After recent outperformance vs Big Oil and the market, a key results season awaits. With capex increasing in traditional and renewable end-markets, pricing improving on tightening Equipment and Services capacity, and forecasts for declining oil inventories in 2H23 pointing to pricing support for the commodity, we explore what to look for ahead of the conference calls into 4Q22 results. The upcycle is far from over, long live the upcycle! Given the sector''s sensitivity to commodity prices, we think investors are looking for conviction on the upcycle''s durability. Our analysis suggests oil investment will indeed increase, aided by low OPEC spare capacity, stalled US rig and completion growth and declining non-OPEC ex-US supply growth from 2025+, while a 100-150mtpa supply gap in LNG by 2030 provides support for gas. Customers still disciplined, but room to share more of the value We dig into EandP budgets to show how capex discipline will continue to exert pressure and be a hallmark of this upcycle. Nonetheless, there''s room to share more economic value with the supply chain on the ''best'' projects, with Oil Services pricing set to improve further this year. The sector still looks cheap Despite recent outperformance, at 4.4x EV/EBITDA (12m forward) the sector still trades at a discount of over 1x the long-term average, and we do not see earnings peaking until after 2025 (at the earliest). On 1-year forward FCF yields of c10%, the sector still lags the producers on c15%, but the gap is narrowing and we forecast mid-teens FCF yields by 2025, with supportive capex/DandA trends. How to play it? We pick Offshore and LNG We still prefer offshore and selective onshore exposure (LNG/downstream), with Subsea (+), Technip FMC (+) and SBM Offshore (+) our top picks. We remain Outperform on Technip Energies for LNG exposure and Petrofac for exposure to increased Middle East and offshore wind spending. Our target price increases reflect a more optimistic view...