Natural Resources >> Sector Roundtables >> May 6, 2002

Roundtable Forum: Oil & Gas Exploration & Production

SHANNON NOME is a Managing Director and Senior Research Analyst at J.P. Morgan Chase, covering exploration and production stocks. Before joining the firm in April 2001, she was a Managing Director and Senior Energy Analyst at Banc of America Securities. Prior to her tenure at B of A, she was a Vice President and Energy Analyst at Credit Suisse First Boston. She began her career as an Energy Analyst at A.G. Edwards & Sons in St. Louis. Ms. Nome was recently ranked as a top-10 E&P analyst in Institutional Investor's most recent All-American Research survey, and was also named the number one 'Up and Comer' in her category. She was recognized as the 'Best Stockpicker' among E&P analysts in the TheStreet.com 2000 analyst survey, and in 1996 she placed third for stock-picking in The Wall Street Journal All-Star Analyst survey. She earned her MBA from Washington University in St. Louis and her BS in Finance and Accountancy from Miami University in Oxford, Ohio. Profile
M. BRADLEY DAVIS is Senior Vice President and Senior Energy Analyst at SWS Securities, Inc. Previously, he was associated with CIBC World Markets, BT Alex. Brown, Williams MacKay Jordan, Fitch Investors, Bank of New York, Texas Commerce Bank and Key International Drilling. Mr. Davis received a BA in International Business and Political Science from Baylor University. Profile
JOHN P. HERRLIN JR., a First Vice President at Merrill Lynch, is a top rated Institutional Investor All American analyst for the eighth year in a row, six of which he was number one. Additionally, he is a top ranked Greenwich Associates analyst covering exploration and production companies. He currently follows 23 US oil and gas exploration and production companies, and six Canadian oil and gas exploration and production companies. Previously, Mr. Herrlin was an Analyst at Lehman Brothers, Smith Barney and 13D Research, Inc. His industry experience includes three years with the U.S. Geological Survey in the Oil and Gas branch and a year in the branch of exploration research. He studied Geology at the University of Montana and the Colorado School of Mines, and has an MBA in Energy Finance. Mr. Herrlin is a member of NAPIA and AIMR. Profile
ANDREW T. LEES is a Vice President and Senior Analyst at RBC Capital Markets. Previously he was a Vice President and Senior Analyst at Stifel, Nicolaus & Company, at Petrie Parkman in Denver, Colorado, and A.G. Edwards in Denver. Prior to that he was associated with Merrill Lynch Canada in Calgary, Alberta; Gordon Capital in Calgary; and CIBC Wood Gundy in Toronto, Ontario. Mr. Lees received a BA in Economics from the University of Western Ontario and an MBA in Finance and Accounting from McGill University. Profile
TWST: Shannon, let's begin with you today. What is it exactly

that an E&P company does?

Ms. Nome: A definition? An E&P company is an oil and gas

producer. We're not talking about a