XOM - Shale Marked For Death: Who Dies Who Thrives

Just a few weeks ago, it seemed there were deals to be had on a relative basis in upstream energy recently - key word being relative. Discounts to net asset value ("NAV"), recent public and private comps, and in comparison to the peer group matters not when the market goes from pricing in a $55.00/barrel market for West Texas Intermediate ("WTI") to $35.00/barrel. Anyone who thinks that the recent price action among exploration and production ("E&P") companies is out of line is not really looking at the numbers: Firms trade at similar multiples, or even