Unocal (NR): Updating estimates
Goldman Sachs July 31, 2005
We are updating our 3Q and 4Q 2005, as well as our full-year 2005-2010 EPS estimates for Unocal. Our 3Q and 4Q 2005 EPS estimates now stand at $1.44 ($1.50 before) and $1.57 ($1.66 before), respectively. Our updated full- year EPS estimates are $6.40 ($6.47 before) for 2005E, $6.37 ($6.55 before) for 2006E, $2.30 ($2.20 before) for 2007 normalized, $2.58 ($2.47 before) for 2008N, $2.70 ($2.62 before) for 2009N, and $2.67 ($2.54 before) for 2010N. Our updated EPS estimates reflect actual 2Q 2005 reported results, planned maintenance turnaround in 3Q for the West Seno field, divestiture of Unocal's Northrock Resources Canadian subsidiary, and minor other adjustments. Unocal reported clean 2Q 2005 EPS of $1.77, ahead of the $1.63 First Call consensus and our $1.70 forecast. Exhibit 1 shows our summary model for Unocal.
I, Arjun Murti, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. |
