US oil & gas exploration & production segment "overweight"

05/04/04 - Banc of America

NEW YORK, May 4 (New Ratings) – Analyst Robert S Morris of Banc of America Securities maintains his "overweight" rating on the US oil & gas exploration & production segment.

In a research note published this morning, the analyst mentions that the share price movement of the US exploration and production companies would continue to be driven by the outlook for crude oil and natural gas prices. The analyst expects the decline in the oil prices in 2H04 to be lower than the consensus expectations. The near-term natural gas prices are expected to be largely driven by the oil prices, Banc of America Securities adds.