瑞银全球油气研究团队发布全球油气板块估值表（截至2026年9月21日收盘），覆盖印度、欧洲、北美、中东、亚太、拉美等地区的一体化油企、勘探生产（E&P）、炼化、油服及新能源（氢能、生物燃料）公司，给出目标价、评级与EV/DACF、EV/EBITDA、P/E、FCF收益率、股息率等估值指标。宏观假设方面，预计布伦特原油2026E均价83.74美元/桶、2027E为75美元/桶，WTI分别为79.22与71美元/桶；亨利港气价2026E为3.39美元/Mbtu；欧洲综合炼油毛利2026E达17.96美元/桶，美国27.52美元/桶，2027E回落至7.44与18.37美元/桶。
This UBS Global Oil & Gas valuation sheet (priced at the close of 21 September 2026) covers integrated oil companies, E&Ps, refiners, oilfield services and new-energy (hydrogen, biofuels) names across India, Europe, North America, the Middle East, Asia-Pacific and Latin America, providing target prices, ratings and valuation metrics including EV/DACF, EV/EBITDA, P/E, FCF yield and dividend yield. UBS macro assumptions imply Brent of $83.74/bbl in 2026E and $75/bbl in 2027E, WTI of $79.22 and $71/bbl, Henry Hub at $3.39/Mbtu in 2026E, and composite refining margins of $17.96/bbl (Europe) and $27.52/bbl (US) in 2026E, easing to $7.44 and $18.37/bbl in 2027E. Ratings are skewed to Buy, including BP (675p, +24%), ExxonMobil ($174, +10%), Chevron ($220, +8%), TotalEnergies (€88, +12%), Eni (€28, +19%), Galp (€25, +15%), Cenovus (C$52, +17%) and Suncor (C$103, +9%), while Shell, Equinor, Repsol and Saudi Aramco are rated Neutral. In emerging markets, PetroChina's target is HK$12.80 (+35%) an