Aker Solutions (AKSO.OL), Baker Hughes Inc. (BHI), Det norske oljeselskap ASA (DETNOR.OL),
Santos(STO.AX / STO AU), Woodside Petroleum Ltd (WPL.AX)
Things We Learned This Week
US EIA Petroleum Statistics
Aker Solutions (AKSO.OL)
Equity story remains intact
18 July 2014 sendspace.com
Baker Hughes Inc. (BHI)
Too Much of a Good Thing
17 July 2014 sendspace.com
Det norske oljeselskap ASA (DETNOR.OL)
No material surprises; TP unchanged
18 July 2014 sendspace.com
Santos(STO.AX / STO AU)
Focus should not be on this quarterly
18 July 2014 sendspace.com
Woodside Petroleum Ltd (WPL.AX)
Strong 2Q on Pluto Utilization and LNG Prices
17 July 2014 ¦ 16 pages ir.citi.com
Second Look at New Pluto Pricing, Continues to Suggest a Good Price — Pluto
realised an average LNG price of US$13.19/mmBtu in 2Q14, up ~20% QoQ. We
expect pricing to increase by a further 19% in 3Q14. Based on allocation of
cargoes to various customers we think new contracts LNG prices are in line with
our estimate of 14.5%. We think consensus is however assuming a lower price
(~13%).
2Q14 Revenue In line with Citi, we think 4% above Consensus — Production of
23.5mmboe, 7% above Citi est given improved reliability, notably from Pluto
which achieved an av. rate of 4.67mtpa in 2Q. Sales of 21.5mmboe was in line
with Citi given timing of cargoes at NWS, Pluto and inventory build. Revenue of
U$1,679m, 3% below Citi est given less oily sales mix.
Production Guidance Upgrade — WPL upgraded production guidance by ~2% to
89-94mmboe and provided D&A and PRRT expense guidance.
Neutral, Target Price A$45.01
Dale Koenders | James Byrne | Vishesh Pachnanda
Oilfield Services
Weekly Analysis
Things We Learned This Week
17 July 2014 sendspace.com
US EIA Petroleum Statistics
16 July 2014 ¦ 27 pages ir.citi.com
‘Another week, another record’, startles Commodities analyst Eric Lee, ‘for
soaring refinery activity jumps ahead of the new recent high in oil production
since 1986 – for now... US nationwide refineries run at record rates of 16.6-m
b/d, as the US Gulf Coast remained at highs for a second week and the
midcontinent region saw a 0.2-m b/d w/w jump in its refinery activity... this
overwhelmed a robust rise in supply, as the US crude output hit yet another
recent high of 8.6-m b/d, up 1.1-m b/d year-on-year and imports rebounded 142-k
b/d w/w to 7.4-m b/d.... the Cushing crude storage hub saw a drawdown again
after the previous week’s build, and ongoing flows suggest potentially stronger
draws this week’.
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