| | | CHK, DVN, ECA, MMP, OAS, PFC.L, PXD, REP.MC, RIG, , SXE, TLM,
US Independent Refiners,
US EIA Petroleum Statistics,
OT: Citi GPS: DISRUPTIVE INNOVATIONS II
Chesapeake Energy Corp (CHK)
Thesis Playing Out; Reiterate Buy, Price Target Raised To $3
7 May 2014 ¦ 17 pages ir.citi.com
CHK reported better-than-expected bottom-line results driven by higher-than-
project NGL volumes and higher-than-forecast natural gas price realizations.
Target price to $35 per share. Robert S Morris
Devon Energy Corp (DVN)
Q1’14 Wrap-Up: Teeing Up Opportunities To Drive Oil Growth
7 May 2014 ¦ 14 pages ir.citi.com
Devon reported better-than-expected Q1’14 bottom-line results due to higher-
than-projected mid-stream revenue along with lower-than-expected per-unit
DD&A, partially offset by lower-than-forecast natural gas production and crude oil
price realizations. Based on today’s Q1 results and updated guidance, wherein
we have raised our oil production and midstream earnings forecasts, and other
fine tuning, we have adjusted 2014 EPS/CFPS estimate, and our 12-month price
target increases to $75 (from $66) per share.
Encana Corp. (ECA)
Accelerating the Strategy...Into the Eagle Ford
07 May 2014 sendspace.com
Magellan Midstream Partners L.P (MMP)
1Q Beat On Butane Blending And Refined Product Volumes
North America | Master Limited Partnerships | Buy
MMP reported Adj EBITDA of $297.9 mil, easily beating Citi and Consensus
estimates by 30%+ driven by strength in the refined products segment, primarily
butane blending. Distributable cash flow of $253.2 mil covered paid distributions
by 1.91x. The Board had previously announced a distribution of $0.6125/unit
($2.45 annualized), up 20.7% YoY.
Faisel Khan, CFA
Oasis Petroleum Inc (OAS)
The Cooks Are in the Kitchen; Maintain Neutral & Raise Target Price to $51
8 May 2014 ¦ 16 pages ir.citi.com
Petrofac (PFC.L)
Not so flawless
9 May 2014 sendspace.com
Pioneer Natural Resources Co. (PXD)
Q1’14 Bottom-Line Beat With 2014 Outlook Still On Course
7 May 2014 ¦ 13 pages ir.citi.com
Repsol (REP.MC)
Encouraged, but uncertain
9 May 2014 sendspace.com
Transocean Inc. (RIG)
Will Fight For Fixtures
8 May 2014 sendspace.com
Southcross Energy Partners, LP (SXE)
In-line Quarter; Maintain Buy
7 May 2014 ¦ 11 pages ir.citi.com
Talisman Energy Inc (TLM)
Q1’14 Wrap-Up: Still Seeking To Lay Out The Course Ahead
8 May 2014 ¦ 16 pages ir.citi.com
US Independent Refiners
Jumping on the MLP Bandwagon (Part 2)
09 May 2014 sendspace.com
US EIA Petroleum Statistics
Bloated crude oil stockpiles manage to retreat as the US turns away more imports,
but can this be sustained?
7 May 2014 ¦ 27 pages ir.citi.com
OT: Citi GPS: DISRUPTIVE INNOVATIONS II
Ten More Things to Stop Must Read and Think About
Global Citi World Champions – The Top 50
May 2014 ir.citi.com
In Disruptive Innovations II, we revisit the idea that disruption is not just reserved Class Of 2014
for the technology sector. Instead, we find that almost every sector has some
form of disruptive innovation that is happening and is poised to change the way
the sector operates. In this report, we look at 4D Printing, Digital Banking, Digital
Currency, Digital Marketing, Electric Vehicles, Energy Storage, Immunotherapy,
Insurance Securitization, Precision Agriculture.
Erik J. Bass, CFA | Todd Bault | Andrew S Baum | Jason Channell |
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