巴克莱-美股-石油天然气行业-季度小结：2017年二季度评论-20170823-barclays-quarterly cheat sheet 2q17 review

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1、EquityResearch23August2017QuarterlyCheatSheetSECTORUPDATE2Q17ReviewAmericasIntegratedOilPOSITIVEU.S.IndependentRefiners:Thegroupreportedhigherearnings(EPSup11%y/y)in2Q,Unchangedwithstrongmarginsupporthittingthebottomline(est.$1.3/blofthroughputq/qincr

2、easetonetincome),offsetsomewhatforcomplexrefinersbythecontractionoftheU.S.IndependentRefinerslight/heavydifferential.Throughputbouncedbackfromthehigh-turnaround1QlowPOSITIVE(median10%increase),and,onarelativebasis,independentrefineroperationsUnchanged

3、outperformedthemajors’downstreamsegmentsonay/yandq/qbasis.AmericasIntegratedOilThegroupreportedamedianEPSmostlyin-linewithconsensus.Frommosttoleast(%PaulY.Cheng,CFAbasis),HFC,ANDV,VLO,andPSXbeatconsensus.MPCandALDWcameinflat-to-down+12125261884vs.cons

4、ensus.Frommosttoleast(%basis),DK,PBF,andCVRRcameinbelowpaul.cheng@barclays.comconsensus.Forfurtherdetailontherefiners’2Qperformance,acrossavarietyoffinancialBCI,USandoperatingmetrics,pleasesee“GuidebooktoRefiners'Financial&OperatingMetrics-2Q17Edition

5、”,published22August2017.AlexLetko+12125267604AmericanMajors:Incomparison,ourgroupof13majorsreportedsofterearningsthanalex.letko@barclays.com1Q(~20%decreaseor~$3bnintotalnetincomechange),givenapullbackinoilprices,BCI,USwhilereflectingstrongy/ygrowth(~1

6、.5xincreaseor~$8bnintotalnetincomechange).MosesSutton,CFA12-moROCEfortheSuperMajorsincreasedto4.9%,fromthe2.5-3.0%lowinmid-2016.+12125264060Capexwas4%higherq/q,reflectingthefirstquarterlyincreasesincethestartofthemoses.sutton@barclays.comdownturnforth

7、egroup.Themajorsshoweda6%q/qdecreaseinupstreamrealizationsBCI,USanda4%y/yincreaseintotalproduction.U.S.IndependentRefinersThegroupreportedamedianEPSmostlyaboveconsensus.Frommosttoleast(%basis),PaulY.Cheng,CFACOP,CVE,RDS,PBR,BP,MUR,TOTandCVXcameinabove

8、consensus.Frommostto+12125261884least(%basis),IMO,HSE,SU,XOM,andHEScameinbelowconsensus.paul.cheng@barclays.comBCI,USUpstreamNetIncomeinthequarterwas$3.3/boecomparedwithnetincomeofAlexLetko$4.7/boein1Q17andnegative$0.6/boein2Q16.Upstreamreali