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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 (184287)	6/6/2014 7:50:02 AM
From: Dennis Roth	2 Recommendations Recommended By evestor LoneClone Read Replies (1) \| Respond to of 206143

Cobalt International Energy (CIE), Chevron (CVX), US EIA Petroleum Statistics, Asia Utilities & Clean Energy, Russian Oil and Gas Cobalt International Energy (CIE) Analyst Day Wrap-Up: High-Impact Exploration Still Holds Upside 5 June 2014 ¦ 13 pages ir.citi.com Cobalt hosted its first ever Analyst Day in New York City to provide an update on its strategy and operations. While there were no new revelations, management did summarize its current prospect inventory and processes underscoring its stellar batting average to date both offshore Angola and the deepwater Gulf of Mexico. However, one aspect that struck us was that while Cameia will be its first sanctioned project offshore Angola, at 300-500 MMBbls gross Cobalt projects a 20-25% ROR for just the full development phase of this discovery. Cobalt’s only larger discovery to date is Orca at 400-700 MMBbls although similar-sized deepwater Gulf of Mexico discoveries should yield marginally better RORs due to advantaged fiscal terms. Management’s projected average prospect size in its current 3.5 BBOE net unrisked reserve estimate is 350 MMBOE offshore Angola and 250 MMBOE for the deepwater Gulf. Robert S Morris Chevron (CVX) CEO Meeting Points to Better Execution / Selection 5 June 2014 ¦ 8 pages ir.citi.com Our investment thesis on CVX is that a valuation of 1.3x end-17E book is attractive on a company that can grow (7% CAGR book 2014-18E) and maintain stable returns (ROE 13%). Our meeting with Chairman/CEO John Watson touched on three key aspects of this thesis: (1) a belief that delivery/execution of major capital projects will improve, (2) that capital re-allocation into the next wave of growth will not see the company chase marginal projects, and (3) that the company will continue to adjust leverage to help protect ROE. Alastair R Syme US EIA Petroleum Statistics Imports Remain Choppy As Crude Stocks Draw; Cushing Draws Slow Due to Seaway Disruptions 4 June 2014 ¦ 27 pages ir.citi.com Asia Utilities & Clean Energy Gains from High Structural Growth and Easing Fuel Costs 4 June 2014 ¦ 120 pages ir.citi.com Asia's utility and clean energy sector should enjoy high structural growth on emission cuts, lower fuel costs and more favorable government policies, as in India and Korea. Although new policies in China have slowed with the government focusing more on structural economic reform and political clean-up, and less on GDP growth, we believe existing policies are enough to sustain growth. Top picks: CRP, Longyuan, Huaneng Renewables, ENN, Power Assets, Kepco. Russian Oil and Gas Alert: President’s Energy Commission Takeaways 5 June 2014 ¦ 11 pages ir.citi.com The Russian government hosted a large, high-level roundtable on oil & gas policy yesterday, which was broadcast live on national TV. While no decisions appeared to be made, a number of key policy positions were aired. in the note we highlight those that most caught our eye.