Pioneer (NYSE:PXD), Devon (NYSE:DVN), Apache (NYSE:APA), Approach (Nasdaq:AREX), Cimarex (NYSE:XEC), Concho (NYSE:CXO) Top Bakken, Eagle Ford Exposure

With Eagle Ford and Bakken being a major part of the emergence of shale, FBR Capital noted that among those with the most exposure are Pioneer (NYSE:PXD), Devon (NYSE:DVN), Apache (NYSE:APA), Approach (Nasdaq:AREX), Cimarex (NYSE:XEC) and Concho (NYSE:CXO).

Heading into earnings, within their coverage universe Pioneer likes Pioneer and Devon.

FBR says, "As the shale revolution has unfolded, capital has rotated into the newest, most promising emerging asset class and helped fund the exploratory phase. Last year had belonged primarily to the Eagle Ford and Bakken as the underlying equities materially outperformed. Starting second half of last year, the Permian basin, which historically has produced billions of barrels of oil equivalent, came into investor focus. This year, we believe outsized gains will belong to equities with material exposure to the Permian basin. During the first half of the year, key exploratory catalysts are expected across the three main Permian sub-basins. Industry progress and success should help shed light on potential magnitude of additional recoverable reserves from the Permian basin. As such, our preference going into earnings would be to favor (from within our coverage universe) Pioneer Natural Resources (PXD) (Outperform) and Devon Energy (DVN) (Outperform). Investors also seem to favor Apache (APA) (Market Perform), Approach Resources (AREX) (Not Rated), Cimarex (XEC) (Market Perform), and Concho Resources (CXO) (Not Rated) for exposure to this trend."

Pioneer was trading at $93.70, gaining $0.29, or 0.31 percent, as of 12:07 PM EST. Devon was trading at $83.32, up $0.53, or 0.64 percent.