OIL PRICES TO BREAK RECORDS

26.08.2004 [20:21]
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A rise in crude oil prices in early August pushed the commodity to an all-time high above $44 per barrel -- and lifted the shares of several Houston energy companies to their highest levels in at least a year.

Of the 10 most heavily traded U.S. stocks that hit new 52-week highs on the New York Stock Exchange during Aug. 3 trading, half of them were Houston-based oil and gas companies, according to Merrill Lynch. In that quintet was integrated energy company ConocoPhillips Co.; oilfield services providers Bakers Hughes Inc. and BJ Services Co.; and Burlington Resources Inc. and EOG Resources Inc., both independent oil and gas exploration and production firms.

Each of those five Houston companies has seen its share price surge at least 50 percent from its 52-week low.

On Aug. 3, Standard & Poor's underscored the independent equity research firm's bullish stance on the energy sector. In the same research note, Standard & Poor's analysts said they were adding BJ Services to the S&P Top 10 Portfolio of favorite stocks.

OIL PRICES TO BREAK RECORDS

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