BMO BMO oil and gas analyst Randy Ollenberger has lowered cash flow and profit estimates for his coverage,
“In conjunction with our 2025 Outlook report, we are revising our estimates for the North American O&G group, U.S. refiners, and Canadian OFS companies. We are generally lowering our 2025 financial estimates for the North American oil and gas group to reflect slightly lower crude oil price assumptions. Our CFPS [cash flow per share] estimates for the Canadian and U.S. large cap groups decrease by 4.0% and 4.4%, respectively, and our CFPS estimates for the Canadian and U.S. SMIDs decrease by 3.5% and 3.8%, respectively … Commodity Price Update. We are lowering our Brent/WTI price assumptions to roughly US$77/US$73 per barrel in 2025 and US$83/US$79 for 2026. For Henry Hub, our forecasts are largely unchanged at US$3.08/MMbtu in 2025 and US$3.50 for 2026 … Our top recommendations amongst the producers are ARX, ATH, COP, EXE, HWX, MEG, NVA, PR, and SU; BKR, CEU, and EFX for the oil field services names; and VLO for the refiners”