US E&P Firms Soar as Oil and Gas Prices Surge

Shares of exploration and production (E&P) companies in the US soared on Tuesday, driven by skyrocketing oil and natural gas prices. A deep freeze across much of the country lifted demand for both commodities, sending prices higher in futures trade. As a result, several E&P companies, including Apache, Anadarko, and EOG Resources, saw their shares shoot to new highs, with the Standard & Poor's index of oil and gas producers rising over 7% and setting a new 52-week high.

Key Takeaways:

• The Standard & Poor's index of oil and gas producers rose over 7% on Tuesday, setting a new 52-week high.
• Shares of Apache, EOG Resources, and Burlington Resources hit 52-week highs, with Apache's share price increasing by $5.44 to $69.57.
• Devon Energy, an E&P company, saw its shares rise nearly 10% to $62.44 on the American Stock Exchange.
• Oil service and drilling companies such as Schlumberger and Baker Hughes also made gains, as did Exxon Mobil, the No. 1 US oil company.
• Shares of Exxon rose $1.13 to $87.94.
• Louis Dreyfus Natural Gas was one of the 10 biggest gainers on the NYSE, climbing over 16% to $44.38.
• Several E&P companies, including Apache, Anadarko, and EOG Resources, saw their shares shot to new highs due to the surge in oil and natural gas prices.

Statistics:

• The Standard & Poor's index of oil and gas producers rose 7% on Tuesday.
• Shares of Apache increased by $5.44 to $69.57.
• Shares of EOG Resources rose $3 to $55.
• Shares of Devon Energy saw a nearly 10% increase to $62.44.
• The price of Exxon Mobil rose by $1.13 to $87.94.
• Louis Dreyfus Natural Gas saw a 16% increase to $44.38.

Sources:

• See related stories, p1,3, The Oil and Gas Journal.
• Closing price, table, p4, The Oil and Gas Journal.