Libyan Conflict Resolution May Affect Margins at SandRidge and Abraxas
The Bedford Report Provides Stock Research on SandRidge Energy and Abraxas Petroleum
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 08/24/11 -- Conflicting reports regarding a resolution to Libya's civil war have led to increased volatility in the Oil and Gas Sector. Many oil and gas producers with limited Middle Eastern operations had boosted production in recent months as they continue to report an uptick in demand. The Bedford Report examines the outlook for companies in the Oil and Gas Sector and provides equity research on SandRidge Energy, Inc. (NYSE: SD) and Abraxas Petroleum Corporation (NASDAQ: AXAS). Access to the full company reports can be found at:
Oil stocks have been volatile this week as investors weigh the possibility of an end to Libya's civil war. Before the uprising began in February, Libya produced about 1.6 million barrels per day and exported 1.3 million, much of it light crude highly valued by Europe's refiners, which have struggled to replace it.
Middle Eastern unrest had led to noticeable gains in energy companies that do not have exposure to Libya and other troubled spots, which benefitted from higher oil prices, and increased production.
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With oil prices on the upswing, SandRidge Energy doubled oil production year-on-year in the second quarter, and raised its 2011 production guidance to 24.1 million barrels of oil equivalent, from a previous prediction of 23.3 MMBoe. Total second quarter revenues soared to $364.8 million, double the $182.4 million it posted in the prior year's quarter.
Abraxas Petroleum increased second quarter production by 5 percent sequentially -- despite weather downtime. The company says that it "looks forward to further production growth," and expects production for 2011 to average 4,000 - 4,200 barrels of oil equivalent per day.
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Datum: 24.08.2011 - 06:16 Uhr
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