Change in Auditors

Upstream oil revenues surge with crude prices

Pure upstream exposure benefits from higher crude

Defence shipbuilding demand rises

Aerospace and defence demand accelerates

Electronics defence procurement rises

Aviation fuel accounts for 35-40% of operating costs

Thin margins make airlines most vulnerable to fuel shocks

Crude-linked raw material costs compress margins

Petrochemical input costs rise, auto demand softens

Petrochemical feedstock cost escalation