Insight

Q4 2018 results preview

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17 January 2019

Q4 2018 results preview

Report summary

A sharp retreat in oil prices brought oil and gas companies back down to earth in Q4. The resulting equity sell-off will have punctured any bullish sentiment built up during a decent third quarter. Even so, Brent still averaged well above companies’ cash flow breakevens and we expect another quarter of production growth. But lower prices will reinforce the commitment to capital discipline. We take a look at what this means for the Majors and US Independents.

Table of contents

  • Upstream will more than offset weaker downstream financials
  • Growing production and proven reserves
  • Lower prices will reinforce capital allocation priorities
  • What to expect from the Majors
  • US E&P guidance as important as ever

Tables and charts

This report includes 3 images and tables including:

  • Oil and gas prices and global refining margins
  • 2018 combined dividend and buyback yield
  • Market premium / discount to WM base case NPV10 (%)

What's included

This report contains:

  • Document

    Q4 2018 results preview

    PDF 785.60 KB