It seems to pay more to be an unconventional-gas player, according to research by Ben Dell, senior analyst for Bernstein Research. Dell analyzed 2008 stockprice performance through March 24 for 12 North America-based producers. Six of the producers are predominantly oil-weighted (60% or more of production); six of the producers are gas-weighted, and have an unconventional-gas focus.

"2007 finding and development (F&D) costs for the gas names-Chesapeake Energy Corp., Devon Energy Corp., EnCana Corp.. EOG Resources Inc., Newfield Exploration Co. and XTO Energy Inc.-fell 10% to $15 per barrel of oil equivalent (BOE) while F&D costs for the oil names-Apache Corp.. Anadarko Petroleum ...