By Keith Schaefer Investors are trained by analysts and management to talk about oil prices when looking at energy stocks.
But that’s a misnomer; a mistake even—especially in the United States, where the hydrocarbon geology is deeper and gassier than Canada. And natural gas is worth a lot less than oil.
Investors sadly pay almost no attention to the realized price per barrel that companies receive—the integrated natgas/oil price—just to what the price of oil is doing on the day of the quarterly report comes out, or what the average price of oil during that quarter.
I worked with one of my researchers, studying 37
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