There is an argument out there that closely analyzing the quarterly financial performance of energy companies is basically futile. The impact of energy prices is so significant, the thinking goes, that it renders the company-specific details basically meaningless.
But if you look at long-term charts of the players in the energy space, you will see that the stocks of efficient and savvy producers outperform over time. So while a penny of earnings here or there is not going to dominate the discussion around Devon Energy (NYSE:DVN) or Ultra Petroleum (NYSE:UPL), investors would do well to dig in and appreciate what distinguishes the best operators.
http://stocks.investopedia.com/stock-analysis/2010/Earnings-From-A-Couple-of-Gas-Giants-DVN-UPL-APA-SWN-CHK0511.aspx
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