Table of contents
Q4 REVISED DOWN, 2010 TO IMPROVE GRADUALLY 3
PRICES FUELLED BY RISK APPETITE 3
LARGE GAP IN EXPECTATIONS FOR 2010 5
AHEAD OF CONSENSUS ON CALL-ON-OPEC 6
Q4 MAY BE SOFT, 2010 FORECAST REITERATED 8
US NATURAL GAS MARKET 10
E&P UPDATE 22
ROYAL DUTCH SHELL (BUY) 28
BP (BUY) 33
TOTAL SA (HOLD) 37
ENI SPA (HOLD) 41
STATOILHYDRO (BUY) 45
DNO INTERNATIONAL (BUY) 50
PA RESOURCES (SELL) 55
DET NORSKE OLJESELSKAP (BUY) 59
NORECO (BUY) 63
QUESTERRE (BUY) 67
ROCKSOURCE (BUY) 71