We lower our 2019 average Brent oil price base case assumption from USD75/bbl to USD70/bbl. A lower oil price assumption negatively impacts three of the seven stocks under our coverage in the O&G sector. For GAS, we cut our 2019 earnings forecast by 4.4% and target price by 4.6%. For PVD, we cut our 2019 earnings forecast and target price by 4.0% and 4.2%, respectively.