SOURCE: Research Driven Investing

Research Driven Investing

March 20, 2013 08:20 ET

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

RDInvesting Provides Stock Research on Halcon Resources and Magnum Hunter Resources

NEW YORK, NY--(Marketwire - Mar 20, 2013) - North American 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 Halcon Resources Corp. (NYSE: HK) and Magnum Hunter Resources Corp. (NYSE: MHR).

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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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Halcon Resources has oil and natural gas reserves located primarily in Wichita, Wilbarger and Starr Counties, Texas, Pontotoc County, Oklahoma, and in several parishes in Louisiana. The company reported revenues of f $124.7 million for the fourth quarter of 2012, compared to revenues of $25.6 in the year ago quarter. Proved reserves as of December 31, 2012 totaled 108.8 million barrels of oil equivalent.

Magnum Hunter Resources is active in five of the most prolific unconventional shale resource plays in North America, namely the Marcellus Shale, Utica Shale, Eagle Ford Shale, Pearsall Shale and Williston Basin/Bakken Shale. The company's estimated oil and gas production was 1,300 Mboe for the quarter ending December 31, 2012.

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