Goldman Sachs has just initiated coverage on a whopping 41 new European E&P stocks in a report called 50 E&Ps to change your portfolio.
Without wanting to go in depth on a massive 289-page report, a few themes jump out.
After Exxon and Shell, Chevron has become the latest oil major to jump on the Marcellus shale bandwagon.
Its $4.3bn deal to buy Atlas Energy will give it access to 9,000bn cubic feet of natural gas and 486,000 acres of Marcellus shale.
George Kirkland, Chevron’s vice chairman, said:
The Atlas Energy assets further advance Chevron’s global shale gas position, complementing the company’s recent entrance into shale gas opportunities in Poland, Romania and Canada
Tony Hayward’s first interview since stepping down as CEO of BP airs on UK television tonight. And it looks like it’s going to mark another fascinating chapter in the terrible story of the Gulf oil spill.
A preview from the BBC on Tuesday presented snippets of Hayward describing just how dire the financial situation became for the company. Amongst other things, Hayward admits that banks had even stopped lending to BP before his meeting with President Obama on June 16:
Prior to the meeting, the capital markets were effectively closed to BP. We were not able to borrow either short or medium-term debt at all.