| | | BHI, GENL.L, GLF, HAL, KMI, PDCE, STO.AX, WPL.AX.
US EIA Petroleum Statistics,
European E&P Insights,
Electric Utilities Sector Bi-Weekly,
Commodity Price Deck for Utility Equities,
Baker Hughes Inc. (BHI)
Getting Better All the Time
21 April 2014 sendspace.com
Genel Energy plc (GENL.L)
1Q14 - Operationally on track
22 April 2014 sendspace.com
GulfMark Offshore (GLF)
Surprisingly Optimistic Across the Board
21 April 2014 sendspace.com
Halliburton (HAL)
Hard to Fault Continued Improvement
21 April 2014 sendspace.com
Kinder Morgan 1Q Earnings Recap
Kinder Complex In-Line As Backlog Grows Further; Buy KMI
17 April 2014 ¦ 17 pages ir.citi.com
PDC Energy (PDCE)
Valuation Underappreciates Big Long-Term
Growth Plan; Reiterate Outperform
21 April 2014 sendspace.com
Santos Ltd (STO.AX)
Growth Story Holds, although CY14 Is a Year of Transition
17 April 2014 ¦ 17 pages ir.citi.com
Woodside Petroleum Ltd (WPL.AX)
1Q14 result OK, first look at new Pluto LNG prices
21 April 2014 ¦ 17 pages ir.citi.com
US EIA Petroleum Statistics
Stubbornly high crude imports join
pipeline flows from mid-continent and local production to fill Gulf
Coast storage tanks
16 April 2014 ¦ 27 pages ir.citi.com
Crude stocks built 10-m bbls as imports surged and production picked up, even
as refinery runs are elevated. Cushing stocks drew 771-k bbls, resuming its
downward trend; as the 20-m bbl level approaches, outflows need to be rationed.
The US Gulf Coast is the focus right now, with record high absolute crude stock
levels which could plateau at ~210-m bbls, but without shifts in
imports/exports/pipeline flows, stocks may not draw much into the summer, even
with refinery runs soaring.
European E&P Insights
Looking Ahead to 1Q14 Results and 1H14 Trading Updates
17 April 2014 ¦ 21 pages ir.citi.com
We preview the upcoming results and trading updates for the E&P sector in this
note. The sector has seen a disappointing start to the year with limited
exploration success and for Kurdistan-focused names increased political
uncertainty. The sector is now trading at August 2011 lows and discounting
US$78/bbl on our base NAV estimates. We continue to believe companies with
undervalued strategic resources will offer the best returns over the medium term,
and see recent weakness in Afren, Africa Oil and Genel Energy as a buying
opportunity. We have updated our forecasts and NAVs following recent
operational newsflow. We have made one minor price target change, reducing
our Tullow price target to 925p/share (from 960p/share) to incorporate an
updated view on its exploration/appraisal portfolio.
Electric Utilities Sector Bi-Weekly
Tracking Changes in Power, Spreads and Commodities
20 April 2014 ¦ 50 pages ir.citi.com
Commodity Price Deck for Utility Equities
4-16-2014 Forward Prices for Utility Equity Modeling & Analysis
18 April 2014 ¦ 7 pages ir.citi.com |
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