They say patience is a virtue, but it's been a testing time to watch E&P metrics inch ever so slowly higher as the third quarter concluded. Typically, the E&P sector has lagged the underlying commodity, and certainly that's been the rule of late. The West Texas Intermediate (WTI) crude price was up about 48% in the 12-month period through Oct. 1 of this year. Meanwhile, the XOP (S&P Oil & Gas Exploration & Production ETF), for example, was up only about 27.5% during the same period.
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