Oil & Gas-Pareto Oil & Gas-06/11/2026

研报英文原文证据摘录

Oil & Gas-Pareto Oil & Gas-06/11/2026

to Oil & Gas assumptions 2025A 2026E 2027E Long-term

terminal. Roughly 15 tankers a day are running the Omani channel BrentWTI OilOil USD/bbl" $$ 68.463.4 bblbbl $$ 90.085.0 bblbbl $$ 80.075.0 bblbbl $$ 80.075.0 bblbbl

through the Strait under US air cover, according to Bloomberg, European gas price USD/mcf $ 12.5mcf $ 14.0mcf $ 12.0mcf $ 9.0mcf

the FT and TankerTrackers. Trump claimed a "secret" US escort Pareto E&P Coverage Avg. prod. Total returns (USD)

effort has moved more than 100 mb out of the Gulf since early Company (USDm)Mcap P/E26E(x) Tot.(%) yield26E Growth25-28e P/NAV(x) 1M YTD 1Y

May (~2.5 mbd if accurate) North Sea

Equinor 94,450 8.7x 6 % 1 % n.a 3% 61% 54%

Aker BP 23,200 11.1x 7 % 6 % n.a 3% 49% 56%

Other Oil & Gas news Vår Energi 12,800 7.7x 9 % 10 % n.a. 9% 63% 80%

• DOE WPSR showed a 7.2 mb crude draw (vs API -9.1 mb vs cons. BlueNordDNO 1,5801,970 11.9x4.9x 328 %% 2117 %% 0.76x0.94x 1%2% 32%55% 71%45%

-3.4 mb) alongside a 7.9 mb SPR release. Gasoline +0.2 mb (vs OKEA 420 3.3x 0 % 4 % 0.78x (2)% 82% 129%

API -1.2 mb), distillate -0.2 mb (vs API 1.3 mb). Cushing fell 0.8 Africa

mb to 21.6 mb, nearing operationally critical tank-bottom levels. BWMerenEnergyEnergy 1,5901,050 7.2x8.1x 120 %% 4515 %% 0.57x0.66x (6)%7% 24%31% 29%85%

Jet fuel built for a fifth straight week (+2.7 mb over the run) Panoro Energy 440 3.0x (5%) 16 % 0.60x (8)% 69% 45%

• The US DOE launched a tender for an exchange of up to 40 mb Sintana Energy 160 n.m 0 % 0 % 0.31x (23)% (14)% (44)%

from the SPR, advancing the US share of the coordinated 400 mb KurdishGulf KeystoneRegion of Iraq 510 n.m n.m n.m U/rev. (6)% 2% 18%

emergency stock release by IEA member countries Genel 200 n.m n.m n.m U/rev. 3% (11)% (6)%