NEW YORK, NY--(Marketwire - Nov 23, 2012) - An increased focus on lowering the nation's dependence on foreign oil has seen production in the U.S. soar to 15 year highs. The International Energy Agency in its annual World Energy Outlook predicts that by 2020 the U.S. will be the world's top oil producer. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Bill Barrett Corp. (NYSE: BBG) and EXCO Resources Inc. (NYSE: XCO).
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Hydraulic fracturing and horizontal drilling have contributed to the current shale-oil boom in the U.S. The IEA predicts oil production in the U.S. in 2020 will peak at 11.1 million barrels a day, compared to 8.1 million barrels a day in 2011. U.S. oil imports are forecasted to decline to four million barrels a day from the current rate of 10 million barrels a day within the next decade.
"By around 2020, the United States is projected to become the largest global oil producer" and will surpass Saudi Arabia for a period of time, the IEA said. "The result is a continued fall in U.S. oil imports [currently at 20% of its needs] to the extent that North America becomes a net oil exporter around 2030."
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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. Shares of the company fell last Wednesday after reporting a fire at the Dry Canyon compressor station caused extensive damage and production has been shut-in as a result.
EXCO Resources is an independent oil and natural gas company engaged in the exploration, exploitation, development and production of onshore oil and natural gas properties in East Texas, North Louisiana, Appalachia and the Permian. The company has recently announced a partnership with Harbinger Group Inc. related to oil & gas properties in Texas and Louisiana.
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