Table of Contents
Americas integrated oils – sector view.................................... 3
Oil market and commodity outlook – overview ....................... 5
Americas integrated oils – upstream fundamentals back in
focus .......................................................................................... 7
Stock Selection ....................................................................... 17
Comparing asset bases: E&P as corporate growth driver ... 18
Valuation: earnings and cash flow multiples and yields ...... 22
Valuation: DCF-based sum of the parts ................................. 24
Valuation: QuestTM analysis ................................................... 26
Chevron (CVX) | Hold .............................................................. 28
ConocoPhillips (COP) | Hold .................................................. 35
ExxonMobil (XOM) | Hold ........................................................ 42
Hess Corporation (HES) | Buy | price target $75 ................... 49
Marathon (MRO) | Buy | price target $40 ................................ 56
Murphy Oil Corp (MUR) | Sell | price target $45 .................... 63
Occidental Petroleum (OXY) | Hold ........................................ 70
Petrobras (PBR/PBR.A) | Hold ................................................ 77
Oil market outlook ................................................................... 84
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