ATHL, ENQ.L, HERO, Surgutneftegaz. Tecnicas Reunidas, WPL.AX, Independent Refiners, Iraq,
Athlon Energy (ATHL)
35% Upside to Our $54 Target Price; Upgrade to Buy
19 May 2014 ¦ 19 pages ir.citi.com
We are revisiting our Athlon thesis post the firm’s acquisition announcement and
initial Howard Co. horizontal well results. Our production forecasts rise dramatically
as we materially reduce our prior horizontal drilling discount rate. We are upgrading
shares from Neutral to Buy; seeing 35% upside to our revised $54 target price.
John Nelson | Robert S Morris
EnQuest (ENQ.L)
"Buyers Market" Good for EnQuest
21 May 2014 sendspace.com
Hercules Offshore (HERO)
The Only Way They Would Order a Newbuild
20 May 2014 sendspace.com
Surgutneftegaz(pref) (SNGS_P.MM)
SurgutNG pref dividend 3.9x better than that for ord
19 May 2014 ¦ 8 pages ir.citi.com
On Friday SurgutNG’s BoD recommended dividends of RUB2.36 per preferred
share and RUB0.6 per ordinary share. The preferred recommendation is in-line
with our forecast, a straightforward calculation given the reported RAS net
income for 2013 and the strict guidelines laid out in the company’s charter
effectively requiring a 40% payout of pro-rata EPS to the preferred. The ex-
dividend date announced by the company is set at July 16, which falls in the 10-
20 day period after the AGM stipulated under Russia’s new regulations on
dividends.
Tecnicas Reunidas (TRE.MC)
Steady delivery, Record backlog
20 May 2014 ¦ 10 pages ir.citi.com
Woodside Petroleum (WPL.AX / WPL AU)
Something special for us?
21 May 2014 sendspace.com
Independent Refiners
2Q Tracker: Solid in Gulf, Strong Out West
21 May 2014 sendspace.com
Iraq Macro Flash
Preliminary election results suggest a unity government will emerge: positive for an oil and budget deal
19 May 2014 ¦ 5 pages ir.citi.com
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OT: Citi GPS: DISRUPTIVE INNOVATIONS II
Ten More Things to Stop and Think About
May 2014 ir.citi.com
In Disruptive Innovations II, we revisit the idea that disruption is not just reserved
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.
OT: Small/Mid Cap Topics
Still Expecting Growth Differentiation
20 May 2014 ¦ 20 pages ir.citi.com |
