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pointed in the wrong direction," says Harold York, an oil researcher at Wood Mackenzie. "We are turning the last 70 years of oil-industry history in North America on its head, and we are turning it on its head in the next 10 to 15 years." With oil prices persistently above $100 a barrel, companies drilling new
Page: HOUSE_OVERSIGHT_028626 →Phillips 66 began putting some of this crude on ships for a 2,200-mile journey around Florida to its refinery in Linden, N.J. The heavy trucks moving Eagle Ford crude are causing headaches for residents and local officials, ripping up roads and causing traffic tie-ups. "These are rural roads built for 10 cars
Page: HOUSE_OVERSIGHT_028626 →Deutsche Bank Markets Research Hating CUM ; Buy EOG Resources 4 May 2015 Results North America United States Esamohje 7:ckor Price at 4 May 2015 (USD) 99.39 Industrials EOG N EOG UN NYS EOG Price Target 101.00 Oil & Gas Exploration
l weighting between our NAV at LT prices of $80/$4.50 and a 9.0x target 2016 DACF multiple. A downside risk includes operational missteps in the Eagle Ford, which will negatively affect growth projection. Forecasts And Rhros Year End Dee 31 2014A 2015E FY EPS 1USD) 4.95 -0.70 Iliyidendyietc11%)
Deutsche Bank Markets Research Hating Hold North America United States Industrials Oil & Gas Exploration & Production Pioneer Natural Resources PXD N Laying the Foundation PM) UN NYS PXD Lookinc
rigs per month in the northern SpraberryNVolfcamp beginning in July contingent on continued strength in the oil markets and following a sale of its Eagle Ford midstream business. We look for timing of potential production impact and growth and capital implications for 2016. Cost Reductions: Look for deta
Deutsche Bank Markets Research Rating Hold North America United States Industrials Oil & Gas Exploration & Production Company Pioneer Natural Resources Reuters PXD.N Bloomberg PXD UN Exchange Ti
rigs per month in the northern Spraberry/Wolfcamp beginning in July contingent on continued strength in the oil markets and following a sale of its Eagle Ford midstream business. We look for timing of potential production impact and growth and capital implications for 2016. IICost Reductions: Look for de
Entities connected to both North America and Eagle Ford

Deutsche Bank
ORGANIZATION
Bloomberg L.P.
ORGANIZATIONDeutsche Bank Securities Inc.
ORGANIZATION
Paul Ryan
PERSON
Philippines
LOCATION
Malaysia
LOCATION
Tokyo
LOCATIONHY Multi Sector
ORGANIZATION
McKinsey
ORGANIZATIONBakken
LOCATIONthe Eagle Ford
LOCATIONPermian
LOCATION
Wood Mackenzie
ORGANIZATIONPioneer Pumping Services
ORGANIZATION