With the weakness in oil prices in Q-4, producing companies have struggled, in many cases giving up 20-30% of their early November peak share prices. The $109 average realizations of Q-2, and $94 realizations of Q-3 are behind us, and these companies will report even lower realizations for Q-4. That’s baked in at this point. Wall Street has accordingly taken down valuations for these companies, and when they report in early Feb, 23, may still be further compressed. Longer term, we remain bullish on the producers as we think higher oil prices…
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