January 2018


2017 saw a year of rebalancing for oil, albeit slower than first hoped, as energy companies demonstrated improved resilience to the oil price environment. 

https://vimeo.com/251798624/665727c0ff

During our Global Energy webcast, portfolio managers Will Riley and Jonathan Waghorn covered the following topics:

  • OPEC has shown clear determination to defend an oil price floor; we expect a $55-60/bl range
  • US onshore oil production will need to grow faster in 2019/2020 to offset existing production declines and to satisfy growing demand globally for oil products
  • The energy equity sector has adjusted to lower oil prices with profitability and free cashflow generation improving
  • It is unlikely that extreme sector valuation levels will be sustained as the companies continue to recover

Click here to download a PDF of the webcast presentation slides.

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