Reserves uncertainty proving detrimental to E&P stocks

04/05/2004
Reserves reclassifications concern investors because the market has sold off shares of companies reporting negative reserves revisions, Houston-based Simmons & Co. International Ltd. said."The residual uncertainty associated with the reclassification of reserves has had a detrimental influence on exploration and production stocks. It remains to be seen whether this angst ultimately prompts the market to assign a higher equity risk premium to E&P shares longer term," analyst W. Mark Meyer said in a Feb. 25 research note.Meanwhile, of those oil and gas companies that reduced their reserves estimates, the shares of most of them remained 10% below preannouncement trading levels for several da...
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