NEW YORK, NY -- (Marketwire) -- 05/12/11 -- After a surprising 15 percent drop last week, Oil prices are once again on the upswing as investor concern that flooding on the Mississippi River could damage refineries and disrupt fuel shipments has helped push crude higher. The flooding is the latest in a series of events that have propelled oil markets this year, including political uprisings throughout North Africa and the violent conflict in Libya. The Bedford Report examines the outlook for companies in the Oil and Gas sector and provides research reports on BP PLC (NYSE: BP) and GMX Resources, Inc. (NYSE: GMXR). Access to the full company reports can be found at:
Surging oil prices have fuelled profits for companies throughout the oil and gas industry, leading some companies to look at expansion opportunities.
BP, for example, was finally given permission to commence deepwater exploration off the coast of Brazil. The company was forced to wait more than a year for approval from the national regulator in the wake of the Gulf of Mexico tragedy.
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While presently more involved in natural gas, GMX Resources is making a push to increase its oil exposure. Earlier this year, GMX Resources initiated positions in the Niobrara and Bakken plays to extract oil.
When GMX Resources reported earnings on Monday, the company said oil and natural gas sales during the three months ended March 31, 2011 increased 38% to $29.4 million compared to the first quarter of 2010.
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