EFTA Document EFTA01367325

31 May 2015 Integrated Oil US Integrated Oils What does it mean for the stool. s> For the equities, the debate centers on the pace of the recovery in crude price, and how soon should investors pay for it. Given what we view as a rather tepid recovery in crude over the next 18-24 months, (followed by significant long- term strength), and relatively aggressive current implied valuations (sector discounting $75/bbl+), we remain focused on names that have the asset quality and balance sheet