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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 (185069)	7/31/2014 7:30:59 AM
From: Dennis Roth	3 Recommendations Recommended By Bernie Diamond evestor LoneClone Read Replies (1) \| Respond to of 206121

Arch Coal (ACI), Anadarko Petroleum Corp (APC), ARC Resources Ltd. (ARX.TO), Atwood Oceanics, Inc. (ATW), AWE Limited (AWE.AX), BP (BP.L), Cenovus Energy Inc. (CVE.TO), Ecolab Inc (ECL), Hess Corporation (HES) Hornbeck Offshore (HOS), Kirby Corporation (KEX), Russian Oil & Gas Majors Saipem (SPMI.MI), Tullow Oil (TLW.L) Arch Coal (ACI) Managing Costs, Rail Bottlenecks Remain 30 July 2014 ¦ 10 pages ir.citi.com Anadarko Petroleum Corp (APC) Q2’14: Production Beats Again, FY Guidance Bumped Again 29 July 2014 ¦ 11 pages ir.citi.com ARC Resources Ltd. (ARX.TO) Q2 In Line, Capex Signals Dawson Phase 3 30 July 2014 sendspace.com Atwood Oceanics, Inc. (ATW) Earnings Beat Driven By Taxes 30 July 2014 sendspace.com AWE Limited (AWE.AX) OK Result, Perth Basin Unconventional Moving Forward 30 July 2014 ¦ 15 pages ir.citi.com Perth Basin unconventional moving forward Drover-1 shale anaylsis continues with flow testing expected in 1H CY15. The next two tight gas wells are expected to production test from Sept-Nov CY14. We think these tight gas plays will represent near-term, lucrative development opportunities. Given forward progress, we now value Perth Basin unconventional on a A$250/acre multiple, still below M&A transaction multiples of A$284- 850+/acre seen in the Cooper over the last 2years, which has added A$0.11/shr to our DCF in isolation. Jun-Q EBITDAX 39% lower than forecast given no Tui cargoes Production of 1.31mmboe was 5% above Citi est. from higher Bass Gas and Casino production, but sales were 2% below Citi est. due to no Tui cargoes being sold in the quarter. Lower oil sales resulted in EBITDAX of A$31m, 39% below Citi est. We remain bullish on AWE Our revised target price is A$2.34/shr. Dale Koenders \| James Byrne \| Vishesh Pachnanda BP (BP.L) Revisiting Earnings Power of BP Downstream; Cutting EPS 11% 29 July 2014 ¦ 10 pages ir.citi.com BP 2Q14 adjusted net income of $3.64b is 10% above revised consensus (7% below where consensus was on 25 June). Upstream and Russia contributed well but we think the Downstream looks to be emerging from a phase of asset repositioning with an earnings power that is below our expectations (ROCE c.4% last 12M). We lower Downstream assumptions and also increase financing charges to bring them in-line with the recent run-rate. We lower 2014-18E EPS by an average 11%, which takes our forecasts 8% below consensus 2015/16. Russia remains a source of uncertainty, although noteworthy is that the Rosneft annual dividend was received by BP last week. Neutral, 480p target. Cenovus Energy Inc. (CVE.TO) Q2: Strong Financial & Operating Results 30 July 2014 sendspace.com Ecolab Inc (ECL) Energy Rock Solid, but Core Institutional Still Industry Research Today Sluggish; Remain Neutral 29 July 2014 ¦ 9 pages ir.citi.com ECL reported adjusted 2Q14 EPS of $1.03 was slightly better than our $1.02 estimate driven by Global Energy (operating earnings up 44%) partly offset by a sluggish core institutional cleaning business. On the call, we were encouraged by CEO Doug Baker’s comments that business will accelerate in 2H — acquisition adjusted sales up 5% to 6%+ — driven by Energy and Europe. Mgmt also noted that growth will increase from record new business (+30% vs. 1H13), continued innovation and possible M&A. However, mgmt only raised the low end of its FY EPS guidance range by 4¢ to $4.14-$4.20 (+17-19%). We remain on the sidelines as ECL’s forward P/E multiple remains fully valued at ~23x, in our opinion. Hess Corporation (HES) Best in the Bakken, Raise TP to $120 31 July 2014 sendspace.com Bottom Line: With the 2Q14 release, HES has confirmed that their Bakken efficiency trends are still positive (the total well cost per frac stage is down 24%), and IP/frac stage are still close to 30 bbls/stage. This bodes well for the economics of HES acreage position, which is one of the pre-eminent positions of its Bakken peers. Indeed HES looks the equity vehicle to play the Bakken from a large cap perspective. The launch of an MLP around HES key Tioga gas plant asset should force the valuation of this high quality asset and signals HES belief that they have sufficient future growth to feed the MLP over time. Investors should like high multiple logistics growth. We raise our HES TP to $120/sh. Upside could come from the Bakken or from future logistics growth plans with the MLP (IPO 1Q15). Hornbeck Offshore (HOS) WOW - MPSVs and OSVs Delivering the Goods 30 July 2014 sendspace.com Kirby Corporation (KEX) Getting Spoiled - Another Beat and Raised Increasing TP to $130 and Raising Estimates. 30 July 2014 sendspace.com Russian Oil & Gas Majors Immediate operational impact of restrictions likely to be muted 30 July 2014 sendspace.com Saipem (SPMI.MI) Backlog supports recovery; FY14 expectations lowered. 30 July 2014 ¦ 8 pages ir.citi.com Tullow Oil (TLW.L) Transition, no Traction yet Maintain Neutral / Cut TP to 885p (from 910p) 30 July 2014 sendspace.com