(FORTUNE Magazine) – What we said

In "Get Your Meter Running" (March 17, 2003) we said that while the easy money had already been made in oil and gas stocks, there was still opportunity, particularly in natural gas. We picked five exploration and production companies--with an emphasis on gas--that we believed would benefit from industry consolidation.

What happened

Turns out there's been almost nothing but opportunity in both oil and gas. While the S&P 500 is up an impressive 45% since the article appeared, the Amex Natural Gas index, propelled by record prices for the commodities, is up 100%. Our picks have done even better, posting an average return of 112%. Houston-based XTO Energy (XTO, $31) posted the biggest gain, with a 171% return. EnCana (ECA, $69) and Kerr-McGee (KMG, $78) rose 114% and 105%, respectively. Even the laggards have been winners: Devon Energy (DVN, $45) rose 87%, and Apache (APA, $57) is just behind, with an 85% return. But after two years of gushing returns, the easy money really has been made. It's probably time to take some profits. -- Corey Hajim