EFTA Document EFTA01367324

31 May 2015 Integrated Oil US Integrated Oils And S.10-55ibbl oil isn't going to suffice Despite arguments about asset breakevens in the onshore at prices as low as $40/bbl, the number that matters for the resumption of drilling/completion activity is corporate level cash flow, not single well rates of return, in our view. Despite the sector being fairly well capitalized at present, partially thanks to a recent wave of equity issuance. total leverage remains quite high and companies are