估值、可比公司及油气市场趋势

Estimates, Comps and Oil/GasMarket Trends We provide our latest estimates (FY25) across the investmentgrade E&P, midstream, and OFS sectors. We also includeupdated relative value scatters for the E&P and midstreamsectors, as well as inventory trends for key commodities. Harry Mateer+1 212 412 7903harry.mateer@barclays.comBCI, US Toni Sun+1 212 526 0984yutong.sun@barclays.comBCI, US •All investment grade energy subsectors underperformed US corporates lastweek (through May 23, 2025), with refining the weakest performer.On a year-to-datebasis, integrated energy has been the best-performing energy subsector. •On an excess return basis, top IG energy index performers last week were FLIQII, CPGX andSLB. Bottom performers included PTEN, PSX and COP. •Overall, we are tracking below consensus for oil field service, driven by our weakeningoutlook for US spending. Oil/gas monitors •Refining capacity utilization has recovered in recent weeks and is currently trending abovethe five-year, seasonally-adjusted average (which could pose some risks to the above-notedimprovement in refining margins). •Natural gas prices appear to be elevated relative to daily balances and seasonally-adjustedinventories. FIGURE 1. Year-to-Date Excess Returns for IG Energy Open in Barclays Live Chart Source:Bloomberg Indices- Bloomberg E&P 2025 Estimates Note: Estimates assume average prices of $60/bbl WTI and $3.75/mmbtu Henry Hubin 2Q-3Q25; $55/bbl WTI and $4/mmbtu Henry Hub in 4Q25-1Q26. (1) APA presentedwith and without asset retirement obligations.Source: Company reports, Barclays Research Midstream 2025 Estimates Note: 2025E leverage and coverage used for rankings. Quantitative midstreamrankings are intended to provide a consistent framework for relative value, but donot reflect all factors that are included in credit analysis. Our rankings incorporatefactors related to leverage, coverage, size, margin and business volatility.Source: Barclays Research Note: 2025E leverage and coverage used for rankings. Quantitative midstreamrankings are intended to provide a consistent framework for relative value, but donot reflect all factors that are included in credit analysis. Our rankings incorporatefactors related to leverage, coverage, size, margin and business volatility.Source: Barclays Research Oil Field Services 2025 Estimates Oil, Natural Gas and Products Monitor FIGURE 11. US Gasoline Days of Supply Source: Bloomberg, Barclays Research Analyst(s) Certification(s): We, Harry Mateer and Toni Sun, hereby certify (1) that the views expressed in this research report accurately reflect our personal views about any or allof the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly or indirectly relatedto the specific recommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). All authors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflectsthe local time where the report was produced and maydifferfrom the release date provided in GMT. Availability of Disclosures: For current important disclosures regarding any issuers which are the subject of this research report please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072. Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companies covered in its research reports. As a result, investorsshould be aware that Barclays may have a conflict of interest that couldaffectthe objectivity of this report. Barclays Capital Inc. and/or one of itsaffiliatesregularly trades, generally deals as principal and generally provides liquidity (as market maker or otherwise) in the debt securities that are thesubject of this research report (and related derivatives thereof). Barclays trading desks may have either a long and / or short position in such securities,other financial instruments and / or derivatives, which may pose a conflict with the interests of investing customers. Where permitted and subject toappropriate information barrier restrictions, Barclays fixed income research analysts regularly interact with its trading desk personnel regardingcurrent market conditions and prices. Barclays fixed income research analysts receive compensation based on various factors including, but notlimited to, the quality of their work, the overall performance of the firm (including the profitability of the Investment Banking Department), theprofitability and revenues of the Markets business and the potential interest of the firm's investing clients in research with respect to the asset classcovered by the a