ACI, CNOOC, HAL, LAM.L, OSH.AX, RICE,
The Wettest Drought on Record,
Electric Utilities Sector Bi-Weekly,
China Commodities Trade Data
Arch Coal (ACI)
Lowering Estimates, No Benefits Yet from Stronger Thermal Markets
22 April 2014 ¦ 11 pages ir.citi.com
CNOOC (0883.HK)
1Q14 Numbers Indicate CNOOC Is on Track to Hit Full-Year
Volume Guidance, but Highlights Risk to FY14 Consensus EPS
22 April 2014 ¦ 14 pages ir.citi.com
Halliburton Co (HAL)
HAL Is Bullish on North America
21 April 2014 ¦ 20 pages ir.citi.com
In contrast to the cautious optimism communicated by SLB and BHI with respect
to the North America market outlook, HAL went much further. CEO Dave Lesar
said today that he feels the momentum turning positive and he can actually see it
happening. Although its U.S. operations were impacted by severe weather in
January and February, HAL saw a burst of activity in March and this has carried
over into April. Hydraulic fracturing capacity tightened faster than expected and
HAL now believes that it will be working at full utilization through the rest of the
year. Average job size is increasing and average fluid volume pumped per well is
up 30% in 2014.
Lamprell (LAM.L)
Under Promise, Over Deliver. Upgrade to Buy.
22 April 2014 ¦ 11 pages ir.citi.com
Oil Search Ltd (OSH.AX)
PNG LNG Executing Well, Maintain Sell
22 April 2014 ¦ 14 pages ir.citi.com
Rice Energy Inc (RICE)
Adjusting Q1’14 Estimates Based On Disclosed Realizations
22 April 2014 ¦ 8 pages ir.citi.com
The Wettest Drought on Record — Despite Supposed Industry
Austerity, European OFS set for Record Order Intake in 1H
23 April 2014 ¦ 11 pages ir.citi.com
Financial austerity has been a dominant message from IOCs over the last six
months, and the equity market has looked to pre-empt the impact of ‘financial
discipline’ in an expected slowdown in oil services activity (Euro Services have
underperformed the market by 15% over the last six months). But what signs of
softening activity? Order intake year-to-date for the Services industry suggests
1H14 will be a record.
Electric Utilities Sector Bi-Weekly
Tracking Changes in Power, Spreads and Commodities
20 April 2014 ¦ 50 pages ir.citi.com
China Commodities Trade Data
Weak Demand Hits Petroleum, Agricultural Flows
21 April 2014 ¦ 11 pages ir.citi.com |
