuing unrest in the Middle East has led several oil majors to revise growth strategies. The Bedford Report examines the outlook for companies in the Oil and Gas sector and provides equity research on BP PLC (NYSE: BP) (LSE: BP) and Chevron Corporation (NYSE: CVX). Access to the full company reports can be found at:

Recent reports from Wood Mackenzie argue that Libya will be unable to restore production to pre-crisis levels for several years. Mackenzie finds that unconventional oil and gas, liquefied natural gas, and deepwater oil and gas currently make up approximately 50 percent of the future value of international energy companies. The research group put the value of the upstream sector at a hefty $3.2 trillion.

The forecast for oil shows a push towards heavier grades with oil sands high on the list. Wood Mackenzie estimates that the Canadian oil sands have a value of nearly $180 billion alone.

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Underscoring Big Oil's growing interest in unconventional oil and gas reserves in North America, Chevron recently acquired about 200,000 acres of land in the Duvernay shale gas formation in Alberta, Canada. Chevron reported second quarter earnings of $7.7 billion, or $3.85 per share, for the three months ended June 30. Revenue increased 31 percent year-on-year to $66.7 billion.

BP reported a net profit of $5.6 billion for the three months ending June 30, compared with a loss of $17.2 billion a year earlier. During the second quarter, its oil and gas production was 3.43 million barrels of oil equivalent a day, down 11 percent from a year earlier as a result of ongoing impacts in the Gulf of Mexico.

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