Paul Grigel covers U.S. E&Ps. Mr. Grigel says 2016 was a volatile year for E&Ps; however, the resiliency of the sector has been tremendous on the stock front and the operational front. For 2017 he is looking at the back half of 2016, which had more favorable tailwinds with rising crude prices and service costs that had remained flat after declining earlier in the year. For 2017, is looking for some of those tailwinds to die down or even become headwinds, mainly service cost inflation starting to come back. He says that while there are a few select places you can find value, generally the E&Ps are looking more fully valued right now.
Full interview available here.
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