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Raymond James Energy Stat of the Week
by J. Marshall Adkins

Energy Stat: EnerCom's Attendance Soars Along with Production Growth and Well Productivity
August 25, 2014

Once again, this year's EnerCom conference was remarkably well-attended, with two large presentation rooms and four break-out rooms frequently offering standing room only and sparse standing room at that. We suspect the reason for the high attendance is two-fold: EnerCom is known for putting together a great conference, and, perhaps more importantly, Denver's 80 degree weather sure is appetizing in contrast to the Houston summer. The conference gave us a good opportunity to catch up with our companies, as 29 of the 114 presentations were conducted by companies within our coverage universe, and an opportunity to keep an eye on intriguing new names in the sector. Accordingly, throughout last week, we included briefs in the Raymond James Energy Daily Update where we detailed the most interesting company-specific nuggets of information (Day 1, Day 2, Day 3). But the conference also allowed us to observe some broad overarching themes across the E&P space, and in today's Stat, that's our focus: major themes that emerged across multiple presentations. In particular, we highlight key conference topics including: (1) the Permian midstream system is stretched, and the stocks are feeling it, (2) despite meaningful well productivity gains over the past year, there is more to come, and (3) Wattenberg development is ongoing, despite obstacles.

This is a summary of a much more detailed commentary. Please contact your financial advisor for the full report.

There is no assurance any of the trends mentioned will continue in the future. Past performance is not indicative of future results. Investing involves risk and investors may incur a profit or a loss. Specific sector investing can be subject to different and greater risks than more diversified investments. Investing in commodities is generally considered speculative because of the significant potential for investment loss. Commodities are volatile investments and should only form a small part of a diversified portfolio. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising.

The Dow Jones Industrial Average is an unmanaged index of 30 widely held stocks. The S&P 500 is an unmanaged index of 500 widely held stocks. The Oil Services Index (OSX) comprises 15 of the largest oil service companies. The S&P SuperComposite Oil and Gas Exploration & Production Index (S&P Oil and Gas E&P) consists of all oil and gas exploration and production stocks included in the S&P SuperComposite 1500 Index. Investors cannot invest directly in an index. Additional information is available upon request.

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