The document discusses the outlook for US integrated oil stocks, focusing on the pace of crude price recovery and investment strategies. It upgrades Occidental Petroleum (OXY) to Buy due to its growth and free cash flow potential, while downgrading Hess Corporation (HES) to Hold due to high spending and lack of near-term cash flow. Key risks include global demand, supply delays, decline rates, and OPEC policies.
documents/vol00010-efta01367325-pdf.pdf
{"title":"US Integrated Oils Analysis","key_people":["OXY","HES"],"document_date":"2015-05-31","document_type":"other","key_locations":["Permian","North Malay Basin","Kurdistan","Saudi","Iran","Iraq","UAE"],"key_organizations":["Deutsche Bank Securities Inc."]}