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

aintenance capex in the medium term will increase to above the $400 million level. Its other assets -Williams acreage in the Bakken and East Texas Eagle Ford acreage - have considerably weaker economics, which require $80/bbl WTI price to generate a 20-25% IRR. That said, we see the company driving consi

492 290 CEP 5.25%'23 Wanton 8 %Fusin 3.3x 101.0 5.03 280 525 303 OAS 6.875%73 1Aileton 3.8x 102.3 591 383 5.89 393 SIM 850%'23 Eagle Ford 8 Fbrrrian 4.6x 102.3 5.53 344 5.40 343 1ALL 6.25% '23 Weston 4.1x 100.8 6.07 386 6.15 396 1APX 5.25%'24 Fbrrrian 8 Waelcer 4.0x

, lead to the below sensitivities in supply growth. These figures deal with onshore tight oil regions only (Anadarko, Bakken, Permian, Appalachian, Eagle Ford, Haynesville and Niobrara), excluding some conventional and all offshore production. Caveats are that the profile of rig count growth, particularly

panded their footprint in their core basins - not just established Permian players, but also companies in second tier basins like Bakken (Oasis) or Eagle Ford (Sanchez). During this period, corporate strategies revolved around fundamental sector views (long term oil prices, preferred basins) and financial

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%)

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

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

xtended over the coming months. A key assumption is that rig productivity growth will remain subdued in the major basins of the Bakken, Permian and Eagle Ford as the rate of contraction in drilling activity also slows. This is explained by the notion that a sharper rise in productivity is only possible a