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Wall Street Journal’s Heard on the Street column highlights Anadarko Petroleum, which "has something harder to find than oil -- the floating rigs that explorers need for drilling." Deep-water oil and natural-gas wells in the Gulf of Mexico and off the coasts of Brazil and West Africa require specialized rigs in order to work at those depths. Companies are now scrambling to get their hands on the deep-water rigs, which are Anadarko Chart 12 28 06in short supply. Anadarko recognized the looming scarcity early and moved quickly, spending $1b last year securing rig leases. It now has a larger inventory of Gulf-based rigs than any other major oil company, which gives it an extraordinary bargaining chip to negotiate for stakes in more deep-water projects. Yet its moves seem largely unappreciated by Wall Street, which has focused on balance sheet concerns: Anadarko stock is down 10% this year, compared with a 20% gain for Dow Jones' Wilshire Oil & Gas Index.

• Sources: Wall Street Journal
• Related commentary: T. Boone Pickens-Backed Exco Picks Up Natural Gas Fields for $1.6B, Study: Washington's Oil Incentives Offer Little in Return, SeaDrill: Rig Rates Remain High Despite Oil's Fall, Precision Drilling Trust: Offering Income & Growth, Rig Shortages Delay Gulf Exploration and Production as Costs Jump
• Potentially impacted stocks and ETFs: Anadarko Petroleum Corp. (NYSE:APC). Oil Exploration Companies mentioned in the article: Exco Resources Inc. (NYSE:XCO), Devon Energy Corp. (NYSE:DVN), XTO Energy Inc. (XTO), BP PLC (NYSE:BP), Newfield Exploration Co. (NYSE:NFX), Norsk Hydro ASA (NHY). ETFs PowerShares Dynamic Oil & Gas Services (NYSEARCA:PXJ), iShares Dow Jones U.S. Oil & Gas Exploration/Production (IOE), iShares Dow Jones US Oil Equipment Index (NYSEARCA:IEZ), SPDR Oil & Gas Equipment & Services (NYSEARCA:XES), SPDR Oil & Gas Exploration & Production ETF (NYSEARCA:XOP), Oil Service HOLDRs ETF (NYSEARCA:OIH)

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Source: Anadarko: They've Got It Rigged