瑞银-全球-石油与天然气行业-全球石油与天然气2017Q4预览：寻求下一个回合-2018.1.24-52页

www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSLimited.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE48.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.??GlobalResearch24January2018GlobalOilandGas4Q17Preview:LookingforthenextlegThecyclehasturnedWeexpect4Qtobethe5thquarterofy/yearningsimprovement.Ourforecastimplies4Q17y/yEPSof+92%andq/qof+21%.Atleastasimportantly,weexpectfreecashflow(pre-divi)tobeatitshighestlevelforthecombinedEuropeanandUSIntegratedssince1Q14(whenincidentallytheoilpricewas$108/bbl).Moreoverthecurrentoilpriceisafurther$8/bblhigherthanthe4Q17average.