巴克莱-石油天然气行业报告（美股）barclays-oil & gas benchmarks 2017 the year of big oil

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1、EquityResearch21August2017INDUSTRYUPDATEOil&GasBenchmarks2017AmericasIntegratedOilTheYearofBigOilPOSITIVEUnchangedWeseethenext12monthsasacriticalperiodfortheoilandgasindustryandonethatshouldseecompaniesgettingbacktocoveringdividendsandreducingdebtorganically.EuropeanIntegratedOil&RefiningAssuch,

2、overthecomingyear,weseecompetitiveperformanceasacrucialdeterminantPOSITIVEofvaluecreationandthisreportisourannualassessmentoftheoperationalandfinancialUnchangedperformanceoftheintegratedcompaniesovera25-yearhistory.ItallowsustoalignForafulllistofourratings,pricetargetandcompaniestodifferingquart

3、ilesofperformanceandassesswhethertheyareearningschangesinthisreport,pleaseseeappropriatelyvalued.Weconcludethatthereisstillmaterialvalueinthelargecapoils,tableonpage2.withourpreferencetowardsthosestockswithlowerbreakevensandmorepotentialtore-rateoverthenext12months.OurkeyOverweightstocksareBP(67

4、5pPT),ConocoEuropeanIntegratedOil&Refining(US$51PT),Exxon(US$94PT),OMV(EUR54PT)andShell(2,750pPT).LydiaRainforth,CFA+44(0)2031346669WereiterateOWratingsonBP,Conoco,Exxon,OMVandShell.OurOverweightstockslydia.rainforth@barclays.comallstandoutasofferingasignificantvaluationdiscounttooperationalper

5、formancewithBarclays,UKBPourTopPickinEuropeandConocothemostattractiveoftheUSMajors.JoshuaStoneWedowngradeStatoilandEnitoUnderweight.Thecompaniesscreenasexpensive+44(0)2031346694versuspeerswithavaluationquartilehigherthanindustrialperformance.joshua.stone@barclays.comWedowngradeRepsolandTotalto

6、EqualWeight.ThecompaniesnowscreenasfairBarclays,UKvalueversuspeerswiththevaluationquartilematchedbyindustrialperformance.DanniLi+44(0)2031345636Industrialperformancevs.Valuationdanni.li@barclays.comBarclays,UKAmericasIntegratedOilPaulY.Cheng,CFA+12125261884paul.cheng@barclays.comBCI,USSource:Bar

7、claysResearch.Stocksnearerthetoprightscreenasbettervaluethanthosenearerthebottomleft.BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawar