As part of our Oil & Gas E&P Report we spoke with Philip J. McPherson of Global Hunter Securities, LLC and he gave us his Outlook for OIL & GAS E&P and a unique play in the E&P market:
“When I look at the future and I look at the energy space, I still think it’s one of the best places to be in the long term and whether you want to believe in it because of the inflationary trade or the weak dollar, I just go back to the fundamentals of the amount of people who are increasing their energy consumption.”
Unique play in Oil and Gas – Evolution Petroleum (EPM)
“Evolution Petroleum has a unique play in that they have a big partner in Denbury Resources developing a large oil field in Louisiana. The amount of oil in this project, assuming a $60 oil deck, is worth approximately $5 or $6 per share and currently the company is trading at $2.50 a share so I think you’ve got an easy double there just as an NAV play.”
2009 is a year when E&P companies are not getting paid to grow so maintaining a strong balance sheet and maintaining production rather than growing is actually being rewarded, more than growing simply for the sake of growth.
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