Oil Producers Overtaking Refiners on Flood of U.S. Shale: Energy
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Energy investors are shifting their attention from U.S. refining stocks that added $20 billion in market value last year to oil producers promising record output in shale fields.
An S&P energy index of U.S. shale-oil explorers such as Pioneer Natural Resources Co. has jumped about 28 percent, or nine times the gain achieved during the last three years combined. They’re riding the explosion of new wells and rail links to refineries that’s bolstering revenue after crude traded in New York touched a 27-month high in August.