Organic production growth expected to improve

Banc of America Securities LLC estimates that its exploration and production coverage group will increase aggregate organic production at a 3.8% compound annual growth rate (CAGR) through 2009.That estimate compares with a 1.2% CAGR for the group of 25 E&P companies during the last 5 years. A majority of the companies said that a lack of drilling prospects is one of industry’s biggest challenges.The anticipated production growth will come primarily from unconventional plays, including the Barnett shale around Fort Worth, Tex., and coalbed methane in the Rockies, said analyst Robert S. Morris of New York.“In addition, we estimate our coverage group will generate nearly $110...

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