Oil Prices Slide to Three-Month Lows -- Oil Production at a 15 Year High Despite Lower Demand
Five Star Equities Provides Stock Research on Magnum Hunter Resources and Halcon Resources
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 10/26/12 -- Abundant supplies and concerns regarding the health of the global economy have sent oil prices on a steady decline since around mid-September. Earlier this week oil hit a three-month low as missed earnings from major industrial companies pressured prices lower. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has fallen 5.5 percent over the last month. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Magnum Hunter Resources Corp. (NYSE: MHR) and Halcon Resources Corp. (NYSE: HK).
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Oil futures, which haven't closed below $86 since mid-July, fell to a low of $85.69 Tuesday. Oil prices have fallen approximately 13 percent this year. Weak outlooks recently provided by major companies such as Caterpillar, DuPont, and 3M have raised concerns that the global economy is weakening, which could further reduce demand for oil. The Energy Information Administration earlier this month reported that oil production in the U.S. was at a 15 year high, despite lower demand.
"There is a correlation between the equity markets and the oil price," said CMC Markets analyst, Michael Hewson. "We've had various companies missing price forecasts and these concerns about the future outlook for earnings are keeping a lid on oil prices."
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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 reported an average production rate of 12,475 barrels of oil equivalent per day for the third quarter of 2012, an increase of 137 percent from the year-ago quarter.
Halcón Resources is an independent energy company focused on the acquisition, production, exploration and development of onshore liquids-rich assets in the United States. The company recently reported that it plans to acquire 81,000 net acres in the Williston Basin for a purchase price of approximately $1.45 billion.
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Datum: 26.10.2012 - 06:20 Uhr
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