| | | GTE.TO, PMO.L, SPMI.MI, TLM, The Williams Complex(ity),
Gran Tierra (GTE.TO)
Positive reserves report keeps GTE on the
growth path – Reiterate Buy (H), raising target price to C$11.00/share
11 February 2014 ¦ 10 pages ir.citi.com
Raising target to C$11.00/share, maintain Buy (HR) rating — We incorporate
GTE’s 2013 year-end reserve report, which presented P2 reserves growth of
198% YoY, update oil and macro assumptions. We raise our target price to
C$11.00/share, and keep a Buy (H) rating. 2014 EPS drops from US$0.99/share
to US$0.72/share.
Pedro Medeiros | Fernando Valle
Premier Oil (PMO.L)
Time for a Spring Clean
12 February 2014 sendspace.com
Saipem (SPMI.MI)
Weak results, weak guidance
11 February 2014 sendspace.com
Talisman Energy Inc. (TLM)
First Read: Q4 CFPS + '14 Capex In Line
12 February 2014 sendspace.com
The Williams Complex(ity): Assessing the Impacts of Investor Activism
Delving into the Possibilities for WPZ, WMB, and ACMP
10 February 2014 ¦ 18 pages ir.citi.com
Citi's has created an integrated financial model that ecompasses ACMP, WPZ
and WMB to analyze recent investor activism at WMB. There are three main
objectives that appear to add value to all stakeholders: 1) de-risk and reduce the
cost of capital at WPZ; 2) fund growth opportunities with an MLP that has a low
cost of capital; and 3) increase leverage at WMB to clean-up the GP ownership
interest in ACMP. We detail our results in this report.
Louis Lazzara | John K Tysseland | Faisel Khan, CFA |
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