TPH Take on 3-14-2014

[dan_s]

I sure like seeing two of our Sweet 16 on their Focus List.

Tudor Pickering Holt Energy Thoughts (3-14-14, Friday) BP, DK, EPE, GST, NE, PRE-CN, RDS.A, RICE, SLB, YPF, Gas storage, IEA monthly

Initiating on EPE with an Accumulate rating, GST Q4 quick look, Pacific Rubiales Q4 follow-up, RICE Q4 follow-up, YPF field trip preview, SLB buys in remaining portion of Saxon (int’l land driller), NE fleet status, RDS.A analyst day review, BP US debarment lifted, DK share repurchase and special dividend, Gas storage, IEA monthly Oil Market Report.

Subject: JRCO Morning Energy Call: CPE CWEI END EOX GST MDR PXD RICE E&P Energy, March 14, 2014

Weekly Macro Update
Exploration & Production:
Energy Infrastructure:

Energy
Focus List: SM, SN

Exploration & Production
CPE: Permian growth ahead of plan; Larger frac jobs could further enhance economics
CWEI: Austin Chalk sale, $71mm for ~750 boe/d
EOX: '14 growth intact despite 1Q weather; Higher EURs to drive increased guidance
END: Option for $5mm in convertible notes at 6.5% exercised
Gas Neutral: Withdrawal of 195 bcf versus JRCO's 204 bcf and B’berg's 198 bcf
GST: Sales Note:Marcellus inventory up 50+%/Utica test in April; Learning in Hunton
PXD: Amended Alaska Sale Terms; Proceeds Down to $300MM from $350MM
RICE: 4Q13 Results: 2014 Production Below Previous Estimates, 2015+ Growth Intact