【出版时间及名称】：2010年1月欧洲石油天然气行业研究报告
        【作者】：法国农业信贷银行
        【文件格式】：pdf
        【页数】：20
        【目录或简介】：

Contents
Summary 3
I— Attractive sector valuation 5
􀁑 A cheap valuation vs. the European market 5
􀁑 …while targeted M&A and asset optimisation could be catalysts 7
II— An increased interest in unconventional gas 9
􀁑 ExxonMobil's acquisition of XTO Energy 9
􀁑 Increased interest from oil majors in unconventional gas 10
III— Targets are no longer cheap! 13
􀁑 M&A targets in the US, Canada, Australia and the UK 13
􀁑 Targets are expensive in light of organic growth opportunities 14
IV— European stocks have differentiated positioning on M&A 16
􀁑 Improving free cash flow but different positioning 16
􀁑 ENI and Repsol-YPF's priority will be to lower their gearing 16
􀁑 RDShell is unlikely to carry out a significant acquisition 17
􀁑 Targeted deals are possible for Statoil 18
􀁑 Total and BP are likely consolidators if major investment
decisions do not occur in 2010 18