June 4, 2009 Global: Energy: OilGoldman Sachs Global Investment Research 2
Table of contents
Recovery and relapse:
Bullish oil equities at beginning of new upcycle
3Oil macro relapse:
Structural supply challenges were never resolved in the last cycle
4Global favorites:
Oil leverage, growth potential, improving profitability, reasonable value
17Disclosures 25Goldman Sachs Global Energy Equity Research Team
Europe Energy - Michele della Vigna,Energy Team Leader Asia Energy - Kelvin Koh, Energy Team Leader Integrated Oils, RefiningE&Ps, CoalEuropean Marketing AnalystAsia ex-Japan, IndiaArjun MurtiBrian SingerHugh Selby-SmithKelvin Koh
Amil Mody Andre Benjamin
Patrick Tiah
Joe Citarrella Pavan Hoskote
European Integrated OilsChris Shiu
Uma M. Yanamandra
Michele della Vigna
Jason JinMichael Rae Nikhil Bhandari
Oil Services/DrillersElectric Utilities, IPPs
Peter Zheng
Daniel BoydMichael LapidesRussian Oils
Dimitry Dayen Jaideep Malik
Anton SychevKorea
Kyle Jenke Zac HurstGeydar Mamedov
Kenneth Whee
Amit DokaniaNeil MehtaJoon-Ho LeeAditi Rai Dastidar
E&PPipelines, MLPS, GPsChristopher JostIndiaTed DurbinNilesh BanerjeeMichael CerasoliOil Services
Durga DathSmriti Dixit
Henry Tarr
Karthik BhatDaniel Brook
TaiwanRefinersJim HungHenry Morris
Rowena Chang
JapanHiroyuki Sakaida
Shintaro Horinouchi
Americas Energy - Arjun Murti, Business Unit Leader
Source: Goldman Sachs Research.
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