US exploration and production companies will become the long-promised “factories” with positive cash flow starting this year as growing production efficiencies make them relatively immune to flat commodity prices, investment bank Raymond James said Monday. “With rising US production and falling costs per unit of production, US E&P companies are now poised to actually grow cash flows even in a flat or modestly lower energy price environment,” Raymond James’ top oil and gas analyst Marshall Adkins said in a note to clients. “We now think the US oil and gas business can be viewed as more of a sustainable growth industry rather than a pure commodity call,” Adkins said. After a decade of spending roughly 40% more than it took in in revenues during the shale land grab, E&Ps have driven per barrel and per Mcf costs down to a point where in a flat price environment profits are […]