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Twelfth Annual
ENERGY
CONFERENCE
RECAP
February 29 - March 2, 2012
Exploration & Production
Lee Boothby Chairman, President & Chief Executive Officer Newfield Exploration Company
Stephen Chazen President & Chief Executive Officer Occidental Petroleum
Dan Dinges Chairman, President & Chief Executive Officer Cabot Oil & Gas
Tim Dove President & Chief Operating Officer Pioneer Natural Resources
Kevin Fitzgerald Executive Vice President & Chief Financial Officer Murphy Oil
Jim Flores Chairman, President & Chief Executive Officer Plains Exploration & Production
Jeff Hume President & Chief Operating Officer Continental Resources
Tim Leach Chairman, President & Chief Executive Officer Concho Resources
Steve Mueller President & Chief Executive Officer Southwestern Energy
John Pinkerton Chairman Range Resources
Taylor Reid Executive Vice President & Chief Operating Officer Oasis Petroleum
John Richels President & Chief Executive Officer Devon Energy
Dave Roberts Executive Vice President & Chief Operating Officer Marathon Oil
Irene Rummelhoff Senior Vice President, Strategy & Business Development Statoil ASA
Dave Stover President & Chief Operating Officer Noble Energy
Scott Woodall Chief Operating Officer Bill Barrett
Offshore Drillers
Christian Beckett Chief Executive Officer Pacific Drilling
Lawrence Dickerson President & Chief Executive Officer Diamond Offshore Drilling
Mark Keller Executive Vice President Business Development Rowan Companies
Rob Saltiel President & Chief Executive Officer Atwood Oceanics
Capital Equipment
John Gremp Chairman, President & Chief Executive Officer FMC Technologies
Loren Singletary Vice President Investor & Industry Relations National Oilwell Varco
Large Cap Service
Bernard Duroc-Danner Chairman, President & Chief Executive Officer Weatherford International
Tim Probert President, Strategy & Corporate Development Halliburton Company
Peter Ragauss Senior Vice President & Chief Financial Officer Baker Hughes Incorporated
Land Drilling & Well Intervention Services
Hans Helmerich Chairman & Chief Executive Officer Helmerich & Payne
Kenneth Huseman Chief Executive Officer & President Basic Energy Services
Kevin Neveu Chief Executive Officer Precision Drilling Corporation
Trey Whichard Vice President & Chief Financial Officer Key Energy Services
Small Cap service
David Demshur Chief Executive Officer Core Laboratories
David Dunlap President & Chief Executive Officer Superior Energy Services
Gary Kolstad President & Chief Executive Officer CARBO Ceramics
Cindy Taylor President & Chief Executive Officer Oil States International
Refining
Mike Jennings Chief Executive Officer HollyFrontier
Bill Klesse Chairman, President & Chief Executive Officer Valero Energy Corporation
Mike Palmer Senior Vice President, Supply, Distribution & Planning Marathon Petroleum Company
Dan Romasko Executive Vice President, Operations Tesoro Corporation
Coal
Brett Harvey, Chief Executive Officer & Chairman of the Board CONSOL Energy
Jim Thompson President Energy Publishing
Richard Whiting President, Chief Executive Officer & Director Patriot Coal
Simmons & Company International
Twelfth Annual Energy Conference Panel Participants
Industry Executives Discuss Changes,
Challenges and Opportunities
Now in its 12th year, Simmons’ annual Energy Conference brings together CEOs and other top executives from multiple segments of the energy industry. Executives meet one-on-one with investors, and engage in lively panel discussions about issues facing the industry today, as well as challenges and opportunities that lie ahead.
This year, 41 energy executives from the exploration & production, energy service and equipment, refining and coal segments participated in 11 panel discussions on topics that ranged from natural gas pricing, to international offshore plays, to North American supply bottlenecks. Among the most significant takeaways were:
• The transformation of the North American energy industry, and the profound economic implications of these structural changes, in the U.S. and abroad.
• Widespread enthusiasm for oil exploration and production, and the oil price outlook.
• Near-universal pessimism about natural gas prices—possibly extending for several years.
• A strong outlook for the service and equipment industries, both onshore and offshore, both domestic and international.
• Optimism in the resumption of activity in the Gulf of Mexico, and future growth and profitability there, at least among the largest producers.
• Improving global competitiveness of the US refining industry driven by low costs domestic oil and natural gas supplies.
• Participants in the Simmons Conference offered frank observations of the industry and its prospects ahead. Below are some of the answers, in executives’ own words, to many of the questions now facing the industry.
SIMMONS & COMPANY INTERNATIONALT WELFTH ANNUAL ENERGY CONFERENCE REPORT 1
The technology-driven transformation of
the North American energy industry may
now be decades old, but many panelists
were still shaking their heads in disbelief
at the changes they have witnessed. “I
was a peak oil believer until five years
ago,” said Irene Rummelhoff, Senior
Vice president of Statoil ASA. “What is
happening now is amazing.”
Valero Energy Corp.’s CEO Bill Klesse
was even more emphatic about the
historic nature of the industry’s
transformation. “In my 40-year
career, this unconventional oil &
gas boom is probably the biggest
thing that has ever happened, for
the U.S. and ultimately for the
world,” he said. “It is going to be
very remarkable, watching where
this goes in five to seven years.”
Industry executives tip their hats
to engineers, who seem to have
replaced wildcatters as the heroes
of the today’s North American energy
renaissance. “What has changed is the
shale plays and the repeatability of these
plays,” said John Pinkerton, Chairman
of Range Resources. “All these brilliant
engineers have created this.” The
domestic industry’s transformation is
already having a substantial positive
impact on the U.S. economy—and its
ability to create high-paying jobs. “Fifteen
years ago we were looking at shutting
the lights off for the North American
oil & gas industry,” said Continental
Resources’ President and COO Jeff
Hume. “Now we are recruiting at colleges
and seeing those colleges reinvest in
their petroleum engineering
and geology programs. This
is a huge opportunity for
American workers.”
On the oil side, at least,
most panelists think the
production upturn is still
young. “We are in the
very early stages of this
whole shale and tight rock
revolution in oil,” said John Richels,
CEO Devon Energy. “Look what we
have done in natural gas shale plays.
The smart technical folks are not only
figuring out how to locate fracks better;
they are learning to take advantage of
natural fracks and improving efficiencies.
A well took 33 days to drill ten years ago;
now we do it in seven days. We are now
applying that technology to oil plays and
constantly developing efficiencies and
gaining better technical knowledge which
will continue to help us figure out how to
get oil out of the ground.”
Unconventional activity is spreading
outward from North America, presenting
enticing long-term growth opportunities
for industry players who are positioned
to provide equipment and expertise
to promote international development
of unconventional resources. Hans
Helmerich, CEO of Helmerich & Payne,
sees exciting opportunities in many
countries. “The North American energy
revolution will have positive international
implications for service companies
that have leading positions here. We
anticipate being part of the demand pull
from operators and their JV partners
as they apply their new expertise into
international markets.”
Is “Shock and Awe” replacing “Boom and Bust”
as the best way to describe the oil and gas industry?
“ We are in the very early stages of this whole shale
and tight rock revolution in oil…”
– John Richels, CEO, Devon Energy
2 SIMMONS & COMPANY INTERNATIONALT WELFTH ANNUAL ENERGY CONFERENCE REPORT
The overwhelming majority of
Simmons conference participants
believe the answer to that question
is no. North American producers
and service companies are placing
their bets on continued strength
in the oil market. “You have the oil
market moving from strength to
strength, and gas absurdly priced,”
said Bernard Duroc-Danner, CEO
of Weatherford International.
“This year, the more oil you have,
the more flexible you are and the
better you do.” North American
oil and liquids producers’ sunny
outlook might be influenced by
the relentlessly positive E&P news
coming from their unconventional
fields. “The biggest surprise this
year has been how rapid the shift
of cash investments from gas to oil
has been,” said Tim Leach, CEO of
Concho Resources. “But looking
ahead, I think the surprise will
be the extent of the production
response.”
New production areas such as the
Bakken are continuing to surprise
on the upside in terms of output,
while mature areas such as the
Permian Basin are not looking so
mature anymore. “It is astonishing:
five or six years ago you could
have darn near given away the
Permian. Now that basin has years
of running room for oil and liquids
growth,” said Devon Energy’s
John Richels. “For years we drilled
through oil-bearing formations
in the Permian Basin because
they were too tight to produce
commercially, but with our current
tools and technology we are
turning that into a world class play.”
Meanwhile, panelists voiced
overwhelming pessimism about
the outlook for domestic dry gas
production. A “tsunami of gas
supply,” as Range Resource’s
John Pinkerton described it, has
collided with warm winter weather
to push prices ever downward.
However, producers agreed that
while prices may go a bit lower
from here, $2.50 is close to a
bottom. “A tremendous amount of
capital has already been displaced
from dry gas,” said Dan Dinges,
CEO of Cabot Oil & Gas. “Rigs
are being laid down, and a number
of companies will not be selling
their gas at the current price.”
Nevertheless, the steady rise in
North American gas demand may
take longer to positively impact gas
prices than most people (including
many in the forward markets)
expect. “Everyone is talking about
downstream gas generation
projects, but barring a housing
boom there are not a lot of physical
customers out there in the next
three years, so we are going to see
lots of gas around during that time
period,” said Jim Flores, CEO of
Plains Exploration & Production.
Is the North American production rush away from
dry gas to oil and liquids going to end in heartbreak?
Is “Shock and Awe” replacing “Boom and Bust”
as the best way to describe the oil and gas industry?
“ The biggest surprise this year
has been how rapid the shift
of cash investments from gas
to oil has been. But looking
ahead, I think the surprise will
be the extent of the production
response.”
– Tim Leach, CEO, Concho Resources
“ Fifteen years ago we were
looking at shutting the lights
off for the North American
oil & gas industry. Now we are
recruiting at colleges and seeing
those colleges reinvest in their
petroleum engineering and
geology programs. This is
a huge opportunity for
American workers.”
– Jeff Hume, President and COO, Continental Resources
SIMMONS & COMPANY INTERNATIONALT WELFTH ANNUAL ENERGY CONFERENCE REPORT 3
As energy producers and
midstream operators race to
keep up with the growth and
geographical changes in North
American production, transport
bottlenecks have developed
and price differentials between
domestic and international
products have widened. Longer-
term, most panelists feel that
in two or three years, pipeline
projects in the works along with
new rail and storage capacity will
alleviate bottlenecks and transport
issues. “The differential between
WTI and Brent will not last,”
said Jeff Hume of Continental
Resources. “The sad fact is that
a lot of oil comes from unstable
places, so we need domestic oil.
With the tremendous amount of
infrastructure projects planned or
in process, once these pipelines get
built our prices will be tied more to
the world price.”
A tight labor market, particularly
in North Dakota and Canada,
continues to be a problem for
many panel members. “Service
costs in the Bakken in North
Dakota are being driven by the
tight labor markets right now,” said
Hume. “Large service companies
can rotate people in and out of
locations, but other services that
require local labor face pressure in
a limited market.”
The service disruptions caused by
a rapid transition from dry gas to
oil and liquids production are also
putting pressure on margins for
many companies. The high price of
oil spells enticing revenue potential
for industry players, but it also will
keep service costs high. “$100 plus
oil is not a recipe for lots of cost
relief,” said Lee Boothby, CEO of
Newfield Exploration Company.
Plains Exploration’s Jim Flores
agreed. “Easing off gas drilling has
helped service costs, but as long as
oil stays above $100, service costs
will stay strong.”
The North American ramp-up in production has been astonishing, but bottlenecks
and service cost pressures persist in some areas. Is this a long- term concern?
“ Easing off gas drilling has helped
service costs, but as long as oil
stays above $100, service costs
will stay strong.
– Jim Flores, CEO, Plains Exploration
“$100 plus oil is not a recipe for
lots of cost relief…”
– Lee Boothby, CEO, Newfield
Exploration Company
4 SIMMONS & COMPANY INTERNATIONALT WELFTH ANNUAL ENERGY CONFERENCE REPORT
Activity has resumed in the
Gulf, with revenues approaching
pre-Macondo levels. However,
while panelists predict steady rig
count growth for this year and
beyond, the growth will take place
under much-changed conditions.
While revenues have rebounded,
operating margins remain under
pressure. Peter Ragauss, CFO
of Baker Hughes, Inc. expects
margins eventually to rebound.
“Much of the drilling right now is
exploratory wells and evaluations,
without a lot of completion work
taking place,” he said. “That is
higher margin business, so once we
begin development work, margins
will be higher in 2013.”
The “new” Gulf of Mexico may not
be for everyone. “Our biggest fear
is that with the permitting rules
now in place, the Gulf becomes the
playground of the super majors
only,” said Kevin Fitzgerald, CFO
of Murphy Oil. “We are evaluating
whether somebody our size
can survive and make economic
returns out there.” David Roberts,
Chief Operating Officer of
Marathon Oil, agreed. “It is a
different basin than the one we
grew up with, a $150 million throw
of the dice every time you move
out there,” he said.
Now that activity is picking up in the Gulf of Mexico,
what are the long-term growth prospects in that area?
“ It is a different basin than the one we grew up with, a $150
million throw of the dice every time you move out there…”
– David Roberts, Chief Operating Officer, Marathon Oil Corporation
SIMMONS & COMPANY INTERNATIONALT WELFTH ANNUAL ENERGY CONFERENCE REPORT 5
Offshore drillers have been playing
a waiting game to see activity
pick up and pricing improve in the
deepwater market. That seems
finally to be happening. “As an
industry, we lagged on subsea
developments over the last 12-18
months, with low levels of award
activity. However, we are now
seeing signs of that changing,” said
Cindy Taylor, CEO of Oil States
International. Other panelists
in all segments of the offshore
industry agreed. “We are very
excited about the subsea market,”
said John Gremp, CEO of FMC
Technologies. “This is a very long
cycle business, and once we got
through 2009 and oil companies
became more comfortable with
the oil price outlook, projects
began to be green lighted.”
A big issue is pricing. “We are still
puzzled by intransigence on the
pricing front,” said Gremp. “How
do you reconcile high barriers to
entry and high technologies with
continued pricing issues? I am
hopeful that, once large awards
are distributed to the subsea
community, pricing will go back to
the favorable rates of 2007-2008.”
Another issue is Brazil and the
long wait for Petrobras to seek
rigs from the open market while
it develops domestic capacity. “All
the drilling contractors are looking
at Brazil,” said Loren Singletary,
Vice President at National
Oilwell Varco. “Petrobras is going
to have to go to the open market to
get the rigs they need. They have
lease holding timing issues, just
like companies do in the Gulf of
Mexico.”
For offshore exploration, a number
of opportunities are exciting E&P
players around the world. Angola
was named by more than one
panelist as a country with exciting
subsea potential. Discoveries are
once again drawing excitement
and activity into the Bering and the
North Seas in Europe, and activity
is picking up in Indonesia and many
countries in Latin America as well.
Deepwater offshore drilling should be a great business, with strong long-term
growth prospects and significant barriers to entry. But will pricing ever improve?
“ This is a very long cycle business, and once we got through
2009 and oil companies became more comfortable with
the oil price outlook, projects began to be green lighted.”
– John Gremp, CEO, FMC Technologies
6 SIMMONS & COMPANY INTERNATIONALT WELFTH ANNUAL ENERGY CONFERENCE REPORT
While the long, deep overhang of
Atlantic Basin overcapacity has
yet to be fully resolved, North
American oil price differentials
and weak natural gas prices have
allowed those U.S. refiners with
access to U.S. crude supplies to
boost their margins substantially.
“We think the refining industry
in the U.S. will be quite strong
this year,” said Dan Romasko,
Executive Vice President at
Tesoro Corporation. “We are
sitting on top of stranded barrels
with increasing production, and
the low price of natural gas that
we use for fuel gives us a $1.00
or better per barrel advantage
versus international competitors.”
On the demand side, while
recently released numbers from
the Department of Energy show
a substantial 6-7% decline in
gas demand, panelists all agreed
that drop was far higher than
the decline they have actually
experienced. “I would agree that
fuel volume is down slightly in
the U.S., but the Dept. of Energy
statistics cannot be correct—we
are not seeing that sort of decline
in any of our businesses,” said Bill
Klesse, CEO of Valero Energy
Corporation.
While refining profitability will rise
and fall, a major long-term issue is
whether, once capacity issues are
resolved and price differentials
narrow, underlying fundamentals
for the industry in North America
can allow it to be internationally
competitive. Panelists agreed
that for the Gulf Coast refiners,
at least, the future looks bright.
“Gulf refineries are now extremely
competitive,” said the Mike
Jennings, CEO of HollyFrontier.
“As the economy improves, the
U.S. Gulf Coast will be a good
place to be.” As bottlenecks caused
by the country’s rapidly shifting
production locations ease with
new pipeline builds and reversals,
refiners see the growing, tariff-
free supply of crude oil, coupled
with ample, cheap supplies of
natural gas for fuel, as significant
long-term advantages for the Gulf
Coast. “The Gulf Coast is turning
into the most competitive place to
play in the international market,”
asserts Valero’s Bill Klesse. “As
the world grows, we see a huge
opportunity there, especially for
distillates exports.” Latin America,
with its growing economies and
refining reliability problems,
provides an especially good export
opportunity for U.S. Gulf refiners.
Overall, the great surprise for U.S.
refiners is that they may be looking
at a long-term cost advantage
compared to the rest of the world.
The growth in North American
unconventional oil supply is a
massive structural shift that will
displace U.S. crude oil imports
and benefit the U.S. economy in
countless ways. “None of us three
or four years ago would have
envisioned $2.50/mcf natural gas,
or oil production coming at us
from all over the U.S.,” said Klesse.
“U.S. oil is pushing out all the light
sweet crude imports from the
Gulf Coast; it is an amazing thing
that has happened. We look for a
revival in this business here in the
U.S.”
For U.S. refiners, are the elevated short-term margins sustainable, or will
profitability moderate substantially as new infrastructure is added?
“ U.S. oil is pushing out all the
light sweet crude imports from
the Gulf Coast; it is an amazing
thing that has happened. We
look for a revival in this business
here in the U.S.”
– Bill Klesse, CEO, Valero Energy
Corporation
SIMMONS & COMPANY INTERNATIONALT WELFTH ANNUAL ENERGY CONFERENCE REPORT 7
Whatever the price—and after
a very warm winter, coal prices
are weak—utilities are sitting on
piles of inventory. An extended
drawdown of that inventory
hangs over the coal industry’s
near-term future. “I predict that
the annual sales cycle will be a
longer, later process than usual,
meaning more uncertainty for a
longer period of time,” said Patriot
Coal’s President & CEO Richard
Whiting. While the consensus
among panelists was that prices of
thermal coal were at or very near
a bottom, the timing of an upturn
awaits the inventory drawdown.
“On the steam side of the business,
utilities’ stockpiles are so high they
wouldn’t take thermal coal if you
gave it to them right now,” said
CONSOL Energy’s Chair and CEO
Brett Harvey. “However, with a
really hot summer, we could see a
pretty quick drawdown. Because
of permitting restrictions and the
tax on mountaintop mining, the
supply response is not what it used
to be.”
A bright spot is the export market.
“Coal export numbers will grow
this year, not enough to balance the
overall weak U.S. market, but they
will grow,” said Jim Thompson,
President of Energy Publishing.
“The weak domestic market is a
good opportunity for companies
to take what is bad and try to
turn it into some good. Getting
coals tested at new locations
overseas can pay dividends in
the future.” The international
markets are not equally accessible
to all companies, with panelists
agreeing that Appalachian coal
with its favorable location for
transport and low sulfur content
has strong export potential
while Midwestern producers are
struggling with oversupply in their
markets. “We do not think there
is enough demand, domestic and
export together, for what is being
projected production-wise in the
Midwest,” said Richard Whiting,
CEO of Patriot Coal.
The warm winter is finally ending. Will utilities ever need
to restock their sky-high coal inventories?
“ I predict that the annual sales
cycle will be a longer, later
process than usual, meaning
more uncertainty for a longer
period of time.”
– Richard Whiting, President & CEO,
Patriot Coal
8 SIMMONS & COMPANY INTERNATIONALT WELFTH ANNUAL ENERGY CONFERENCE REPORT
Navigating the ebb and flow of price changes
toward a promising future
Cyclical fluctuations of commodities prices continue to challenge energy industry participants. However, at this year’s conference they did not overshadow panelists’ optimism about the long-term outlook for the industry. The revolution in unconventional resource development has delivered new areas for exploration & development, new life to areas once thought to be finished, and a new start for North American industries such as petrochemicals. Advantages spread beyond U.S. shores as unconventional resource development spurs export growth and exciting opportunities for countries and companies worldwide, offshore and onshore. Even as industry participants struggle to adapt to changing supply locations and to build infrastructure to accommodate the growth, these are problems of increased opportunity, not of downsizing to face diminished prospects. The impact of this change is being felt in all segments of the industry, from refiners to pipelines to offshore drillers and capital equipment companies, and panelists painted a picture of an industry grappling with the fundamental changes of the industry while stepping up to the challenges of realizing long-term growth opportunities.
SIMMONS & COMPANY INTERNATIONALT WELFTH ANNUAL ENERGY CONFERENCE REPORT 9
Simmons & Company
Executives
Senior Executives
Michael E. Frazier Chairman, President & Chief Executive Officer mfrazier@simmonsco-intl.com
Anthony P. Banham Advisory Director abanham@simmonsco-intl.com
Nicholas L. Swyka Advisory Director nswyka@simmonsco-intl.com
Corporate Finance
HOUSTON
Andrew C. Schroeder Managing Director, Energy Services & Equipment aschroeder@simmonsco-intl.com
Frederick W. Charlton Managing Director, Energy Services & Equipment fcharlton@simmonsco-intl.com
Ira H. Green, Jr. Managing Director, Capital Markets, E&P and Alt. Energy igreen@simmonsco-intl.com
James P. Baker Managing Director, Midstream & Downstream jbaker@simmonsco-intl.com
Jay B. Boudreaux Managing Director, Exploration & Production jboudreaux@simmonsco-intl.com
Matthew G. Pilon Managing Director, Energy Services & Equipment mpilon@simmonsco-intl.com
Paul R. Steier Managing Director, Energy Services & Equipment psteier@simmonsco-intl.com
Spencer W. Rippstein Managing Director, Midstream & Downstream srippstein@simmonsco-intl.com
Damon Box Director, Exploration & Production dbox@simmonsco-intl.com
David Newman Director of Engineering Exploration & Production dnewman@simmonsco-intl.com
J. Kris Terrill Director, Energy Services & Equipment kterrill@simmonsco-intl.com
Michael S. Sulton Director, Midstream & Downstream msulton@simmonsco-intl.com
Todd A. Parsapour Director, Energy Services & Equipment tparsapour@simmonsco-intl.com
ABERDEEN, SIMMONS & COMPANY INTERNATIONAL LIMITED
Colin I. Welsh Chief Executive Officer (SCIL) cwelsh@simmonsco-intl.co.uk
Mike Beveridge Managing Director (SCIL) mbeveridge@simmonsco-intl.co.uk
Nick Dalgarno Managing Director (SCIL) ndalgarno@simmonsco-intl.co.uk
Eddie Leigh Managing Director (SCIL) eleigh@simmonsco-intl.co.uk
Craig Lyon Managing Director (SCIL) clyon@simmonsco-intl.co.uk
Securities
HOUSTON
A. Denney Cancelmo Managing Director, Head of Trading dcancelmo@simmonsco-intl.com
Jeffery A. Dietert Managing Director, Co-head of Research jdietert@simmonsco-intl.com
William F. Britt Managing Director, Co-head of Institutional Sales wbritt@simmonsco-intl.com
William A. Herbert Managing Director, Co-head of Research bherbert@simmonsco-intl.com
David W. Kistler Managing Director, Research dkistler@simmonsco-intl.com
Pearce W. Hammond Managing Director, Research phammond@simmonsco-intl.com
David P. Orr Director, Institutional Sales dorr@simmonsco-intl.com
John M. Daniel Director, Co-head of Oil Service Research jdaniel@simmonsco-intl.com
Sean W. Mitchell Director, Co-head of Institutional Sales smitchell@simmonsco-intl.com
LONDON, SIMMONS & COMPANY INTERNATIONAL CAPITAL MARKE TS LIMITED
Robert C. Muse Director, Head of European Institutional Sales (SCICML) rmuse@simmonsco-intl.com
Ian Macpherson Director, Co-head of Oil Service Research (SCICML) imacpherson@simmonsco-intl.com
10 SIMMONS & COMPANY INTERNATIONALT WELFTH ANNUAL ENERGY CONFERENCE REPORT
Twelfth Annual Simmons & Company Conference Agenda
February 29 – March 2, 2012
Thursday
MORNING SESSIONS
E&P Perspectives: Large Cap
Moderators:
Pearce Hammond & Dave Kistler
Noble Energy
Occidental Petroleum
Pioneer Natural Resources
Southwestern Energy
Capital Equipment
Moderators:
Bill Herbert & Ian Macpherson
FMC Technologies
National Oilwell Varco
E&P Perspectives: Permian/Bakken/
Marcellus/Barnett/Emerging Areas
Moderators:
Pearce Hammond & Dave Kistler
Cabot Oil & Gas Corporation
Concho Resources
Continental Resources
Devon
Range Resources
Refining
Moderators:
Julie Coutu & Jeff Dietert
HollyFrontier
Marathon Petroleum Company
Tesoro Corporation
Valero Energy Corporation
AFTERNOON SESSIONS
Lunch & Large Cap Service
Moderators:
John Daniel & Bill Herbert
Baker Hughes Incorporated
Halliburton Company
Weatherford International
Land Drilling &
Well Intervention Services
Moderators:
John Daniel & Josh Jayne
Basic Energy Services
Helmerich & Payne
Key Energy Services
Precision Drilling Corporation
Small Cap Service
Moderators:
John Daniel & Josh Jayne
CARBO Ceramics
Core Laboratories
Oil States International
Superior Energy Services
Friday
MORNING SESSIONS
Mid Cap Majors: NAM
Unconventional/Global Exploration
Moderators:
Guy Baber & Jeff Dietert
Marathon Oil
Murphy Oil
Statoil ASA
Offshore Drillers
Moderator: Ian Macpherson
Atwood Oceanics
Diamond Offshore Drilling
Pacific Drilling
Rowan
Coal Market Perspectives
Moderator:
Brian Gamble
CONSOL Energy
Energy Publishing
Patriot Coal
E&P Perspectives: Eagle Ford/Bakken/
DWGOM/Rockies/California
Moderators:
Pearce Hammond & Dave Kistler
Bill Barrett
Newfield Exploration Company
Oasis Petroleum
Plains Exploration & Production
SIMMONS & COMPANY INTERNATIONALT WELFTH ANNUAL ENERGY CONFERENCE REPORT 11
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