Margin Between U.S. and Europe Oil Benchmarks Narrowest in Over Three Months
The Paragon Report Provides Stock Research on Rex Energy and EXCO Resources
NEW YORK, NY -- (Marketwire) -- 01/10/13 -- U.S. oil stocks will look to benefit from plans to re-open the Seaway Pipeline. By the end of this week, Operators Enterprise Products Partners LP and Enbridge Inc. have announced 400,000 barrels of oil will flow through their pipeline. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Rex Energy Corporation (NASDAQ: REXX) and EXCO Resources Inc. (NYSE: XCO).
The gap between West Texas Intermediate crude oil and Europe's Brent crude since the start of the year has shrunk 6.4 percent to its narrowest margin since September. The U.S. benchmark has fallen in value as increased domestic production and lack of access to pipelines to transport crude to refineries have created a supply glut. The Department of Energy recently reported that oil inventories at the Cushing oil-transport hub was at an all-time high of 49.8 million-barrels. The Seaway Pipeline transport oil from the Cushing hub to refineries along the Gulf Coast.
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Rex Energy operates in two main areas within the United States: the Appalachian Basin and the Illinois Basin. As of October 31, 2012, the company reported proved oil and natural gas reserves of 612.1 Bcfe, an increase of 67% over December 31, 2011. For 2013 Rex Energy expects production growth of 34 percent to 40 percent year-over-year.
EXCO Resources is an oil and natural gas acquisition, exploitation, development and production company with principal operations in East Texas, North Louisiana, Appalachia and West Texas. The company currently offers investors an annual divi8dend of $0.16 per share for a dividend yield of approximately 2.5 percent.
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