This segment is from Tuesday's edition of "Digging for Value", in which sector analysts Joel South and Taylor Muckerman discuss energy & materials news with host Alison Southwick. The twice-weekly show can be viewed on Tuesdays & Thursdays. It can also be found on Twitter, along with our extended coverage of the energy & materials sectors @TMFEnergy .
After shrugging off years of slowing crude oil production, Texas is again in the throes of a crude oil bonanza; however, this time the state could be among the largest oil producers in the world. Texas Railroad Commission Chairman Barry Smitherman estimated Texas could produce 4 million barrels of oil per day by 2020. The resurgence is due to the proliferation of Eagle Ford shale and a refocus on the mature Permian Basin. EOG Resources (EOG 2.82%) is a name that should be synonymous with Eagle Ford, as the top leaseholder in the play continues to implement innovative ways to lower costs and increase the price it receives for its crude. Meanwhile, Devon Energy (DVN 2.77%) is growing its oil production dramatically by focusing on its 1.3 million acres in the Permian Basin. However, investors would be remiss if they overlooked the tremendous value ConocoPhillips (COP 3.38%) is creating throughout Texas and the lower 48 states in general.
