EFTA Document EFTA01367347

31 May 2015 Integrated Oil US Integrated Oils Updated Equities Outlook Getting a Bit Defensive Given the relatively cautious medium-term oil price outlook, our preference remains largely for names whose combination of asset quality and balance sheet allow them to support moderate, capital efficient growth within a moderate oil price environment. We upgrade OXY to BUY and downgrade HES to HOLD (additional color within). Other preferred names include MRO, DVN, EOG. Figure 471 Key metric