SOURCE: Research Driven Investing

Research Driven Investing

March 22, 2013 08:20 ET

U.S. Oil Prices Rise as Expansions of Pipelines Help Ease Supply Glut

RDInvesting Provides Stock Research on Denbury Resources and Stone Energy

NEW YORK, NY--(Marketwire - Mar 22, 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 Denbury Resources Inc. (NYSE: DNR) and Stone Energy Corporation (NYSE: SGY).

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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 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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Denbury Resources is the largest oil and natural gas producer in both Mississippi and Montana, owns the largest reserves of carbon dioxide (CO2) used for tertiary oil recovery east of the Mississippi River, and holds significant operating acreage in the Rocky Mountain and Gulf Coast regions. The company reported average oil production from tertiary operations rose to a record of 37,550 barrels per day for the fourth quarter, a year-over-year increase of 20 percent.

Stone Energy engages in the acquisition, exploration, exploitation, development, and operation of oil and gas properties in the Gulf of Mexico and the Appalachia region. The company reported net daily production of 42 MBoe (252 MMcfe) per day for the full year 2012, a year-over-year increase of 15 percent. Shares of Stone Energy have gained approximately 10 percent in 2013.

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