| | | CXO, Gazprom, HAL, PetroChina, Spectra Energy Complex,
India Oil & Gas Sector
Concho Resources Inc (CXO)
Top Smid-Cap Idea: Thesis Intact; Raise Target Price To $160
13 May 2014 ¦ 19 pages ir.citi.com
Concho reported Q1'14 results ahead of Street estimates, increased full year
production & capital guidance and raised ~$935mm in equity to fund their “2 by
3” accelerated growth plan. Since the "2 by 3" plan announcement in mid-
November, our thesis maintained the firm’s Delaware Basin assets remained
underappreciated by the market; specifically expecting strong oil growth to drive
rapid multiple compression in both 2015 & 2016. The firm’s implicit 2H’14
sequential growth targets are inline with the sequential run-rate previously baked
into our 2015 forecasts, while the announcement of additional 2014 spending
could cause further upside. We increase our target price to $160 from $130,
maintain our Buy rating and reiterate the stock as our Top Smid-Cap Pick.
John Nelson | Robert S Morris
Gazprom (GAZP.MM)
Mr. Putin Goes to China – Valuing the Eastern Gas Program
14 May 2014 ¦ 23 pages ir.citi.com
Halliburton Co (HAL)
Alert: Citi Global Energy & Utilities Conference Highlights
13 May 2014 ¦ 7 pages ir.citi.com
PetroChina (0857.HK)
Gas Deal with Russia – Low IRR, but at Least No Big Losses
14 May 2014 ¦ 20 pages ir.citi.com
Spectra Energy Complex: 1Q14 Results
Raising SEP Target; Maintain DPM Buy; SE, SEP Neutral
13 May 2014 ¦ 17 pages ir.citi.com
SE reported $0.62 EPS in 1Q14, well ahead of consensus ($0.51) and our estimate
($0.52). Higher NGL prices, margin and volume expansion at the gathering
operations, and weather-driven usage at the distribution segment drove results.
Faisel Khan, CFA
India Oil & Gas Sector
A re-think after a 40-85% rally
15 May 2014 21 pages sendspace.com |
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