In a new report, BMO Capital Markets analyst Phillip Jungwirth took a look at oil and gas E&Ps ahead of Q3 earnings season. Jungwirth explained how the financial strategy of E&Ps has changed throughout the year, gave his predictions for what E&P investors should be expecting and named BMO’s top stock picks in the space.

The Game Has Changed

According to Jungwirth, the one constant investors can expect from E&P companies throughout market cycles is that they always change their behavior in response to changes in oil prices. This year, most E&Ps have gone from attempting to maintain production growth to preserving liquidity as the low oil price environment has dragged on.

Looking Ahead

Jungwirth believes…

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