1 / 21

Oil & Gas sector

This report explores the consequences of sustained higher oil prices for the oil and gas sector. With a projected increase in Brent crude forecasts, companies are expected to see more cash flow and dividends, boosting their fair values significantly. Analysts are updating their earnings and dividend predictions positively, leading to stock upgrades and a favorable outlook for firms with high growth potential. This analysis includes consensus on earnings revisions, buying recommendations, and examines production growth, reserve rates, and shareholder returns in the changing market landscape.

kumiko
Télécharger la présentation

Oil & Gas sector

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Oil & Gas sector Consequences of a LT higher oil price Aymeric de Villaret Head of Pan-European Oil & Gas Research (33) 1 42 13 84 58 13 September 2004

  2. Higher oil price means: more cash more dividend higher Fair Values positive momentum: analysts revise upwards their earnings and dividends. End of May, we have raised our Brent forecasts by $3/b on Long term (from $22 to $25). Fair Values are increased by 10 (ENI) to 14% (Statoil). We have upgraded some stocks from Hold to Buy. No more sell recommendations In our stock recommendations, we favour companies with high growth potential and good return to shareholders. Consequences of a higher long term oil price

  3. Fair Value

  4. Fair Value sensitivity to Long Term Brent price

  5. Oil sector relative performance

  6. Momentum's trend becoming more and more positive... Analysts consensus: upwards revision during oil price increase

  7. Yielding stocks

  8. Share buy-back policy

  9. Shareholder return 03-07e vs market cap

  10. EV/DACF multiples

  11. Appendix

  12. The growth/profitability balance

  13. Production growth 2003-2007e

  14. Revisions to 2005 production targets

  15. AppendixReserves

  16. Organic Reserve Replacement Rate

  17. Organic Reserve Replacement Rate (2001-03)

  18. Life reserves Good ratio: 12 to 13 years?

  19. Life reserves

  20. Orman Lange Bookings

  21. IMPORTANT DISCLOSURES SG is acting as financial advisor to Total SG makes a market in ENI warrants

More Related