2025-05-19-Jefferies-今日JEDI_-交易_欧洲国际石油公司_勘探与生产_液化天然气_航运_英国石油_道达尔_巴西国家石油_CADLR_9页_101kb

Event: Weekly Global Energy Conference Call
Date & Time: Monday, 19 May 2025, 10:00 AM EDT / 3:00 PM BST / 4:00 PM CEST (Duration: 30 minutes)
Topic: Latest developments in the energy macro environment, feedback on recent research, expert events, marketing/tradeshows, and a poll question.

Key Discussion Points:

• Energy Macro & Sector Updates: Latest trends including JEDI (Just Energy Transition Initiative) impacts, trading dynamics, Oil & Gas (IOCs/E&P), LNG, Shipping, BP, TTE, PBR, CADLR.
• Research Feedback: Reviews include newly published reports from key analysts (Glaxo, Anthony Linton, etc.), focusing on refining, natural gas inventory, and refining margins.
• Company Highlights:
  • BP/LN: Downgrade to "Hold" due to postponed Paradise project.
  • PBR: Upgrade to "Buy" after cost-cutting measures.
  • CADLR: Market preview indicates reduced vessel activity before spring leap.
  • ENI: Initial view on selling stake in Plenitude.
  • Eni: Current price €13.32.

Analyst Notes:

• Omar Nokta: Alpha generation difficult; refining leads; LNG outlook for closing trade gaps.
• Mark Wilson: European E&P segments, with a spotlight on preferred names.
• Lloyd Byrne: US Energy Research updates.
• Giacomo Romeo: European Integrated Energy insights.

Ratings & Valuation (Recent Updates):

• BP/ LN: $30.11, Hold
• PBR: $12.02, BUY
• CADLR: NOK50.95, BUY
• Eni (ENI IM): €13.32, BUY

Next Steps:
Limited availability of key equity names, including newly issued "Underperform," "Hold," and additional "Buy" ratings for Norway Natural Gas (VAR), Eni, Vallourec (VK FP), etc. Register for upcoming discussions via provided links.

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**Disclaimer:** Unrestricted to Jefferies customers; disclosures on pages 3-9 of the full report.