Dozens of companies across the US shale patch have— amounting to more than 1 million barrels of oil per day.
"In fact, several producers said they could quickly reverse shut-ins and increase activity should prices return to $25-35," the analysts wrote, including Parsley Energy, Diamondback Energy, and Cimarex Energy. Still, the bank cautioned, most producers need prices in the range of $40 to $50 a barrel "to begin resuming growth."
The analysts don't expect "oil prices to rally strongly in the near-term" — in part, because they expect the cartel of oil-producing nations known as OPEC to continue trying to gain market share. "We continue to favor companies that offer attractive [free-cash-flow] leverage to the upside when we ultimately exit this downturn," McDermott's team wrote.
Though rated equal weight, Concho Resources , EOG Resources , Devon Energy , and Parsley Energy are also strong picks, Morgan Stanley said.
Source: News Formal (newsformal.com)
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