• Finding, development, and acquisition (FD&A) costs are rising.
• Reserves are growing.
• Proved, developed reserves are shrinking.
• Reserve additions are not well matched to production.
• Liquids are in every E&P company’s sights.

To even out the changes a bit, Fitch computed a three-year average as well as a year-over-year average change.

FD&A costs for the entire group of companies fell by an average of -14% over three years, but the variation was large. The three-year average cost of a barrel in 2008 was $20.76, falling to $16.46 in 2011. Exxon Mobil Corp. (NYSE: XOM) posted an increase of 45% in FD&A costs over three years, while Chevron Corp. (NYSE: CVX) lowered its costs by -41% and ConocoPhillips lowered its costs by -36%. Occidental Petroleum Corp. (NYSE: OXY) showed a 1% increase in FD&A costs over the three years and Hess Corp. (NYSE: HES) paid 60% more per barrel in FD&A costs. FD&A costs for SandRidge Energy Corp. (NYSE: SD) rose 42%, while the largest drop in costs came at Range Resources Inc. (NYSE: RRC), at -65%.

Total proved reserves posted median gains of 4.8% year-over-year and 24% since 2008. Some of the largest reserves gains came from additions of natural gas, which drove up the reserve equivalent barrels count, but weighed on valuations due to the low prices for natural gas. Among the bigger companies, Exxon increased its reserves by 14.1% over the three-year span, while Chevron’s reserves grew by just 0.4% and Conoco’s fell by -18%.

Proved, developed reserves declined for all the companies in the sample by -3.5% over the three-year period. Fitch defined proved, developed reserves as “proved reserves that can be expected to be recovered through existing wells with existing equipment and operating methods, or through relatively minor expenditures.” Essentially that means that the companies are increasing production from existing wells and driving down the amount that’s left to get out of a producing well. As a percentage of total reserves, proved, developed reserves rose the most at Marathon Oil Corp. (NYSE: MRO), a total of 8% in the three-year period. Proved, developed reserves fell the most at Plains Exploration & Production Co. (NYSE: PXP), a total of -16.4%.

The mismatch between production and reserves replacement is described as “lumpy” by Fitch. The problem is mainly one of timing. A project with a long startup cycle, like Chevron’s liquefied natural gas project offshore of Australia, delays reserves booking well past the time the company spent billions of dollars to develop the project. This effect will become a bigger issue as new projects are developed in ultra-deepwater and other difficult environments by smaller companies.

Finally, the push to develop liquids production has been well-documented over the past couple of years. With natural gas prices near historic lows, liquids development is critically important to companies that once focussed almost exclusively on dry natural gas. The largest three-year average gain in liquids reserves was 40% at SandRidge, followed by 12% gains at Pioneer Natural Resources Co. (NYSE: PXD) and Newfield Exploration Co. (NYSE: NFX). Chesapeake Energy Corp. (NYSE: CHK) grew its liquids reserves by 11% over the three years.

Fitch notes that what it calls ‘efficiency’ — which is essentially the sum of all the factors it looked at in this operational review — “helps determine the relative credit quality and competitiveness of a firm when indexed against its peers … [B]eing a low-cost, efficient producer remains a key credit protection in the event of lower oil prices.”

The full report from FitchRatings is available here.

Paul Ausick

The unofficial closing bells put the DJIA up more than 89 points to 13,090.95 (0.69%), the NASDAQ rose more than 68 points (2.3%) to 3,029.63, and the S&P 500 rose 1.37% or nearly 19 points to 1,390.70.

There were several analyst upgrades and downgrades today, including Apple raised to ‘outperform’ at Scotia and maintained ‘buy’ with a target price of $775 at Canaccord Genuity; J.C. Penney Co. Inc. (NYSE: JCP) raised to ‘market perform’ at BMO; McDonald’s Corp. (NYSE: MCD) cut to ‘hold’ at Argus; Time Warner Cable (NYSE: TWC) started as ‘buy’ at Citigroup; Wal-Mart Stores Inc. (NYSE: WMT) cut to ‘hold’ at Argus; and Buffalo Wild Wings (NASDAQ: BWLD) raised to ‘buy’ at Deutsche Bank.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Apple is up 8.9% at $610.02 (our coverage here); Anixter International Inc. (NYSE: AXE) is down -4% at $66.76; Edwards Lifesciences Corp. (NYSE: EW) is up 11.5% at $81.74; Juniper Networks Inc. (NYSE: JNPR) is down -4% at $20.78; Norfolk Southern Corp. (NYSE: NSC) is up 3.6% at $72.77; Newfield Exploration Co. (NYSE: NFX) is up 5.2% at $35.47; AutoNation Inc. (NYSE: AN) is down -0.9% at $33.27; Clayton Williams Energy Inc. (NASDAQ: CWEI) is up 1.6% at $76.45; Corning Inc. (NYSE: GLW) is up 6.7% at $14.25; Harley-Davidson Inc. (NYSE: HOG) is up 6.1% at $53.45 after posting a new 52-week high of $53.98 earlier today; Lithia Motors Inc. (NYSE: LAD) is up 7.4% at $26.84; and US Airways Group Inc. (NYSE: LCC) is up 2.5% at $9.55 (more coverage here).

Other standouts from today include the following stocks:

Caterpillar Inc. (NYSE: CAT) is down -4.5% at $103.55. The heavy equipment maker reported declining sales in China as growth in the country has slowed, which led to the sell-off today.

CNH Global NV (NYSE: CNH) is up 3.6% at $45.66. The farm equipment maker beat EPS estimates by almost 50% and sales were also higher.

Boeing Co. (NYSE: BA) is up 5.3% at $77.06. The aircraft maker reported solid earnings and revenues this morning. More coverage here.

Stay tuned for Thursday. We have noted the following events on the schedule (all times Eastern):

• 8:30 a.m. – New unemployment benefits claims
• 8:30 a.m. – Chicago Fed national activity index
• 10:00 a.m. – Pending home sales index
• 10:30 a.m. – EIA weekly natural gas storage report
• 11:00 a.m. – Kansas City Fed manufacturing index
• 1:00 p.m. – 7-year note auction
• 4:30 p.m. – Federal Reserve balance sheet and money supply

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Paul Ausick

In this chart using the ChartLab Pro methodology we are showing the top 5 strongest and weakest energy stocks based on the close of April 16th.  Cumulatively the top 5 names have outperformed the weakest 5 year to date by 28.92% and 12.79% Month to date.   The rankings are not picked by the stocks returns, they are chosen by their technical strength under the ChartLab Pro methodology.

The 5 strongest charts in the energy sector are Williams Companies, Inc. (NYSE: WMB), El Paso Corporation (NYSE: EP), Pioneer Natural Resources Co. (NYSE: PXD), ConocoPhillips (NYSE: COP), and Diamond Offshore Drilling, Inc. (NYSE: DO).

The 5 weakest charts in the energy Baker Hughes, Inc. (NYSE: BHI), Chesapeake Energy Corporation (NYSE: CHK), Cabot Oil & Gas Corporation (NYSE: COG), Southwestern Energy Co. (NYSE: SWN), and Newfield Exploration Co. (NYSE: NFX).

The infographic below is generated by Chartlabpro.com.

The unofficial closing bells put the DJIA down almost 27 points to 12,938.75 (-0.21%), the NASDAQ fell more than 15 points (-0.52%) to 2,933.17, and the S&P 500 fell -0.33% or nearly 5 points to 1,357.66.

There were several analyst upgrades and downgrades today, including Apple Inc. (NASDAQ: AAPL) reiterated as ‘outperform’ and target price lifted to $600 at Credit Suisse; Dell Inc. (NASDAQ: DELL) cut to ‘neutral’ at Citigroup and cut to ‘hold’ at Needham; The Mosaic Co. (NYSE: MOS) raised to ‘buy’ at Canaccord Genuity; Gilead Sciences Inc. (NASDAQ: GILD) cut to ‘market perform’ at Bernstein; and Dendreon Corp. (NASDAQ: DNDN) started as ‘neutral’ at Citigroup.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Basic Energy Services Inc. (NYSE: BAS) is up 0.15% at $19.90; Community Health Systems Inc. (NYSE: CYH) is up 14.3% at $23.61; Grand Canyon Education Inc. (NASDAQ: LOPE) is down -0.95% at $17.67; Range Resources Inc. (NYSE: RRC) is up 3.4% at $66.47; Central European Media Enterprises Ltd. (NASDAQ: CETV) is down -18.5% at $6.93; Chico’s FAS Inc. (NYSE: CHS) is up 16.9% at $14.97; Dollar Tree Inc. (NASDAQ: DLTR) is down -0.76% at $87.34; Garmin Ltd. (NASDAQ: GRMN) is up 9.2% at $48.81 after posting a new 52-week high of $49.93 (more coverage here); Novagold Resources Inc. (AMEX: NG) is flat at $8.75; R.R. Donnelley & Sons Co. (NYSE: RRD) is down -1.8% at $13.00; and Toll Brothers Inc. (NYSE: TOL) is down -4.8% at $22.56 (more coverage here).

Other standouts from today include the following stocks:

HealthStream Inc. (NASDAQ: HSTM) is up nearly 34% at $23.18 after posting a new all-time high of $23.19 earlier today. The Internet-based health learning company beat both EPS and revenue expectations in its most recent quarter.

Sourcefire Inc. (NASDAQ: FIRE) is up nearly 27% at $45.34 after posting a new all-time high of $45.50 earlier today. The Internet security provider handily beat earnings and revenue expectations last night.

Threshold Pharmaceuticals Inc. (NASDAQ: THLD) is up nearly 20% at $6.0. The pharmaceutical maker yesterday announced positive results for its pancreatic cancer treatment.

Newfield Exploration Co. (NYSE: NFX) is down more than -12% at $37.06. The independent oil & gas company missed EPS and revenue estimates last night.

Brightpoint Inc. (NASDAQ: CELL) is down more than -11% at $8.89. The mobile-phone wholesaler has cut its outlook for 2012.

Stay tuned for Thursday. We have noted the following events on the schedule (all times Eastern):

• 8:30 a.m. – New US claims for unemployment benefits
• 10:00 a.m. – Federal Housing Finance Agency (FHFA) house price index
• 10:30 a.m. – EIA weekly natural gas storage report
• 11:00 a.m. – EIA weekly petroleum status report
• 11:00 a.m. – Kansas City Fed manufacturing index
• 1:00 p.m. – 7-year note auction
• 4:30 p.m. – Federal Reserve balance sheet and money supply

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Paul Ausick

Among the major movers at around noon today are Sourcefire Inc. (NASDAQ: FIRE), HealthStream Inc. (NASDAQ: HSTM), FuelCell Energy Inc. (NASDAQ: FCEL), Newfield Exploration Co. (NYSE: NFX), and Brightpoint Inc. (NASDAQ: CELL)

Sourcefire is up more than 23% at $44.20 after posting a new all-time high of $44.73 earlier this morning. Volume is nearly 9x the daily average of about 437,000 shares traded. The Internet security provider handily beat earnings and revenue expectations last night.

HealthStream is up nearly 23% at $21.31 after posting a new all-time high of $21.95 earlier today. Volume is about 4x the daily average of 200,000 shares traded. The Internet-based health learning company beat both EPS and revenue expectations in its most recent quarter.

FuelCell is up nearly 18% at $1.73. Volume is already nearly 5x the daily average of 1.2 million shares traded. The fuel cell maker has signed a joint venture deal to develop fuel cells in Europe and could benefit from a decision by Apple Inc. (NASDAQ: AAPL) to build a clean-energy data center in North Carolina.

Newfield is down nearly -12% at $37.33. Volume is about 3x the daily average of around 2.2 million shares traded. The independent oil & gas company missed EPS and revenue estimates last night.

Brightpoint is down more than -11% at $8.89. Volume is about 1.5x the daily average of 617,000 shares traded. The mobile-phone wholesaler has cut its outlook for 2012.

Paul Ausick

There are several stocks trading more heavily than usual this morning, and also experiencing large gains or drops in share prices. These include the Sourcefire Inc. (NASDAQ: FIRE), FuelCell Energy Inc. (NASDAQ: FCEL), Garmin Ltd. (NASDAQ: GRMN), Lumber Liquidators Holdings Inc. (NYSE: LL), and Newfield Exploration Co. (NYSE: NFX).

Sourcefire is up more than 19% at $42.70 after posting a new 52-week high of $43.88 earlier. Volume is already about 3x the daily average of about 437,000 shares traded. The Internet security provider handily beat earnings and revenue expectations last night.

FuelCell is up nearly 13% at $1.66. Volume is already nearly double the daily average of 1.2 million shares traded. The fuel cell maker has signed a joint venture deal to develop fuel cells in Europe and could benefit from a decision by Apple Inc. (NASDAQ: AAPL) to build a clean-energy data center in North Carolina.

Garmin is up nearly 9% at $48.65 after posting a new 52-week high of $49.93 earlier. Volume is already about 3x the daily average of around 1 million shares traded. The GPS maker reported better-than-expected earnings and gave guidance above estimates. More coverage here.

Lumber Liquidators is down more than -12% at $18.85. Volume is already nearly equal to the daily average of around 358,000 shares traded. The hardwood floor retailer missed EPS estimates this morning and offered weak guidance.

Newfield is down more than -9% at $38.39. Volume is already equal to the daily average of about 2.2 million shares traded. The independent oil & gas company missed EPS and revenue estimates last night.

Paul Ausick

Clorox Co. (NYSE: CLX) has been removed from CreditWatch with negative implications at Standard & Poor’s and Ratings Watch Negative at Fitch Ratings. S&P and Fitch also affirmed ‘BBB+’ ratings on the company’s credit and maintained a stable outlook. Clorox recently beat back an unsolicited offer of $80/share from Carl Icahn, which had pushed the agencies to put negative watches on the company’s credit.

Home Depot, Inc. (NYSE: HD) subsidiary HD Supply Inc. received an upgrade on two senior secured term loans by Moody’s from ‘Baa1′ to ‘A3′. The two loans total $933 million, with $73 million due in 2012 and $870 million due in 2014. The upgrade resulted from a recent upgrade by Moody’s of Home Depot’s senior unsecured rating from ‘Baa1′ to ‘A3′. Because Home Depot guarantees HD Supply’s debt, the loans are treated as if they were made to Home Depot.

HCA Inc. (NYSE: HCA) has received a ‘B3′ rating from Moody’s on up to $500 million in senior unsecured debt due in 2018. HCA filed a preliminary prospectus for the notes with the SEC stating that proceeds from the sale may be used to buy Colorado Health Service’s portion of a joint venture in the Denver area. HCA has already agreed to purchase the stake for $1.45 billion. No interest rate or principal amount has been set for the junk-rated bonds.

Gannett Co. Inc. (NYSE: GCI) received a lowered outlook at S&P from ‘positive’ to ‘stable’. All other ratings were affirmed, including the ‘BB’ rating on corporate credit. S&P noted that the outlook downgrade follows from the agency’s determination that any potential outlook upgrade is more than a year in the future. Because Gannett derives 60% of its revenue from the troubled newspaper business, S&P believes that the company’s prospects for growth are dim.

Archer Daniels Midland Co. (NYSE: ADM) received an ‘A’ rating from S&P on its newly extended $528 million senior unsecured debentures due in 2042. The amount represents privately offered exchanges that were accepted by September 23rd. ADM announced pricing last week on its public debt exchange offer, expiring October 5th. The total amount of debt included in the offer is $1.49 billion.

Newfield Exploration Co. (NYSE: NFX) received ratings from both S&P and Fitch on $500 million in senior unsecured notes due 2022. S&P assigned a rating of ‘BBB-’ to the notes, which will be senior to the company’s existing senior subordinated notes but junior to all obligations at Newfield subsidiaries. Currently there is no outstanding debt at any Newfield subsidiary. Fitch assigned a ‘BB+’ rating to the notes. Proceeds from the sale of the notes will be used to repay a portion of the company’s outstanding $845 million on its revolving credit facility. S&P maintained a ‘stable’ outlook, while Fitch maintained a ‘positive’ outlook’.

Southwest Airlines Co. (NYSE: LUV) ratings of ‘BBB’ on senior unsecured debt and the company’s overall issuer default ratings were affirmed by Fitch today. The company’s $800 million revolving credit facility  due 2016 also received a ‘BBB’ rating and secured term loans due 2019 and 2020 received ‘BBB+’ ratings. Southwest has no borrowings outstanding against its revolving credit facility.

AMR Corp. (NYSE: AMR), parent of American Airlines, was assigned a rating of ‘Baa3′ by Moody’s on the company’s pass-through certificates which will be used to purchase equipment notes issued by American Airlines to re-finance 43 airplanes, of which 27 are currently financed under other trust certificates and 12 are used as collateral for other third-party loans. The remaining 4 airplanes are unencumbered. The corporate family rating for American is ‘Caa1′ with a negative outlook.

Paul Ausick

Aetna Inc. (NYSE: AET) Reiterated Neutral with $39 target at BofA/ML.
AMR Corporation (NYSE: AMR) Cut to Neutral at UBS.
Canadian Solar Inc. (NASDAQ: CSIQ) Raised to Buy at Auriga.
FXCM Inc. (NASDAQ: FXCM) Started as Outperform and $17 target at Credit Suisse.
Goldcorp Inc. (NYSE: GG) Reiterated Buy and $62 target at BofA/ML.
Impax Laboratories Inc. (NASDAQ: IPXL) Maintained Underperform at BofA/ML.
Intel Corporation (NASDAQ: INTC) Reiterated Outperform and $28 target at Credit Suisse.
JA Solar Holdings Co., Ltd. (NASDAQ: JASO) Raised to Buy at Auriga.
LDK Solar Co. Ltd. (NYSE: LDK) Reiterated Buy and $17 target at Argus.
Macy’s, Inc. (NYSE: M) Raised to Outperform with $27 target at Credit Suisse.
McDonald’s Corporation (NYSE: MCD) Started as Market Perform at BMO Capital.
Monsanto Co. (NYSE: MON) Raised to Buy with $87 target at Argus.
Newfield Exploration Co. (NYSE: NFX) Reiterated Buy and raised target to $79 at BofA/ML.
RadioShack Corp. (NYSE: RSH) Maintained Underperform but cut target to $16 at BofA/ML.
Salesforce.com Inc. (NYSE: CRM) Maintained Neutral and $100 target at Credit Suisse.
Starbucks Corp. (NASDAQ: SBUX) Started as Market Perform at BMO Capital.
Suntech Power Holdings Co. Ltd. (NYSE: STP) Raised to Overweight at Barclays.
SunPower Corporation (NASDAQ: SPWRA) Cut to Sell at Auriga.
Yum! Brands, Inc. (NYSE: YUM) Reiterated Buy at Argus.

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JON C. OGG

Bloomberg outlines the entire process of his decision to call it quits. We wanted to outline his top holdings in the fund. Akamai Technologies Inc. (NASDAQ: AKAM), Apple Inc. (NASDAQ: AAPL), Cisco Systems, Inc. (NASDAQ: CSCO), Citigroup Inc. (NYSE: C), EOG Resources Inc. (NYSE: EOG), JP Morgan Chase & Co. (NYSEL JPM), McDonald’s Corp. (NYSE: MCD), Mylan Inc. (NASDAQ: MYL), Newfield Exploration Co. (NYSE: NFX), and Wells Fargo & Co. (NYSE: WFC) are his ten top holdings.  While most are not going to add significant pressure due to the vast trading volume, there were a few standouts here.

Most of these will easily be able to absorb the selling, and most may have already been sold.  Stanley is known for wheeling and dealing fast in and fast out when he spots a trend.

Becoming a billionaire and hanging up the hat to start a family office at age 57 isn’t so bad.  It isn’t as though he has to wait for his social security checks later this decade.

JON C. OGG

The amount of spillage caused by offshore platforms in 2007 totaled 109 barrels in a total of 18 different incidents. The Deepwater Horizon, owned by Transocean Ltd. (NYSE:RIG) and under contract to BP plc (NYSE:BP), is estimated to be pumping crude into the Gulf at the rate of 5,000 b/d. Unless the flow is staunched soon, this incident will surpass the blow-out offshore of Santa Barbara, California, in 1969, which pumped more than 100,000 barrels into the water.

The oil industry has gotten better at preventing and stopping leaks, but a disaster of the kind that BP is battling now is unprecedented. Trying to stop the leaks is essentially a trial-and-error process that is based on experience gained at shallower depths plugging far smaller leaks. The 1979 blow-out of the Ixtoc 1 Gulf platform operated by Mexico’s Pemex pumped about 3.3 million barrels of oil into the Gulf at a rate estimated at 10,000-30,000 b/d.

This photo shows the oil slick and the Ixtoc 1 platform.

Every US major oil company owns rights to drill in the Gulf of Mexico and in other major offshore fields around the world. Exxon Mobil Corp. (NYSE:XOM), Chevron Corp. (NYSE:CVX), and ConocoPhillips Corp. (NYSE:COP) all have large investments in the Gulf of Mexico and continue to seek new leases as they become available. And while drilling in the Gulf is safer than it’s ever been, the risk of a disaster like the Deepwater Horizon blowout is always present.

But what about companies that don’t drill offshore? Are they safer for workers and the environment and for investment?

The largest publicly traded US company that holds no exposure to offshore drilling in the Gulf of Mexico is Occidental Petroleum Corp. (NYSE:OXY). Oxy Pete, as it’s called, owns and operates leases in North and South America and the Middle East and North Africa. The company does some offshore development in Qatar and Libya in cooperation with national oil companies, but all work in the Americas is onshore. Oxy’s market cap is about $65.5 billion and its forward PE ratio is 10.97, significantly under its current trailing PE of 18.97.

Another large US company that is actively divesting its Gulf of Mexico assets is Devon Energy Corp. (NYSE:DVN). Devon has sold assets to Apache Corp. (NYSE:APA) and others as it has essentially sold off all its deepwater Gulf and international assets to re-focus on developing its onshore properties. As the company chairman/CEO put it recently, Devon is positioned “to deliver low-risk, profitable, organic production growth on a sustainable basis.” Devon’s market cap is about $30 billion, and its forward PE is 10.40, very close to its current trailing PE of 11.02.

A third company with limited offshore work is Suncor Energy Inc. (NYSE:SU). Suncor is based in Canada and holds more than 23 billion barrels of reserves in the Canadian oil sands of Alberta. The company does hold about 4 billion barrels of reserves of the northeastern coast of Canada, but these are not in deepwater and they have been producing for many years in most cases. Suncor’s market cap is about $50 billion, its forward PE is 11.54, and its current trailing PE is 22.11.

A smaller cap company with no exposure to offshore risk is Forest Oil Corp. (NYSE:FST). In many ways, Forest executed the strategy now being followed by Devon, divesting itself of its Gulf of Mexico and Alaska assets to become solely an onshore producer. Forest Oil has a market cap of about $3 billion, a forward PE ratio of 11.27, and a current trailing PE ratio of 7.98.

Finally, an interesting mid-cap E&P company is Newfield Exploration Co. (NYSE:NFX), which expects to get 11% of its total 2010 from the Gulf of Mexico. About 5% of the company’s total reserves are in the Gulf, and Newfield focuses on deepwater plays. The company expects to drill 3-5 new wells a year for several years and to grow its Gulf production by 60% during 2010, mainly through two new wells that are coming on-line later this year. Newfield, unlike Devon and Forest, is not only staying in the Gulf, but is looking to expand its deepwater development. Newfield’s market cap is $7.35 billion, its forward PE ratio is 11.22, and its trailing PE is 18.19.

Most offshore spills are relatively small and most are the result of some issue with transportation, either by tanker or pipeline. A disaster like the one facing BP now is potentially catastrophic because the leak can continue unabated for months until the flow is stopped. The 1979 Ixtoc 1 blow-out took nearly a year to cap.

According to the American Petroleum Institute, there have been 17 blow-outs in US waters since 1964, all but one (Santa Barbara) in the Gulf of Mexico. About 149,000 barrels spilled into the Gulf as a result of those 16 blow-outs. Since 1969, the total amount of oil spillage into the Gulf from platforms is about 176,000 barrels. The API estimates that between 560,000 and 1.4 million barrels of oil enter the Gulf every year through natural seeps.

Oil production in the deep waters of the Gulf is a high-risk, high-reward business. Only the largest companies can afford to take those risks, and that’s probably a good thing. BP is better positioned than all but a small handful of other companies both to try stopping the flow from the Macondo well and to pay for all the clean-up work that needs to be done.

That’s not to say that Devon and the others are avoiding offshore drilling because they’re scared of the consequences. But it’s possible to make a nice profit with minimum risk, and keep your feet dry at the same time. Many feel that the price of crude will only continue to rise, so working where it’s reasonably safe and dry will turn up good profits over time without having to lose sleep over an offshore disaster. It’s almost like taking a value investing approach to exploration & production.

Paul Ausick

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