Boston Energy Summit Sep 27-28    Our annual Boston Energy Summit (1x1formation) will be held at the FourSeasons Sept 27-28with over 25E&Ps, Services, and Refiners confirmed. Seepage 2for a list of participating large-cap E&P, Refiners and conference details.Within, we have included questions for management for attending large-cap E&Psand independent refiners. Please email your DB representative to attend.    Return to shareholder cash return?    As evidenced by APC's (APC.N) announced share buyback program last week,investor (and by extension corporate) focus has begun to shift towards unlockinga path towards sustainably driving shareholder value (even at the expense ofgrowth), offering a sharp contrast to an industry that traditionally (and almostexclusively) captured value through accelerating the recovery of resource via thedrill-bit. We look forward to discussions with management teams on the extentto which this ideologic shift in value creation has begun to permeate board rooms(or whether it evaporates when crude passes $55/bbl), how the corporates arelikely to respond to potentially increased pressure from shareholders to dial-updistributions (and free cash flow) as well as broader implications for the macro(US oil growth), A&D, and a renewed appetite for conventional, FCF generatingassets.

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