Friday, May 28, 2010

Citigroup (NYSE:C) On Gulf Lawsuits, Lobbying

While we hear a lot about BP (NYSE:BP) and Transocean (NYSE:RIG) in the Gulf oil crisis, there are a lot of oil companies who could have exposure to the fallout from the oil spill, which could result in some significant pressure in the months ahead, according to a Citigroup (NYSE:C) analyst.

The analyst said, In the Independent Oil & Gas industry, Anadarko (NYSE:APC), Apache (NYSE:APA), Newfield (NYSE:NFX), Nexen (NYSE: NXY) and Noble Energy (NYSE:NBL) have offshore Gulf of Mexico exposure. Of the US integrated oil industry, Chevron (NYSE:CVX) and Marathon (NYSE:MRO) have the highest level of activity taking place in the deep waters of the GOM. ExxonMobil (NYSE:XOM) and Hess (NYSE:HES) have limited exposure. Occidental Petroleum (NYSE:OXY) has zero exposure and is likely to benefit from the current environment."

Ultimately what some consider an over-response from the Obama administration, this could be devastating to the overall U.S. economy at a time when it continues to struggle to recover from the great recession.

No comments:

Post a Comment