CONTENTS
Crude oil and natural gas prices ....................................... 4
Refining and marketing margins ...................................... 5
Tanker and exchange rates................................................ 6
Inventories.............................................................................. 7
Crack spreads ........................................................................ 8
Share price performance .................................................... 9
Integrateds ...........................................................................10
Valuations..................................................................................................................11
Share price performance ........................................................................................13
Refiners .................................................................................17
Valuations..................................................................................................................18
Share price performance ........................................................................................20
Services .................................................................................24
Valuations..................................................................................................................25
Share price performance ........................................................................................27
E&Ps.......................................................................................32
Valuations..................................................................................................................33
Share price performance ........................................................................................35
Global Emerging Market Oils...........................................41
Valuations..................................................................................................................42
Share price performance ........................................................................................44