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Gold/Mining/Energy : Big Dog's Boom Boom Room

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LoneClone
To: Dennis Roth who wrote (181066)1/9/2014 6:43:20 AM
From: Dennis Roth2 Recommendations   of 206159
 
Oil Insights
Euro Big Oil 4Q13 Looks Another Tough Quarter and Highlights Much-Needed Change
7 January 2014 ¦ 9 pages PPF6.pdf

Euro Big Oil has now underperformed European markets over the last 1, 3 and 5
years. Criticism we receive on our cautious sector stance is that this view is now
‘consensual’. Perhaps fair, but equally it is difficult to find the areas of excellence
that can see the group outperform. We see 4Q13 results as another challenging
quarter. FY2013E ROCE is forecast to have fallen to 7.7%, some 200 bps lower
than 3 years ago, a result that looks worse than we forecast it would be back in
January 2011.
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