1、 JUNE 2024Benchmarking TSR PerformanceBCGs study found a wide range of TSR performance within and across energy subsectorsSource:S&P Capital IQ;BCG Center for Energy Impact analysis.Note:O&G=oil and gas;P&U=power and utilities;E&P=exploration and production;NAMR=North American;NOC=national oil compa

2、nies;ROW P&U=P&U outside Europe and North America;GenCo=generation companies.AVERAGE ANNUAL TSR,20192023(%)18242949114654819161587GlobalE&PEuropeanregulatedutilities100NOCNAMRsemi-reg.utilities1010ROWP&UIntegratedO&G/Energy1312OilfieldservicesMidstreamO&G12GenCo/Renewables6Europeansemi-reg.utilities

3、CleantechNAMRregulatedutilities95883645DownstreamO&G242016102013251822 Enphase Prio Tourmaline Petrobras Inpex JSW Tata Power CEZ Group BKW Cheniere Targa Verbund EDPRenewables Elia Group Terna Sempra Cenovus Equinor ExxonMobil BakerHughes Tenaris MarathonPetroleum Valero Hydro One SouthernCompanyTo

4、p performersPower and UtilitiesOil and GasEnergy sector average12.5%Peer group average TSRPeer group low TSR Peer group high TSRSource:S&P Capital IQ;BCG Center for Energy Impact analysis.TSR top performers generally excelled over the past five years and last year10010203090100604020020406080100Elia

5、 GroupMarathon PetroleumEquinorEnphaseSouthern CompanyPrioExxonMobilInpexTourmalineBaker HughesCheniereSempraTargaCEZCenovusTenarisVerbundBKWHydro OneValeroEDP RenewablesTernaTSR,2023(%)FIVE-YEAR AVERAGE ANNUAL TSR,20192023(%)Building momentumStructural tailwindsStructural headwindsReduced momentumJ

6、SWPetrobrasAVERAGEFIVE-YEAR TSRTata PowerTop performersOther energy companiesOne-year TSR versus average annual five-year TSR,ending December 2023 AVERAGE ONE-YEAR TSRSubsectors are facing distinct macroeconomic conditionsSource:Refinitiv,BCG Center for Energy Impact analysis.Note:Categorizations ar