Industry survey: oil & gas

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Industry Surveys
Oil & Gas: Production & Marketing

March 20, 2008

Tina Vital Integrated Oil & Gas Analyst

CURRENT ENVIRONMENT..................................................................1 Companies struggle to boost profits as oil tops $100 a barrel
Non-OECD economies drive global oil demand Oil markets remain tight New oil supplies ease concerns Keep that refinery goin’… Upsideseen for US natural gas prices

INDUSTRY PROFILE...............................................................................8 Rise in resource nationalism
High oil prices drive gains for leading oil companies INDUSTRY TRENDS ...............................................................................10 Is the energy cycle disappearing? Is bigger better? Upstream spending accelerates onacquisitions amid rising costs Global crude quality remains stable LNG leads natural gas into a global market expansion Global warming concerns HOW THE INDUSTRY OPERATES .............................................................21 Industry divisions Upstream operations: the exploration and production process Midstream operations: transportation and storage Downstream operations: refining andmarketing OPEC wields worldwide power KEY INDUSTRY RATIOS AND STATISTICS ...................................................34 HOW TO ANALYZE AN OIL AND GAS COMPANY ......................................36 Company-specific factors Evaluating the financial statements Valuation techniques

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GLOSSARY .............................................................................................41 INDUSTRY REFERENCES.....................................................................44 COMPARATIVE COMPANY ANALYSIS..............................................47

THIS ISSUE REPLACES THE ONE DATED NOVEMBER 9, 2006. THE NEXT UPDATE OF THIS SURVEY IS SCHEDULED FOR SEPTEMBER 2008.

Standard & Poor’s Industry Surveys
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VOLUME 176, NO. 12, SECTION 1 THIS ISSUE OF INDUSTRY SURVEYS INCLUDES 1 SECTION.

C URRENT E NVIRONMENT

Companies struggle...
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