資源描述：
《瑞信-全球-能源行業(yè)-2020年能源行業(yè)：處于發(fā)展中-2019.12.19-.pdf》由會員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在行業(yè)資料-天天文庫。
1、Energyin2020:Evolving19December2019EquityResearch?GlobalPhotoSource:BrandNetPhotoSource:BrandNetResearchAnalystsBillFeatherstonBettyJiangMichaelWeinsteinJacobLundbergAndrewKuskeHoraceTse+12123256283+12123256259+12123250897+12123256785+14163524561+85221017379william.featherston@credit-
2、suisse.combetty.jiang@credit-suisse.comw.weinstein@credit-suisse.comjacob.lundberg@credit-suisse.comandrew.kuske@credit-suisse.comhorace.tse@credit-suisse.comThomasAdolffSpiroDounisManavGuptaDavidFarrellRegisCardosoSaulKavonic+442078889114+12123253463+12123256617+442078881515+55113701
3、6297+61282054253thomas.adolff@credit-suisse.comspiro.dounis@credit-suisse.commanav.gupta@credit-suisse.comdavid.farrell@credit-suisse.comregis.cardoso@credit-suisse.comsaul.kavonic@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIO
4、NS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisrepo
5、rtasonlyasinglefactorinmakingtheirinvestmentdecision.TableofContents?KeyEnergyThemesfor2020………………………………………………………………………………………………………….5?GlobalOilMacro……………………………………………………………………………………………………………………….12?USNaturalGasMacro………………………………………………………………………………………………………………...19?GlobalLNGMarket……………………
6、……………………………………………………………………………………………….22?EuropeanNaturalGasMacro………………………………………………………………………………………………………...25?GlobalRefining…………………………………………………………………………………………………………………………27?GlobalIntegratedOils………………………………………………………………………………………………………………....29?USE&Ps………………………………………………………………………………………………………
7、………………………...35?USOil&GasRoyaltyMinerals……………………………………………………………………………………………………..…41?USOilfieldServices…………………………………………………………………………………………………………………...45?USMidstream&MLPs………………………………………………………………………………………………………………...52?USRefining………………………………………………………………………………………………………………………….….60?USUtiliti
8、esand
