ICICI Securities: Oil And Gas 2021 Outlook - Vaccines To Drive Oil, LNG, Gross Refining Margin Up YoY
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ICICI Securities Report
Vaccine-driven demand recovery is likely to boost gross refining margins, oil and spot liquefied natural gas, but hit Henry Hub prices and marketing margins.
This augurs well for GAIL India Ltd.’s H2 FY21E-FY22E gas marketing and earnings outlook versus its poor showing in H1 FY21.
Indian Oil Corporations Ltd.’s FY21E earning per share would surge driven by marketing margins and inventory gains.
Its reported FY22E EPS is estimated to fall (no inventory gains), but core EPS to rise YoY.
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