| | | Anadarko Petroleum Corp. (APC), Forum Energy Technologies, Inc. (FET), Oil Search Ltd (OSH.AX), Saipem (SPMI.MI),
ETF Perspectives
Anadarko Petroleum Corp. (APC)
The 'Thomas Edison of Shale': Meaningful
Target Price Raise on Looming Minerals Move
28 July 2014 sendspace.com
Our take: We believe APC is evaluating options to accelerate value from its vast
minerals stake, which we believe is one of the most under-appreciated assets in
E&P. There are several clues, which suggest value acceleration could be in the
form of a forward sale of its Rockies minerals cash flows vs. an IPO. Our
analysis suggests a forward sale could drive $6.1 billion, or $12.20/share, of
value. The risk to our call is management inaction, but APC's body of value
acceleration work under Al Walker's regime suggests this is a risk worth taking.
Another risk to our thesis is the potential for a widespread frack ban in Colorado
Forum Energy Technologies, Inc. (FET)
Sticking to the Game Plan
25 July 2014 sendspace.com
Oil Search Ltd (OSH.AX)
Cost Curve Analysis Infers Limit to Expansion
25 July 2014 ¦ 19 pages ir.citi.com
Hides Upside to be Defined Shortly
Based on our review of Hides depth contour mapping, we estimate 1.8 – 2.9tcf of
gas upside at Hides, which we think is slightly less than market expectations.
Hides PWD well will help define expected upside to the Hides 2P reserves by
September.
Capex Benchmarking and Cost Curve Analysis infers Limitations for Expansion
Opportunities
We have used a detailed benchmarking analysis of PNG LNG budget to then
define a cost curve for known gas resources in PNG. We expect both Hides and
P'nyang will be required to underpin T3 given XOM market on a 1P basis, and
Antelope will underpin a further 2 train development, but remaining gas
resources are high cost and marginal if developed to underpin expansion trains.
Gas resources could be used as backfill, but the long dated nature has lower
value.
Maintain Sell, target price A$8.40/shr
Dale Koenders | James Byrne | Vishesh Pachnanda
Saipem (SPMI.MI)
Still lacking clarity
28 July 2014 sendspace.com
ETF Perspectives
Identifying Inflation Connections
24 July 2014 ir.citi.com
Not for Distribution to Non-QIBs and/or Retail Clients.
So shield your eyes, don't look. |
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