| | | Aker Solutions (AKSO.OL), Antero Resources (AR), Foresight Energy LP (FELP),
Kinder Morgan, Newfield Exploration Co. (NFX),Schlumberger (SLB), Santos Ltd (STO.AX),
Technip (TECF.PA), Woodside Petroleum Ltd (WPL.AX), WorleyParsons (WOR.AX / WOR AU).
Aker Solutions (AKSO.OL)
Life-of-Field Weakness, Impairments Overshadow Subsea Strength.
Restructuring on Track.
18 July 2014 ¦ 8 pages ir.citi.com
Antero Resources (AR)
Q2 Light On Liquids Volumes; First LNG Sales Agreement Inked
17 July 2014 ¦ 9 pages ir.citi.com
Total Q2'14 Production Tops Our Forecast...
Foresight Energy LP (FELP)
Alert: Progress Controlling Hillsboro Fire; Equipment Damage Appears Unlikely
17 July 2014 ¦ 7 pages ir.citi.com
What's New – FELP reported an underground fire Monday evening at their
Hillsboro mine based on high carbon monoxide readings.
Kinder Morgan 2Q Earnings Recap
Nat Gas Opportunities Abound, Backlog Swells Again
17 July 2014 ¦ 17 pages ir.citi.com
KMI reported cash flows available for dividends of $332 mm, below our estimate
of $350 mm due to lower realized cash flows from assets at the C-corp. EPS of
$0.27 were slightly below our estimate of $0.29 on lower equity earnings. KMI
announced a sequential dividend increase of $0.01/share to $0.43/share ($1.72
annualized), up 7.5% YoY and above our $0.42/share estimate. Mgmt still expects
to meet or exceed its $1.72/share budget for declared dividends for 2014.
Faisel Khan, CFA
Newfield Exploration Co. (NFX)
Alert: Street Is Already There
17 July 2014 ¦ 7 pages ir.citi.com
Summary. Newfield pre-announced Q2’14 results ahead of expectations and
raised 2014 production and capital spending guidance.
Schlumberger (SLB)
Going for the Ring, Not a Date
21 July 2014 sendspace.com
Santos Ltd (STO.AX)
Growth Story Begins With PNG LNG Start- Up
20 July 2014 ¦ 18 pages ir.citi.com
LNG Growth Projects Showing Strong Progress — PNG LNG reported production
of 6.7PJ in the 2Q (~5.2mtpa gross run rate) which infers average capacity
utilisation of 75% from April. GLNG is >80% complete, we think project is on
track for 1st production late-2Q15 and remains on budget.
CY14 a transition year for East Coast Gas Business — Customer gas
nominations remains low but this temporary issue will disappear when LNG
demand ramps up (CY15).
2Q14 revenue 8% below Citi on lower value sales mix — With downtime at
Fletcher Finucane, & lower Carnarvon nominations offset by higher 3rd party
sales volumes. We have downgraded our EPS f/casts by 12% in CY14 given
lower 2Q12 revenues and expectations for further maintenance to Fletcher
Finucane. Our risked DCF based target price rises by ~2% from factoring in PNG
LNG debottlenecking, as done recently for OSH.
Maintain Buy, A$16.41/shr target price.
Dale Koenders | James Byrne | Vishesh Pachnanda
Technip (TECF.PA)
Burgeoning backlog
21 July 2014 sendspace.com
Woodside Petroleum Ltd (WPL.AX)
Shell buy-back vote: Franking credit focus short-sighted*
18 July 2014 ¦ 12 pages ir.citi.com
WorleyParsons (WOR.AX / WOR AU)
Aristotle vs Right Said Fred
21 July 2014 sendspace.com |
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