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Energy | Oil Gas Exploration Production
July 16, 2017
Stephen Richardson Let the Negative Revisions Roll
212-446-5639 Washing out the (mini)cycle of 2017
stephen.richardson@
The sector entered the quiet period ahead of 2Q reports this week and lack of
Daniel Walk newsflow seemed to provide some solace for the equities. In reality, positioning is
212-446-5616 likely such that stronger broader market trends can prove supportive for energy
daniel.walk@ equities (XOP up 4.1% wow) and oil price (WTI flat price up $1.81/bbl). As we prepare
for 2Q reports and speak with investors, our view has been that 2Q trends per se
are unlikely to be the central focus, rather the keys to watch are 1) the trajectory of
Section Table o Contents Page both capex spend and production into year-end and 2) what (if anything) producers
Model Updates 3 indicate about 2018+ capital production growth plans in a sub-$50/bbl environment.
Dialed In or Dialing Back? 4
This Week in Review: North American EP 7 We think it is early to see significant revisions to 2018, but producers should be
Ratings Thesis 8
Evercore ISI Commodity
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