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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 (185112)	8/4/2014 8:39:46 AM
From: Dennis Roth	1 Recommendation Recommended By evestor Read Replies (1) \| Respond to of 206126

CAT oil (O2C.DE), MPC & MPLX, Novatek OAO (NVTKq.L), Origin Energy Ltd (ORG.AX), Royal Dutch Shell (RDSa.L), Surgutneftegaz(pref) (SNGS_P.MM), Suncor Energy Inc (SU.TO), Subsea 7 (SUBC.OL), Southwestern Energy Co (SWN), TMK (TRMKq.L), TransCanada & TC Pipelines, Tesoro & Tesoro Logistics, Weir Group (WEIR.L), Walter Energy (WLT) CAT oil (O2C.DE) Potential impact from OFS sanctions on the growth strategy execution – New details 31 July 2014 ¦ 7 pages ir.citi.com MPC & MPLX MPC Beat on Wholesale Margins; 19% Dividend Increase 1 August 2014 ¦ 15 pages ir.citi.com MPC adjusted 2Q’14 EPS of $2.95 was above our estimate of $1.65. 2Q results exceeded our expectations because we overestimated the impact of a tornado at the Garyville refinery. Results were also supported by MPC’s ability to capture additional profits through wholesale (~$0.40 p/s above trend). MPLX, the affiliated master limited partnership, reported 2Q’14 adj. EBITDA of $40.7 mm (including adjustments related to minimum volume commitments), which beat our estimate of $35.7 mm by ~14%. Novatek OAO (NVTKq.L) 2Q14 IFRS outperforms on transport, other cost savings 31 July 2014 ¦ 7 pages ir.citi.com Origin Energy Ltd (ORG.AX) Production and APLNG progress in line with expectations 1 August 2014 ¦ 15 pages ir.citi.com Royal Dutch Shell (RDSa.L) 2013 an Aberration as Earnings Power Improves; Raise Target 31 July 2014 ¦ 10 pages ir.citi.com RDS 2Q adjusted net income of $6.13 B was 12% ahead of consensus, the second successive quarter of better than consensus numbers from the company. Improvements in Upstream operating performance look behind the change, a combination of good profitability in LNG and a better cost position in US shale. We raise 2014E EPS by 7% and 9% in 2015 around a revised view on LNG profitability. We also raise cash flow estimates and our DCF-based price target from 2330p to 2550p. No doubting that the RDS, off a now apparently low 2013 base, has had good operational momentum in 1H14. However, our model still points to a business that can deliver a c. 12% ROE in 2018E which looks well- priced by the market at c 1.3x end-17 book. Neutral. Surgutneftegaz(pref) (SNGS_P.MM) 2Q14 net cash grows to $35.6bn, 14% above current market cap 31 July 2014 ¦ 9 pages ir.citi.com Suncor Energy Inc (SU.TO) EPS Miss; 22% Dividend Increase; 2014 Capex Lower by $1.0 Bn 31 July 2014 ¦ 10 pages ir.citi.com Subsea 7 (SUBC.OL) Backlog Concerns Overstated. Valuation Attractive. Buy. 1 August 2014 ¦ 8 pages ir.citi.com Southwestern Energy Co (SWN) Results: Q2’14 Beats; FY Production Guidance Bumped 31 July 2014 ¦ 10 pages ir.citi.com TMK (TRMKq.L) TMK – A potential beneficiary of EU sanctions? 31 July 2014 ¦ 7 pages ir.citi.com TransCanada & TC Pipelines Power Misses; Maintaining Separation Thesis 31 July 2014 ¦ 14 pages ir.citi.com We reaffirm our case for spinning off TRP's Power segment due to negative synergies with the Pipeline segment. In our view, the Q2 result, where a strong showing at the Pipelines was overshadowed by a difficult one in Power, underscores the merit of our viewpoint. Asked about the value of TRP's conglomerate structure on the call, TRP management pointed to 5 benefits. Faisel Khan, CFA Tesoro & Tesoro Logistics Growth through Midstream & Refining Portfolio Optimization 31 July 2014 ¦ 15 pages ir.citi.com TSO reported 2Q adjusted EPS of $1.70, below our estimate of $1.82 (Street of $1.85). Stronger performance in California and Retail was offset by weaker results in the Pacific Northwest. TLLP reported Q2 adj. EBITDA of $69.6 mm, which missed both our estimate of $71.7 mm by ~2.9% and the consensus estimate of $70.6 mm by ~1.4%. Total TLLP revenues were largely in line with our estimate however, higher operating and G&A expenses caused the miss. Weir Group (WEIR.L) Buying Opportunity – Oil and Gas Well Ahead 1 August 2014 ¦ 8 pages ir.citi.com Walter Energy (WLT) Sufficient Liquidity to Weather Depressed Pricing, Lowering Estimates and Target 31 July 2014 ¦ 10 pages ir.citi.com