| | | Caltex Australia (CTX.AX), Dragon Oil (DGO.L), Santos Ltd (STO.AX), Schlumberger (SLB), Tullow Oil (TLW.L),
US EIA Petroleum Statistics
Caltex Australia (CTX.AX)
CTX 1H14 Profit Guidance Disappoints, Maintain Sell
26 June 2014 ¦ 13 pages ir.citi.com
Dragon Oil (DGO.L)
2014 Guidance Trimmed, 2015 Target Maintained
26 June 2014 ¦ 7 pages ir.citi.com
Santos Ltd (STO.AX)
GLNG Trip Notes, It’s Hard to be a Bear
26 June 2014 ¦ 15 pages ir.citi.com
On track (late 2Q15), on budget, 80% complete. 1st gas now expected in 4Q14
(small delay from mid-CY14 due to labor productivity). 6-9month commissioning
indicates first LNG sales end-2Q15.
Schlumberger (SLB)
Open, Honest, Confident, and Impressive
27 June 2014 sendspace.com
Impressed. Schlumberger held a very impressive analyst meeting in NYC,
following the trend of a 3-year update and outlook meeting by the large cap
service industry. The humility of the presentation, with transformative efforts
across the board, by a company considered to be the best in the industry on
many metrics, including management, implies a very different and open
approach by the company. We are increasing our target price to $137 from
$120 and increasing our EPS estimates.
Tullow Oil (TLW.L)
CMD highlights long-term potential from E&P portfolio
26 June 2014 ¦ 8 pages ir.citi.com
While Tullow’s Capital Market’s Day did not offer any new targets, Tullow did provide greater
visibility on the long-term potential from its key production/ development assets in
Ghana (Jubilee and TEN) and East Africa (Uganda/Kenya) and its wider E&A
portfolio. However, with the shares trading at a c.15% premium to our valuation
of its core NAV + Kenya discoveries of 733p/share, we believe the current
valuation already discounts some value for both development upside from its
core developments and further exploration success.
US EIA Petroleum Statistics — Crude and product stocks rise on
ample supply, tepid demand; US approves minimally processed
condensate exports
June 2014 ¦ 27 pages ir.citi.com |
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