** Citigroup says efficiency trends remain favorable for exploration and production (E&P) companies, while mergers and acquisitions (M&A) still present value creation potential
** Expects small and mid cap $(SMID)$ companies such as Permian Resources and Chord Energy to lead the E&P industry on efficiency gains in 2025, but the stock impact could be modest
** Adds "we favor PR and CHRD into 2025 given their opportunities for further operational improvements as they continue to narrow the gap with their larger-cap peers across various metrics"
** "Challenge for oil E&Ps is that the oil markets look well supplied in 2025 with downside risk to oil prices" - brokerage
** Citigroup sees upside to gas prices in 2025 as the market will call upon producers to increase investment to meet demand growth
Brokerage changes PT on the following firms:
Company New PT Old PT Upside/dow
nside to
stock's
last close
EQT Corp $51 $44 15%
Expand $115 $100 19%
Energy
Corp
Hess Corp $163 $145 13%
Range $38 $33 10%
Resources
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com;))
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