Analyst Note
| Dave Meats, CFA |We have adjusted fair value estimates across our exploration and production coverage to account for a more constructive near-term outlook for commodity prices, resulting in an average uptick of about 5%. These changes also incorporate a revised view on U.S. corporate taxes, which was originally announced in December 2021. We now expect the U.S. corporate tax rate to remain at 21% for the foreseeable future, due to the stalling of the Build Back Better bill (we had previously expected an increase to 26%).