巴克莱-石油天然气行业报告（美股）

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1、Oil&GasBenchmarks2017TheYearofBigOilWeseethenext12monthsasacriticalperiodfortheoilandgasindustryandonethatshouldseecompaniesgettingbacktocoveringdividendsandreducingdebtorganically.Assuch,overthecomingyear,weseecompetitiveperformanceasacrucialdeterminantofv

2、aluecreationandthisreportisourannualassessmentoftheoperationalandfinancialperformanceoftheintegratedcompaniesovera25-yearhistory.Itallowsustoaligncompaniestodifferingquartilesofperformanceandassesswhethertheyareappropriatelyvalued.Weconcludethatthereisstill

3、materialvalueinthelargecapoils,withourpreferencetowardsthosestockswithlowerbreakevensandmorepotentialtore-rateoverthenext12months.OurkeyOverweightstocksareBP(675pPT),Conoco(US$51PT),Exxon(US$94PT),OMV(EUR54PT)andShell(2,750pPT).WereiterateOWratingsonBP,Con

4、oco,Exxon,OMVandShell.OurOverweightstocksallstandoutasofferingasignificantvaluationdiscounttooperationalperformancewithBPourTopPickinEuropeandConocothemostattractiveoftheUSMajors.WedowngradeStatoilandEnitoUnderweight.Thecompaniesscreenasexpensiveversuspeer

5、swithavaluationquartilehigherthanindustrialperformance.WedowngradeRepsolandTotaltoEqualWeight.Thecompaniesnowscreenasfairvalueversuspeerswiththevaluationquartilematchedbyindustrialperformance.Industrialperformancevs.ValuationSource:BarclaysResearch.Stocksn

6、earerthetoprightscreenasbettervaluethanthosenearerthebottomleft.BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffectt

7、heobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ThisresearchreporthasbeenpreparedinwholeorinpartbyequityresearchanalystsbasedoutsidetheUSwhoarenotregistered/qualifiedasresearchanalystswithFINRA.P

8、LEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE102.Barclays

9、Oil&GasBenchmarks2017SummaryofourRatings,PriceTargetsandEarningsChangesinthisReport(allchangesareshowninbold)CompanyRat