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1、18December2017IntegratedOilDeutscheBankIntegratedOilMarketsResearchNorthAmericaIndustryDateUnitedStates18December2017IntegratedOilIndustrialsIntegratedOilFITTResearchTheTimes,TheyAreaChanging:ShiftingParadigmfortheUSE&PsRyanToddResearchAnalyst+1-212-250-8342JoeMcKayResearchAssociate+1-212-250-
2、5717DavidFernandezResearchAnalyst+1-212-250-3191CherylKniattResearchAssociate+1-212-250-4461AdmitthatthewatersaroundyouhavegrownLedbyafundamentalshiftininvestors'long-termviewonoilprice,andadecadeofsubparreturnsandvaluecreationbytheE&Psector,thereisincreasingpressureonUSE&Pstoshowgreatercapita
3、ldiscipline,returns,andmaybeevenapathtowardscashreturntoshareholders.Within,weexaminebothdriversandpotentialforwardlookingscenarios,withtheconclusionthat:1)overthenext5+yearsthesectorcangeneratehighergrowthandFCFthanthemarketsuspects,evenat$50/bbl,2)thereisprecedentforsimilartransitionswhichha
4、vebeenrewardedbyinvestors,and3)heavilydiscountedfutureFCFoffersanattractivevaluerelativetootherindustrial/cyclicalsinthebroadermarket.Positive:EOG,NBL(UpgradetoBuy),MRO.F.I.T.T.forinvestorsDeutscheBankSecuritiesInc.Distributedon:18/12/201711:33:14GMTDeutscheBankdoesandseekstodobusinesswithcompa
5、niescoveredinitsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.DISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.
6、7T2se3r0Ot6kwoPaIntegratedOilDeutscheBankMarketsResearchNorthAmericaIndustryDateUnitedStates18December2017IntegratedOilIndustrialsIntegratedOilFITTResearchTheTimes,TheyAreaChanging:ShiftingParadigmfortheUSE&PsRyanToddF.I.T.T.forinvestorsResearchAnalyst+1-212-250-8342Admitthatthewatersaroundyou
7、havegrownLedbyafundamentalshiftininvestors'long-termviewonoilprice,andadecadeJoeMcKayofsubparreturnsandvaluecreationbytheE&Psector,thereisincreasingResearchAssociatepressureonUSE&Pstoshowgreatercapitaldiscipline,returns,andmaybeeven+1-2
