Citigroup 花旗：全球原油市场 深度分析

53页 英文 09.04

4 September 2007 | 53 pages

The Pump What value refining?

Contents
Oil Paintings – Key Themes of the Week 3
What value refining? 4
Transaction multiples for refining capacity 4
Valuation implications 7
Macro Summary 10
European Integrated 12
European Sector Valuation 13
Asset Allocation: European Integrated Oils 14
Industry investment thesis 14
North America Integrated 15
North America Sector Valuation 20
Asset Allocation: North America Integrated Oils 21
Asia Pacific Integrated, E&P, Refining 22
Asset Allocation: Asian Oils 23
CEEMEA & Latin America 24
CEEMEA & LatAm Sector Valuation 25
Asset Allocation: CEEMEA & LatAm Oils 26
Macro Assumptions Summary 28
Crude Market 30
Refining Margins 31
Marketing Margins 32
Petrochemical Margins 34
US Natural Gas 35
US DOE Inventories 36
Refining and Marketing Margins 40
Analyst Certification Appendix A-1 50