At NAPE, in August, KeyBanc Capital Markets offered up a chart illustrating year-over-year stock price returns for pure-play E&P companies vs. diversified E&Ps. Pure plays outperformed 43% to 17%. That one-year snapshot illustrates a new reality: Single-basin operators command a higher premium. "On the investor side, there is an overall bias toward pure plays," said KeyBanc analyst David Deckelbaum. "The more plays you're in, the higher the investment risk. If you're a jack of all trades, you're the master of none."
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