瑞信-全球-能源行业-2020年能源行业：处于发展中-2019.12.19-.pdf

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1、Energyin2020:Evolving19December2019EquityResearchGlobalPhotoSource:BrandNetPhotoSource:BrandNetResearchAnalystsBillFeatherstonBettyJiangMichaelWeinsteinJacobLundbergAndrewKuskeHoraceTse+12123256283+12123256259+12123250897+12123256785+14163524561+85221017379william.featherston@credit-

2、suisse.combetty.jiang@credit-suisse.comw.weinstein@credit-suisse.comjacob.lundberg@credit-suisse.comandrew.kuske@credit-suisse.comhorace.tse@credit-suisse.comThomasAdolffSpiroDounisManavGuptaDavidFarrellRegisCardosoSaulKavonic+442078889114+12123253463+12123256617+442078881515+55113701

3、6297+61282054253thomas.adolff@credit-suisse.comspiro.dounis@credit-suisse.commanav.gupta@credit-suisse.comdavid.farrell@credit-suisse.comregis.cardoso@credit-suisse.comsaul.kavonic@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIO

4、NS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisrepo

5、rtasonlyasinglefactorinmakingtheirinvestmentdecision.TableofContentsKeyEnergyThemesfor2020………………………………………………………………………………………………………….5GlobalOilMacro……………………………………………………………………………………………………………………….12USNaturalGasMacro………………………………………………………………………………………………………………...19GlobalLNGMarket……………………

6、……………………………………………………………………………………………….22EuropeanNaturalGasMacro………………………………………………………………………………………………………...25GlobalRefining…………………………………………………………………………………………………………………………27GlobalIntegratedOils………………………………………………………………………………………………………………....29USE&Ps………………………………………………………………………………………………………

7、………………………...35USOil&GasRoyaltyMinerals……………………………………………………………………………………………………..…41USOilfieldServices…………………………………………………………………………………………………………………...45USMidstream&MLPs………………………………………………………………………………………………………………...52USRefining………………………………………………………………………………………………………………………….….60USUtiliti

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