1、MNorth America InsightMorgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research.Investors should consider Morgan Stanl

2、ey Research as only a single factor in making their investment decision.For analyst certification and other important disclosures,refer to the Disclosure Section,located at the end of this report.Energy Services&EquipmentRethinking OFSE Oil Price Beta Unleashing New Services Sensitivities PlaybookTh

3、e old OFSE oil beta playbook may be stale as oil capex drives only 1/2 of revenues.As portfolios have evolved and migrated to lower risk revenue streams,we argue that earnings quality has improved and higher quality profit mix should expand multiples,all else equal.Top plays:BKR&SLB.July 21,2025 04:

4、01 AM GMTMNorth America Insight2Morgan Stanley&Co.LLCDaniel KutzEquity Analyst Dan.K ContributorsMorgan Stanley&Co.LLCNathaniel HyltonResearch Associate+1 212 761-4854 Nate.H MNorth America InsightMorgan Stanley Research36 Executive Summary:Services Sensitivities Playbook 18 Deeper Dive:OFSE Revenue

5、 Components&Sensitivities27 Summary of Morgan Stanley Energy Commodity Strategy House Views30 Appendix:Supplemental Sensitivity Analysis Contents MNorth America Insight4Rethinking OFSE Oil Price Beta Key Takeaways Whats Inside?A new approach to OFSE sensitivity analysis highlighting portfolio compon

6、ents that may offer more resilient through-cycle characteristics.Why?Oil service stocks trade with oil prices,where the outlook has degraded.Yet oil capex revs exposure is only 55%,in aggregate,for our coverage.Key Analysis?(1)Refreshed core oil portfolio analysis;(2)Deep-dive into historically less