We lower our 2019 average Brent oil price base case assumption from USD70/bbl to USD65/bbl and maintain USD70/bbl for the longer term. A lower oil price assumption negatively impacts four of the seven stocks under our coverage in the oil & gas sector. For GAS, we cut our 2019 EPS forecast by 6.7% and target price by 2.4%. For PVD, we cut our 2019 EPS earnings forecast and target price by 6.8% and 3.1%, respectively.