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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 (185078)	8/1/2014 11:32:39 AM
From: Dennis Roth	3 Recommendations Recommended By evestor LoneClone RevoltNapper6 Read Replies (1) \| Respond to of 206123

Matador Resources Co (MTDR), Phillips 66 and Phillips 66 Partners, Russian Oil, Gas and Services, Russian Oilfield Services, Tenaris (TS) UGI & APU 3Q:14 Results, US EIA Petroleum Statistics Valero Energy Corp (VLO) OT: Global Economic Outlook and Strategy Matador Resources Co (MTDR) Alert: Permian Ops Update Inline; 3rd Rig Coming Early 2015 30 July 2014 ¦ 7 pages ir.citi.com *Summary.* Matador released a Permian Basin operational update highlighting two new well results, additional acreage acquisitions and a more definitive timeline for activity acceleration. All updates were broadly inline with our expectations and we anticipate additional color from the firm on their Q2’14 results conference call next week. We maintain our Neutral rating and $25 target price. Phillips 66 and Phillips 66 Partners Focus Remains on Midstream and Chemicals 30 July 2014 ¦ 16 pages ir.citi.com 2Q’14 PSX EPS of $1.51 was below our $1.72 and $1.85 consensus estimates. Lower refining earnings caused the miss. However, PSXP results were better than our estimates. PSXP reported Q2 adj. EBITDA of $36.9 mil, which beat both our estimate of $35.4 mm by ~4.2% and the consensus estimate of $35.6 mm by ~3.7%. Distributable cash flow for the quarter of $34.3 mm handily beat our estimate of $28.9 mil by ~19%. Russian Oil, Gas and Services Alert: Potential impact on sector from sanctions 30 July 2014 ¦ 7 pages ir.citi.com Offshore, shale oil, LNG and refining projects at risk: All companies potentially affected, but Rosneft stands out: Russian Oilfield Services Alert: New Sanctions – Potential impact on Russian OFS 30 July 2014 ¦ 9 pages ir.citi.com The EU and the US announced a new round of sanctions against Russian economy, specifically targeting exports of equipment used in oil and gas production. The negatives for Russian OFS names should not be exaggerated, in our view. In contrast, possible restriction of high-end services supplies to Russia may spark traditional drilling activity, something Russian OFS names have proved to be good at. We reiterate our Buy rating on CAToil following the 20% price collapse, which we view as unjustified. We remain Neutral on EDCL, which has performed relatively solid lately, although we note the possible tailwinds it may face going forward. Tenaris (TS) Results: Strong Rebound in North America Sales 31 July 2014 ¦ 8 pages ir.citi.com Tenaris reported 2Q14 results in line with expectations but with an important positive development in its sales mix by product and market. The stock continues to trade at a rich 16x 2015E earnings multiple relative to its medium-term EPS growth forecast. We maintain our Buy recommendation based on a compelling 6% sustainable free cash flow yield with room for improved pricing and volumes potentially emerging for 2015 from its North American division. UGI & APU 3Q:14 Results Results Benefit From Marcellus Assets & Strong Propane Margins 30 July 2014 ¦ 14 pages ir.citi.com US EIA Petroleum Statistics Strong summer refinery activity continues to whittle down high crude inventories, with Cushing stocks at new 6-year lows 30 July 2014 ¦ 28 pages ir.citi.com North American crude markets are being driven by the tension between fast- growing oil production from shale plays and the ability of the complex US refinery sector to process this new abundance of light sweet crude oil. In particular, pipelines built over the last few years bring inland production down to the US Gulf Coast, or PADD III region, so much of the focus is on crude inventories in PADD III and in Cushing. This week's EIA data show that US refineries continue to run hard, keeping PADD II (midcontinent) and PADD III inventories under check for now. The storage hub of Cushing, Oklahoma - where WTI is delivered and priced - has been able to draw down to six-year lows; how low do stocks go before WTI rallies to retain barrels? Meanwhile, the drawdown of Cushing stocks is being helped by line fill for the new Pony Express pipeline. Valero Energy Corp (VLO) EPS In-line with Interim Guidance;10% Dividend Increase 30 July 2014 ¦ 8 pages ir.citi.com VLO reported adjusted 2Q’14 EPS of $1.22, in line with its interim update of $1.15 - $1.25 p/s and our estimate of $1.20 p/s. Despite the higher turnaround activity in the Gulf Coast VLO’s total throughput was much higher than guidance. VLO expects to continue to run at strong rates during the 3Q’14. VLO maintained consistent diesel exports at ~210 mbpd and expects a similar run-rate in 2H’14. VLO yesterday announced a 10% dividend increase. It also bought back ~4.0mm share in 2Q’14 and ~2.0 mm shares in July. OT: Global Economic Outlook and Strategy Global Economic Outlook and Strategy - July 2014 30 July 2014 ¦ 52 pages ir.citi.com 'We are trimming our forecasts for global growth in 2014 to 2.9%’, announces Willem Buiter, ‘reflecting further downgrades to some emerging markets (including Indonesia, Russia, Nigeria and Mexico), outweighing this month’s upgrade to our 2014 China growth forecast (to 7.5% from 7.3%)... the sharp rebound in Q2 US real GDP growth, and solid job growth, reinforce our view that the Q1 weakness in GDP was just a temporary pothole, and we expect continued US strong growth in H2 and into 2015... we continue to expect only modest growth in the euro area, but within that there is a marked disparity between the rebounds in some periphery countries (eg Greece, Ireland, Portugal and Spain) and disappointment in Germany, France and Italy... we are leaving our 2015 global growth forecast at 3.5% for now, but note various downside risks concerning China, Russia, world trade growth and Advanced Economies’ monetary policy divergence’.