NEW YORK, NY -- (Marketwire) -- 08/30/11 -- 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 Exxon Mobil Corporation (NYSE: XOM) and ConocoPhillips (NYSE: COP). 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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ExxonMobil has the strongest position in unconventional oil and gas -- more than double its next competitor ConocoPhillips. Exxon's second-quarter profit jumped 41% on rising production, high oil prices and improved refining margins, as the Texas oil giant greatly ramped up its investment in the U.S. oilpatch.
ConocoPhillips reported second quarter earnings of $3.4 billion, or $2.41 per share, for the April-June period. That compares with $4.2 billion, or $2.77 per share, for the same part of 2010. ConocoPhillips pays an annual dividend of $2.64 per share for a hefty yield of around 4 percent.
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