Exploration & Production (E&P) is the upstream segment of the oil and gas industry, which consists of searching for hydrocarbons, drilling wells, and extracting oil and gas from the subsurface. The mature sector is comprised of large-cap public independents, hundreds of small-cap, mostly private independents, and the upstream segments of major oil and national oil companies. Our coverage is primarily focused on small, mid, and large-cap oil and gas companies with domestic assets. We employ a bottoms up analysis to derive net asset value estimates to assist in identifying under or over-valued companies. Stock performance is broadly tied to crude oil and natural gas prices, which significantly impact profitability.