Oil - Service, Equipment, Pipelines etc

[winston]

O&G sector faces de-rating on potential Petronas capex cut — Maybank IB

By Kong Zhi Ann

Consequently, the research firm prefers defensive plays, especially mid-stream and floating production storage and offloading (FPSO) players, over OGSE counters, while advising investors to avoid petrochemical stocks for 2025.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/740092

[behappyalways]

China's Refining Output Dips For First Time In Over Two Decades
https://www.zerohedge.com/energy/chinas ... wo-decades

[winston]

PETRONAS 2H24: All segments seeing YoY margin squeeze

Staying selectively POSITIVE on MY

O&G PETRONAS’s 2H24 results was uninspiring.

We are selectively POSITIVE on the oil & gas sector, favouring:
i) the defensive midstream; and
ii) FPSO space.

Top picks are Dialog and BArmada.

Our in-house Brent crude oil price assumption is unchanged at USD70/bbl for 2025E.

Globally, the focus will be on whether OPEC+ will begin phasing out production cuts of 2.2mbpd from April 2025.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/439539.pdf

[winston]

Malaysia - Positive outlook for oil and gas industry

Advocated the defensive midstream and floating production, storage and offloading (FPSO) spaces for consideration.

These include the fabrication of fixed structures like wellhead platforms and central processing platforms, FPSO and onshore downstream plant turnarounds, as well as hook-up and commissioning (HUC) and maintenance, construction and modification (MCM).

Possible key beneficiaries include Bumi Armada Bhd, Yinson Holdings Bhd, MISC Bhd, Dialog Group Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd, Steel Hawk Bhd, Dayang Enterprise Holdings Bhd and Petra Energy Bhdbefore identifying Dialog and Bumi Armada as its top picks.

RHB continues to favour the maintenance space, expecting this segment to see the least impact from spending scale-backs given the importance in maintaining production levels for operating cash flow generation purposes. It lists Bumi Armada, Dayang Enterprise and Yinson as its choice counters for the sector, maintaining an “overweight” call on the industry.

HLIB listed Dialog and Wasco Bhd as its top picks.

Source: The Star

https://www.thestar.com.my/business/bus ... s-industry

[winston]

Upstream oil and gas services stocks unduly punished amid strong earnings outlook, Kenanga says

By Syafiqah Salim

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/747478

[behappyalways]

Shell In Talks To Acquire BP In Blockbuster $80 Billion Deal
https://www.zerohedge.com/energy/shell- ... llion-deal