The energy sector has been rattled in 1H25 by President Trump's tariff wars and the rapid unwinding of OPEC+ production cuts that had been in place since 2024.
After marking-to-market SP Angel's commodity price and FX rate assumptions, we have updated the financial forecasts and NAVs across our coverage universe.
While a rising tide will lift all ships, we think that investors should back growth-orientated players and those companies with trending thematic drivers.
