【出版时间及名称】：2009年11月美国石油开采加工行业研究报告
        【作者】：花旗银行
        【文件格式】：PPT
        【页数】：58
        【目录或简介】：
Exploration & Production
Looking for Value in E&P
Research
North America
 The North American upstream will resume growth in 2010, in our
view. We look for cyclically low operating costs and continued
weak pricing for services to support margins. E&Ps should hit an
operational “sweet spot” in 2010, particularly if commodity prices
firm. We see more neutral near-term risk/reward as this outlook is
broadly discounted in the stocks, particularly natural gas-focused
equities.
 Commodity price expectations should continue to drive relative
performance. In natural gas, we look for continued evidence of
production declines and firming demand to support balances, but
not before 2H10. The industry’s ability to grow the productive
base in 2010 will remain a key debate. We are more constructive
on oil, despite challenged fundamentals. Easier comps in early
2010 and a recovery in demand will be key to the outlook.
 With a neutral near-term outlook we remain focused on value,
expectations, and catalysts with our stock selection.
 Top Picks Today: Suncor (SU, PT C$49), Apache (APA, PT
$125), Plains Exploration (PXP, PT $40), and Cimarex Energy
(XEC, PT $50).