| | | CIE, GTE.TO, HAL, NE, STO.AX, VLO,
Things We've Learned This Week,
OSV Outlook
Cobalt International Energy (CIE)
Alert: Bicuar Prospect Offshore Angola Hits Oil
22 January 2014 ¦ 8 pages ir.citi.com
Gran Tierra (GTE.TO)
Reserve estimates for find in Peru double. Buy
22 January 2014 ¦ 9 pages ir.citi.com
Halliburton Co (HAL)
Earnings Beat Expectations and 2014 Outlook Remains Strong
22 January 2014 ¦ 20 pages ir.citi.com
HAL’s 4Q EPS of $0.93 beat our estimate of $0.85 and the consensus expectation of
$0.89. The company’s expectations are that Latin America will experience very weak
margins in the 1H14 and will finish the year strongly, with the operating profit margin
for the region averaging roughly 13% in 2014. On the call the guidance for LatAm
seemed to signal lower margins for '14, but this impression was later corrected by
mgmt in subsequent conversations with analysts and investors.
Noble Corporation (NE)
Challenging Near Term Outlook - Nothing New
Lowering DCF TP to $48 (from $50).
23 January 2014 sendspace.com
Santos Ltd (STO.AX)
OK result, LNG growth on track, but reserves downgrade to come
23 January 2014 ¦ 17 pages ir.citi.com
4Q13 Production & Sales were in line with Citi est, Revenue of A$1,065m was
7% above Citi estimate given higher 3rd party oil sales. GLNG is now >72%
complete, PNG >90% complete, with both projects making good progress
towards first LNG from GLNG in 1Q15 and from PNG LNG in 3Q14. STO has
increased CY13 D&A guidance, which we estimate implies ~A$250m increased
capex, ~10mmboe reserves downgrade, and possible impairment to WA & NT
non-operated assets. Maintain Buy, A$17.03/shr target price.
Valero Energy Corp (VLO)
Interim Update Points to EPS Beat; Dividend Up 11%; Buy
22 January 2014 ¦ 14 pages ir.citi.com
In its interim update, VLO stated that it expects 4Q’13 adjusted EPS to be
between $1.60 and $1.80. The mid-point of this estimate is ~75% higher than
consensus of $0.96 p/s and ~60% higher than our estimate of $1.06 p/s. The
guidance is adjusted for a ~$0.60 p/s gain as a result of the disposition of VLO’s
remaining interest in CST Brands.
Valero Energy Corporation (VLO)
Explaining the Beat, Q4/Q1 Could be the Peak
of Near Term Profitability
23 January 2014 sendspace.com
Oilfield Services & Equipment
Things We've Learned This Week
23 January 2014 sendspace.com
OSV Outlook
Soft Patch in Utilization in GoM For Now
24 January 2014 sendspace.com |
|
