CAM, CKH, CPG.TO, DO, FTI, HERO, HP, INPEX, OII, PetroChina, PFC.L, PRE.TO, RDC, TECF.PA,
Proj-economics - Gorgon LNG,
Central Asian E&P.
US EIA Petroleum Statistics,
Q1 Utility Earnings Sneak Peek
Cameron International Corp. (CAM)
Regains Some Street Credit
24 April 2014 sendspace.com
SEACOR Holdings (CKH)
A Look Under the Hood
24 April 2014 sendspace.com
SEACOR Holdings (CKH)
OSVs Continue to Be a Thorn in the Side
24 April 2014 sendspace.com
Crescent Point Energy Corp (CPG.TO)
Acquisition Expands Torquay Footprint
23 April 2014 sendspace.com
Diamond Offshore Drilling, Inc (DO)
Waiting For Distressed Resale Opportunities
24 April 2014 sendspace.com
FMC Technologies, Inc. (FTI)
Knocking on Heaven's Door (stock price)
23 April 2014 sendspace.com
Hercules Offshore (HERO)
Waiting on a Shallow Water Pickup
23 April 2014 sendspace.com
Helmerich & Payne, Inc. (HP)
Dealing with High Expectations
24 April 2014 sendspace.com
INPEX Corporation (1605 / 1605 JP)
Ichthys – Inching ever closer
24 April 2014 sendspace.com
Oceaneering Intl, Inc. (OII)
Maintain Neutral, TP to $74
24 April 2014 sendspace.com
PetroChina (0857.HK)
1Q14 EPS In-Line, Down 5% Y/Y as Lower E&P Was Partly Offset
by Stronger Refining & Marketing
25 April 2014 ¦ 21 pages ir.citi.com
Petrofac (PFC.L)
Middle Eastern Promise
25 April 2014 sendspace.com
Pacific Rubiales (PRE.TO)
Production Down and Costs Up; Decrease TP
23 April 2014 sendspace.com
Rowan Companies (RDC)
Aramco Options Add ~$200M in JU Backlog
23 April 2014 sendspace.com
Technip (TECF.PA)
A great day at the office
24 April 2014 sendspace.com
Proj-economics - Gorgon LNG
24 April 2014 sendspace.com
This is the first of our series of 'Proj-economics' – a new product that looks at
key projects in the Majors' portfolio once a month/quarter. In this report, we look
at Gorgon LNG in Australia. This giant LNG project, operated by CVX in
partnership with RDS and XOM, is likely to start up in mid-2015.
Central Asian E&P
Independents’ Day
24 April 2014 ¦ 38 pages ir.citi.com
We update our view on the Central Asian E&P sector and identify key investment
themes for 2H14, namely: i) independents over NOCs, ii) growth over value, iii)
investability improvement and iv) exposure to rising geopolitical risk premiums.
Our Top Pick is Dragon Oil, which we believe provides a unique combination of
growth and value and looks well positioned to rally on the back of an imminent
resumption of growth from 2H14. Nostrum O&G remains a Buy, but we see
liquidity improvement and growth de-risking as prerequisites to any re-rating. We
have KMG EP at Neutral despite, in our view, a cheap valuation and generous
dividends, as risks outweigh positives
US EIA Petroleum Statistics
Four score and three years ago were US crude stocks ever higher?
23 April 2014 ¦ 27 pages ir.citi.com
Crude stocks in the US continued to rise to 83-year highs as imports remained
strong; combined with the highest domestic productionsince 1988, supply
overwhelmed refinery runs. Crude inventories continued to shift from the inland
to the US Gulf Coast; the crude hub of Cushing, OK was able to draw 788-k bbls.
PADD III stocks continued their rise to new heights, to just below 210-m bbls, as
refinery runs rose to near last year’s highs of 8.5-m b/d, but imports also stayed
at a robust 3.8-m b/d.
Q1 Utility Earnings Sneak Peek
Weather and Commodity Prices
Will Drive Results; We Continue to Be Selective with Utilities and
See Further M&A Opportunities
24 April 2014 ¦ 136 pages ir.citi.com |
