XOP’s 52-week high s $73.76 and Wagner forecast that if the ETF can conquer that hurdle within the next few weeks, new all-time highs could be in play.

Although XOP has a 19.1% weight to refining and marketing names and a 5.7% to integrated oil and gas companies, the ETF has been one of the better performers in the oil patch this year because of its offers more pure exploration and production exposure relative to rival funds. [Chart of the Day: Oil ETFs]

Six refiners are found among XOP’s top-10 holdings, but the ETF is an equal-weight play where no holding receives a weight in excess of 1.97%. Lagging integrated names are found among XOP’s 75 holdings, but as just two examples, Exxon and Chevron combine for just 2.8% of the fund’s weight.

SPDR S&P Oil & Gas Exploration & Production ETF