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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (183863)	5/12/2014 9:50:35 AM
From: Dennis Roth	5 Recommendations Recommended By Clydetheglide DaveAu evestor LoneClone saintsinnerido Read Replies (1) \| Respond to of 206125

APA, AR, BNK.TO, CIE, CNQ, CPG.TO, EPE, GPOR, GTE, Inpex, KOG, LINC.SI, LUPE.ST, OXC.TO, OXY, PAA & PAGP, PBR, PDCE, PRE.TO, REP.MC, SD, SXL, TAO.TO, TGL.TO, WES & WGP Apache Corp (APA) Q1’14 Wrap-Up: Rebalancing Continues; Permian Steps Up 8 May 2014 ¦ 15 pages ir.citi.com Antero Resources (AR) 8 May 2014 ¦ 15 pages ir.citi.com Q1’14 Wrap-Up: Strong Growth On Track As Utica Ramps Up Bankers Petroleum Ltd. (BNK.TO) Opex Down in Q1; Secondary Recovery Near 9 May 2014 sendspace.com Cobalt International Energy (CIE) More Running Room, More Prize 08 May 2014 sendspace.com Canadian Natural Resources Limited (CNQ.TO) First Read: Q1 In Line; Updates to Guidance 08 May 2014 sendspace.com Crescent Point Energy Corp (CPG.TO) Q1 In Line; Uinta Updates 08 May 2014 sendspace.com EP Energy Corp (EPE) Guidance Raise: Round 1; Reiterate Buy Rating & $23.50 Target Price 9 May 2014 ¦ 16 pages ir.citi.com Gulfport Energy Corp. (GPOR) Another Bump in the Road to the Utica Promised Land; Reiterate Outperform 9 May 2014 sendspace.com Gran Tierra (GTE) Pipeline Disruption Impacts; Nudge Down TP 9 May 2014 sendspace.com Inpex (1605) Q4 results—in line with expectations 9 May 2014 ¦ 7 pages ir.citi.com INPEX Corporation (1605 / 1605 JP) Results a beat; Ichthys progressing nicely... 12 May 2014 sendspace.com Kodiak Oil & Gas Corp (KOG) Varying Performance On Bakken Downspacing 8 May 2014 sendspace.com Linc Energy Ltd (LINC.SI / LNC SP) Royalty reality 11 May 2014 sendspace.com Lundin Petroleum (LUPE.ST) Mixed 1Q, but project delivery encouraging 08 May 2014 sendspace.com Oryx Petroleum (OXC.TO) Lower Capital Plan; First Production Coming 11 May 2014 sendspace.com Occidental Petroleum Corp (OXY) Upgrading to Buy on Restructuring Pro Forma Analysis 9 May 2014 ¦ 18 pages ir.citi.com We are upgrading OXY to a Buy from Neutral and increasing our target price to $111 from $103 p/s. We have recut our model for the spin-off of California Resource Corp, OXY's asset sale program and a shift to horizontal drilling in the Permian. Our upgrade is based on: 1) an almost doubling of ROCE in Upstream through the decade; 2) our expectation for reduced capital intensity and increased cash flow from the Al Hosn, BridgeTex and Chlor-Alkalai projects. We now estimate an adjusted FCF yield through 2020 of nearly 10%; and 3) a robust share repurchase program (~130mm shares over 3yrs) supported by OXY's restructuring efforts. We do not include the impact of the MENA sale at this time. Faisel Khan, CFA \| Robert S Morr Plains All American Pipeline/Plains GP DCF Beat; Guidance Unchanged but Mix is Adjusted 9 May 2014 ¦ 14 pages ir.citi.com PAA reported 1Q14 adjusted EBITDA of $567 mil, compared to our forecast of $539 mil and consensus of $556 mil for the quarter. The beat was largely driven by higher than expected margin from the supply and logistics segment, while the facilities segment missed expectations. Notably, the facilities segment was impacted by severe winter weather as the natural gas storage business faced deliverability issues and rail volumes came in lower than expectations. Faisel Khan, CFA Petrobras (PBR) 1Q14: Sailing along 11 May 2014 sendspace.com PDC Energy (PDCE) Signs Point to Higher Production 9 May 2014 sendspace.com Pacific Rubiales (PRE.TO) Solid Q1 results – Upside left from production growth, exploration 8 May 2014 ¦ 9 pages ir.citi.com Pacific Rubiales (PRE.TO) Lower Cash Flow; Decrease TP 9 May 2014 sendspace.com Repsol (REP.MC) 1Q Gains as US North East Freezes 8 May 2014 ¦ 10 pages ir.citi.com SandRidge Energy Inc (SD) Neutral 1Q Report; Maintain Neutral Rating & $6.40 Target Price 8 May 2014 ¦ 15 pages ir.citi.com Sunoco Logistics Partners L.P. (SXL) 1Q In-Line, Strong Volumes As Crude Flows To GC Via Nederland 8 May 2014 ¦ 11 pages ir.citi.com TAG Oil Ltd. (TAO.TO) High Impact Zone Misses at Cardiff; Lower TP 11 May 2014 sendspace.com TransGlobe Energy Corp. (TGL.TO) Production Guidance Hit; Decrease TP 08 May 2014 sendspace.com Western Gas Partners 1Q Results 1Q In-Line, Lancaster Plant Online 8 May 2014 ¦ 16 pages ir.citi.com

To: Dennis Roth who wrote (183863)	6/10/2014 6:19:49 AM
From: Dennis Roth	2 Recommendations Recommended By evestor LoneClone Read Replies (1) \| Respond to of 206125

Devon Energy Corp (DVN) Ideas Engine Series; Wild Thought: There Is a Concho Resources (CXO) Lurking Within DVN; Revising Ests & Raising TP to $90 (from $80) 10 June 2014 sendspace.com Our take: In the early innings of the shale era, the bulk of the alpha has been generated by pure play E&Ps with franchise assets. Given wide valuation disparities between pure plays and diversified E&Ps, we believe the next thematic trade could be larger caps with underappreciated assets, such as DVN's Delaware position in the Permian Basin. Delaware Basin growth engine. We see a Concho Resources (CXO) lurking within Devon, but we think the market does not. CXO has been one of the industry leaders in value creation and sports an EV of $18 billion. DVN has a similar acreage footprint to CXO and one of the surprises in our analysis was the fact that DVN has grown its Permian Basin production at a faster clip since 2010 and exhibited slighter better capital efficiency. DVN's horizontal well performance has lagged CXO, but DVN has remapped its geological understanding of the play and recent performance has improved markedly. Given improving drilling returns, we believe DVN could increase its horizontal rigcount to 20 from 12 in the Delaware, which underpins our above consensus production and EBITDA forecasts in 2015 and 2016. Operational tipping point for stock: DVN has outperformed by 9% in '14, but this upside has been largely driven by successful 'self-help', including accretion from the company's midstream merger (EnLink). We believe there is powerful 'rate of change' momentum not only in the Permian, but also in the Cana-Woodford play, where returns are poised to move higher from a new completion design. We believe we are at an operational tipping point for the stock, with improving results in the Permian and Cana, plus significant FCF from its Eagle Ford, Jackfish, and Barnett Shale assets. Raise target price: We believe market appreciation of Delaware Basin growth, a positive 'rate of change' in the Cana, and looming FCF profile are poised to drive a re-rating in DVN shares. We are raising our 12-month target price to $90 from $80, which is at parity with our revised NAV. Reiterate Outperform. We are revising our 2014-2016 EPS estimates to $5.44/$5.67/$6.40 from $5.56/$5.20/$5.62 respectively.