ARLP, BPT.AX, CNE.L, EDCLq.L, GTE, HES, IMO.TO, KEX, PBR, SNGS.MM,
European Oilfield Services,
BG’s Egyptian woes benefits Gazprom
ARLP and AHGP
4Q Beat and Strong 2014 Guidance, But Slow White Oak Ramp
29 January 2014 ¦ 15 pages ir.citi.com
Beach Energy (BPT.AX / BPT AU)
Cooper oil drives up FY14 guidance
30 January 2014 sendspace.com
Cairn Energy (CNE.L)
Uncertainty in India. TP cut, O/P retained
30 January 2014 sendspace.com
Eurasia Drilling (EDCLq.L)
2014 Outlook: First Take Negative
28 January 2014 ¦ 9 pages ir.citi.com
Eurasia Drilling has just released its 2014 outlook and update on 2013 financial
performance, which we see as negative at first glance: i) 2013 results fell slightly
short (-2%) of the recent guidance, ii) against expectations, 2014E outlook
implies flat EBITDA in USD terms (and limited 7% growth in ruble terms), and iii)
the press release revealed toughening negotiations with Rosneft. We rate EDC
shares Neutral and prefer TMK and CAToil as ways to play the structural demand
growth led by growing complexity of the Russian reserves base.
Gran Tierra (GTE)
Peru Exploration Sets up Big 2015
30 January 2014 sendspace.com
GTE provided a resource update for its top four prospects in Peru, which combined for ~1.7 billion barrels of prospective oil resources that are likely to be drilled in 2015. This is above and beyond the success already attained at Bretana and implies that 2015 could be another big year for GTE. Success in Colombia continues to provide the CF to fund exploration. We maintain our OP rating and TP US$9.75. GTE is our preferred name in S. America.
Hess Corporation (HES)
Earnings Sticker Shock, But Growth and High Multiple Disposals to Come
30 January 2014 sendspace.com
Imperial Oil Ltd (IMO.TO)
First Read: Q4 Beat Driven by Downstream
30 January 2014 sendspace.com
Kirby Corporation (KEX)
Guidance Looks Good
29 January 2014 sendspace.com
Petrobras (PBR)
The value trap dilemma
30 January 2014 sendspace.com
Surgutneftegaz
Prefs should trade at a premium; Best port in a weak-rouble storm
29 January 2014 ¦ 19 pages ir.citi.com
We make our long-held opinion – that SurgutNG’s pref should trade at a premium
to the ord – explicit in our recommendations. We now target the pref to trade at a
30% premium to the ord instead of a discount, lowering our ord target price in the
process to $0.88/sh and downgrading it to Neutral. We see SurgutNG’s preferred
share as the best play in Russian oil & gas on a weakening rouble, and remains
one of our two favoured stocks among the blue chips.
European Oilfield Services
A waiting game
30 January 2014, 33 pages sendspace.com
BG’s Egyptian woes a part of why European
supply/demand balance improving
Alert: How Gazprom benefits from Egyptian LNG declines
28 January 2014 ¦ 10 pages ir.citi.com |
