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Jackson Hockley Senior Investment Analyst

Energy Sector. Equipment & Services, Oil & Gas. Jackson Hockley Senior Investment Analyst. Energy Performance Review. The Energy Sector, S&P 500, and Commodity Prices. Source: Factset. Energy Performance Review. The Energy Sub-Sectors. Source: Factset. Oil Prices.

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Jackson Hockley Senior Investment Analyst

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  1. Energy Sector Equipment & Services, Oil & Gas Jackson Hockley Senior Investment Analyst

  2. EnergyPerformance Review The Energy Sector, S&P 500, and Commodity Prices Source: Factset

  3. EnergyPerformance Review The Energy Sub-Sectors Source: Factset

  4. Oil Prices Oil Prices, What Will They Do Next? It’s been a wild ride!! Source: Factset

  5. Where Will Oil Prices Go Next? Opinions Are All Over The Board… “Oil should fall to between $4 and $10 a barrel, which, needless to say, supports our deflationary outlook.” –Robert Prechter August 13, 2009 Source: Bloomberg, Dinakar Sethuraman, “Oil May Fall Below $10 in Next Decade, Prechter Says”

  6. Where Will Oil Prices Go Next? Opinions Are All Over The Board… Then:“Oil will sink to $20/barrel.” –Philip Verleger(Professor at The University of Calgary) July 2009 Now: “I’m fairly certain we’ll see prices in the $30’s this year.” –Philip Verleger(Professor at The University of Calgary) September 21, 2009

  7. Where Will Oil Prices Go Next? Opinions Are All Over The Board… Oil will average $90/barrel in 2010 –Goldman Sachs September 24, 2009

  8. Global Oil Supply & Demand Source: Schlumberger

  9. Regional Population

  10. Oil Consumption

  11. U.S. Natural Gas Storage

  12. U.S. Natural Gas Demand By Type

  13. 9% 21% 20% 49% Power Generation

  14. U.S. Shale Gas Plays Source: EIA

  15. Shale Production Metrics Have Improved Over Time For example, look at Southwestern Energy’s Fayetteville metrics since 1Q 2007

  16. So How High Should Natural Gas Prices Go?

  17. Wave of New LNG Projects in the Pacific Basin

  18. Buy-rated Stocks • Majors • Chevron (CVX) • Exxon Mobil (XOM) • E&P • Apache (APA) • Suncor (SU) • Talisman (TLM) • Noble Energy • Equipment & Services • Baker Hughes (BHI) • Halliburton (HAL) • National Oilwell Varco (NOV) • Noble (NE) • Schlumberger (SLB) • Transocean (RIG)

  19. Questions for Energy?

  20. Thank you. Jackson Hockley Senior Investment Analyst

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