NEW YORK, NY — (Marketwire) — 10/17/11 — Oil prices have been volatile of late despite fears of another recession fading as US jobs and manufacturing data suggested the economy would continue to grow. Gas consumption — particularly in North America — is on the downturn, forcing oil producers to focus on new, growing markets to boost profits. The Paragon Report examines investing opportunities in the Oil & Gas Sector and provides equity research on Linn Energy, LLC (NASDAQ: LINE) and Penn West Petroleum Ltd. (NYSE: PWE) (TSX: PWT). Access to the full company reports can be found at:
The International Energy Agency joined OPEC in trimming its demand forecasts for this year and 2012. The Paris-based IEA still expects world demand to hit a record this year, but more slowly than previously expected. Meanwhile, US drivers continued to cut back on driving. MasterCard SpendingPulse reported that drivers bought less gas for the 29th week in a row. Gas consumption earlier this month was down about 2 percent from the same period last year, according to SpendingPulse.
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Linn Energy is an independent oil and natural gas company engaged in the development and acquisition of oil and gas properties in the United States. Currently the company pays an annual dividend of $2.76 for a yield of around 7.5 percent.
Penn West Petroleum engages in acquiring, exploring, developing, exploiting, and holding interests in petroleum and natural gas properties and related assets in North America. The company is forecasting a staggering drop in production after Alberta wildfires and floods in Saskatchewan hit production, prompting it to lower its full-year output target. Currently the company pays an annual dividend of $1.06 per share for a yield of 6.7 percent.
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