BG.L, BTU, BWP, COG, EQT, FET, GAZP.MM, HP, JAPEX. LKOH.MM, NBL, NBR, NS, OSH.AX, PTEN, PTTEP.BK, SPMI.M, Sinopec, SPN, STO.AX, SU.TO, TRMKq.L, WFT, WPL.AX,
European Refiners Bi-Monthly
Asian Drill Bits,
SMID Cap “Rap”
Commodity Price Deck for Utility Equities
BG Group plc (BG.L)
A brief affaire
28 April 2014 sendspace.com
Peabody Energy (BTU)
Reviewing Met Cost Cut Opportunities vs Curtailment, Still Positive on US Thermal
24 April 2014 ¦ 11 pages ir.citi.com
Boardwalk Pipeline Partners, LP (BWP)
Solid 1Q Beat; UPGRADING to OUTPERFORM (from Underperform); Raising TP to $20 (from $15) on Growing Demand for Reversals; Revising EPS estimates
29 April 2014 sendspace.com
Raise to Outperform, Risks to the Upside: The bottom on BWP appears to be in. After a detailed review asset by asset, and after taking into account contract roll-offs, offset by likely contract reversals amid a growing demand for N to S pipeline capacity, we believe that BWP is likely to be capable of raising its distribution back to a normalized pay-out as early as 2017, though we have continued to assume 2018. Consequently, we have raised our estimated pay-out by $0.20/unit/year in 2018, to $1.60/year followed by $0.01/unit/Q increases through 2020, 5% increases thereafter and we have assumed a 1% terminal growth rate.
Cabot Oil & Gas Corp (COG)
Q1’14 Wrap-Up: “Confident” In Unchanged Growth Outlook
25 April 2014 ¦ 20 pages ir.citi.com
EQT Corporation/ EQT Midstream
EQT Beats on Realizations; EQM Reports In-Line Quarter
25 April 2014 ¦ 15 pages ir.citi.com
EQT (Neutral) reported EPS of $1.26, beating our estimate of $1.15 and
4consensus of $0.89 for 1Q14. The beat was driven by higher than expected
realizations and lower DD&A. EQM (Buy) reported 1Q14 adj. EBITDA of $41.1
mil compared to our forecast of $41.3 mil and consensus of $38.7 mil for the
quarter. Distributable cash of $38.9 mil was higher than our forecast of $37.5 mil
primarily due to lower than expected maintenance capex.
Forum Energy Technologies, Inc. (FET)
Marching in the Right Direction
28 April 2014 sendspace.com
Forum Energy Technologies, Inc. (FET)
Record Orders for a Second Consecutive Quarter
27 April 2014 ¦ 12 pages ir.citi.com
For the first quarter of 2014 Forum reported record orders of $486 million, up
26% from both the fourth quarter and the first quarter of 2013. The company
indicated that the order strength was broad and encompassed all geographies
and product lines. Subsea orders were strong. Even more impressive was the
30% sequential increase in pressure pumping consumables, valves, and
production and processing systems. There is ample evidence that the North
American drilling and pressure pumping services markets are finally growing
again, which is good news for FET.
Gazprom (GAZP.MM)
Gazprom exports doing well so far, but
expect a weaker summer followed by a recovery come winter
28 April 2014 ¦ 8 pages ir.citi.com
Helmerich & Payne (HP)
Raising Estimates and Price Target
24 April 2014 ¦ 13 pages ir.citi.com
In conjunction with its first quarter earnings report HP announced that it had
received orders for 9 new FlexRigs since the start of the year, bringing the total
of new build orders to 44 for the fiscal year ending September 30, 2014. HP has
negotiated long-term contracts with customers for all 44 rigs on attractive
economic terms. The high utilization of the existing FlexRig fleet and the high
demand for new rigs clearly signals that the company’s growth trajectory is solid.
Japan Petroleum Exploration (1662)
Alert: FY3/14 guidance raised
25 April 2014 ¦ 7 pages ir.citi.com
Lukoil (LKOH.MM)
Alert: Dividends Surprise On Upside, Underline Investment Thesis
24 April 2014 ¦ 7 pages ir.citi.com
Noble Energy Inc (NBL)
Q1’14 Wrap-Up: U.S. Onshore Plays Just Keep Getting Better
25 April 2014 ¦ 19 pages ir.citi.com
Nabors Industries (NBR)
Lots of Encouraging Developments in a Weak Quarter
24 April 2014 ¦ 15 pages ir.citi.com
Nabors Industries, Ltd. (NBR)
Under Construction
25 April 2014 sendspace.com
NuStar Energy L.P./NuStar GP Holdings
Improving Financial Outlook; Raising Targets; Remain Neutral
25 April 2014 ¦ 13 pages ir.citi.com
Nustar continues to make progress in improving its coverage ratio and
strengthening its balance sheet. For 1Q’14, NS reported distributable cash flow
from continuing operations of $1.0 p/u. DCF was ~0.96 p/u after taking into
account the losses associated with the Asphalt business implying a coverage
ratio of ~0.89x. During the quarter, operations were impacted by refinery
turnarounds and lower terminal lease revenues offset by strong performance by
the fuels marketing business.
Oil Search (OSH.AX / OSH AU)
The best Train in town
28 April 2014 sendspace.com
Patterson-UTI Energy (PTEN)
Raising Estimates and Price Target
24 April 2014 ¦ 14 pages ir.citi.com
The U.S. land rig market continues to generate strong demand for new AC drive
rigs with walking systems for pad-type drilling. PTEN will build and deliver
another 17 of these rigs before year-end and all are contracted to customers.
The company is seeing demand grow for its legacy SCR rigs and has reactivated
a total of 8 rigs in the past six months, with another 12 readily available for
reactivation. The challenge for the company is the staff all of the new rigs that
are being built or reactivated with skilled workers. We have raised our EPS
estimates for 2014-16. Based on PTEN’s improving earnings outlook and the
multiple indicators of new pricing power in its two core businesses, we raise our
price target from $36 to $38.
PTT E&P (PTTEP.BK)
1Q14 Missed Estimates; High Cost Dragged Profits
28 April 2014 ¦ 10 pages ir.citi.com
Saipem (SPMI.MI)
Through the Worst
25 April 2014 ¦ 10 pages ir.citi.com
Sinopec (0386.HK)
1Q14 Results First Glance – In-Line, but
Recurring Earnings Were ~8% Better than We Expected
28 April 2014 ¦ 8 pages ir.citi.com
Superior Energy Services, Inc. (SPN)
Three Yards and a Cloud of Dust
28 April 2014 sendspace.com
Santos (STO.AX / STO AU)
A case of the heebie-BG's?
28 April 2014 sendspace.com
Suncor Energy (SU.TO)
First Read: Solid Results Driven By R&M
29 April 2014 sendspace.com
J. Frew
SU reported operating EPS/CFPS of C$1.22/1.96 beating our estimates of C$0.93/1.80 and consensus of C$0.97/1.77, respectively, based on survey responses from 18 analysts. Production of ~545 mboe/d was lower than our ~570 mboe/d and consensus of ~558 mboe/d. On a segmented basis, the largest variance versus our estimates and consensus was in the downstream segment where operating earnings of C$787 million solidly beat our C$410 million.
TMK (TRMKq.L)
Alert: 1st quarter operational results reflect slow Russian drilling
reality; Horizontal dynamics still in place, we think
24 April 2014 ¦ 7 pages ir.citi.com
Weatherford International, Inc. (WFT)
Oh Ye of Little Faith
28 April 2014 sendspace.com
Woodside Petroleum Ltd (WPL.AX)
Alert: Media speculates Leviathan deal could include Cyprus
24 April 2014 ¦ 7 pages ir.citi.com
Woodside Petroleum (WPL.AX / WPL AU)
Reassuringly expensive?
24 April 2014 sendspace.com
European Refiners Bi-Monthly
Hangover after Easter and King's day
28 April 2014 sendspace.com
Asian Drill Bits
Jackup Heavyweight Streets Ahead of Drillship Honcho
28 April 2014 ¦ 9 pages ir.citi.com
SMID Cap “Rap” — Full of Energy
25 April 2014 ¦ 23 pages ir.citi.com
The SMID indices showed modest gains over the past week, with the RMC
+1.0%and the RUT +0.6%. The R2500 finished on par with the SPX at +0.75%.
Health Care, Discretionary, Energy, Tech and Utilities all outperformed in the
RUT, while Financials and Industrials lagged. Health Care and Energy were the
strongest performers in the less dispersed RMC.
Commodity Price Deck for Utility Equities
4-23-2014 Forward Prices for Utility Equity Modeling & Analysis
25 April 2014 ¦ 7 pages ir.citi.com |
