Global Oil & Gas - 130813 - Barclays

Equity Research
13 August 2013
Global Oil & Gas Weekly
Rising demand for China Oil Services
SECTOR UPDATE
European Integrated Oil
We believe Chinas oilfield services market is at the early stages of an unprecedented

growth cycle. Our colleagues in Asia recently initiated on a number of Chinese Oil
service companies in China Oilfield Services: Initiation, 6 Aug 2013 in which they
forecast an earnings CAGR of 30% in the 2012-2015 period. Driven by rising
demand for oil services and equipment both domestically and internationally, we
expect the market to double to US$2bn by 2015. Anton Oil (OW, PT HKD6.60) is our
top pick given its strong positioning in the domestic Chinese market and increasing
ability to handle integrated projects. Elsewhere in the world, we see the biggest
beneficiaries of this trend as Hunting (OW, PT 1100p) in Europe and the Big Four in
the US namely Baker Hughes (OW, PT $69), Halliburton (OW, PT$71), Schlumberger
(OW, PT $123) and Weatherford (OW, PT $24).
Drilling activity to drive oilfield services demand: Drilling activity is typically an
indicator of oilfield services activity. The number of wells drilled by Petrochina and
Sinopec has grown at a CAGR of 9% over the past 10 years. We believe the demand for
oilfield services will intensify further with the increase in unconventional oil/gas
development, driven by the need for well stimulation and high-end drilling services.
Hunting and the Big Four the western way to play Chinese drilling: In Europe,
Hunting opened a manufacturing facility in China in 2010 and has already commenced
the manufacture of stimulation tools serving the domestic market. In the US, the Big
Four have all adopted strategies to position themselves for the Chinese shale
opportunity. Given their technological strength and rich experience, we believe these
companies will all play an increasingly bigger role in Chinas oilfield services market.
Rahim Karim, CFA

+44 (0)20 3134 1853
rahim.karim@barclays.com
Barclays, London
Lydia Rainforth, CFA
+44 (0)20 3134 6669
lydia.rainforth@barclays.com
Barclays, London
Joshua Stone
+44 (0)20 3134 6694
joshua.stone@barclays.com
Barclays, London
Americas Integrated Oil
Paul Y. Cheng, CFA
1.212.526.1884
paul.cheng@barclays.com
BCI, New York
Asia ex-Japan Oil & Gas
Clement Chen
+852 2903 2498
clement.chen@barclays.com
Barclays Bank, Hong Kong
Somshankar Sinha
Chinas high-end oilfield services market to grow 4-5x by 2020
+91 22 6719 6031
US$ bn
somshankar.sinha@barclays.com
Drilling services
Completion equipment & services
Stimulation services
BSIPL, Mumbai
European Oil Services & Drilling
Mick Pickup
4
+44 (0)20 3134 6695

mick.pickup@barclays.com
Barclays, London
2
U.S. Oil Services & Drilling

James C. West
1.212.526.8796
2020E
2019E
2018E
2017E
2016E
2015E
2014E
2013E
2012E
2011
2010
2009
2008
2007
2006
2005
Source: Spears & Associates, Barclays Research
james.west1@barclays.com
BCI, New York
European Oil & Gas: E&P
Alessandro Pozzi
+44 (0)20 7773 4745
alessandro.pozzi@barclays.com
Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered
in its research reports. As a result, investors should be aware that the firm may have a conflict of interest
that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision.
This research report has been prepared in whole or in part by equity research analysts based outside the
US who are not registered/qualified as research analysts with FINRA.
PLEASE SEE ANALYST(S) CERTIFICATION(S) AND IMPORTANT DISCLOSURES BEGINNING ON PAGE 48.
Barclays, London
CEEMEA Oil & Gas
Matthew Thomas
+44 (0)20 7773 3640
matthew.j.thomas@barclays.com
Barclays, London
Barclays | Global Oil & Gas Weekly

Barclays Research Industries included in this report
Industry
Industry view
Author(s)
Positive
Paul Cheng CFA
Asia ex-Japan Oil
Positive
Somshankar Sinha, Clement Chen
CEEMEA Oil
Neutral
Matt Thomas
Neutral
Lydia Rainforth CFA, Rahim Karim CFA
European Exploration & Production
Positive
Alessandro Pozzi
Positive
Mick Pickup
European Refining & Marketing
Negative
Lydia Rainforth CFA
Russian Oil Services & Drilling
Positive
Mick Pickup
US Independent Refiners
Positive
Paul Cheng, CFA
13 August 2013
CONTENTS
CRUDE OIL AND NATURAL
GAS PRICES .......................................
REFINING AND MARKETING
MARGINS ...........................................
TANKER AND EXCHANGE
RATES .................................................
INVENTORIES....................................
CRACK SPREADS .............................
SHARE PRICE PERFORMANCE .....
Valuations ..............................................................
REFINERS ...........................................
Corporate Calendar
2013
August
13
Enquest
Grupa Lotos
MOL
OMV
1H 2013 Earnings Release

Q2 2013 Earnings Release
14
Subsea 7
20
Cairn
22
Premier Oil
23
Afren
27
Aker Solutions
28
Seadrill
29
Hellenic Petroleum
Salamander
Soco

Valuations .............................................................. Source: Bloomberg, Barclays Research

Share price performance ....................................
SERVICES ...........................................
Valuations ..............................................................
E&PS ....................................................
Valuations ..............................................................
GLOBAL EMERGING MARKET

OILS .....................................................
Valuations ..............................................................
The data source for all charts and tables is Company data, Barclays Research,
unless otherwise stated. Share prices are as of 09 August 2013 at market close,
unless otherwise stated.
13 August 2013
Crude oil and natural gas prices

Natural gas
Crude - $/bl
Date
Brent
WTI
ANS
Kern River
Dubai
OPEC
WTI-Maya
Brent-Urals
Henry Hub
Rockies
Russia
UK-NBP
Zee
$/mBtu
$/mBtu
$/kcf
p/therm
p/therm
NE Asia LNG
$/mBtu
05-Aug-13
107.6
105.1
109.4
110.4
104.4
105.3
7.3
3.45
3.31
65.69
65.42
16.15
29-Jul-13
108.7
105.5
110.8
111.1
104.8
105.3
6.1
3.60
3.54
65.61
65.73
16.25
22-Jul-13
108.7
105.9
110.7
111.9
104.4
105.6
5.8
3.69
3.54
64.81
65.64
16.10
15-Jul-13
108.9
107.0
112.7
113.2
104.3
105.5
5.9
3.66
3.44
65.38
66.12
15.60
Aug-13
107.6
105.1
109.4
110.4
104.4
105.3
7.3
3.59
3.44
Jul-13
107.8
104.7
111.4
110.7
103.5
104.4
5.3
(0.1)
3.81
3.58
11.58
65.22
65.60
15.85
60.57
64.81
14.54
Jun-13
103.1
95.8
104.0
104.3
100.3
100.9
(0.5)
0.3
4.02
3.86
11.67
66.30
66.61
14.43
May-13
103.2
94.9
104.5
104.3
100.5
100.8
(3.5)
0.5
4.17
3.99
11.91
69.72
69.57
15.11
3Q 2013
107.8
104.8
111.1
110.6
103.6
104.6
5.7
(0.1)
3.81
3.44
11.23
65.22
65.60
15.95
2Q 2013
103.0
94.1
104.3
104.7
100.8
101.0
(3.8)
0.9
4.00
3.81
11.72
65.53
67.00
14.69
1Q 2013
112.8
94.3
110.4
113.9
108.0
109.4
(8.4)
2.1
3.50
3.50
12.30
74.27
71.44
17.95
4Q 2012
110.5
88.2
106.4
109.5
107.2
107.3
(5.0)
1.6
3.41
3.41
12.82
65.39
63.97
14.30
3Q 2012
109.9
92.1
108.7
109.4
106.1
106.3
(4.9)
1.2
2.88
2.75
12.93
56.86
57.27
13.59
2Q 2012
109.5
93.9
110.2
109.1
106.9
107.4
(3.7)
2.4
2.29
2.15
13.06
57.17
57.59
17.35
16.23
2013
107.9
96.2
108.1
109.6
104.3
105.1
(3.9)
1.2
3.73
3.62
11.90
69.23
68.70
2012
112.1
94.3
110.9
111.9
109.1
109.6
(5.5)
1.7
2.75
2.68
12.87
59.56
59.32
15.14
2011
111.0
95.1
109.6
112.4
106.1
107.6
(3.6)
1.7
3.94
3.79
11.80
56.84
57.56
13.77
2010
79.7
79.5
78.9
82.8
78.1
77.5
9.2
1.4
4.37
3.94
9.77
42.52
43.06
11.13
2009
62.2
62.1
61.1
64.6
62.1
61.1
5.8
0.6
3.94
3.17
8.21
30.81
31.20
8.91
2008
97.2
99.1
97.9
91.5
93.2
93.5
15.5
3.3
8.82
6.30
10.98
58.11
58.99
11.42
2007
72.7
72.3
71.7
62.3
68.4
68.8
12.5
3.2
6.94
4.10
7.92
29.85
30.38
6.96
2006
65.8
66.2
63.6
55.1
61.6
61.0
15.1
4.9
6.75
5.27
7.19
40.20
43.33
6.46
2005
55.0
56.6
53.7
45.0
49.4
50.7
11.4
4.5
8.91
7.15
5.68
38.30
40.94
5.60
2004
38.4
41.2
38.9
33.0
33.8
36.0
14.3
3.7
5.89
5.10
4.40
24.45
23.92
4.86
Source: Bloomberg
13 August 2013
Source: Bloomberg, Natural Gas Week, European Gas Markets
Source: WGI
Refining and marketing margins

Refining margins - $/bl
Date
NW Europe
US Gulf
European marketing margins - $/bl
US W. Coast Singapore
Med
Eur 6
France
Germany
US gasoline marketing margins - $/bl
Italy
UK
PADD1
PADD2
PADD3
PADD4
PADD5
05-Aug-13
1.37
3.84
7.99
7.41
0.49
18.55
11.43
20.46
24.62
9.62
14.73
11.03
10.44
35.31
9.10
29-Jul-13
1.06
6.15
10.71
8.10
0.21
18.05
9.18
18.65
24.62
9.14
11.26
7.27
7.48
31.08
4.88
22-Jul-13
0.86
5.50
10.68
8.50
0.17
18.03
12.01
22.03
23.27
6.97
11.27
8.20
8.41
29.79
4.69
15-Jul-13
2.09
6.21
11.41
8.84
1.43
13.14
6.74
17.51
19.04
1.53
6.36
3.47
3.55
27.41
(0.58)
Aug-13
1.37
3.84
7.99
7.41
0.49
18.55
11.43
20.46
24.62
9.62
14.73
11.03
10.44
35.31
9.10
Jul-13
1.38
5.75
10.52
8.71
0.62
15.27
8.88
18.33
20.93
5.11
9.03
6.10
5.86
31.75
1.95
Jun-13
2.03
9.37
15.50
9.10
1.81
19.00
14.24
20.45
23.59
11.94
13.12
24.54
10.73
41.94
1.73
May-13
1.15
10.79
13.55
7.27
1.09
16.12
11.28
20.67
19.28
8.77
11.04
22.43
9.10
36.68
3.70
3Q 2013
1.37
5.43
10.10
8.49
0.60
16.91
10.16
19.39
22.78
7.36
11.88
8.57
8.15
33.53
5.52
2Q 2013
1.28
11.27
13.63
7.35
1.60
18.52
14.14
20.76
22.46
11.98
12.87
20.81
10.33
37.22
4.38
1Q 2013
1.04
18.89
14.09
8.89
2.33
16.83
14.98
15.67
23.80
6.88
11.45
7.72
5.25
16.11
(4.27)
4Q 2012
1.57
19.37
12.34
7.24
2.18
18.55
12.21
20.36
25.68
13.65
18.51
13.37
10.54
37.63
9.46
3Q 2012
4.73
21.77
13.32
10.16
5.12
13.89
6.89
19.00
19.24
5.07
10.22
13.08
5.65
28.02
4.55
2Q 2012
3.30
17.51
10.13
8.19
5.12
19.85
14.00
18.98
28.30
15.08
15.98
17.28
13.56
39.46
15.95
2013
1.20
13.27
13.15
8.19
1.71
17.30
13.51
18.31
22.81
8.72
11.77
12.54
7.50
27.40
0.63
2012
2.61
18.66
11.31
8.45
3.59
16.69
11.16
18.58
23.46
9.56
12.52
11.46
7.72
28.38
6.87
2011
0.22
15.02
6.91
8.49
1.33
17.74
14.18
14.27
27.47
9.01
11.65
11.46
8.57
17.26
7.08
2010
1.42
1.29
8.37
4.66
2.46
13.81
10.34
11.36
22.55
6.20
9.07
9.42
7.62
14.49
6.14
2009
1.53
1.68
10.34
3.15
2.95
8.03
7.68
9.22
11.91
3.32
8.26
7.55
6.85
9.02
1.41
2008
3.94
1.42
9.51
8.43
6.54
12.54
11.71
9.76
19.83
8.85
13.30
10.86
11.52
13.87
7.58
2007
2.63
5.72
17.56
6.65
6.08
9.32
7.87
8.10
14.90
6.39
10.56
11.35
8.99
13.02
2.39
2006
1.26
3.53
16.94
5.00
6.05
7.60
5.61
5.80
13.61
5.36
12.52
8.64
10.27
11.49
2.60
2005
2.90
4.62
14.16
6.39
6.40
6.55
4.32
3.01
10.87
4.17
9.08
7.16
8.16
8.73
2.64
2004
2.79
1.75
11.59
6.24
6.42
6.14
2.78
1.50
7.95
0.95
10.02
7.94
6.82
9.18
5.04
Source: Bloomberg, Barclays Research
13 August 2013
Source: European Energy Commission, Barclays Research
Source: Oil & Gas Journal, Bloomberg, Barclays Research
Tanker and exchange rates

Tanker rates - $/ship/day
Date
Suezmax
Aframax
05-Aug-13
18,977
29-Jul-13
21,406
22-Jul-13
Exchange rates
Clean
Dirty
EUR/USD
GBP/USD
GBP/EUR
USD/NOK
USD/CAD
USD/AUS
11,936
14,299
14,172
15,518
12,062
1.33
1.55
1.16
5.91
1.04
1.11
12,250
1.33
1.52
1.15
5.93
1.03
12,803
18,397
1.11
13,080
13,704
1.32
1.54
1.16
5.91
1.03
15-Jul-13
10,463
1.08
9,725
12,713
14,525
1.31
1.52
1.16
6.01
1.04
1.09
Aug-13
13,891
13,232
13,428
13,449
1.33
1.54
1.16
5.92
1.04
1.11
Jul-13
6,128
10,967
10,076
12,585
1.31
1.52
1.16
6.03
1.04
1.09
Jun-13
12,200
9,855
11,303
11,902
1.32
1.55
1.17
5.89
1.03
1.06
May-13
18,060
14,950
14,252
14,734
1.30
1.53
1.18
5.82
1.02
1.01
3Q 2013
15,735
12,834
13,555
12,453
1.33
1.54
1.16
5.92
1.04
1.11
2Q 2013
12,134
11,765
11,833
12,983
1.31
1.53
1.18
5.84
1.02
1.01
1Q 2013
15,176
14,118
14,293
21,518
1.32
1.55
1.18
5.63
1.00
0.96
4Q 2012
11,577
13,954
15,610
15,348
1.30
1.61
1.24
5.68
0.99
0.96
3Q 2012
10,176
13,638
11,069
9,467
1.25
1.58
1.26
5.91
1.00
0.96
2Q 2012
20,986
16,017
18,545
10,934
1.28
1.58
1.23
5.89
1.01
0.99
2013
14,045
12,921
13,155
16,351
1.32
1.54
1.17
5.79
1.02
1.03
2012
17,738
14,881
14,769
13,162
1.29
1.59
1.23
5.82
1.00
0.97
2011
19,239
13,528
10,535
12,644
1.39
1.60
1.15
5.61
0.99
0.97
2010
31,259
19,745
14,956
11,292
1.33
1.55
1.17
6.05
1.03
1.09
2009
28,205
15,969
12,738
8,869
1.39
1.57
1.12
6.29
1.14
1.28
2008
78,573
50,923
37,239
25,508
1.47
1.85
1.26
5.65
1.07
1.20
2007
44,781
35,865
30,533
26,018
1.37
2.00
1.46
5.86
1.07
1.19
2006
52,931
39,338
30,758
27,227
1.26
1.84
1.47
6.41
1.13
1.33
2005
53,579
41,650
37,639
31,145
1.24
1.82
1.46
6.44
1.21
1.31
2004
74,236
49,227
39,054
29,010
1.24
1.83
1.47
6.74
1.30
1.36
Source: Clarksons Shipping Weekly
13 August 2013
Source: Datastream
Inventories
US crude oil inventories, m bl
US gasoline inventories, m bl
US distillate inventories, m bl
440
250
180
400
160
230
360
140
210
120
320
190
280
100
170
240
US total inventories, m bl
1,200
80
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
7 Year Range
2012
2013
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
7 Year Range
2012
2013
US Refinery Utilisation, %
Natural Gas Storage, bcf
105
4,000
95
1,100
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
7 Year Range
2012
2013
3,000
85
1,000
2,000
75
900
800
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
7 Year Range
2012
2013
65
Dec-00
1,000
Dec-02
Dec-04
Dec-06
Refinery utilisation
Non-commercial Paper Positions, m bl
Futures Curve - Brent, $/bl
400
350
300
250
200
150
100
50
0
115
110
105
100
95
90
85
80
75
70
Aug-13
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
2012
2013
Dec-08
Dec-10
Dec-12
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
7 Year Range
2012
2013
Rolling 12 month average
Baker Hughes US Rotary Rig Count

2,000
1,600
1,200
800
400
Aug-14
Aug-15
Brent
Aug-16
Aug-17
Aug-18
0
Jun-03
Jun-05
WTI
Jun-07
Gas Rigs
Jun-09
Jun-11
Jun-13
Oil Rigs
Source: Energy Information Administration (EIA), Commitments of Traders report - US CFTC, American Petroleum Institute (API), Bloomberg, Datastream, Barclays Research
13 August 2013
Crack spreads
European Gasoline Brent Crack Spread, $/bl
European Diesel Brent Crack Spread, $/bl
30
20
European Naptha Brent Crack Spread, $/bl
40
20
30
10
20
10
-10
-20
10
0
-10
-30
-10
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
10 Year Range
2012
2013
European Kerosene Brent Crack Spread, $/bl
European LSFO Brent Crack Spread, $/bl
50
40
30
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
10 Year Range
2012
2013
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
10 Year Range
2012
2013
European HSFO Brent Crack Spread, $/bl
-10
-10
-20
-20
20
-30
-30
10
0
-40
-10
-50
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
10 Year Range
2012
2013
-40
-50
-60
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
10 Year Range
2012
2013
Brent-WTI Spread, $/bl
Brent-Urals Crude Spread, $/bl

9
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
10 Year Range
2012
2013
Brent Spot Price $/bl
30
150
20
120
10
90
60
7
5
3
1
-1
-3
-5
Aug-07
Aug-08
Aug-09
Aug-10
Aug-11
Aug-12
Aug-13
-10
Aug-07
Aug-08
Aug-09
Aug-10
Aug-11
Aug-12
Aug-13
30
Aug-07
Aug-08
Aug-09
Aug-10
Aug-11
Aug-12
Aug-13
Source: Energy Information Administration (EIA), Commitments of Traders report - US CFTC, American Petroleum Institute (API), Bloomberg, Datastream, Barclays Research
13 August 2013
Share price performance

European Integrateds vs European Market
European Services vs European Market
European Refiners vs European Market
105
110
105
100
95
90
85
80
75
70
65
Aug-12
125
100
95
90
85
80
75
70
Aug-12
Nov-12
Feb-13
May-13
Aug-13
120
115
110
105
100
95
Nov-12
Feb-13
May-13
Aug-13
90
Aug-12
Nov-12
Feb-13
May-13
European E&P vs European Market
European Integrateds vs European Services
European Integrateds vs European Refiners
105
130
125
120
115
110
105
100
95
90
85
Aug-12
110
100
95
90
85
80
75
70
Aug-12
Nov-12
Feb-13
May-13
Aug-13
100
90
80
70
Nov-12
Feb-13
May-13
Aug-13
60
Aug-12
Nov-12
Feb-13
European Integrateds vs European E&P
European Services vs European Refiners
European Services vs European E&P
110
110
110
105
100
105
90
100
80
95
70
90
90
60
85
85
Aug-12
50
Aug-12
100
95
Nov-12
Feb-13
May-13
Aug-13
Aug-13
Nov-12
Feb-13
May-13
Aug-13
80
Aug-12
Nov-12
Feb-13
May-13
Aug-13
May-13
Aug-13
Source: Datastream, Barclays Research. The European Market is the Eurostoxx, the European Integrateds, is the corresponding FTSE 300 index. The Barclays European Refining Index is calculated using arithmetic averages for companies
under coverage. The Barclays European Services Index is calculated using market capitalisation weighted averaged for companies under coverage. The Barclays E&Ps Index is calculated using a free float weighted average for our coverage.
Source: Datastream, Barclays Research. Relative calculations use the FTSE 300 Integrated Sector (Euro) for the European companies and the S&P500 Integrated Sector (US) for the US companies.
13 August 2013
Integrateds
13 August 2013
10
Integrateds
Valuations
Company
Rating
Price
Target
Up/(Down)
09-Aug
Price
side, %
EV:EBIDA, x
13F
14F
P/E, x
15F
13F
14F
FCF yield, %
Dividend yield, %
Barclays
2013
Cons
2013
Change in
15F
EPS
EPS
last mnth
RoACE, %
15F
13F
14F
15F
13F
14F
15F
13F
14F
cons in
Majors
BP
U/W
443
475
5.3
4.9
4.8
8.7
8.1
8.1
(1.2)
2.9
2.9
5.3
5.6
5.9
10.3
9.9
9.9
50.8
50.8
Chevron*
E/W
123
145
18
6.6
6.5
6.1
10.5
10.5
9.7
0.9
0.6
1.4
3.2
3.5
3.8
16.4
13.8
13.8
11.7
12.1
-2
ExxonMobil*
E/W
90.7
102.0
12
8.8
8.7
8.4
12.5
12.4
12.0
2.4
3.2
3.4
2.7
3.0
3.3
18.3
15.6
15.6
7.3
7.7
-5
Royal Dutch Shell A
E/W
2091
2400
15
5.2
5.1
5.0
8.5
8.7
8.8
5.1
4.8
4.6
5.7
5.9
6.2
12.3
10.8
10.8
3.8
3.9
-8
Royal Dutch Shell B
E/W
2182
2400
10
5.4
5.3
5.2
8.9
9.1
9.2
4.9
4.6
4.4
5.3
5.6
5.8
12.3
10.8
10.8
3.8
4.0
-5
Total
U/W
40.3
42.5
4.6
4.4
4.3
8.1
8.2
8.4
(0.4)
1.6
0.2
6.0
6.1
6.2
12.6
10.9
10.9
4.9
5.0
11
6.0
5.8
5.6
9.5
9.5
9.4
1.9
3.0
2.8
4.7
5.0
5.2
13.7
12.0
12.0
Arithmetic average
-6
-1
-5
Integrated - Europe
BG Group
O/W
1211
1350
11
9.3
8.6
7.1
15.6
13.2
10.7
(6.8)
(5.3)
1.2
1.5
1.7
1.9
8.8
10.2
10.2
77.9
80.1
-3
Eni
O/W
17.1
20.0
17
4.9
4.2
3.9
11.9
8.9
8.4
0.3
7.0
7.5
6.4
6.6
6.8
6.5
9.5
9.5
1.4
1.6
-12
27
16.3
15.7
13.7
31.4
27.6
20.7
(2.0)
(2.5)
(2.1)
2.3
2.7
3.3
5.6
7.1
7.1
0.4
0.4
-7
5.7
5.4
4.9
9.8
9.8
9.3
12.9
8.3
10.2
3.1
3.1
3.2
3.2
3.5
3.5
1679
1888
-5
-3
Galp
O/W
12.6
16.0
MOL
U/W
16450
17000
OMV
U/W
34.4
31.0
(10)
4.3
4.4
4.5
8.4
9.0
9.0
7.2
1.7
2.3
3.6
3.6
3.6
10.5
8.2
8.2
4.1
4.4
Repsol
O/W
18.2
19.0
5.8
5.3
4.9
12.1
10.6
9.6
2.9
6.3
7.3
5.5
5.5
5.5
7.2
9.2
9.2
1.5
1.7
Statoil
E/W
127.0
150.0
18
4.1
4.2
4.3
9.0
9.2
9.3
(0.7)
(1.6)
(1.8)
5.5
5.7
5.9
12.0
9.4
9.4
14.1
15.0
-2
10
7.2
6.8
6.2
14.0
12.6
11.0
2.0
2.0
3.5
4.0
4.1
4.3
7.7
8.2
8.2
Arithmetic average
-5
Integrated - US*
ConocoPhillips
O/W
66.8
80.0
20
6.4
6.2
6.0
11.2
11.0
10.4
(1.3)
(1.2)
(0.3)
4.0
4.1
4.2
11.7
11.2
11.2
6.0
5.7
Hess
O/W
74.9
86.0
15
6.2
5.7
5.0
11.5
11.9
10.3
(6.7)
5.0
6.1
0.9
1.3
1.3
8.3
8.0
8.0
6.5
6.5
Murphy
E/W
70.9
70.0
(1)
5.6
5.0
4.8
11.6
11.0
10.7
(8)
(2.9)
0.1
1.8
1.8
1.8
11.0
9.2
9.2
6.1
5.7
12
6.0
5.6
5.3
11.6
12.2
11.4
(3.8)
0.2
1.7
2.2
2.3
2.3
10.0
8.9
8.9
Arithmetic average
Source: Company data, Datastream, Barclays Research.

* Chevron, Exxon Mobil and the US Integrateds are covered by Barclays Integrated oil research team, headed by Paul Cheng, in New York. The forecasts for these companies are based on assumptions which are aligned but may sometimes differ from those
used for the European companies.
The price targets for the European companies are based on a sum-of-the-parts based DCF methodology. For the US they are based on return on market capitalisation under mid-cycle assumptions.
13 August 2013
11
Valuations
Integrateds
P/E, x
2013 Average
P/E
RoACE, %
10
5
FCF Yield, %
2013 Average
RoACE, %
Datastream consensus e relative to Barclays EPS, %

10
COP
HES
MUR
BG
ENI
Galp
MOL
OMV
REP
STL
BP
CVX
XOM
RDS
TOT
COP
HES
MUR
BG
ENI
Galp
MOL
OMV
REP
STL
BP
CVX
XOM
RDS
TOT
-5
2013 Average
2012
Dollar EPS change y/y, %
20
Cons vs BC EPS (%)
2013 Average
5
0
EPS Growth
2013 Average
COP
HES
MUR
COP
HES
MUR
BG
ENI
Galp
MOL
OMV
REP
STL
BP
CVX
XOM
RDS
TOT
-10
10
BG
ENI
Galp
MOL
OMV
REP
STL
-5
15
BP
CVX
XOM
RDS
TOT
2013
EV/b, $
0.20
0.10
0.00
-0.10
-0.20
-0.30
-0.40
COP
HES
MUR
60
50
40
30
20
10
0
-10
15
COP
HES
MUR
Gearing - Net Debt to Equity, %
20
2013 Average
EV: 2P reserves
COP
HES
MUR
10
BG
ENI
Galp
MOL
OMV
REP
STL
Dividend Yield, %
BG
ENI
Galp
MOL
OMV
REP
STL
Free cash flow yield, %
2013 Average
BG
ENI
Galp
MOL
OMV
REP
STL
EV/EBIDA
COP
HES
MUR
BG
ENI
Galp
MOL
OMV
REP
STL
BP
CVX
XOM
RDS
TOT
BP
CVX
XOM
RDS
TOT
COP
HES
MUR
10
BG
ENI
Galp
MOL
OMV
REP
STL
15
7
6
5
4
3
2
1
0
BP
CVX
XOM
RDS
TOT
35
30
25
20
15
10
5
0
BP
CVX
XOM
RDS
TOT
20
Dividend yield, %
BP
CVX
XOM
RDS
TOT
EV:EBIDA, x
2013 Average
Source: Datastream, Barclays Research estimates
13 August 2013
12
Integrateds
Change in USD share price over last week, %
Change in USD share price over last month, %
BG
STL
GALP
RDSA
ENI
OMV
TOT
REP
COP
MOL
XOM
CVX
BP
Change in USD share price over last three months, %

COP
TOT
REP
GALP
BG
MOL
XOM
CVX
OMV
BP
ENI
RDSA
STL
ENI
GALP
REP
TOT
BG
OMV
COP
STL
CVX
RDSA
MOL
BP
XOM
-2
-1
Change in USD share price over last year, %

REP
OMV
GALP
COP
TOT
CVX
ENI
XOM
BP
MOL
BG
RDSA
STL
-5
10
15
-15
-10
-5
European Integrateds vs Brent
European Integrateds vs US Integrateds
115
105
110
10
100
105
100
95
95
90
90
85
85
-20
-10
10
20
30
40
50
BP vs European Integrateds
80
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Chevron vs US Integrateds
110
480 110
Feb-13
May-13
70
110
65
460 105
60
105
90
440 100
95
420
Nov-12
Feb-13
BP vs Sector
May-13
BP, p
400
Aug-13
55
100
70
95
90
Aug-12
Nov-12
Feb-13
CVX vs Sector
Aug-13
130 115
110
100
90
Aug-12
Nov-12
ConocoPhillips vs US Integrateds
500 115
105
80
Aug-12
May-13
CVX, $
50
Aug-13
50
95
90
Aug-12
45
Nov-12
Feb-13
COP vs Sector
May-13
40
Aug-13
COP, $
13 August 2013
13

Exxon Mobil vs US Integrateds
110
100
106
90
102
80
98
70
94
90
Aug-12
Nov-12
Feb-13
XOM vs Sector
May-13
60
Aug-13
XOM, $
Total vs European Integrateds
Integrateds
Royal Dutch Shell A vs Royal Dutch Shell B
Royal Dutch Shell A vs European Integrateds
103
103
102
100
101
97
100
94
99
91
98
88
97
96
Aug-12
85
Aug-12
Nov-12
Feb-13
May-13
Aug-13
BG Group vs European Integrateds
3000
2750
2500
2250
Nov-12
Feb-13
RDSA vs Sector
May-13
2000
Aug-13
RDSA, p
Eni vs European Integrateds
115
44
110
1400
120
20
110
42
100
1300
115
18
40
90
1200
110
38
80
36
70
1100
105
34
60
1000
100
32
50
900
95
105
100
95
90
85
Aug-12
Nov-12
Feb-13
TOT vs Sector
May-13
30
Aug-13
Nov-12
Feb-13
BG vs Sector
TOT, E
May-13
14
13
140
120
12
100
11
11
Feb-13
GALP vs Sector
May-13
GALP, E
10
Aug-13
80
60
Aug-12
Nov-12
Feb-13
REP vs Sector
14
12
Nov-12
Feb-13
ENI vs Sector
May-13
10
Aug-13
ENI, E
Statoil vs European Integrateds
160
12
90
Aug-12
BG, p
13
Nov-12
800
Aug-13
Repsol vs European Integrateds
Galp vs European Integrateds

125
120
115
110
105
100
95
90
85
80
Aug-12
40
Aug-12
16
May-13
REP, E
19
18
17
16
15
14
13
12
11
10
Aug-13
110
160
105
150
100
140
95
130
90
120
85
80
Aug-12
Nov-12
Feb-13
STL vs Sector
May-13
110
Aug-13
STL, NOK
13 August 2013
14
Integrateds
BP vs Total
BP vs Shell
Total vs Eni
115
130
115
110
110
120
105
105
100
110
100
95
100
95
90
90
90
85
80
Aug-12
Nov-12
Feb-13
May-13
Aug-13
80
Aug-12
85
Nov-12
Feb-13
May-13
Aug-13
80
Aug-12
Total vs Shell
BG vs Statoil
Eni vs Repsol
130
120
110
120
110
100
110
100
100
90
90
80
80
70
70
Aug-12
Nov-12
Feb-13
May-13
Aug-13
60
Aug-12
Nov-12
Feb-13
May-13
Aug-13
60
Aug-12
120
110
130
110
100
120
100
90
110
90
80
100
80
70
90
70
60
80
60
Aug-12
50
Aug-12
Aug-13
Aug-13
Nov-12
Feb-13
May-13
Aug-13
Nov-12
Feb-13
May-13
Aug-13
70
Eni vs Statoil
May-13
May-13
80
BG vs Eni
Feb-13
Feb-13
90
OMV vs Repsol
Nov-12
Nov-12
Nov-12
Feb-13
May-13
Aug-13
70
Aug-12
Source: Datastream, Barclays Research
13 August 2013
15
Integrateds
Local Price
09-Aug
Indices & markets
FTSE All
StoxxEuro
S&P 500
MSCI EMG
Hang Seng
-1d
-5d
-10d
-30d
MTD
QTD
YTD
1Q 13
4Q 12
3Q 12
2Q 12
1Q 12
4Q 11
3502
286
1691
1768
21808
0.6
0.2
-0.4
0.2
0.7
0.9
1.3
-1.1
0.3
-1.7
1.8
3.9
0.0
1.7
-0.7
9.0
11.8
5.3
7.9
4.8
2.2
3.0
0.3
2.5
-0.4
9.0
11.8
5.3
7.9
4.8
8.2
11.1
18.6
10.2
-3.8
2.1
-0.6
10.0
4.4
-1.7
2.5
7.3
-1.3
5.2
8.8
6.8
9.3
5.8
6.1
7.3
-5.5
-12.7
-3.3
-8.4
-5.3
8.0
12.3
12.0
10.0
11.5
18.2
-2.4
22.4
5.6
-8.1
Integrated - Majors
BP
Chevron
ExxonMobil
Royal Dutch Shell A
Royal Dutch Shell B
Total
Arithmetic Average
443
123
90.7
24.3
2182
40.3
0.2
-0.5
-1.2
0.8
0.8
-0.4
0.0
-1.0
-2.0
-1.3
0.8
1.3
-0.2
-0.4
-4.9
-4.0
-4.3
-4.9
-4.5
1.1
-3.6
-0.3
3.5
0.4
1.7
2.6
10.2
3.0
-0.1
-2.7
-3.2
-4.5
-3.7
0.9
-2.2
-0.3
3.5
0.4
1.7
2.6
10.2
3.0
-0.3
13.3
4.8
-5.2
-4.2
4.5
2.1
1.1
9.9
4.1
-5.5
-6.2
-6.7
-0.6
-2.5
-7.8
-5.7
-1.9
-1.5
1.5
-3.0
6.5
10.5
6.9
2.5
1.7
10.2
6.4
-10.5
-1.6
-1.3
-3.4
-0.7
-11.5
-4.8
3.3
0.8
2.3
-4.3
-7.9
-0.7
-1.1
44.4
57.7
49.7
48.5
62.4
14.7
46.2
Integrated - Europe
BG Group
Eni
Galp
OMV
Repsol
Statoil
Arithmetic Average
1211
17.1
12.6
34.4
18.2
127
1.3
-0.7
0.5
1.7
0.4
1.3
0.8
3.2
-0.5
2.0
-0.9
0.0
1.7
0.9
2.8
2.8
5.7
4.7
3.6
-0.2
3.2
10.9
11.2
14.0
1.7
15.1
5.9
9.8
4.5
3.5
5.7
3.8
1.6
0.6
3.3
10.9
11.2
14.0
1.7
15.1
5.9
9.8
14.3
-5.6
8.7
27.2
23.1
-13.0
9.1
4.2
-6.9
1.2
18.1
0.7
-3.1
2.4
-20.3
8.1
-6.4
1.6
7.9
-3.9
-2.2
-1.0
2.8
27.9
11.5
21.0
8.6
11.8
-11.9
-9.1
-22.8
-11.4
-33.1
-12.2
-16.7
8.2
12.7
11.2
16.6
-18.7
5.4
5.9
41.3
13.4
-2.7
1.5
49.6
36.8
23.3
Integrated - US
ConocoPhillips
Hess
Husky Energy
Imperial Oil
Murphy
Suncor
Arithmetic Average
66.8
74.9
29.0
41.7
70.9
33.2
-0.4
0.7
-0.3
-0.1
1.0
0.9
0.2
-0.6
-0.6
-2.9
-2.5
-0.5
-1.4
-2.4
1.7
2.3
-4.2
-3.6
4.7
1.8
-0.3
10.5
12.6
5.8
6.4
16.4
9.7
8.8
3.0
0.6
-2.4
-5.5
4.7
2.1
-0.4
10.5
12.6
5.8
6.4
16.4
9.7
8.8
15.2
41.4
-4.8
-5.6
19.1
-1.9
10.9
3.6
35.2
-2.8
-4.8
7.0
-8.8
5.6
1.0
-1.8
8.1
-7.7
8.3
-1.3
1.3
2.3
23.6
7.6
10.1
6.8
13.8
11.4
-3.6
-26.3
-1.7
-7.9
-10.6
-11.4
-11.5
4.3
3.8
5.3
1.7
1.0
13.0
5.3
49.1
13.7
1.6
22.3
13.9
-2.0
22.1
Source: Datastream, Barclays Research. The European Market is the Eurostoxx, the European Integrateds, is the corresponding FTSE 300 index. The Barclays European Refining Index is calculated using arithmetic averages for
companies under coverage. The Barclays European Services Index is calculated using market capitalisation weighted averaged for companies under coverage. The Barclays E&Ps Index is calculated using a free float weighted
average for our coverage.
13 August 2013
16
Refiners
13 August 2013
17
Refiners
Valuations
Company
Rating
EV:EBIDA, x
P/E, x
Price
Target
Up/(Down)
09-Aug
Price
side, %
13F
14F
15F
FCF yield, %
Dividend yield, %
RoACE, %
Barclays
2013
Cons
2013
Change in
last mnth
13F
14F
15F
13F
14F
15F
13F
14F
15F
13F
14F
15F
EPS
EPS
cons in
Refiners - Europe
Essar Energy
O/W
130
170
30
18.6
14.2
8.9
9.8
6.1
5.7
(23)
(4.4)
10.1
0.0
1.6
1.7
6.0
6.8
6.8
13.31
12.87
Hellenic
E/W
7.98
9.00
13
8.5
7.3
6.7
14.3
9.7
8.9
8.1
12.0
13.0
5.6
5.6
5.6
5.9
7.8
7.8
0.56
0.57
-16
Grupa Lotos
E/W
37.6
34.0
(9)
9.6
8.6
8.8
15.3
11.1
12.3
3.6
5.7
4.8
0.0
0.0
0.0
3.3
3.6
3.6
2.45
3.25
-8
Motor Oil
O/W
8.09
9.50
17
8.3
6.6
6.4
12.0
8.0
8.5
13.9
18.1
17.3
6.2
6.2
6.2
7.9
10.7
10.7
0.67
0.72
-19
Neste Oil
U/W
13.16
12.0
(9)
7.4
6.7
5.8
12.4
11.8
10.4
8.5
9.7
11.6
3.1
3.4
3.4
6.9
7.2
7.2
1.06
1.19
PKN Orlen
U/W
45.4
40.0
(12)
6.4
5.5
4.5
15.9
12.7
9.9
7.1
9.4
12.3
0.0
0.0
0.0
5.3
6.8
6.8
2.85
3.47
-14
-180
Saras
U/W
0.94
1.00
5.5
4.1
3.6
(93)
38
39.0
7.5
13.4
13.3
0.0
0.0
0.0
9.6
2.9
2.9
-0.01
0.01
Tupras
U/W
41.8
42.8
8.1
7.7
7.2
7.2
7.0
8.3
(26)
3.2
7.8
9.0
9.7
10.1
18.9
16.9
14.0
5.78
4.27
9.0
7.6
6.5
(0.7)
13.0
12.9
(0.0)
8.4
11.3
3.0
3.3
3.4
8.0
7.8
7.5
Arithmetic average
-11
-39
Refiners - US*
Alon USA Energy
U/W
12.2
23.0
88
4.1
4.5
2.7
6.0
9.4
4.6
22.8
13.5
25.3
3.1
2.5
3.8
14.4
18.8
18.8
2.05
1.18
-39
Delek US Holdings
O/W
29.4
52.0
77
5.1
6.3
3.8
10.0
11.1
5.8
7.1
5.9
14.0
2.6
2.6
3.2
24.0
26.1
26.1
2.95
3.14
-27
Tesoro
O/W
53.1
120
126
7.8
6.8
5.4
11.4
10.1
6.8
(14)
7.2
8.9
1.7
2.4
3.2
14.2
16.5
16.5
4.65
4.86
-14
Valero
O/W
37.1
72.0
94
5.7
4.9
4.4
8.8
7.4
6.8
9.4
8.0
9.3
2.3
2.7
3.5
10.6
12.3
12.3
4.20
4.17
-20
96
5.7
5.6
4.1
9.0
9.5
6.0
6.4
8.6
14.4
2.4
2.5
3.4
15.8
18.4
18.4
Arithmetic average
-25
Source: Company data, Datastream, Barclays Research. *The US Refiners are covered by Barclays Integrated oil research team, headed by Paul Cheng, in New York.
The price targets for the European companies are based on a sum-of-the-parts based DCF methodology. For the US they are based on an assumed discount to the estimated greenfield replacement value.
13 August 2013
18
Valuations
Refiners
P/E, x
Dividend yield, %
2013 Average
P/E
RoACE, %
Cons vs BC EPS (%)
2013 Average
EPS Growth
TSO
VLO
DK
ALJ
SRS
TUP
PKN
ORL
NEST
VLO
TSO
DK
ALJ
TUP
SRS
PKN
ORL
NEST
MOH
LOT
EV/Capital Employed
TSO
VLO
DK
ALJ
TUP
VLO
DK
2013 Average
TSO
ALJ
TUP
SRS
PKN
ORL
MOH
NEST
LOT
HEP
VLO
TSO
DK
ALJ
TUP
SRS
PKN
ORL
NEST
LOT
MOH
HEP
ESSR
-20
ESSR
-100%
SRS
-50%
PKN
0%
20
HEP
3.0
2.5
2.0
1.5
1.0
0.5
0.0
ORL
50%
2013
EV: Capital employed, x
NEST
100%
60
ESSR
VLO
DK
TSO
2012
80
40
2013 Average
LOT
ALJ
TUP
SRS
PKN
ORL
NEST
LOT
VLO
TSO
DK
ALJ
2013 Average
MOH
FCF Yield, %
TUP
SRS
PKN
ORL
NEST
LOT
MOH
HEP
ESSR
-20
LOT
MOH
0
-10
HEP
10
2013 Average
300
250
200
150
100
50
0
-50
ESSR
20
MOH
Dividend Yield, %
30
25
20
15
10
5
0
30
HEP
2013 Average
RoACE, %
ESSR
VLO
DK
TSO
ALJ
TUP
SRS
PKN
ORL
NEST
LOT
MOH
HEP
VLO
ESSR
HEP
EV/EBIDA
TSO
0
DK
0
ALJ
5
TUP
5
SRS
10
PKN
10
ORL
NEST
15
LOT
15
MOH
10
HEP
20
ESSR
20
ESSR
EV:EBIDA, x
2013 Average
Source: Datastream, Barclays estimates
13 August 2013
19
Refiners

ELPE
MOH
LTS
SRS
PKN
Sector
ORL
NES1V
TUPRS
ESSR
Brent
NES1V
ELPE
MOH
ESSR
Sector
LTS
SRS
PKN
ORL
TUPRS
Brent
-2

MOH
NES1V
ELPE
LTS
Sector
PKN
ESSR
SRS
TUPRS
Brent
ORL
-20
20
40
60
80
100
Essar vs European Refiners

160
110
140
100
120
90
100
80
80
70
Nov-12
Feb-13
ESSAR vs Sector
-5
10
15
20
May-13
ESSR, p
60
Aug-13
-30
25
-20
-10
European Refiners vs Brent
European Refiners vs US Refiners
160
150
140
130
120
110
100
90
80
70
Aug-12
130
130
120
110
100
90
80
70
60
50
Aug-12
10
120
110
100
90
80
70
Nov-12
Feb-13
May-13
Aug-13
Hellenic Petroleum vs European Refiners
120
60
Aug-12
NES1V
Brent
MOH
Sector
LTS
PKN
ELPE
SRS
ESSR
ORL
TUPRS
Nov-12
Feb-13
ELPE vs Sector
May-13
ELPE, E
60
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Lotos Group vs European Refiners

10
9
8
7
6
5
4
3
2
Aug-13
140
55
130
45
120
35
110
25
100
15
90
80
Aug-12
Nov-12
Feb-13
LTS vs Sector
May-13
5
Aug-13
LTS, PLN
13 August 2013
20

Motor Oil vs European Refiners
Neste Oil vs European Refiners

10
170
150
130
110
90
70
50
Aug-12
Nov-12
Feb-13
MOH vs Sector
May-13
2
Aug-13
150
140
130
120
110
100
90
80
70
60
Aug-12
MOH, E
ORL vs European Refiners

20
16
12
8
Nov-12
Feb-13
NES1V vs Sector
May-13
120
65
110
55
100
90
45
80
35
70
Feb-13
PKN vs Sector
May-13
PKN, PLN
25
Aug-13
110
220
100
200
90
180
80
160
70
140
60
120
50
Aug-12
1.2
120
110
1.1
110
1.0
100
0.9
90
0.8
80
0.7
0.6
Nov-12
Feb-13
SRS vs Sector
Feb-13
May-13
100
Aug-13
ORL, ILS
Tupras vs European Refiners
120
60
Aug-12
Nov-12
ORL vs Sector
NES1V, E
70
Nov-12
4
Aug-13
Saras vs European Refiners
PKN Orlen vs European Refiners
60
Aug-12
Refiners
May-13
SRS, E
0.5
Aug-13
100
90
80
70
60
Aug-12
Nov-12
Feb-13
Tupras vs Sector
May-13
60
55
50
45
40
35
30
25
20
Aug-13
TUPRS, TRY
13 August 2013
21
Refiners
PKN Orlen vs Lotos Group
Saras vs Motor Oil
Saras vs Neste
110
110
110
100
100
100
90
90
80
80
70
90
80
70
60
70
60
Aug-12
60
50
Nov-12
Feb-13
May-13
Aug-13
40
Aug-12
Nov-12
Feb-13
May-13
Aug-13
50
Aug-12
Nov-12
Neste vs Tupras
Tupras vs Saras
Hellenic vs Motor Oil
180
160
110
160
140
100
120
90
100
80
80
70
140
Feb-13
May-13
Aug-13
Feb-13
May-13
Aug-13
120
100
80
60
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Feb-13
May-13
Aug-13
60
Aug-12
Nov-12
Feb-13
May-13
Aug-13
60
Aug-12
Nov-12
Essar vs Neste
130
110
90
70
50
30
10
Aug-12
Nov-12
Source: Datastream, Barclays.
13 August 2013
22
Refiners
Local Price
09-Aug
Indices & markets
FTSE All
StoxxEuro
S&P 500
MSCI EMG
Refiners - Europe
Essar Energy
Hellenic
Grupa Lotos
MOL
Motor Oil
Neste Oil
ORL
PKN Orlen
Saras
Tupras
Arithmetic Average
Refiners - US
Alon
Delek
HollyFrontier
Marathon Petroleum
SunCoke Energy
Tesoro
Valero
Arithmetic Average
-1d
-5d
-10d
-30d
MTD
QTD
YTD
1Q 13
4Q 12
3Q 12
2Q 12
1Q 12
4Q 11
3502
286
1691
1768
0.6
0.2
-0.4
0.2
0.9
1.3
-1.1
0.3
1.8
3.9
0.0
1.7
9.0
11.8
5.3
7.9
2.2
3.0
0.3
2.5
9.0
11.8
5.3
7.9
8.2
11.1
18.6
10.2
2.1
-0.6
10.0
4.4
2.5
7.3
-1.3
5.2
6.8
9.3
5.8
6.1
-5.5
-12.7
-3.3
-8.4
8.0
12.3
12.0
10.0
18.2
-2.4
22.4
5.6
130
7.98
37.6
16450
8.09
13.16
1.53
45.4
0.94
41.8
2.8
0.8
-2.6
-0.9
0.4
-0.3
-0.3
-0.8
-0.5
0.2
-0.1
-2.5
6.1
6.4
-1.0
5.6
0.4
0.9
2.6
3.7
-0.7
2.1
-6.8
18.1
11.8
1.4
6.2
18.2
-2.3
7.6
-1.6
3.2
5.6
3.5
16.6
11.1
-1.2
13.7
20.3
-2.8
3.5
-3.2
-10.6
5.1
0.0
8.4
15.7
-1.2
6.6
21.5
0.8
6.7
3.0
2.4
6.4
3.5
16.6
11.1
-1.2
13.7
20.3
-2.8
3.5
-3.2
-10.6
5.1
4.2
9.2
-10.0
-8.0
-1.3
36.4
-19.3
-9.5
-4.0
-24.4
-2.7
7.9
-1.4
-5.5
-12.4
-11.1
9.7
-2.0
-1.2
-6.8
5.3
-1.8
1.2
18.1
32.0
-4.6
36.7
-3.9
32.0
11.9
-3.1
25.7
14.6
-3.1
39.6
17.2
14.5
13.4
16.8
-18.1
26.7
30.1
6.7
14.4
-22.9
-22.5
-4.3
-12.9
-15.6
-8.6
-14.6
-6.4
-27.0
-16.2
-15.1
-6.9
-6.6
28.7
16.1
5.7
21.4
13.7
21.3
6.5
20.5
12.0
-61.9
12.5
-19.9
-15.0
-13.4
-30.0
19.7
-7.1
-39.4
14.7
-14.0
12.2
29.4
44.8
73.2
16.4
53.1
37.1
-3.7
-1.3
-1.5
1.0
2.3
-0.5
0.3
-0.5
-6.4
-1.6
-0.8
1.8
2.8
-4.0
5.8
-0.3
-10.0
-0.1
0.9
1.8
1.6
-2.6
3.0
-0.8
-15.5
2.1
4.6
3.1
17.1
1.5
6.8
2.8
-10.5
-2.9
-1.8
-0.1
3.9
-6.6
3.8
-2.0
-15.5
2.1
4.6
3.1
17.1
1.5
6.8
2.8
-32.4
16.0
-3.9
16.3
5.3
20.5
19.1
5.8
5.3
55.8
10.5
42.2
4.7
32.9
33.3
26.4
28.8
-2.5
12.2
13.8
-6.5
2.4
6.2
7.8
61.9
44.9
16.5
21.5
10.0
67.9
31.2
36.3
-6.5
13.4
10.2
3.6
3.1
-7.0
-6.3
1.5
3.9
35.9
37.4
30.2
26.9
14.9
22.4
24.5
44.4
55.7
82.0
NA
NA
111.2
22.0
63.0
13 August 2013
23
Services
13 August 2013
24
Services
Valuations
Company
Rating
Price
Target
Up/(Down)
09-Aug
Price
side, %
EV:EBIDA, x
13F
14F
P/E, x
15F
13F
14F
FCF yield, %
15F
13F
14F
Dividend yield, %
15F
13F
14F
15F
RoACE, %
13F
14F
15F
Barclays
2013
Cons
2013
Change in
EPS
EPS
last mnth
cons in
Services - Europe
Aker Solutions
U/W
90
105
17
7.5
6.6
6.4
12.3
8.6
7.3
1.4
7.3
8.5
4.1
5.2
6.1
11.5
14.5
15.7
7.28
6.96
-4
Amec
U/W
1090
1350
24
11.6
9.9
8.3
12.1
10.9
9.4
7.2
8.9
10.1
3.7
4.1
4.8
20.4
20.7
21.0
80.69
87.56
-1
CGG Veritas
U/W
18.0
22.0
22
16.7
8.8
5.9
16.5
8.7
6.7
(13)
(4.8)
(0.9)
0.0
0.0
0.0
5.2
7.9
10.0
1.10
1.19
-2
Hunting
O/W
862
1100
28
10.6
9.3
8.0
13.9
12.0
10.5
4.3
6.3
8.2
2.4
2.8
3.1
9.4
10.6
11.9
62.05
62.63
-1
PGS
O/W
80.7
135
67
7.2
4.7
3.9
9.6
5.7
4.7
(0.6)
1.8
1.6
6.2
6.2
6.2
11.2
16.3
18.1
1.45
1.42
-5
Polarcus
O/W
5.27
10.0
90
4.0
2.7
1.9
4.8
2.9
2.5
4.8
6.7
7.8
0.0
0.0
0.0
0.4
0.2
0.1
0.19
0.12
-33
Saipem
O/W
16.0
20.0
25
16.7
7.5
5.6
(21)
11.7
8.1
(8.2)
18.1
18.5
0.0
2.8
4.1
0.2
6.9
9.6
-0.76
-0.75
SBM Offshore
O/W
15.4
19.3
25
12.4
7.2
5.7
12.7
7.5
5.3
(22)
(5.1)
(3.1)
0.0
4.0
5.6
9.8
12.6
14.8
1.22
1.57
Subsea 7
O/W
113
180
59
10.0
6.1
4.9
25.3
10.3
8.2
1.4
7.8
9.8
1.3
3.1
3.9
4.3
9.3
11.3
1.58
0.91
-41
Technip
O/W
83.5
113
35
9.3
7.3
6.2
15.2
12.1
10.7
5.7
7.1
8.7
2.3
2.7
3.0
11.2
13.6
14.8
5.48
5.38
Tecnicas Reunidas
E/W
34.4
47
37
10.9
8.4
5.0
12.9
10.9
9.8
8.5
11.3
11.6
4.3
5.0
5.6
27.1
28.5
27.1
2.66
2.54
-4
TGS
U/W
188
220
17
4.4
3.5
3.1
11.4
8.9
8.0
3.4
6.0
7.2
4.3
5.6
6.2
23.3
25.9
24.7
2.81
2.79
-7
Wood Group
O/W
900
1100
22
11.9
10.0
8.4
13.7
12.1
10.8
5.2
7.5
8.1
1.4
1.6
1.8
15.1
16.2
16.3
0.66
0.64
32
10.2
7.4
5.7
10.8
9.2
7.6
(2.6)
2.7
11.1
2.4
3.4
4.1
12.6
14.8
15.5
Arithmetic average
0
-8
Source: Company data, Datastream, Barclays Research - Price targets are based on a sum-of-the-parts based DCF methodology.
13 August 2013
25
Valuations
Services
P/E
2013 Average
WG
TGS
TRS
TEC
SUB
SBM
PGS
SPM
PLCS
PFC
HTG
WG
TGS
TRS
TEC
SUB
SBM
SPM
PGS
PLCS
PFC
HTG
CGG
AME
AKSO
WG
TGS
TRS
TEC
SUB
SBM
PGS
SPM
PLCS
6
1
EPS Growth
2013 Average
EV/Capital Employed
WG
TGS
TRS
TEC
SUB
SBM
SPM
PGS
PLCS
PFC
HTG
CGG
AME
WG
TGS
TRS
TEC
SUB
SBM
SPM
PGS
-4
PLCS
WG
TGS
TRS
TEC
SUB
SBM
SPM
PGS
PLCS
PFC
HTG
CGG
AME
AKSO
-20
11
PFC
-10
16
HTG
2013
EV:Capital Employed, x
1100%
900%
700%
500%
300%
100%
-100%
CGG
10
2012
2013 Average
AME
20
2013 Average
PFC
RoACE, %
Cons vs BC EPS (%)
HTG
WG
TGS
TRS
TEC
SUB
2013 Average
AKSO
FCF Yield, %
SBM
SPM
PGS
PLCS
PFC
HTG
CGG
AME
AKSO
-10
CGG
-5
AME
150
100
50
0
-50
-100
-150
-200
AKSO
2013 Average
35
30
25
20
15
10
5
0
10
CGG
Dividend Yield, %
2013 Average
RoACE, %
AME
AKSO
WG
TRS
TGS
TEC
SUB
SBM
PGS
SPM
PFC
PLCS
HTG
CGG
AME
7
6
5
4
3
2
1
0
AKSO
WG
TRS
TGS
TEC
SUB
Dividend yield, %
AKSO
EV/EBIDA
SBM
SPM
PGS
PLCS
PFC
HTG
30
20
10
0
-10
-20
-30
CGG
15
10
5
0
-5
-10
AME
P/E, x
AKSO
EV:EBIDA, x
2013 Average
Source: Datastream, Barclays Research estimates
13 August 2013
26
Services


SBMO
WG
AKSO
HTG
Brent
AMC
TEC
CGG
Sector
TRE
PGS
PFC
SUB
MT
SPM
MT
SBMO
SPM
AKSO
PGS
AMC
HTG
SUB
Sector
WG
TEC
PFC
CGG
Brent
TRE
MT
TRE
SBMO
HTG
WG
SUB
PGS
AKSO
Sector
PFC
CGG
TEC
AMC
Brent
SPM
-5
10
15
20
25
30
-20
35

SBMO
WG
HTG
TEC
TRE
AMC
Brent
AKSO
PGS
CGG
SUB
Sector
MT
PFC
SPM
20
40
60
-40
80
-30
-20
-10
European Services vs US Services
Amec vs European Services
120
130
110
120
100
110
10
20
1300
1100
100
90
90
80
900
80
70
-80
-60
-40
-20
20
40
60
80
Aker Solutions vs European Services

150
140
130
120
110
100
90
80
Aug-12
Nov-12
Feb-13
AKSO vs Sector
May-13
AKSO, NOK
60
Aug-12
70
Aug-12
Nov-12
Feb-13
May-13
Aug-13
CGG Veritas vs European Services

130
120
110
100
90
80
70
60
50
40
Aug-13
32
110
28
24
100
20
90
16
80
12
Nov-12
Feb-13
CGG vs Sector
Feb-13
AMEC vs Sector
May-13
700
Aug-13
AMEC, p
Maire Tecnimont vs European Services
120
70
Aug-12
Nov-12
May-13
CGG, E
8
Aug-13
170
150
130
110
90
70
50
30
10
Aug-12
2.0
1.5
1.0
0.5
Nov-12
Feb-13
MT vs Sector
May-13
0.0
Aug-13
MT, E
Source: Datastream, Barclays Research. Relative calculations use the Barclays Oil Services Index calculated as a market capitalisation weighted average for companies under coverage
13 August 2013
27

Petrofac vs European Services
Services
PGS vs European Services
Saipem vs European Services
120
1800
130
110
110
1700
120
100
1600
110
90
1500
100
80
70
30
1400
90
70
50
25
1300
80
60
1200
70
50
100
90
80
70
60
Aug-12
Nov-12
Feb-13
May-13
PFC vs Sector
1100
Aug-13
PFC, p
20
15
10
5
Feb-13
SBMO vs Sector
May-13
0
Aug-13
125
120
115
110
105
100
95
90
85
80
Aug-12
May-13
150
140
130
100
May-13
SUB, NOK
950
38
130
900
34
100
32
TRE vs Sector
TRE, E
15
Nov-12
Feb-13
May-13
10
Aug-13
SPM, E
140
100
130
90
120
80
110
70
100
60
90
50
80
Aug-12
Nov-12
Feb-13
May-13
40
Aug-13
TEC, E
850
120
800
110
May-13
10
Aug-12
TEC vs Sector
140
110
Feb-13
80
Aug-13
40
36
Nov-12
20
30
Wood Group vs European Services
120
90
35
Technip vs European Services
120
Feb-13
40
SPM vs Sector
140
Nov-12
45
90
PGS, NOK
160
SUB vs Sector
SBMO, E
Tecnicas Reunidas vs European Services
80
Aug-12
Feb-13
40
Aug-13
Subsea 7 vs European Services

25
Nov-12
Nov-12
PGS vs Sector
SBM Offshore vs European Services

200
180
160
140
120
100
80
60
40
Aug-12
60
Aug-12
110
30
Aug-13
750
100
700
90
80
Aug-12
650
Nov-12
Feb-13
WG vs Sector
May-13
600
Aug-13
WG, p
Source: Datastream, Barclays Research. Relative calculations use the Barclays Oil Services Index calculated as a market capitalisation weighted average for companies under coverage.
13 August 2013
28
Services
Amec vs Wood Group
Saipem vs Technip
Petrofac vs Wood Group
110
110
130
105
100
120
100
90
110
95
80
90
70
85
60
80
50
80
75
40
70
70
Aug-12
30
Aug-12
Nov-12
Feb-13
May-13
Aug-13
100
90
Nov-12
Feb-13
May-13
Aug-13
60
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Feb-13
May-13
Aug-13
Feb-13
May-13
Aug-13
Maire Tecnimont vs Tecnicas Reunidas
PGS vs CGG Veritas
Petrofac vs Maire Tecnimont
130
150
210
140
190
130
170
110
90
120
70
130
100
50
30
10
Aug-12
150
110
Nov-12
Feb-13
May-13
Aug-13
90
110
80
90
70
Aug-12
Nov-12
Feb-13
May-13
Aug-13
70
Aug-12
Nov-12
Petrofac vs Tecnicas Reunidas
Subsea 7 vs Saipem
Subsea 7 vs Technip
120
320
120
270
110
90
220
100
80
170
90
120
80
110
100
70
60
50
Aug-12
Nov-12
Feb-13
May-13
Aug-13
70
Aug-12
Nov-12
Feb-13
May-13
Aug-13
70
Aug-12
Nov-12
Source: Datastream, Barclays Research.
13 August 2013
29

Local Price
09-Aug
Indices & markets
FTSE All
StoxxEuro
S&P 500
MSCI EMG
Oil Services - Europe
Aker
AMEC
CGG Veritas
Hunting
Maire Tec
Petrofac
PGS
Polarcus
Saipem
SBM
Subsea 7
Technip
Tecnicas
TGS
Wood Group
Arithmetic Average
-1d
-5d
Services
-10d
-30d
MTD
QTD
YTD
1Q 13
4Q 12
3Q 12
2Q 12
1Q 12
4Q 11
3502
286
1691
1768
0.6
0.2
-0.4
0.2
0.9
1.3
-1.1
0.3
1.8
3.9
0.0
1.7
9.0
11.8
5.3
7.9
2.2
3.0
0.3
2.5
9.0
11.8
5.3
7.9
8.2
11.1
18.6
10.2
2.1
-0.6
10.0
4.4
2.5
7.3
-1.3
5.2
6.8
9.3
5.8
6.1
-5.5
-12.7
-3.3
-8.4
8.0
12.3
12.0
10.0
18.2
-2.4
22.4
5.6
90
1090
18.0
862
1.13
1275
80.7
5.27
16.0
15.40
113
83.5
34.4
188
900
1.2
0.8
-0.4
0.8
8.4
1.0
1.3
4.2
0.8
-0.3
1.0
-0.3
2.0
2.5
0.0
1.5
1.8
1.7
-0.4
4.5
30.9
0.5
3.4
7.8
-1.2
5.1
2.1
0.1
3.4
2.5
2.4
4.1
2.2
3.5
-4.7
4.2
27.2
0.1
1.1
6.8
3.4
6.9
1.7
-1.3
-5.3
1.2
2.2
3.1
13.3
11.0
8.9
20.6
49.5
9.0
14.0
11.4
31.7
22.3
11.2
9.9
0.2
11.3
13.8
15.2
2.2
3.7
-4.7
6.5
27.0
-0.5
2.9
8.4
0.3
6.4
2.6
1.2
1.0
0.5
2.2
3.8
13.3
11.0
8.9
20.6
49.5
9.0
14.0
11.4
31.7
22.3
11.2
9.9
0.2
11.3
13.8
15.2
-24.4
3.8
-19.2
4.2
9.3
-25.0
-19.4
-24.3
-44.7
51.1
-18.3
-2.6
-0.6
-1.4
18.3
-6.1
-8.2
-1.7
-24.2
5.0
-10.7
-17.5
-9.9
-8.2
-20.3
19.6
-1.4
-10.3
1.5
15.7
11.4
-3.9
5.3
-12.6
-7.1
-6.5
-38.0
1.3
-0.5
5.1
-21.0
-4.9
0.1
0.0
-1.8
-2.6
-10.8
-3.2
34.3
17.8
28.7
17.9
2.2
18.3
36.2
58.0
8.3
3.3
17.2
7.0
11.5
21.6
20.7
19.2
-16.4
-11.2
-13.1
-25.3
-1.7
-21.7
-16.8
-30.4
-13.9
-32.3
-22.6
-11.6
0.3
-1.9
-6.1
-15.1
60.1
25.5
25.6
29.9
-34.3
24.1
33.1
111.1
20.9
-1.3
42.1
24.8
15.4
23.3
14.9
27.7
12.4
15.8
32.3
75.5
-59.0
29.9
35.7
-27.6
39.1
45.3
28.7
66.5
-21.6
95.8
109.1
27.9
Source: Datastream, Barclays. The European Market is the Eurostoxx, the European Integrateds, is the corresponding FTSE 300 index. The Barclays European Refining Index is calculated using arithmetic averages for companies under
coverage. The Barclays European Services Index is calculated using market capitalisation weighted averaged for companies under coverage. The Barclays E&Ps Index is calculated using a free float weighted average for our coverage.
13 August 2013
30
Services
Local Price
09-Aug
-1d
-5d
-10d
-30d
MTD
QTD
YTD
1Q 13
4Q 12
3Q 12
2Q 12
1Q 12
4Q 11
Indices & markets
FTSE All
3502
0.6
0.9
1.8
9.0
2.2
9.0
8.2
2.1
2.5
6.8
-5.5
8.0
18.2
StoxxEuro
286
0.2
1.3
3.9
11.8
3.0
11.8
11.1
-0.6
7.3
9.3
-12.7
12.3
-2.4
S&P 500
1691
-0.4
-1.1
0.0
5.3
0.3
5.3
18.6
10.0
-1.3
5.8
-3.3
12.0
22.4
MSCI EMG
1768
0.2
0.3
1.7
7.9
2.5
7.9
10.2
4.4
5.2
6.1
-8.4
10.0
5.6
Oil Services - U.S.
Baker Hughes
47.4
-1.0
-2.0
-1.1
2.8
0.0
2.8
16.1
13.6
-9.3
10.0
-2.0
-13.8
16.6
Basic Energy Systems
12.08
1.6
-2.0
-1.1
-0.1
5.6
-0.1
5.9
19.8
5.7
8.7
-40.5
-11.9
164.1
Bristow Group
69.1
1.0
-0.2
0.7
5.8
1.6
5.8
28.7
22.9
6.9
24.3
-14.8
0.7
61.4
Cameron Int
57.5
-0.8
-2.4
0.6
-6.0
-3.0
-6.0
1.9
15.5
1.0
31.3
-19.2
7.4
51.8
CARBO
84.8
-0.9
-4.4
-3.7
25.8
-3.5
25.8
8.3
16.2
22.8
-18.0
-27.2
-14.5
68.8
Chart industries
110.7
-1.7
-3.4
9.3
17.7
-2.6
17.7
66.0
20.0
-10.0
7.4
-6.2
35.6
250.4
Core Laboratories
150.4
-0.4
-2.5
0.3
-0.8
0.5
-0.8
37.6
26.2
-9.4
4.8
-11.9
15.5
54.5
Diamond Off
68.2
-1.0
0.4
0.4
-0.9
1.1
-0.9
0.4
2.4
2.3
11.3
-11.4
20.8
-13.4
Dresser-Rand
61.4
0.1
-0.7
1.1
2.4
0.9
2.4
9.4
9.8
2.9
23.7
-4.0
-7.1
59.1
Dril-Quip
101.7
-0.3
0.6
11.0
12.6
11.8
12.6
39.2
19.3
2.4
9.6
0.9
-1.2
49.5
ENSCO
58.9
-0.3
0.7
0.0
1.3
2.6
1.3
-0.7
1.2
8.2
16.2
-11.3
12.8
16.8
Exterran Holdings
28.3
-0.6
-11.5
-11.0
0.7
-10.8
0.7
29.2
23.2
8.0
59.1
-3.3
44.9
-64.9
FMC Tech
53.9
0.0
-2.1
-1.1
-3.1
1.2
-3.1
25.9
27.0
-8.7
18.0
-22.2
-3.5
95.5
Global Geophysical
3.33
-4.3
-21.5
-19.8
-29.4
-24.1
-29.4
-13.5
-36.4
-30.9
-10.0
-42.3
57.9
-2.0
Gulfmark Offshore
48.9
-0.3
-2.9
0.1
8.5
-0.7
8.5
42.0
13.1
2.5
-2.9
-25.9
9.4
55.8
Halliburton
46.0
-0.2
-0.6
0.1
10.3
1.9
10.3
32.7
16.5
3.0
18.7
-14.5
-3.8
38.2
Helmerich & Payne
67.9
0.1
3.5
4.9
8.7
7.5
8.7
21.2
8.4
19.4
9.5
-19.4
-7.6
60.0
Hercules Offshore
6.97
-0.7
-2.8
-5.3
-1.0
1.0
-1.0
13.0
20.3
26.4
37.7
-25.2
6.5
81.2
Hornbeck Offshore
58.3
-0.5
-0.7
7.2
8.9
10.1
8.9
69.7
35.3
-7.1
-5.5
-7.7
35.5
102.7
ION Geophysical
5.26
-5.9
-18.3
-13.1
-12.6
-14.5
-12.6
-19.2
4.6
-5.8
5.3
2.2
5.2
70.3
Key Energy Ser
6.51
2.7
2.7
-4.5
9.4
2.7
9.4
-6.3
16.3
-0.3
-7.9
-50.8
-0.1
68.9
Nabors
15.6
-0.4
-1.0
4.4
1.8
1.2
1.8
7.8
12.2
2.8
-2.6
-17.7
0.9
-1.6
National Oilwell
72.5
-0.4
0.2
1.3
5.2
3.3
5.2
6.1
3.5
-15.1
24.3
-18.9
16.9
104.5
Noble Corp.
39.9
1.4
0.4
3.5
6.2
4.5
6.2
14.6
9.6
-2.2
10.0
-13.2
24.0
-7.2
Oceaneering
81.6
-0.9
-3.4
1.1
13.0
0.6
13.0
51.7
23.5
-1.9
15.4
-11.2
16.8
109.1
Parker Drilling
6.14
1.3
0.8
-1.1
23.3
1.2
23.3
33.5
-7.0
7.2
-6.2
-24.5
-16.7
98.1
Patterson-UTI
20.1
0.6
-0.9
0.0
3.8
1.6
3.8
7.8
28.0
18.4
8.7
-15.8
-13.5
53.2
Rowan Comp
36.1
0.2
2.0
4.9
5.9
5.0
5.9
15.4
13.1
-6.7
4.5
-1.8
8.6
39.8
Schlumberger
80.5
-0.9
-2.9
-1.7
12.3
-1.0
12.3
16.1
8.1
-4.5
11.4
-7.2
2.4
23.6
Seacor
85.8
0.1
-2.1
0.0
3.3
-2.0
3.3
32.0
13.3
-3.2
-6.7
-6.7
7.7
27.4
Seadrill
257
-0.3
0.5
5.1
9.4
2.7
9.4
20.2
-0.6
-9.1
10.0
-5.1
11.6
87.8
Superior Energy
25.4
0.5
-3.2
-4.8
-2.0
-0.8
-2.0
22.6
25.3
2.3
1.4
-23.3
-7.3
52.2
Tenaris
17.3
0.4
4.0
5.7
15.0
2.4
15.0
12.1
-0.9
-1.6
16.7
-8.1
2.7
5.9
Tetra
11.35
0.4
9.5
11.2
10.6
12.2
10.6
49.5
35.2
22.8
-15.1
-24.3
0.9
7.1
Thermon
19.5
1.9
-2.4
-6.0
-4.3
-2.4
-4.3
-13.4
-1.4
-11.8
20.7
1.3
16.1
NA
Tidewater
55.9
-0.2
-8.1
-6.6
-1.9
-5.2
-1.9
25.1
13.0
-6.9
4.7
-14.2
9.6
28.6
Transocean
47.5
-2.2
-1.7
-0.4
-0.9
0.7
-0.9
6.4
16.3
-3.4
0.4
-18.2
42.5
-21.5
Weatherford
14.5
-0.1
0.2
5.2
6.0
4.0
6.0
29.8
8.5
-10.5
0.4
-16.3
3.1
10.7
Arithmetic Average
-0.3
-2.1
-0.1
4.4
0.5
4.4
19.6
13.0
0.2
9.2
-15.3
8.3
51.4
Source: Datastream, Barclays. The European Market is the Eurostoxx, the European Integrateds, is the corresponding FTSE 300 index. The Barclays European Refining Index is calculated using arithmetic averages for companies under
coverage. The Barclays European Services Index is calculated using market capitalisation weighted averaged for companies under coverage. The Barclays E&Ps Index is calculated using a free float weighted average for our coverage.
13 August 2013
31
E&Ps
13 August 2013
32
E&P - Europe
Valuations
Company
Rating
Price
Target
Up/(Down)
09-Aug
Price
side, %
EV:EBIDA, x
13F
14F
P/E, x
15F
13F
14F
FCF yield, %
15F
13F
Net Debt/Equity, %
14F
15F
13F
14F
EV/2P
x
EV/2P+2C
x
15F
Barclays
2013
Cons
2013
Change in
NAV
NAV
last mnth
cons in
E&Ps - Europe
Afren
O/W
144
210
46
2.7
3.6
4.4
7.0
5.8
4.9
4.7
1.1
(1.0)
3.1
(0.7)
1.7
10.2
6.4
210
189
Bowleven
O/W
60.8
235
287
nm
nm
nm
nm
nm
nm
(6.9)
(3.4)
(0.9)
(10)
(2.2)
(0.1)
1.7
235
181
Cairn Energy
E/W
274
355
30
nm
nm
nm
nm
nm
7.2
(10)
(20)
(38)
(37)
(20)
16
24.6
355
366
7.4
24
16.1
23.0
23.0
640
(8.0) (18.2) (25.3)
11.3
5.0
160
155
-2
-6
Caracal Energy
O/W
400
640
60
6.9
1.8
1.5
nm
3.6
3.0
(0.5)
(0.3)
(0.0)
Enquest
E/W
126
160
27
3.0
1.8
1.1
6.0
5.2
5.3
7.5
12.8
12.6
Oryx Petroleum
O/W
14.3
21.0
47
nm
nm
nm
nm
nm
nm
(0.2)
(0.2)
(0.3)
(0)
0.2
0.6
21.5
9.6
21
20
Premier Oil
O/W
361
600
66
3.7
4.0
3.1
8.3
7.9
5.6
(2)
(4.5)
(1.5)
54
52
45
15.7
5.9
600
499
Rockhopper Exploration
O/W
133
290
118
nm
nm
nm
nm
nm
nm
(2)
(3.8)
(4.1)
(67)
(63)
(58)
2.0
290
328
-13
Salamander Energy
O/W
119
275
131
3.0
2.9
2.7
7.0
5.6
5.5
(27)
0.9
16.5
55
47
31
12.7
6.0
275
244
-2
Soco International
U/W
377
385
5.8
5.3
4.4
7.6
7.8
7.5
9.6
10.3
10.7
(28)
(35)
(41)
12.4
11.6
385
424
Tullow Oil
O/W
1067
1500
41
12.2
12.6
14.9
29.9
29.6
34.9
(1.5)
(4.2) (11.0)
25
37
65
49.5
19.7
1500
1286
-3
78
5.3
4.6
4.6
11.0
9.4
9.3
(2.6)
(1.1)
(0)
1.9
4.7
19.5
10.5
Arithmetic average
(1.6)
-1
13 August 2013
33
Valuations
E&P - Europe
2013
EPS Growth
2013 Average
25
20
20
10
15
TLW
SMR
RKH
PMO
OXC
ENQ
SMR
RKH
PMO
OXC
ENQ
EV: 2P reserves
Datastream consensus relative to Barclays NAV, %
EV/2P+2C, x
CNE
TLW
SIA
SMR
RKH
PMO
OXC
ENQ
CRCL
AFR
TLW
SIA
SMR
RKH
PMO
OXC
ENQ
CRCL
CNE
BLVN
AFR
2012
CNE
-60%
-100%
BLVN
20%
-20%
CRCL
60
50
40
30
20
10
0
100%
0%
-100%
-200%
-300%
-400%
-500%
60%
2013 Average
EV:2P, x
AFR
100%
TLW
Dollar EPS Growth, y/y %
CRCL
AFR
TLW
SMR
FCF Yield, %
2013 Average
SIA
P/E
SIA
2013 Average
RKH
TLW
SMR
RKH
OXC
ENQ
BLVN
EV/EBIDA
SIA
-10
PMO
-10
OXC
-10
ENQ
-5
CRCL
-5
CNE
-5
BLVN
AFR
SIA
PMO
10
CRCL
15
10
CNE
15
10
AFR
15
CNE
BLVN
P/E, x
BLVN
EV:EBIDA, x
2013 Average
ROACE, %
40%
20%
EV: 3P reserves
2013 Average
0%
Cons vs BC EPS (%)
2013 Average
RoACE, %
TLW
SIA
SMR
RKH
PMO
OXC
ENQ
CRCL
CNE
BLVN
AFR
TLW
SIA
SMR
RKH
PMO
OXC
ENQ
CRCL
CNE
-20%
BLVN
TLW
SIA
SMR
RKH
PMO
OXC
ENQ
CRCL
-20
CNE
0
BLVN
-10
AFR
AFR
10
2013 Average
Source: Datastream
13 August 2013
34
E&P - Europe

DNO
PMO
AFR
CNE
RKH
SIA
Sector
ENQ
OXC
TLW
Brent
BLVN
SMDR
SIA
TLW
CNE
RKH
SMDR
AFR
OXC
Sector
DNO
PMO
ENQ
BLVN
Brent
-2
-1
-40
-20
20
40
60
80
Afren vs European E&P

130
120
110
100
90
80
70
60
50
40
Aug-12
-10
10
20
30
160
120
80
Feb-13
AFR vs Sector
May-13
AFR, p
40
Aug-13
-40
115
105
110
100
105
95
100
90
95
85
90
80
85
75
80
Aug-12
Nov-12
-30
-20
-10
10
European E&P vs European market
Feb-13
May-13
Aug-13
Bowleven vs European E&P

200
Nov-12
-20
European E&P vs Brent
DNO
AFR
SIA
ENQ
Brent
Sector
PMO
CNE
BLVN
TLW
RKH
SMDR
-60
AFR
Brent
TLW
Sector
RKH
CNE
SIA
OXC
ENQ
PMO
BLVN
SMDR
70
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Cairn Energy vs European E&P
150
110
110
320
130
100
100
300
110
90
90
90
80
80
70
70
70
50
60
60
30
50
50
10
Aug-12
Nov-12
Feb-13
BLVN vs Sector
May-13
BLVN, p
40
Aug-13
40
Aug-12
280
260
240
220
Nov-12
Feb-13
CNE vs Sector
May-13
200
Aug-13
CNE, p
Source: Datastream, Barclays Research. Relative calculations use the Barclays European E&P Index for the European companies. The index is calculated using free float weighted averages for the E&P companies under coverage.
13 August 2013
35

Enquest vs European E&P
E&P - Europe
Premier Oil vs European E&P
Rockhopper Exploration vs European E&P
115
150
110
450
110
140
100
400
90
350
80
300
70
250
105
130
100
120
95
110
90
100
85
80
Aug-12
Nov-12
Feb-13
ENQ vs Sector
May-13
90
Aug-13
60
Aug-12
ENQ, p
100
Nov-12
Feb-13
RKH vs Sector
PMO, p
May-13
80
Aug-13
RKH, p
Tullow Oil vs European E&P
100
350
90
1200
90
300
80
1000
250
70
800
180
80
160
140
80
120
70
SMDR, p
120
1400
100
SMDR vs Sector
140
100
110
100
Aug-13
160
400
200
May-13
180
1600
120
60
200
110
130
220
120
220
450
240
Feb-13
May-13
Soco International vs European E&P
140
Nov-12
Feb-13
PMO vs Sector
Salamander Energy vs European E&P
40
Aug-12
Nov-12
200
Aug-13
105
100
95
90
85
80
75
70
65
60
Aug-12
60
Aug-12
Nov-12
Feb-13
SIA vs Sector
May-13
SIA, p
200
Aug-13
60
Aug-12
Nov-12
Feb-13
TLW vs Sector
May-13
600
Aug-13
TLW, p
Source: Datastream, Barclays Research. Relative calculations use the Barclays European E&P Index for the European companies. The index is calculated using free float weighted averages for the E&P companies under coverage
13 August 2013
36
E&P-Europe
Tullow Oil vs Cairn Energy
Bowleven vs Salamander Energy
Cairn Energy vs Premier Oil
130
160
110
120
105
140
110
100
120
100
90
95
90
100
80
85
80
70
80
60
60
50
Aug-12
Nov-12
Feb-13
May-13
Aug-13
40
Aug-12
75
Nov-12
Feb-13
May-13
Aug-13
70
Aug-12
Nov-12
Tullow Oil vs Soco International
Soco International vs Premier Oil
Premier Oil vs Tullow Oil
130
140
140
110
130
130
50
30
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Feb-13
May-13
Aug-13
May-13
Aug-13
100
100
90
90
80
80
Aug-12
Aug-13
110
110
70
May-13
120
120
90
Feb-13
Nov-12
Feb-13
May-13
Aug-13
70
Aug-12
Nov-12
Afren vs Cairn Energy
Afren vs Premier Oil
Afren vs Soco International
140
130
120
120
110
130
120
110
110
100
100
100
90
80
90
90
80
70
Aug-12
Nov-12
Feb-13
May-13
Aug-13
80
Aug-12
70
Nov-12
Feb-13
May-13
Aug-13
60
Aug-12
Nov-12
Feb-13
Source: Datastream, Barclays.
13 August 2013
37

Local Price
09-Aug
Indices & markets
FTSE All
StoxxEuro
S&P 500
MSCI EMG
E&P - Europe
Afren
BowLeven
Cairn Energy
Enquest
Oryx Petroleum
Premier Oil
Rockhopper Exploration
Salamander Energy
Soco International
Tullow Oil
Arithmetic Average
E&P - Israel
Avner
Delek Drilling
Delek Energy Systems
Isramco Negev
Ratio Oil
Arithmetic Average
-1d
-5d
E&P - Europe & Israel

-10d
-30d
MTD
QTD
YTD
1Q 13
4Q 12
3Q 12
2Q 12
1Q 12
4Q 11
3502
286
1691
1768
0.6
0.2
-0.4
0.2
0.9
1.3
-1.1
0.3
1.8
3.9
0.0
1.7
9.0
11.8
5.3
7.9
2.2
3.0
0.3
2.5
9.0
11.8
5.3
7.9
8.2
11.1
18.6
10.2
2.1
-0.6
10.0
4.4
2.5
7.3
-1.3
5.2
6.8
9.3
5.8
6.1
-5.5
-12.7
-3.3
-8.4
8.0
12.3
12.0
10.0
18.2
-2.4
22.4
5.6
144
60.8
274
126
14.3
361
133
119
377
1067
2.1
-0.6
-0.4
0.0
1.0
1.2
2.3
0.0
0.3
2.3
0.5
2.1
1.3
3.0
2.1
1.0
1.3
1.9
2.3
3.5
1.6
1.8
8.1
-1.4
3.9
1.7
0.3
1.3
6.2
-6.7
4.5
5.2
1.7
13.7
5.0
10.9
9.1
4.5
10.9
10.5
-15.3
10.4
9.1
5.1
8.3
-1.2
4.3
4.2
-0.1
2.5
4.0
2.2
4.9
5.3
3.0
13.7
5.0
10.9
9.1
4.5
10.9
10.5
-15.3
10.4
9.1
5.1
4.8
-11.4
-1.1
0.3
NA
2.4
-17.6
-40.1
0.5
-19.2
-8.6
1.0
36.6
-3.5
11.8
NA
7.9
-8.7
2.2
-2.0
-8.8
3.4
-7.1
-16.3
-4.5
4.5
NA
-7.1
-10.1
-5.7
7.4
-9.2
-4.7
39.1
36.1
6.9
9.7
NA
9.3
-30.5
20.6
17.4
-4.1
9.0
-23.7
-42.8
-19.5
-16.2
NA
-15.4
-23.0
-4.0
-4.0
-5.5
-18.4
60.0
52.9
10.6
40.2
NA
11.1
25.1
9.5
4.0
12.0
30.7
11.3
-45.2
-32.0
-1.0
NA
21.8
-1.6
-8.3
-21.7
45.4
10.7
2.70
15.8
2015
0.63
0.38
0.3
0.6
-1.8
-0.3
4.4
0.6
0.7
1.3
6.7
-1.2
4.8
2.5
3.9
5.2
8.8
2.9
8.8
5.9
6.9
8.4
17.5
4.8
16.9
10.9
0.6
1.4
7.3
-1.5
7.4
3.0
6.9
8.4
17.5
4.8
16.9
10.9
10.6
10.9
32.1
10.6
18.0
16.5
4.5
4.9
5.3
9.1
0.3
4.8
20.7
23.8
6.3
31.0
29.7
22.3
1.7
4.5
14.7
1.3
-8.1
2.8
-18.2
-18.8
-19.8
-12.5
-22.6
-18.4
6.3
1.5
6.0
13.2
9.1
7.2
48.3
51.1
62.3
5.0
64.2
46.2
Source: Datastream, Barclays Research. The European E&P Sector is the corresponding Euro Stoxx indices and the US E&P Sector is the corresponding S&P 500 indices.
13 August 2013
38

Local Price
09-Aug
Indices & markets
FTSE All
StoxxEuro
S&P 500
MSCI EMG
E&P - US (Large-Cap)
Anadarko
Apache
Canadian Natural Res
Canadian Oil Sands
Cenovus Energy
Devon
Encana
EOG Resources
Kosmos
Newfield Exploration
Noble
Occidental
QEP Resources
Pioneer Natural
Range Resources
Southwestern Energy
Talisman
Ultra Petroleum
WPX Energy
Arithmetic Average
-1d
-5d
E&P US (Large Cap)

-10d
-30d
MTD
QTD
YTD
1Q 13
4Q 12
3Q 12
2Q 12
1Q 12
4Q 11
3502
286
1691
1768
0.6
0.2
-0.4
0.2
0.9
1.3
-1.1
0.3
1.8
3.9
0.0
1.7
9.0
11.8
5.3
7.9
2.2
3.0
0.3
2.5
9.0
11.8
5.3
7.9
8.2
11.1
18.6
10.2
2.1
-0.6
10.0
4.4
2.5
7.3
-1.3
5.2
6.8
9.3
5.8
6.1
-5.5
-12.7
-3.3
-8.4
8.0
12.3
12.0
10.0
18.2
-2.4
22.4
5.6
89.8
83.2
31.4
20.5
29.9
58.5
17.5
159
10.1
24.7
63.8
88.3
29.5
176
79.5
37.5
11.6
22.0
19.2
-0.8
0.0
-0.7
0.9
1.6
-0.3
0.3
0.2
-0.9
0.4
-0.2
-0.2
-1.8
-0.4
-0.5
-0.6
1.0
0.0
-1.2
-0.2
-0.7
1.5
-3.4
0.3
-1.7
4.5
-0.7
3.8
-5.3
0.4
-1.7
-0.7
-2.5
-3.1
-2.3
-3.0
-0.1
-1.6
-0.1
-0.9
1.5
1.4
-2.6
0.8
-1.9
4.8
-3.0
9.0
-7.8
-0.5
0.6
-2.7
-3.1
13.5
-1.2
-4.7
-4.1
3.5
-1.8
0.1
4.5
-0.8
8.5
7.8
2.0
12.8
3.3
20.6
-0.7
3.2
6.3
-1.1
6.2
21.3
2.8
2.6
-1.4
11.0
1.2
5.8
1.4
3.7
-1.6
2.6
-2.0
6.3
-0.1
9.2
-4.5
0.2
2.1
-0.9
-3.2
13.5
0.5
-3.4
-0.9
1.6
-0.3
1.3
4.5
-0.8
8.5
7.8
2.0
12.8
3.3
20.6
-0.7
3.2
6.3
-1.1
6.2
21.3
2.8
2.6
-1.4
11.0
1.2
5.8
20.8
6.0
6.0
-1.8
-13.3
12.4
-11.4
31.5
-18.3
-8.0
25.5
15.2
-2.5
64.8
26.5
12.2
-0.7
21.3
28.8
11.3
17.7
-1.7
11.5
1.8
-7.4
8.4
-1.5
6.0
-8.5
-16.3
13.7
2.3
5.2
16.6
29.0
11.5
8.2
10.9
7.7
6.0
5.2
-9.2
-8.9
-3.8
-5.2
-14.4
-13.2
5.8
7.4
-14.7
10.3
-11.3
-5.6
2.6
-10.8
-5.5
-16.8
-21.0
-13.2
-6.4
5.6
-1.6
15.1
10.6
9.8
4.3
5.2
24.3
3.1
6.9
9.3
0.3
5.6
18.4
12.9
8.9
16.7
-4.7
2.5
8.1
-15.5
-12.5
-19.0
-8.1
-11.6
-18.5
6.0
-18.9
-16.5
-15.5
-13.3
-9.9
-1.7
-21.0
6.4
4.3
-8.8
1.9
-10.2
-9.6
2.6
10.9
-11.7
-7.8
8.1
14.7
6.0
12.8
8.0
-8.1
3.6
1.6
4.1
24.7
-6.1
-4.2
-1.6
-23.6
-0.9
1.7
105.4
8.2
12.8
-10.0
29.0
2.2
-39.2
-0.6
NA
-21.1
54.2
22.1
0.0
51.9
54.1
-17.7
-15.8
-33.4
NA
11.9
13 August 2013
39

Local Price
09-Aug
Indices & markets
FTSE All
StoxxEuro
S&P 500
MSCI EMG
E&P - US (Mid-Cap)
ARC Resources
Baytex Energy
Bonavista Energy
Chesapeake
Cimarex
Comstock
Concho Resources
Crescent Point
Crimson Exploration
Denbury Resources
Enerplus
Exco Resources
Forest Oil
Pengrowth Energy
Penn West Petroleum
Penn Virginia
Petrobakken Energy
Peyto Exp
Plains Exp
Progress Energy
Quicksilver
Resolute
Sandridge
SM Energy
Stone Energy
Swift Energy
Trilogy Energy
Vermilion Energy
W&T Offshore
Whiting PTL
Arithmetic Average
-1d
-5d
E&P US (Mid Cap)

-10d
-30d
MTD
QTD
YTD
1Q 13
4Q 12
3Q 12
2Q 12
1Q 12
4Q 11
3502
286
1691
1768
0.6
0.2
-0.4
0.2
0.9
1.3
-1.1
0.3
1.8
3.9
0.0
1.7
9.0
11.8
5.3
7.9
2.2
3.0
0.3
2.5
9.0
11.8
5.3
7.9
8.2
11.1
18.6
10.2
2.1
-0.6
10.0
4.4
2.5
7.3
-1.3
5.2
6.8
9.3
5.8
6.1
-5.5
-12.7
-3.3
-8.4
8.0
12.3
12.0
10.0
18.2
-2.4
22.4
5.6
25.2
41.7
13.0
25.0
80.5
16.1
98.5
39.7
3.2
17.5
17.6
7.84
5.13
5.95
12.7
23.5
NA
27.8
NA
NA
1.65
8.39
5.30
68.0
28.1
11.9
28.8
56.9
15.6
51.0
-0.3
0.1
0.8
0.0
0.9
-0.1
0.7
2.5
-0.3
1.1
4.2
1.2
0.4
2.2
4.6
-0.9
NA
1.5
NA
NA
0.0
-0.1
-1.5
0.1
2.1
0.7
-0.6
0.3
-0.4
-0.1
0.7
-5.1
-2.5
0.9
0.2
0.9
-4.9
4.2
1.9
0.0
-2.2
2.9
-10.5
-0.2
0.8
1.8
-8.3
NA
-4.4
NA
NA
5.8
-3.7
-5.7
-3.6
11.2
-1.2
0.0
-1.3
-8.3
-3.2
-1.3
-3.5
-2.7
-2.0
9.4
6.7
-11.0
13.1
2.9
-2.1
0.1
4.3
-7.8
2.0
-0.6
1.8
-12.6
NA
-2.8
NA
NA
5.1
2.7
-0.9
3.0
13.7
-8.6
-3.5
5.1
-5.3
0.0
0.2
-6.3
12.5
-2.2
22.7
23.8
2.2
17.7
14.0
13.1
1.2
15.8
2.6
25.4
17.9
17.2
-13.9
NA
-6.4
NA
NA
-1.8
5.1
11.3
13.3
27.7
-0.4
-6.2
13.4
9.2
10.7
8.9
-3.0
-0.3
1.0
7.3
5.3
-4.1
9.8
1.7
-0.6
0.1
5.1
-9.6
0.2
0.3
4.3
-9.2
NA
-6.1
NA
NA
13.8
0.2
-2.2
-1.1
15.5
-6.3
-1.3
3.1
-4.2
-0.9
0.7
-6.3
12.5
-2.2
22.7
23.8
2.2
17.7
14.0
13.1
1.2
15.8
2.6
25.4
17.9
17.2
-13.9
NA
-6.4
NA
NA
-1.8
5.1
11.3
13.3
27.7
-0.4
-6.2
13.4
9.2
10.7
8.9
-0.4
-6.1
-15.0
50.4
39.4
6.3
22.3
2.0
16.4
8.1
31.6
15.8
-23.3
16.2
13.7
-9.5
NA
16.9
NA
NA
-42.3
3.2
-16.5
30.2
37.1
-22.4
-4.5
5.8
-2.6
17.6
7.1
7.6
-2.7
-1.2
22.8
30.7
7.5
20.9
-0.1
4.4
15.1
12.8
5.3
-21.4
2.6
-0.9
-7.2
NA
14.9
NA
NA
-21.3
41.6
-17.0
13.4
6.0
-3.8
-1.4
-0.8
-11.4
17.2
4.9
-0.7
-9.8
-17.1
-13.8
-1.1
-21.5
-17.4
-15.6
-36.0
-1.3
-23.4
-18.8
-21.8
-26.9
-23.5
3.6
NA
-7.0
NA
NA
-31.7
-8.7
-9.7
-3.8
-17.0
-27.0
9.4
11.1
-15.9
-7.9
-13.1
8.1
12.9
13.5
1.5
6.2
11.9
11.3
18.7
-7.0
6.9
29.1
5.5
15.3
6.3
6.1
3.6
NA
30.4
NA
NA
-24.5
-7.3
4.3
10.2
-0.9
12.2
13.0
4.1
22.7
15.2
8.5
-2.0
-18.8
-22.7
-19.7
-27.0
3.7
-16.6
-13.2
10.6
-17.1
-42.6
14.5
-39.5
-32.3
-31.3
12.2
NA
15.2
NA
NA
7.5
-15.9
-14.6
-30.6
-11.4
-35.9
-12.5
-2.1
-27.4
-24.3
-14.6
-7.1
-7.4
-21.1
3.9
21.9
3.5
8.9
-2.6
45.1
20.7
-12.0
-36.6
-10.6
-11.5
-1.7
-14.5
NA
-31.6
NA
NA
-24.9
5.4
-4.0
-3.2
8.4
-2.3
-28.5
3.3
-0.6
16.3
-3.1
32.9
87.2
19.4
7.1
-11.7
-44.0
73.5
26.2
10.9
4.1
18.0
-29.9
-29.6
15.5
3.9
23.0
NA
74.9
NA
NA
-40.1
-13.3
37.8
82.1
133.9
11.9
323.0
40.8
130.8
20.6
37.4
13 August 2013
40
Global Emerging Market Oils
13 August 2013
41
GEM
Valuations
Company
Rating
Price
Target
Up/(Down)
09-Aug
Price
side, %
EV:EBIDA, x
13F
14F
P/E, x
15F
13F
Dividend yield, %
FCF yield, %
14F
15F
13F
14F
15F
13F
14F
15F
RoACE, %
13F
14F
15F
Barclays
2013
Cons
2013
Change in
EPS
EPS
last mnth
cons in
Integrated - Russia
Alliance Oil
E/W
46.2
62.0
34
3.9
2.7
2.8
2.9
1.9
2.4
(17)
34
28
0.0
0.0
0.0
13.5
12.5
12.5
2.49
1.58
-12
Bashneft
E/W
58.9
71.0
21
4.3
3.6
3.6
5.9
5.0
5.2
11.0
15.2
15.6
8.5
10.1
9.7
24.3
23.0
23.0
10.00
8.51
-1
Gazprom
O/W
7.7
9.0
16
2.8
2.8
2.8
2.6
2.6
2.6
4.4
5.5
6.3
4.8
9.4
9.2
10.1
8.4
8.4
1.47
1.31
-6
Gazprom Neft
O/W
18.4
25.0
36
2.9
3.0
3.1
3.3
3.0
3.2
5.4
(7.7)
(0.0)
7.6
8.2
7.8
18.0
13.6
13.6
1.12
1.11
Lukoil
O/W
58.3
74.0
27
2.9
2.9
3.1
4.0
3.9
4.2
0.5
2.0
0.5
5.8
6.7
7.7
13.2
10.1
10.1
14.70
13.74
Novatek
O/W
114.4
140.0
22
10.7
8.2
7.2
11.5
9.0
8.2
3.0
4.7
5.7
2.6
3.3
3.1
24.0
24.7
24.7
1.00
0.89
Rosneft
O/W
7.1
10.0
41
4.0
3.9
3.8
5.6
5.9
6.6
4.1
9.7
12.0
4.4
4.3
3.8
11.8
8.9
8.9
1.26
1.31
-2
Surgutneftegas
U/W
7.7
9.6
25
(0.7)
(0.7)
(1.0)
5.4
5.4
5.4
17.2
9.4
13.0
2.5
2.5
2.5
16.2
15.2
15.2
0.14
0.16
Tatneft
U/W
37.6
42.0
12
4.1
3.4
2.7
5.2
4.3
4.0
6.3
11.6
21
3.9
4.6
5.0
17.8
18.9
18.9
1.21
1.14
-1
26
3.9
3.3
3.1
5.1
4.5
4.6
3.8
9.4
11.4
4.5
5.4
5.4
16.5
15.0
15.0
Arithmetic average
-2
Integrated - Other
Petrobras
E/W
14.3
20.0
40
6.1
5.8
5.5
6.3
6.0
5.3
(20)
(15)
(10)
5.2
5.4
5.1
6.8
7.2
7.2
2.25
1.91
Sasol
E/W
463.1
430.0
(7)
8.1
7.7
6.7
10.0
9.5
8.4
4.2
4.8
6.5
3.4
3.7
4.0
24.0
23.2
23.2
46.54
45.19
16
7.1
6.7
6.1
8.1
7.7
6.9
(7.9)
(4.9)
(1.7)
4.3
4.5
4.6
15.4
15.2
15.2
Arithmetic average
-9
2
-4
Services
C.A.T. Oil
E/W
13.1
8.0
(39)
7.6
6.7
5.4
3.8
2.9
2.2
0.2
0.2
0.5
0.0
0.0
0.0
8.6
12.3
12.3
0.72
0.77
COSL
E/W
17.8
18.7
2.9
2.7
2.7
13.3
13.0
12.7
10
10
1.5
1.5
1.6
8.4
7.4
7.4
1.34
1.49
-1
Eurasia Drilling
O/W
40.0
42.0
6.3
5.1
3.6
nm
nm
nm
8.3
10
13
0.0
0.0
0.0
20.7
18.0
18.0
3.66
2.99
-1
Integra
O/W
10.8
4.5
(58)
11.4
9.0
7.5
0.3
0.2
0.1
0.0
0.0
0.0
15.5
21.8
21.8
0.37
-3.17
13
(22)
7.0
5.9
4.8
5.8
5.3
5.0
5.5
6.6
7.9
0.4
0.4
0.4
13.3
14.9
14.9
Arithmetic average
13 August 2013
42
Valuations
GEM
P/E, x
Dividend yield, %
10
14
12
10
8
6
4
2
0
6
4
2
2013 Average
P/E
100
80
50
60
2012
2013
SAS
PBR
TAT
SUR
ROS
NVT
LUK
GAZN
SAS
PBR
TAT
SUR
ROS
NVT
LUK
GAZN
60%
40%
20%
0%
2013 Average
EPS Growth
SAS
PBR
TAT
SUR
ROS
NVT
LUK
GAZN
GAZ
SAS
PBR
TAT
SUR
ROS
LUK
RoACE, %
NVT
GAZN
GAZ
BAN
-20%
AOIL
SAS
PBR
TAT
ROS
NVT
LUK
GAZN
GAZ
BAN
AOIL
SUR
2013 Average
2013 Average
Dollar EPS Growth y/y , %
30
25
20
15
10
5
0
EV/Capital Employed
GAZ
Cons vs BC EPS (%)
ROACE, %
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
-0.5
BAN
SAS
PBR
TAT
SUR
ROS
NVT
LUK
GAZN
BAN
GAZ
-20
AOIL
-100
SAS
PBR
TAT
SUR
ROS
NVT
LUK
GAZN
GAZ
BAN
AOIL
20
-50
2013 Average
EV/Capital Employed, x
GAZ
40
FCF Yield, %
2013 Average
Datastream consensus e relative to Barclays EPS,%
BAN
20
15
10
5
0
-5
-10
BAN
Dividend Yield, %
2013 Average
AOIL
SAS
PBR
TAT
SUR
ROS
LUK
NVT
GAZN
GAZ
BAN
AOIL
SAS
PBR
TAT
AOIL
EV/EBIDA
SUR
ROS
NVT
LUK
GAZN
GAZ
BAN
AOIL
12
10
8
6
4
2
0
-2
AOIL
EV:EBIDA, x
2013 Average
Source: Datastream
13 August 2013
43
GEM


NVTK
AOIL
AOIL
PBR
GAZ
SOL
GAZN
PBR
ROSN
BAN
SOL
SOL
TAT
TAT
TAT
GAZ
GAZN
GAZ
SUR
LKOH
AOIL
BAN
BAN
LKOH
ROSN
ROSN
SUR
LKOH
SUR
GAZN
NVTK
NVTK
PBR
-4
-2
-10
10

BAN
ROSN
-5
10
15
20
-30
25
-25
-20
-15
Russian Oils vs Brent
Russian Oils vs Market
110
110
-10
-5
10
105
SOL
LKOH
100
NVTK
95
TAT
90
SUR
85
GAZ
100
90
80
GAZN
80
75
AOIL
PBR
-30
-20
-10
10
20
70
Aug-12
Nov-12
Feb-13
May-13
Aug-13
70
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Source: Datastream, Barclays Research. The Asian Market is the Hang Seng Index, the Asian sector, is the corresponding OILSGSAJ index.
13 August 2013
44
Russia
RTS vs Urals
Sector vs RTS
120
115
115
110
110
105
105
100
100
95
95
90
90
85
85
80
Aug-12
Gazprom vs RTS
Nov-12
Feb-13
May-13
Aug-13
80
Aug-12
Nov-12
Feb-13
May-13
Aug-13
110
105
100
95
90
85
80
75
70
Aug-12
Nov-12
Feb-13
GAZP vs RTS
Lukoil vs RTS
120
115
110
105
100
95
90
85
80
Aug-12
Rosneft vs RTS
80
60
50
10
150
130
120
Nov-12
Feb-13
LKOH vs RTS
May-13
100
80
Aug-12
160
180
140
160
140
120
120
110
100
100
80
90
40
Aug-13
GAZP, $
Novatek vs RTS
140
70
May-13
12
11
10
9
8
7
6
5
4
Aug-13
Nov-12
LKOH, $
Feb-13
ROSN vs RTS
May-13
4
Aug-13
60
Aug-12
ROSN, $
80
Nov-12
Feb-13
NVTK vs RTS
Rosneft vs Lukoil
Novatek vs Sector
Gazprom vs Novatek
140
120
120
130
110
May-13
60
Aug-13
NVTK, $
110
100
120
100
90
90
80
110
100
70
90
80
80
Aug-12
70
Aug-12
Nov-12
Feb-13
May-13
Aug-13
60
Nov-12
Feb-13
May-13
Aug-13
50
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Source: Datastream, Barclays Research. Relative calculations use the Russia RTS index.
13 August 2013
45

CAT Oil vs Russian Oil Services
Eurasia Drilling vs Russian Oil Services
180
16
14
160
12
140
10
6
100
4
80
2
Nov-12
Feb-13
CAT vs Sector
May-13
0
Aug-13
45
110
35
30
90
25
15
Nov-12
Feb-13
EDCL vs Sector
May-13
10
Aug-13
10
405
305
205
105
5
Aug-12
Feb-13
INTE vs Sector
Eurasia Drilling vs Brent
May-13
0
Aug-13
INTE, $
Integra vs Brent
1,210
180
280
1,010
160
810
140
230
610
120
180
130
Nov-12
Feb-13
May-13
Aug-13
CAT Oil vs Eurasia
100
410
80
210
60
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Eurasia vs Integra
10
Aug-12
780
405
180
680
355
160
580
305
140
480
120
380
100
280
80
180
Nov-12
Feb-13
May-13
Aug-13
80
Aug-12
Nov-12
Feb-13
May-13
Aug-13
May-13
Aug-13
Integra vs CAT
200
60
Aug-12
Nov-12
EDCL, $
330
80
Aug-12
12
505
20
80
70
Aug-12
605
40
100
CAT, E
CAT Oil vs Brent
Integra vs Russian Oil Services

50
120
120
60
Aug-12
Russia
255
205
155
105
55
Nov-12
Feb-13
May-13
Aug-13
5
Aug-12
Nov-12
Feb-13
Source: Datastream, Barclays Research
13 August 2013
46

Local Price
09-Aug
Indices & markets
FTSE All
StoxxEuro
S&P 500
MSCI EMG
MSCI Russia
Integrated - Russia
Alliance Oil
Bashneft
Gazprom
Gazprom Neft
Lukoil
Novatek
Rosneft
Surgutneftegas
Tatneft
Arithmetic Average
Integrated - Other
Petrobras
Sasol
Arithmetic Average
Services
C.A.T. Oil
China Oilfield Systems
Eurasia Drilling
Integra
Arithmetic Average
-1d
-5d
GEM
-10d
-30d
MTD
QTD
YTD
1Q 13
4Q 12
3Q 12
2Q 12
1Q 12
4Q 11
3502
286
1691
1768
729
0.6
0.2
-0.4
0.2
1.7
0.9
1.3
-1.1
0.3
-0.6
1.8
3.9
0.0
1.7
-1.7
9.0
11.8
5.3
7.9
4.2
2.2
3.0
0.3
2.5
0.9
9.0
11.8
5.3
7.9
4.2
8.2
11.1
18.6
10.2
-11.6
2.1
-0.6
10.0
4.4
-3.5
2.5
7.3
-1.3
5.2
-0.3
6.8
9.3
5.8
6.1
9.8
-5.5
-12.7
-3.3
-8.4
-18.1
8.0
12.3
12.0
10.0
20.0
18.2
-2.4
22.4
5.6
7.6
46.2
1939
7.73
18.4
58.3
114.4
7.08
7.71
37.6
3.0
-1.4
2.4
3.2
1.0
3.0
2.4
2.2
1.8
2.0
6.4
-2.9
-0.6
1.3
-2.1
-2.6
-1.9
-2.8
0.4
-0.5
6.4
-2.7
-1.2
2.2
-4.2
-2.2
-3.5
-4.7
0.9
-1.0
30.6
5.6
17.6
3.4
1.5
-4.3
3.4
-1.7
3.5
6.6
8.5
-2.5
-0.2
4.1
-1.3
-1.6
0.0
-2.5
2.1
0.7
30.6
5.6
17.6
3.4
1.5
-4.3
3.4
-1.7
3.5
6.6
-12.7
2.4
-18.2
-20.6
-11.9
-4.5
-20.5
-12.4
-13.7
-12.5
-2.0
7.2
-9.6
-9.0
-2.7
-10.0
-14.4
1.6
-9.2
-5.3
-2.1
-7.1
-8.2
-7.5
5.2
-4.2
30.4
-5.4
3.5
0.5
-13.0
26.3
6.4
7.1
10.5
11.6
7.4
9.1
23.6
9.9
-17.3
-17.3
-22.7
-14.0
-7.4
-21.8
-11.6
-15.4
-17.8
-16.1
-12.1
38.2
14.5
13.6
13.7
8.2
7.3
24.9
37.8
16.2
14.2
18.5
15.7
32.0
5.9
74.9
11.5
-7.1
8.8
19.4
14.3
463
2.4
0.9
1.6
1.1
0.7
0.9
-1.2
4.5
1.6
6.5
9.5
8.0
4.7
3.7
4.2
6.5
9.5
8.0
-26.7
11.3
-7.7
-14.9
3.8
-5.5
-15.6
-5.6
-10.6
22.2
7.8
15.0
-29.3
-13.3
-21.3
6.9
1.1
4.0
-26.1
36.8
5.3
13.05
17.8
40.0
10.80
-0.3
2.2
0.3
-4.0
-0.5
-7.9
-5.3
0.0
3821.6
952.1
-6.9
-0.7
-5.3
3856.0
960.8
12.6
17.4
7.2
3339.5
844.2
-7.3
2.1
1.3
4220.0
1054.0
12.6
17.4
7.2
3339.5
844.2
96.6
11.4
12.0
2471.4
647.9
37.6
1.6
-0.6
-10.7
7.0
25.3
13.2
8.2
-67.4
-5.2
13.4
27.5
29.4
2.5
18.2
-23.3
-0.4
-7.5
-40.1
-17.8
35.4
-9.1
17.3
18.0
15.4
-29.8
33.6
23.7
-21.9
1.4
Source: Datastream, Barclays Research. The Asian Market is the Hang Seng Index, the Asian sector, is the corresponding OILSGSAJ index
13 August 2013
47
ANALYST(S) CERTIFICATION(S)
We, Rahim Karim, CFA, Lydia Rainforth, CFA, Paul Y. Cheng, CFA, Clement Chen, Somshankar Sinha, Mick Pickup, James C. West, Alessandro
Pozzi and Matthew Thomas, hereby certify (1) that the views expressed in this research report accurately reflect our personal views about any or
all of 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
related to the specific recommendations or views expressed in this research report.
IMPORTANT DISCLOSURES CONTINUED

Barclays Research is a part of the Corporate and Investment Banking division of Barclays Bank PLC and its affiliates (collectively and each
individually, "Barclays"). For current important disclosures regarding companies that are the subject of this research report, please send a written
request to: Barclays Research Compliance, 745 Seventh Avenue, 17th Floor, New York, NY 10019 or refer to http://publicresearch.barclays.com
or call 212-526-1072.
The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total
revenues, a portion of which is generated by investment banking activities.
Research analysts employed outside the US by affiliates of Barclays Capital Inc. are not registered/qualified as research analysts with FINRA.
These analysts may not be associated persons of the member firm and therefore may not be subject to NASD Rule 2711 and incorporated NYSE
Rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analysts
account.
Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting
payment or reimbursement by any covered company of their travel expenses for such visits.
In order to access Barclays Statement regarding Research Dissemination Policies
https://live.barcap.com/publiccp/RSR/nyfipubs/disclaimer/disclaimer-research-dissemination.html.
and
Procedures,
please
refer
to
The Corporate and Investment Banking division of Barclays produces a variety of research products including, but not limited to, fundamental
analysis, equity-linked analysis, quantitative analysis, and trade ideas. Recommendations contained in one type of research product may differ
from recommendations contained in other types of research products, whether as a result of differing time horizons, methodologies, or
otherwise.
Materially Mentioned Stocks (Ticker, Date, Price)
Afren Plc (AFRE.L, 09-Aug-2013, GBP 1.44), Overweight/Positive, F/J
Aker Solutions (AKSO.OL, 09-Aug-2013, NOK 89.65), Underweight/Positive, D/E/J/K/L/M/N
Alliance Oil (AOILsdb.ST, 09-Aug-2013, SEK 46.20), Equal Weight/Neutral, J
Alon USA Energy (ALJ, 09-Aug-2013, USD 12.22), Underweight/Positive, C/J/O
Baker Hughes (BHI, 09-Aug-2013, USD 47.44), Overweight/Positive, C/D/J/K/L/M/N
Bashneft (BANE.RTS, 11-Jul-2013, USD 60.00), Equal Weight/Neutral, D/E/J/K/L/M/N
BG Group (BG.L, 09-Aug-2013, GBP 12.11), Overweight/Neutral, C/D/J/K/L/M/N
Other Material Conflicts: The Corporate and Investment Banking division of Barclays is providing investment banking services to BG Group PLC in
connection with the sale of certain interests in Queensland Curtis LNG to China National Offshore Oil Corporation (CNOOC). The effects of this
transaction has not been incorporated into the analysts views due to Barclays role in this potential transaction.
Bowleven PLC (BLVN.L, 09-Aug-2013, GBP 0.61), Overweight/Positive, F/J/L/N/Q
BP (BP.L, 09-Aug-2013, GBP 4.43), Underweight/Neutral, A/C/D/F/G/J/K/L/M/N
Other Material Conflicts: The Corporate and Investment Banking division of Barclays is providing investment banking services to Rosneftegaz,
Rosnefts controlling shareholder, in connection with (i) Rosneftegazs sale of some of Rosneft shares to BP, and (ii) Rosnefts potential
acquisition of TNK-BP.
C.A.T. Oil AG (O2C.DE, 09-Aug-2013, EUR 13.05), Equal Weight/Positive, J
Cairn Energy (CNE.L, 09-Aug-2013, GBP 2.74), Equal Weight/Positive, D/J/L/N
Caracal Energy Inc. (CRCL.L, 09-Aug-2013, GBp 400.0), Overweight/Positive, D/J/L
CGG (GEPH.PA, 09-Aug-2013, EUR 18.02), Underweight/Positive, D/J/L/N
Chevron Corporation (CVX, 09-Aug-2013, USD 122.50), Equal Weight/Positive, A/C/D/E/J/K/L/M/N/O
China Oilfield Services (COSL) (2883.HK, 12-Aug-2013, HKD 17.62), Equal Weight/Positive, C/D/J/K/L/M/N
ConocoPhillips (COP, 09-Aug-2013, USD 66.83), Overweight/Positive, A/C/D/J/K/L/M/N
Delek US Holdings Inc. (DK, 09-Aug-2013, USD 29.37), Overweight/Positive, A/C/D/F/J/K/L/M/N/O
Eni (ENI.MI, 09-Aug-2013, EUR 17.09), Overweight/Neutral, A/D/J/K/L/M/N
Enquest (ENQ.L, 09-Aug-2013, GBP 1.26), Equal Weight/Positive, J/N
Essar Energy (ESSR.L, 09-Aug-2013, GBp 130.0), Overweight/Negative, D/E/J/K/L/M/N
Eurasia Drilling Co., Ltd. (EDCLq.L, 09-Aug-2013, USD 40.00), Overweight/Positive, J
Exxon Mobil Corp. (XOM, 09-Aug-2013, USD 90.72), Equal Weight/Positive, C/D/J/K/L/M/N/O
13 August 2013
48

Galp Energia (GALP.LS, 09-Aug-2013, EUR 12.62), Overweight/Neutral, D/J/L
Gazprom (GAZPq.L, 09-Aug-2013, USD 7.74), Overweight/Neutral, D/J/K/L/M/N
Gazprom Neft (SIBNq.L, 09-Aug-2013, USD 18.40), Overweight/Neutral, A/D/J/K/L/M/N
Grupa Lotos (LTSP.WA, 09-Aug-2013, PLN 37.55), Equal Weight/Negative, J/K/M
Halliburton Co. (HAL, 09-Aug-2013, USD 46.03), Overweight/Positive, A/C/D/J/K/L/M/N
Hellenic Petroleum (HEPr.AT, 09-Aug-2013, EUR 7.98), Equal Weight/Negative, D/E/J/K/L/M
Other Material Conflicts: The Corporate and Investment Banking division of Barclays is providing investment banking services to Hellenic
Petroleum SA in relation to the potential sale of their stake in DESFA SA to the State Oil Company of the Azerbaijan Republic (SOCAR). The rating,
price target and estimates for Hellenic Petroleum do not incorporate the impact of this potential transaction.
Hess Corp. (HES, 09-Aug-2013, USD 74.89), Overweight/Positive, C/D/J/K/L/M/N
HollyFrontier Corp. (HFC, 09-Aug-2013, USD 44.75), Overweight/Positive, C/J
Hunting (HTG.L, 09-Aug-2013, GBp 862.0), Overweight/Positive, D/J/L/N/Q
Husky Energy, Inc. (HSE.TO, 09-Aug-2013, CAD 28.95), Overweight/Positive, D/J/K/L/M
Imperial Oil Ltd. (IMO.TO, 09-Aug-2013, CAD 41.72), Overweight/Positive, D/J/K/L/M/N
Integra Group (INTEq.L, 09-Aug-2013, USD 10.80), Overweight/Positive, J
Lukoil (LKOHyq.L, 09-Aug-2013, USD 58.25), Overweight/Neutral, D/J/K/L/M/N
Maire Tecnimont (MTCM.MI, 09-Aug-2013, EUR 1.13), Equal Weight/Positive, A/D/J/L
Other Material Conflicts: The Corporate and Investment Banking Division of Barclays Bank PLC is acting as equity advisor to Maire Tecnimont
SpA.
Marathon Oil Corp. (MRO, 09-Aug-2013, USD 34.55), Overweight/Neutral, C/D/J/L
MOL (MOLB.BU, 09-Aug-2013, HUF 16450.00), Underweight/Neutral, D/J/L
Motor Oil (MORr.AT, 09-Aug-2013, EUR 8.09), Overweight/Negative, J
Murphy Oil (MUR, 09-Aug-2013, USD 70.90), Equal Weight/Positive, C/D/J/L/N
Neste Oil (NES1V.HE, 09-Aug-2013, EUR 13.16), Underweight/Negative, D/J/K/L/M/N
Novatek (NVTKq.L, 09-Aug-2013, USD 114.40), Overweight/Neutral, A/D/J/K/L/M
OMV (OMVV.VI, 09-Aug-2013, EUR 34.35), Underweight/Neutral, A/D/J/K/L/M/N
Oryx Petroleum Corp., Ltd. (OXC.TO, 09-Aug-2013, CAD 14.30), Overweight/Positive, A/D/J/L
Petrofac (PFC.L, 09-Aug-2013, GBP 12.75), Underweight/Positive, C/J/K/M
Petroleo Brasileiro S.A. (PBR, 09-Aug-2013, USD 14.28), Equal Weight/Positive, C/D/J/K/L/M
Petroleo Brasileiro S.A. (PBRA, 09-Aug-2013, USD 15.09), Equal Weight/Positive, C/D/J/K/L/M
Petroleum Geo-Services (PGS.OL, 09-Aug-2013, NOK 80.70), Overweight/Positive, D/J/K/L/M/N
PKN Orlen (PKN.WA, 09-Aug-2013, PLN 45.40), Underweight/Negative, J
Polarcus (PLCS.OL, 09-Aug-2013, NOK 5.28), Overweight/Positive, J
Premier Oil (PMO.L, 09-Aug-2013, GBP 3.61), Overweight/Positive, A/D/F/J/K/L/M/N
Repsol (REP.MC, 09-Aug-2013, EUR 18.17), Overweight/Neutral, A/D/J/K/L/M/N
Rockhopper Exploration (RKH.L, 09-Aug-2013, GBP 1.33), Overweight/Positive, F/J/N
Rosneft (ROSNq.L, 09-Aug-2013, USD 7.08), Overweight/Neutral, A/B/D/E/J/K/L/M/N
Other Material Conflicts: The Corporate and Investment Banking division of Barclays is providing investment banking services to Rosneftegaz,
Rosnefts controlling shareholder, in connection with (i) Rosneftegazs sale of some of Rosneft shares to BP, and (ii) Rosnefts potential
acquisition of TNK-BP.
Royal Dutch Shell A (RDSa.L, 09-Aug-2013, GBP 20.91), Equal Weight/Neutral, A/C/D/E/F/J/K/L/M/N
Royal Dutch Shell B (RDSb.L, 09-Aug-2013, GBP 21.82), Equal Weight/Neutral, A/C/D/E/F/J/K/L/M/N
Saipem (SPMI.MI, 09-Aug-2013, EUR 16.01), Overweight/Positive, D/J/K/L/M/N
Salamander Energy (SMDR.L, 09-Aug-2013, GBP 1.19), Overweight/Positive, A/D/J/L
Saras (SRS.MI, 09-Aug-2013, EUR 0.94), Underweight/Negative, D/J/K/L/M/N
Sasol Limited (SOLJ.J, 08-Aug-2013, ZAR 463.11), Equal Weight/Neutral, A/C/D/E/J/K/L/M/N/O
SBM Offshore (SBMO.AS, 09-Aug-2013, EUR 15.40), Overweight/Positive, C/J
Schlumberger Ltd. (SLB, 09-Aug-2013, USD 80.49), Overweight/Positive, J/N
Soco International (SIA.L, 09-Aug-2013, GBP 3.76), Underweight/Positive, J
13 August 2013
49

Statoil ASA (STL.OL, 09-Aug-2013, NOK 127.00), Equal Weight/Neutral, D/J/K/L/M/N
Subsea 7 SA (SUBC.OL, 09-Aug-2013, NOK 113.30), Overweight/Positive, D/J/K/L/M/N
SunCoke Energy, Inc. (SXC, 09-Aug-2013, USD 16.42), Equal Weight/Positive, A/C/D/J/K/L/M
Suncor Energy (SU.TO, 09-Aug-2013, CAD 33.21), Overweight/Positive, C/D/J/K/L/M/O
Surgutneftegas (SNGSyq.L, 09-Aug-2013, USD 7.71), Underweight/Neutral, J
Tatneft (TATNxq.L, 09-Aug-2013, USD 37.61), Underweight/Neutral, J/K/M
Technip (TECF.PA, 09-Aug-2013, EUR 83.50), Overweight/Positive, A/C/D/J/K/L/M/N
Tecnicas Reunidas (TRE.MC, 09-Aug-2013, EUR 34.43), Equal Weight/Positive, J/K/M/N
Tesoro Corporation (TSO, 09-Aug-2013, USD 53.08), Overweight/Positive, A/C/D/J/K/L/M
TGS (TGS.OL, 09-Aug-2013, NOK 188.00), Underweight/Positive, J
Total (TOTF.PA, 09-Aug-2013, EUR 40.25), Underweight/Neutral, A/C/D/J/K/L/M/N
Other Material Conflicts: The Corporate and Investment Banking division of Barclays is advising a consortium consisting of EDF, GIC and Snam on
the potential acquisition of Total Infrastructures Gaz France SA (TIGF) from Total SA
Tullow Oil (TLW.L, 09-Aug-2013, GBP 10.67), Overweight/Positive, C/D/J/K/L/M/N/Q
Tupras (TUPRS.IS, 07-Aug-2013, TRY 41.80), Underweight/Neutral, D/J/L/N
Valero Energy (VLO, 09-Aug-2013, USD 37.13), Overweight/Positive, C/D/J/K/L/M/N
Weatherford International (WFT, 09-Aug-2013, USD 14.52), Overweight/Positive, C/D/J/K/L/M/N
Wood Group (WG.L, 09-Aug-2013, GBP 8.99), Overweight/Positive, C/D/F/J/K/L/M/N
Disclosure Legend:
A: Barclays Bank PLC and/or an affiliate has been lead manager or co-lead manager of a publicly disclosed offer of securities of the issuer in the
previous 12 months.
B: An employee of Barclays Bank PLC and/or an affiliate is a director of this issuer.
C: Barclays Bank PLC and/or an affiliate is a market-maker and/or liquidity provider in securities issued by this issuer or one of its affiliates.
D: Barclays Bank PLC and/or an affiliate has received compensation for investment banking services from this issuer in the past 12 months.
E: Barclays Bank PLC and/or an affiliate expects to receive or intends to seek compensation for investment banking services from this issuer
within the next 3 months.
F: Barclays Bank PLC and/or an affiliate beneficially owned 1% or more of a class of equity securities of the issuer as of the end of the month
prior to the research report's issuance.
G: One of the analysts on the coverage team (or a member of his or her household) owns shares of the common stock of this issuer.
H: This issuer beneficially owns 5% or more of any class of common equity securities of Barclays Bank PLC.
I: Barclays Bank PLC and/or an affiliate has a significant financial interest in the securities of this issuer.
J: Barclays Bank PLC and/or an affiliate trades regularly in the securities of this issuer.
K: Barclays Bank PLC and/or an affiliate has received non-investment banking related compensation from this issuer within the past 12 months.
L: This issuer is, or during the past 12 months has been, an investment banking client of Barclays Bank PLC and/or an affiliate.
M: This issuer is, or during the past 12 months has been, a non-investment banking client (securities related services) of Barclays Bank PLC
and/or an affiliate.
N: This issuer is, or during the past 12 months has been, a non-investment banking client (non-securities related services) of Barclays Bank PLC
and/or an affiliate.
O: Barclays Capital Inc., through Barclays Market Makers, is a Designated Market Maker in this issuer's stock, which is listed on the New York
Stock Exchange. At any given time, its associated Designated Market Maker may have "long" or "short" inventory position in the stock; and its
associated Designated Market Maker may be on the opposite side of orders executed on the floor of the New York Stock Exchange in the stock.
P: A partner, director or officer of Barclays Capital Canada Inc. has, during the preceding 12 months, provided services to the subject company for
remuneration, other than normal course investment advisory or trade execution services.
Q: The Corporate and Investment Banking division of Barclays Bank PLC, is a Corporate Broker to this issuer.
R: Barclays Capital Canada Inc. and/or an affiliate has received compensation for investment banking services from this issuer in the past 12
months.
S: Barclays Capital Canada Inc. is a market-maker in an equity or equity related security issued by this issuer.
Guide to the Barclays Fundamental Equity Research Rating System:

Our coverage analysts use a relative rating system in which they rate stocks as Overweight, Equal Weight or Underweight (see definitions below)
13 August 2013
50

relative to other companies covered by the analyst or a team of analysts that are deemed to be in the same industry (the "industry coverage
universe").
In addition to the stock rating, we provide industry views which rate the outlook for the industry coverage universe as Positive, Neutral or
Negative (see definitions below). A rating system using terms such as buy, hold and sell is not the equivalent of our rating system. Investors
should carefully read the entire research report including the definitions of all ratings and not infer its contents from ratings alone.
Stock Rating
Overweight - The stock is expected to outperform the unweighted expected total return of the industry coverage universe over a 12-month
investment horizon.
Equal Weight - The stock is expected to perform in line with the unweighted expected total return of the industry coverage universe over a 12month investment horizon.
Underweight - The stock is expected to underperform the unweighted expected total return of the industry coverage universe over a 12-month
investment horizon.
Rating Suspended - The rating and target price have been suspended temporarily due to market events that made coverage impracticable or to
comply with applicable regulations and/or firm policies in certain circumstances including where the Corporate and Investment Banking Division
of Barclays is acting in an advisory capacity in a merger or strategic transaction involving the company.
Industry View
Positive - industry coverage universe fundamentals/valuations are improving.
Neutral - industry coverage universe fundamentals/valuations are steady, neither improving nor deteriorating.
Negative - industry coverage universe fundamentals/valuations are deteriorating.
Below is the list of companies that constitute the "industry coverage universe":
Cenovus Energy Inc. (CVE.TO)
Chevron Corporation (CVX)
ConocoPhillips (COP)
Exxon Mobil Corp. (XOM)
Hess Corp. (HES)
Husky Energy, Inc. (HSE.TO)
Imperial Oil Ltd. (IMO.TO)
Murphy Oil (MUR)
Petroleo Brasileiro S.A. (PBR)
Petroleo Brasileiro S.A. (PBRA)
Suncor Energy (SU.TO)
Asia ex-Japan Oil & Gas

Anton Oilfield Services (3337.HK)
Bharat Petroleum Corp., Ltd. (BPCL.NS)
Cairn India (CAIL.NS)
China Oilfield Services (COSL) (2883.HK)
China Steel Chemical (1723.TW)
EZRA Holdings (EZRA.SI)
Formosa Chemicals (1326.TW)
Formosa Petrochemical (6505.TW)
Formosa Plastics (1301.TW)
Gail India (GAIL.NS)
Hilong Holding, Ltd. (1623.HK)
Hindustan Petroleum Corp., Ltd. (HPCL.NS)
Honghua Group (0196.HK)
Indian Oil Corp., Ltd. (IOC.NS)
Keppel Corp. (KPLM.SI)
Nan Ya Plastics (1303.TW)
Oil & Natural Gas Corp., Ltd. (ONGC.NS)
Oil India (OILI.NS)
PETRONAS Chemicals (PCGB.KL)
Petronet LNG (PLNG.NS)
Reliance Industries (RELI.NS)
Sembcorp Marine (SCMN.SI)
SPT Energy Group (1251.HK)
TSRC Corp. (2103.TW)
CEEMEA Oil & Gas

Alliance Oil (AOILsdb.ST)
Bashneft (BANE.RTS)
Gazprom (GAZPq.L)
Gazprom Neft (SIBNq.L)
Lukoil (LKOHyq.L)
Novatek (NVTKq.L)
Rosneft (ROSNq.L)
Sasol Limited (SOLJ.J)
Surgutneftegas (SNGSyq.L)
BG Group (BG.L)
BP (BP.L)
Eni (ENI.MI)
Galp Energia (GALP.LS)
MOL (MOLB.BU)
OMV (OMVV.VI)
Repsol (REP.MC)
Royal Dutch Shell A (RDSa.L)
Royal Dutch Shell B (RDSb.L)
Statoil ASA (STL.OL)
Total (TOTF.PA)
Tatneft (TATNxq.L)
European Oil & Gas: E&P

Afren Plc (AFRE.L)
Bowleven PLC (BLVN.L)
Cairn Energy (CNE.L)
Caracal Energy Inc. (CRCL.L)
Enquest (ENQ.L)
Oryx Petroleum Corp., Ltd. (OXC.TO)
Premier Oil (PMO.L)
Rockhopper Exploration (RKH.L)
Salamander Energy (SMDR.L)
Soco International (SIA.L)
Tullow Oil (TLW.L)

13 August 2013
51

Aker Solutions (AKSO.OL)
AMEC plc (AMEC.L)
CGG (GEPH.PA)
Hunting (HTG.L)
Maire Tecnimont (MTCM.MI)
Petrofac (PFC.L)
Petroleum Geo-Services (PGS.OL)
Polarcus (PLCS.OL)
Saipem (SPMI.MI)
SBM Offshore (SBMO.AS)
Subsea 7 SA (SUBC.OL)
Technip (TECF.PA)
Tecnicas Reunidas (TRE.MC)
TGS (TGS.OL)
Wood Group (WG.L)
Essar Energy (ESSR.L)
Grupa Lotos (LTSP.WA)
Hellenic Petroleum (HEPr.AT)
Motor Oil (MORr.AT)
Neste Oil (NES1V.HE)
PKN Orlen (PKN.WA)
European Refining & Marketing
Saras (SRS.MI)
North America Metals & Mining
AK Steel Holding (AKS)
Alcoa Inc. (AA)
Alpha Natural Resources (ANR)
Arch Coal (ACI)
Century Aluminum (CENX)
Cloud Peak Energy (CLD)
CONSOL Energy (CNX)
Constellium (CSTM)
Freeport-McMoRan C&G (FCX)
Noranda Aluminum Holding (NOR)
Nucor Corp. (NUE)
Patriot Coal (PCXCQ)
Peabody Energy (BTU)
Steel Dynamics (STLD)
Stillwater Mining (SWC)
SunCoke Energy, Inc. (SXC)
United States Steel (X)
North America Oil & Gas: E&P (Large Cap)

Anadarko Petroleum (APC)
Apache Corp. (APA)
Canadian Natural Resources (CNQ.TO)

Encana Corp. (ECA)
Canadian Oil Sands Ltd. (COS.TO)
Devon Energy (DVN)
EOG Resources (EOG)
Kosmos Energy Ltd. (KOS)
Marathon Oil Corp. (MRO)
MEG Energy (MEG.TO)
Newfield Exploration (NFX)
Noble Energy (NBL)
Occidental Petroleum (OXY)
Pioneer Natural Resources (PXD)
QEP Resources (QEP)
Range Resources Corp. (RRC)
Southwestern Energy Co. (SWN)
Talisman Energy (TLM)
Ultra Petroleum Corp. (UPL)
WPX Energy (WPX)
Russian Oil Services & Drilling

C.A.T. Oil AG (O2C.DE)
Eurasia Drilling Co., Ltd. (EDCLq.L)
Integra Group (INTEq.L)
Turkey General Industrials

Arcelik (ARCLK.IS)
BIM (BIMAS.IS)
Ford Otosan (FROTO.IS)
Koc Holding (KCHOL.IS)
Migros (MGROS.IS)
Pegasus Airlines (PGSUS.IS)
Tofas Fabrika (TOASO.IS)
Tupras (TUPRS.IS)
U.S. Independent Refiners

Alon USA Energy (ALJ)
Delek US Holdings Inc. (DK)
HollyFrontier Corp. (HFC)
Marathon Petroleum Corp. (MPC)
Phillips 66 (PSX)
Tesoro Corporation (TSO)
Valero Energy (VLO)
Western Refining, Inc. (WNR)
U.S. Oil Services & Drilling

Atwood Oceanics Inc. (ATW)
Baker Hughes (BHI)
Basic Energy Services (BAS)
Bristow Group Inc. (BRS)
Cameron International (CAM)
CARBO Ceramics (CRR)
Chart Industries Inc. (GTLS)
Core Laboratories (CLB)
Diamond Offshore Drilling (DO)
Dresser-Rand Group Inc. (DRC)
Dril-Quip Inc. (DRQ)
Ensco plc (ESV)
Exterran Holdings Inc. (EXH)
FMC Technologies (FTI)
Global Geophysical Services (GGS)
GulfMark Offshore, Inc. (GLF)
Halliburton Co. (HAL)
Helmerich & Payne Inc. (HP)
Hercules Offshore (HERO)
Hornbeck Offshore Services (HOS)
ION Geophysical Corp. (IO)
Key Energy Services (KEG)
MRC Global (MRC)
Nabors Industries (NBR)
National Oilwell Varco (NOV)
Noble Corp. (NE)
Ocean Rig UDW Inc. (ORIG)
Oceaneering International (OII)
Oil States International, Inc. (OIS)
Pacific Drilling SA (PACD)
Parker Drilling (PKD)
Patterson-UTI Energy (PTEN)
Rowan Companies (RDC)
Schlumberger Ltd. (SLB)
SEACOR Holdings, Inc. (CKH)
Seadrill Limited (SDRL)
Superior Energy Services Inc. (SPN)
Tenaris S.A. (TS)
Tetra Technologies Inc. (TTI)
13 August 2013
52

Thermon Group Holdings (THR)
Tidewater Inc. (TDW)
Vantage Drilling Co. (VTG)
Weatherford International (WFT)
Transocean Ltd. (RIG)
Distribution of Ratings:
Barclays Equity Research has 2401 companies under coverage.
44% have been assigned an Overweight rating which, for purposes of mandatory regulatory disclosures, is classified as a Buy rating; 51% of
companies with this rating are investment banking clients of the Firm.
41% have been assigned an Equal Weight rating which, for purposes of mandatory regulatory disclosures, is classified as a Hold rating; 47% of
13% have been assigned an Underweight rating which, for purposes of mandatory regulatory disclosures, is classified as a Sell rating; 42% of
Guide to the Barclays Research Price Target:
Each analyst has a single price target on the stocks that they cover. The price target represents that analyst's expectation of where the stock will
trade in the next 12 months. Upside/downside scenarios, where provided, represent potential upside/potential downside to each analyst's price
target over the same 12-month period.
Barclays offices involved in the production of equity research:
London
Barclays Bank PLC (Barclays, London)
New York
Barclays Capital Inc. (BCI, New York)
Tokyo
Barclays Securities Japan Limited (BSJL, Tokyo)
So Paulo
Banco Barclays S.A. (BBSA, So Paulo)
Hong Kong
Barclays Bank PLC, Hong Kong branch (Barclays Bank, Hong Kong)
Toronto
Barclays Capital Canada Inc. (BCCI, Toronto)
Johannesburg
Absa Capital, a division of Absa Bank Limited (Absa Capital, Johannesburg)
Mexico City
Barclays Bank Mexico, S.A. (BBMX, Mexico City)
Taiwan
Barclays Capital Securities Taiwan Limited (BCSTW, Taiwan)
Seoul
Barclays Capital Securities Limited (BCSL, Seoul)
Mumbai
Barclays Securities (India) Private Limited (BSIPL, Mumbai)
Singapore
Barclays Bank PLC, Singapore branch (Barclays Bank, Singapore)
13 August 2013
53
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