TPH: EPs can't shift to crude quickly enough

摘要

Given the current (and softening) natural gas-price environment, independent EPs cannot shift their capex spending quickly enough from gas to liquids, according to David Pursell, managing director and head of macro research for Houston-based Tudor, Pickering, Holt Co. Securities Inc. The investment-banking firm's new commodity-price outlook is a sharp revision downward from its 2009 call of $7.50. It places a lid of $4.50 per thousand cubic feet (Mcf) on gas prices through 2010 with a move only to $5 in 2011 and 2012.