Oil & Gas sector – Preview – [NEUTRAL] – 1Q25F Preview: Not All Smooth Sailing

Block B – O Mon is poised to become more active than ever, driven by the issuance of full LOAs for the EPCI packages, with PVS positioned as the key beneficiary. LNG consumption may pick up in 1Q25F, though not significantly, as the real breakthrough is expected in 2H25. Meanwhile, petroleum distributors like PLX could encounter short-term headwinds in 1Q25F, as volatile oil prices continue to squeeze gross margins.