BlackRock Prefers Oil Explorers, Services as Crude Prices Climb
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BlackRock Inc., the world’s biggest money manager, said independent explorers and oil services providers are a better investment than the largest energy companies as crude prices rise.
“If exploration and production companies manage to drill those wells, bring on production and control their costs, they should be getting earnings upgrades,” said Robin Batchelor, the London-based manager of BlackRock’s $5 billion BGF World Energy Fund. Higher investment is “going to help services companies who will be the beneficiaries of those contracts.”