Barclays on Energy & Power: PC Weekly Valuation and Price Performance

Barclays on Energy & Power: PC Weekly Valuation and Price Performance

On Int egrated Oil Companies, Paul W. Cheng, "EV/2012 EBIDA: The group is currently trading at 5.8x EV/2012 EBIDA. Marathon (NYSE: MRO) and Hess Corp (NYSE: HES) are both trading at the largest discounts to the group at 5.1x, while Imprerial (NYSE: IMO) is trading at the highest premium at 9.7x EV/2012 EBIDA."

"Price/Net Asset Value: Currently, we estimate the group is trading at a 20% discount to its Net Asset Value (NAV). We estimate Exxon Mobil (NYSE: XOM) is trading at the highest of the group at a 4% premium to its NAV, while MUR is trading at a 41% discount to its NAV. EV/BOE: The group is currently trading at $14.4/boe with HSE at the highest among its peers at C$19.5/boe and Conoco Phillips (NYSE: COP) at the low end at $11.1/boe. MRO's EV/boe is currently at a 154% premium to its PV10/boe, while Murphy (MUR) shows a 7% discount to its PV10/boe."

"Share Performance: YTD, the North America-based integrated oil companies are down 7%, with CVX showing the biggest increase, up 14%, while MUR and MRO both show the biggest declines, down 27% and 23%, respectively. Please note that MRO's share price decline reflects its spin-off on June 30, 2011. Adjusting for the spin-off, MRO shares would be up 23%. WTD, the group was flat."

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