Monday, 26 Apr 2021 08:15 PM MYT
Moody’s maintains its medium-term commodity price ranges of US$45-US$65 per barrel for oil and US$2.00-US$3.00/MMBtu for Henry Hub natural gas. Favourable market dynamics and relatively low operating and offshore services costs will bolster exploration and production companies’ earnings and operating cash flow in 2021 on the back of higher oil prices, Nadtotchi says.
Meanwhile, strong earnings in the global E&P and refining sectors will see integrated oil companies’ earnings rise by a median rate of about 50 per cent, though off a low base. Adjusted EBITDA almost halved in 2020, and likely won’t return to pre-pandemic level before the end of 2022.
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