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To: Dennis Roth who wrote (182560)	2/11/2014 10:26:45 AM
From: Dennis Roth	2 Recommendations Recommended By evestor LoneClone Read Replies (1) \| Respond to of 206181

AMID, APA, AUT.AX, FET, FTI, GTE, HERO, PDH, STL.OL, TTI, WPL.AX. Electric Utilities Sector Bi-Weekly American Midstream Partners LP (AMID) Organic Opps Could Drive Growth In Years Ahead 9 February 2014 ¦ 12 pages ir.citi.com AMID’s future growth will be driven primarily by acquisitions and expansions around its recently acquired assets. AMID has outlined a 2014 capital budget of ~$70 mil towards projects such as incremental capacity at Blackwater’s Harvey site and expansion of the PVA gathering system, along with the expected dropdown of Eagle Ford infrastructure assets later in 2013. Assuming base asset cash flows remain stable, AMID could achieve mid-to-low single digit distribution growth over the next few years. TP up to $26 from $18 on lower target yield. John K Tysseland Apache Corp. (APA) Extended Duration to Free Cash Flow Inflection: DOWNGRADING to NEUTRAL (from Outperform); Lowering Estimates and Target Price to $102 (from $104) 11 February 2014 sendspace.com Downgrading to Neutral: We are downgrading APA shares to Neutral from Outperform and lowering our target price to $102 from $104 per share. While APA shares trade at discounted cash flow multiples versus its peers, we believe this discount may persist as APA isn't poised to reach a free cash flow inflection point until '17. Meanwhile, it appears the company's 'self-help' initiatives, which added value, are largely in the rear-view mirror. Aurora Oil & Gas Limited (AUT.AX) Management unanimously supports A$4.10/shr take-over 7 February 2014 ¦ 9 pages ir.citi.com Baytex has proposed an acquisition of AUT via a scheme of arrangement, priced at A$4.10/shr. The Scheme Consideration represents a 56% premium to the last traded price, and a ~21% premium to our A$3.40/shr risk adjusted DCF valuation. At A$4.10/shr, Aurora trades at a 6.4x EV/EBITDA CY14, higher than peers which typically trade at 4-5x. We think the deal highlights the value of Sugarloaf for AWE, AWE trades at a significant discount to our A$2.36 DCF, and is out top pick in the small cap space. Dale Koenders Forum Energy Technologies, Inc. (FET) Getting the House in Order for Growth in 2014 9 February 2014 ¦ 14 pages ir.citi.com After a string of bolt-on acquisitions, FET now appears to be refocusing internally to mitigate the disruptive margin impacts of the kinds of unexpected project delays and execution issues that the industry has struggled to contain in recent quarters. Management has conservatively assumed a flat North American rig count, so any strengthening of domestic drilling activity should provide upside. We believe the company is positioned for growth across all of its product lines in 2014. Robin Shoemaker \| Mark Brown, CFA FMC Technologies (FTI) Subsea Margins Improving But 2014 EPS The Week Ahead: North America Guidance Disappoints 10 February 2014 ¦ 14 pages ir.citi.com FTI reported strong 4Q13 results but set EPS guidance for 2014 in a range that was generally below consensus expectations. The good news is that the long- awaited uptick in subsea margins finally came through. We have trimmed our EPS expectations for 2014 and 2015 and have lowered our price target from $66 to $63. We keep our Buy rating, however, because we believe the slower pace of growth in fully discounted in the current share price. Robin Shoemaker \| Mark Brown, CFA Gran Tierra (GTE) Year End Reserves and Production Inline 10 February 2014 sendspace.com Hercules Offshore Inc (HERO) Less Constructive on Post-2014 Contract Renewal Uncertainties 10 February 2014 ¦ 12 pages ir.citi.com Petrologistics L.P. (PDH) Feel the Propane Pinch, but a Healthy Yield Keeps Us Neutral 7 February 2014 ¦ 8 pages ir.citi.com Statoil (STL.OL) Project Pipeline Deep-Dive confirms improving profitability 10 February 2014 ¦ 18 pages ir.citi.com Our analysis of Statoil's upstream project pipeline, drawing on Citi's proprietary Global Oil Vision database, gives us confidence that Statoil growth targets now carry more asset visibility than in the past. The benefit of that growth, plus the recent sale of assets to OMV/ Centrica suggests that Statoil may now be able to deliver on the key messages at its Capital Markets Day around capital constraint and profitability improvement. We update our forecasts following Statoil's Capital Markets Day. We lower our 2014 earnings by 6% driven primarily by lower production, but our 2015-20 estimates remain largely unchanged. We increase our DCF-based price target by c.7% to NOK160/share (from NOK150) to reflect improved capital efficiency over this period. Michael J Alsford \| Alastair R Syme Tetra Technologies, Inc. (TTI) Becoming Derisked 10 February 2014 sendspace.com Woodside Petroleum Ltd (WPL.AX) Revised Leviathan farm-in terms still <US$0.30/mcf 7 February 2014 ¦ 7 pages ir.citi.com Woodside has advanced its Dec-12 in-principle farm-in agreement with the Leviathan JV to a non-binding MOU. WPL now take a 25% interest down from 30%. The new terms imply a modest increase of the NPV of farm-in payments to US$0.28/mcf (previously US$0.25/mcf) based on a revised 18.9tcf 2C resource, up from 17tcf. Compare to US$0.88/mcf paid for Browse. Export options are not yet confirmed but include domestic gas supply to Israel, LNG and/or pipeline exports to neighbouring countries. Maintain BUY. Dale Koenders \| Mark Greenwood \| Vishesh Pachnanda ---- Electric Utilities Sector Bi-Weekly Tracking Changes in Power, Spreads and Commodities 9 February 2014 ¦ 50 pages ir.citi.com