Weak Demand Outlook a Major Risk for Ivanhoe Energy and ATP Oil & Gas
The Bedford Report Provides Stock Research on Ivanhoe Energy and ATP Oil & Gas
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 08/08/11 -- Oil stocks have been on the downswing this month as crude oil prices have plummeted and a report on the services industry raised new concern that the economy is faltering. The drop in prices has been particularly hard on oil producers, many of which boosted production in recent quarters in hopes of capitalizing on higher oil prices. The Bedford Report examines the outlook for companies in the Oil and Gas Sector and provides equity research on Ivanhoe Energy, Inc. (NASDAQ: IVAN) (TSX: IE) and ATP Oil & Gas Corporation (NASDAQ: ATPG). Access to the full company reports can be found at:
The US government's Department of Energy had revealed that American crude reserves climbed by 1.0 million barrels in the week ending July 29 -- suggesting weaker demand in the world's biggest crude-consuming nation.
Greg Priddy, director of global oil at consultancy Eurasia Group, told The Wall Street Journal that "the evidence accumulating of very slow growth in the U.S. economy and substantial demand destruction... the main risk in the crude oil market over the next quarter will be to the downside."
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Several oil producers boosted production in recent quarters, as previous economic forecasts had been much more positive. ATP Oil & Gas Corporation is engaged in the acquisition, development and production of oil and natural gas properties in the outer continental shelf of the Gulf of Mexico. Drilling activity is once again picking up in the Gulf after the temporary moratorium. ATP was the first Gulf of Mexico operator to begin drilling in the deepwater after the BOEMRE began issuing permits.
Heavy oil producer Ivanhoe Mines has operations in Canada, Mongolia, Ecuador and China. In its most recent earnings report the company said production at its Dagang field in China rose 25 percent to 90,599 net barrels of oil after royalties.
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Datum: 08.08.2011 - 12:16 Uhr
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News-ID 43284
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