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Barclays: The last time Oil stocks were this cheap was when crude prices were at USD10/barrel
https://twitter.com/ukarlewitz/status/401869927671275520/photo/1
November 17th, 2013 at 8:02 amThanks IG
November 17th, 2013 at 11:53 am#1 graph does not apply to USA E&Ps, as a quick look (via Yahoo) at EOG, XOM, PXD show ~2-3X book. That is a world index of some sort so maybe the Gazproms and TOTs of the world are dragging the calculation down. Just fwiw.
November 17th, 2013 at 7:31 pmI'm just glad to have irongate commenting. I didn't look at the graph and was thinking they meant on debt adjusted cash flow which would put the names inexpensive land. Talking book, that was 1998 and yeah, it was cheap only at the time no one thought so. Also, the last time I used Price / Book to evaluate whether an E&P was cheap or not was … never. But hey, only been in the game for 20+ years … maybe I just haven't gotten around to it yet 😉
November 17th, 2013 at 7:40 pmFrom Friday – NE FSU not great. Can still be long for spinoff. Ed Morse @ Citi: At this time next year the US will likely become the largest net exporter of petroleum products. Surging ahead of agricultural commodities, the combo of oil, gas, coal, & chemicals is now running neck and neck against transportation equip. (includes auto) for the top of gross exports. Now 1/6 of total gross exports up from 1/10 in 2000. If crude taken off restricted list look out. Good for coastal refiners, E&P, drillers. Investors showing lack of interest.
November 18th, 2013 at 1:42 pm