Hess (NYSE:HES), Marathon Oil (NYSE:MRO), BHP (NYSE:BHP), Shell (NYSE:RDS-A), Noble (NYSE:NE) Drilling Permits Issue a Good Thing?

Thirteen companies which had already been operating in Gulf waters at the time of the Obama moratorium will have permits issued to them again, including ATP Oil & Gas Corp. (Nasdaq:ATPG), BHP Billiton Petroleum (GOM) (NYSE:BHP), Chevron USA (NYSE: CVX), Cobalt International Energy (NYSE:CIE), ENI U.S. Operating Company Inc. (NYSE:E), Hess Corp. (NYSE:HES), Kerr-McGee Oil & Gas Corp. (NYSE:KMG), Marathon Oil Company (NYSE:MRO), Murphy Exploration & Production Company – USA (NYSE:MUR), Noble Energy (NYSE:NE), Shell Offshore (NYSE:RDS-A), Statoil USA E & P (NYSE:STO), and Walter Oil & Gas Corp. (NYSE:WLT).

FBR said this will be viewed as a positive move by some, but they caution investors on chasing companies first being issued their permits.

FBR noted, "The Department of Interior announced that deepwater activities already underway before the imposition of the moratorium could be issued drilling permits without undergoing the extensive new environmental reviews that will be required of new permits. Although the issuance of the first post-moratorium permits will likely be viewed as a positive by some, we caution investors that a sustainable permitting rate is far less likely in the near term.

"According to BOEM, companies whose ongoing deepwater drilling activities were suspended due to the deepwater drilling moratorium do not need to resubmit exploration or development plans in order to begin drilling again. This announcement effectively grandfathers in wells being drilled at the time of the moratorium."