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《巴克莱-美股-石油与天然气行业-石油与天然气：巴克莱能源会议要点-2017.9.14-barclays-oil & gas barclays energy conference takeaways》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、EquityResearch14September2017Oil&GasBarclaysEnergyConferenceTakeawaysSECTORUPDATEAmericasIntegratedOilWehostedour31stannualCEOEnergy-PowerConferenceinNewYorkCityonSeptemberPaulY.Cheng,CFA5-7,2017.Theconferencewasattendedbyover1,200investorclientsaswellassen
2、ior+12125261884executivesfrom190companiesacrosstheenergyandpowersectors.paul.cheng@barclays.comTakeawaysfromAmericasIntegratedOil:AmidcontinuednegativesentimentandBCI,USmarketanxiety,thefocusremainedon‘livingwithinmeans’,maintainingastrongbalancesheet,anddu
3、rabilityandgrowthpossibilitiesunderapotentialsustained~$50oilpriceEuropeanIntegratedOil&Refiningenvironment.Increasingly,megamajorsandmanyofthelargecapE&PsaretargetingLydiaRainforth,CFAcashflowbreakevenaftercapexanddividendat$50oilorless,whichsuggests2018+4
4、4(0)2031346669budgetswilllikelybeflatorevenlowerthan2017.Tothatend,allmajorsstressedthatlydia.rainforth@barclays.comBarclays,UKtheyarerealizingcontinuedcostandefficiencyimprovements.Forlong-termU.S.shaleprospects,thedominantviewwasnottounderestimatethepoten
5、tialofthetotalresourceNorthAmericaOil&Gas:E&P(LargeCap)–thatthescienceessentially‘kicksin’now;nocompanynotedacurrentGORissue.OnThomasR.DriscolltheM&Afront,mostcompaniesarenotfocusedonprioritizingacquisitions,thoughXOM+12125263557andSUspecificallynotedM&Aint
6、erestifadealisright.Finally,themajorsnowseeathomas.driscoll@barclays.compotentialforeventualde-linkingofLNGfromoilprices.ThisisthefirsttimethemegaBCI,USmajorsareacknowledgingthatthetraditionalLNGbusinessmodelischanging.ThemainassumptionisthatU.S.HenryHubcou
7、ldbecomethenewclearingpricemechanism.U.S.Oil&Gas:E&P(Mid-Cap)Accordingly,futureLNGprojectscouldrequireacceptabledevelopmentcostsunderaJeffreyW.RobertsonspecificH.H.pricetobesanctioned.+12147209401jeffrey.robertson@barclays.comTakeawaysfromEuropeanIntegrated
8、Oil:EachofthecompaniespresentinghasbeenBCI,USabletoarticulateamessageofanimprovingfreecashflowasnewprojectscomeon-streamandcostscontinuetofall.Ineffect,thebusinesseshavebeenresettotheEuropeanOil&Gas:E&
