AKSO.OL, CRZO, DNR, EMES, EQT & EQM, HFC, LTS.TO, MRO, MTDR, OXY, RDC, RIG, TRP.TO, WNR & NTI,
US Independent Refiners
Aker Solutions (AKSO.OL)
When breaking up is easy
6 May 2014 sendspace.com
Carrizo Oil & Gas Inc. (CRZO)
Improved Eagle Ford Driving Oil Growth
06 May 2014 sendspace.com
Denbury Resources, Inc. (DNR)
Alert: Neutral Q1’14 Results; FCF After Dividend Now Seen In ‘14
6 May 2014 ¦ 7 pages ir.citi.com
Emerge Energy Services LP (EMES)
Solid Q1, with Progress on New Plants Continuing to Move Along
6 May 2014 ¦ 11 pages ir.citi.com
EMES reported Q1-14 adj. EBITDA of $28 mil, which beat both our estimate of
$27.1 mil by ~13.6% and the consensus estimate of $24.4 mil by ~14.7%. While
sand revenues came in higher than expected, overall sand gross margins missed
primarily due to higher than expected O&M costs. This was more than offset by
outperformance from the fuel segment, as gross margins beat expectations
based on higher sales volumes from transmix production and stronger wholesale
margins, particularly in Birmingham. Distributable cash flow for the quarter of
$25.1 mil was ~2.7% higher than our estimate of $24.4 and ~7.7% higher than
the consensus estimate of $23.3 mil.
Faisel Khan, CFA
EQT Corporation/ EQT Midstream
EQT Enters Permian; EQM Announces a Sizeable Dropdown
6 May 2014 ¦ 10 pages ir.citi.com
HollyFrontier Corporation (HFC)
EPS In-line; Special Dividends Continue
6 May 2014 ¦ 10 pages ir.citi.com
Lightstream Resources Ltd (LTS.TO)
Deleveraging is Key; Increasing TP
06 May 2014 sendspace.com
Marathon Oil Corp (MRO)
Q1’14 EPS Beat on Lower Exploration Expense; CFPS In Line
7 May 2014 ¦ 17 pages ir.citi.com
Marathon Oil Corp (MRO)
Walking the Chalk: Acceleration and Upside in
the Eagle Ford, Bakken and SCOOP
8 May 2014 sendspace.com
Matador Resources Co (MTDR)
Alert: Raising ’14 Production & Spending Guidance
7 May 2014 ¦ 7 pages ir.citi.com
Occidental Petroleum (OXY)
Through the Restructuring Noise, 2015 Should be Better
06 May 2014 sendspace.com
Rowan Companies plc (RDC)
EPS Beat Expectations; Deepwater Era Begins for RDC
6 May 2014 ¦ 11 pages ir.citi.com
Rowan Companies (RDC)
High End Rigs Help in Downcycle
06 May 2014 sendspace.com
Transocean Inc. (RIG)
Trying to Play All The Angles
05 May 2014 sendspace.com
TransCanada Corp (TRP.TO)
Results: 1Q Beat; Power, Keystone Volumes & Weather Tailwinds
6 May 2014 ¦ 8 pages ir.citi.com
Western Refining & Northern Tier Energy
Strong NTI results filter through to WNR; NTI Buy; WNR Neutral
6 May 2014 ¦ 15 pages ir.citi.com
WNR reported 1Q adjusted EPS of $0.44, above our estimate of $0.28 on higher
earnings from NTI and larger realized hedging gain ($16.5mm vs.$5.2mm). The
midstream assets through WNRL (Operating Income: $11.4 vs. $10.9mm) &
Wholesale assets (Operating Income: $33.2 vs. $31.8mm) also performed
slightly better than our expectations. NTI's refining margin & throughput
exceeded our expectations.
Mohit Bhardwaj | Faisel Khan, CFA
US Independent Refiners
WNR/HFC: The Permian Party Continues
07 May 2014 sendspace.com |
