ANR. KAR.AX, NOV, ORG.AX, PNG LNG, Tatneft, TTI, Tullow Oil,
Alpha Natural Resources (ANR)
High Yield Credit
Moving Senior Notes to Neutral from Sell, Initiating on 2nd Liens with Buy
3 June 2014 ¦ 14 pages ir.citi.com
Karoon Gas Australia Limited (KAR.AX)
Poseidon Browse asset sale, just in time to avoid equity raising
4 June 2014 ¦ 12 pages ir.citi.com
National Oilwell Varco (NOV)
Reinstating Coverage with an Outperform
05 June 2014 sendspace.com
Origin Energy Ltd (ORG.AX)
Poseidon acquisition adds to long-dated growth pipeline
4 June 2014 ¦ 11 pages ir.citi.com
PNG LNG — Faster Ramp-Up but Sell OSH on Valuation, Buy STO on Growth
4 June 2014 ¦ 14 pages ir.citi.com
OSH has raised CY14 prod. guidance to 17-20mmboe from 14.5-17.5mmboe due
to an expectation of a faster ramp-up of PNG LNG and also revised total CY14
Opex guidance down to US$18-22/boe (prev US$21-26/boe). We have lowered
our estimate from US$21/boe to ~US$19/boe which is a function of increased
production against a largely fixed cost base and not a change in our view of long
term production costs which we think are US$11/boe for PNG LNG from June
2015. Maintain Sell for OSH and Buy for STO.
Tatneft (TATN.MM)
Tatarstan field trip reveals significant CAPEX plans
3 June 2014 ¦ 8 pages ir.citi.com
Tetra Technologies, Inc. (TTI)
Update & Potential Catalyst (Hurricane Season)
04 June 2014 sendspace.com
Tullow Oil (TLW.L)
Detailed Review of Tullow’s E&P Portfolio ahead of its CMD
4 June 2014 ¦ 22 pages ir.citi.com
We take a detailed look at Tullow's asset portfolio ahead of its Capital Market's
Day on 25th June, and slight adjustments to our model result in a small cut in our
price target, from £9.53 to £9.35. The shares have de-rated over the last two
years, but we still believe the Tullow trades at a 17% premium to our European
E&P coverage and continue to discount value for future exploration success. We
maintain our Neutral rating. |
