The Energy Report
Notable Quotes
"With the LOI signed, we urge investors to bolster positions in FCU." (12/22/15) Fission Uranium Corp. - David Sadowski, Raymond James More >
"FCU is taking the right steps regardless of whether PLS is ultimately acquired or developed into a mine." (12/22/15) Fission Uranium Corp. - Heiko Ihle, Rodman & Renshaw More >
"I am quite excited about POE in 2016." (12/16/15) Pan Orient Energy Corp. - Chen Lin, What Is Chen Buying? What Is Chen Selling? More >
"BKX's Oklahoma asset has significant value." (12/16/15) BNK Petroleum Inc. - Michael Charlton, iA Securities More >
"EFR is one of the few companies in a position to write long-term sales contracts and deliver into them at several times its current production rate." (12/17/15) Energy Fuels Inc. - The Gold Report Interview with Eric Coffin More >
RDS: Looking Beyond the Quarter
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SERGIO MOLISANI, UniCredit Research
(01/24/2011)
"4Q10 estimates revised down. Prior to the results release on 3 Feb, we cut our Q410 net profit estimate by 18% to US$4.3B to factor in: i) divestments of upstream assets in Q4 (ca. 35 Kboe/d); ii) lower dividends from the Malaysian affiliates; iii) start-up costs expensed to the P&L (instead of being capitalized) pending the FID of the related projects; iv) higher refinery maintenance (planned and unplanned) and margin pressure in downstream. These factors should offset higher-than-expected production (+110 Kboe/d to 3,405 Kboe/d) mainly driven by higher volumes from Nigeria and colder weather. Not a great quarter. . .We now expect Q410 net profit of US$4.3B, +65% YOY (-11% QOQ). Upstream earnings are expected at US$3.7B, +32% YOY (+6% QOQ) thanks to oil price increase and higher production (+2% YOY), which should offset the above factors and the production mix effect (lower weight of GoM, higher incidence of Nigeria and weather-related gas volumes sold in Europe at spot prices). Multiyear rerating. Our Buy on Shell remains firmly hinged on top quartile, visible and high-value production growth, a reduction of nonproductive capital, faster investment payback, better asset return and improving financial flexibility to increase investments and dividends." |
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Under SEC rules, analysts are required to disclose their interest in securities that they cover. We strongly encourage you to contact them to understand any potential conflicts of interest they may have.
More Experts
"FCU's deal with CGN helps to financially and technically derisk PLS." (12/21/15) Fission Uranium Corp. - David Talbot, More >
"NXE is our top pick across all commodities." (12/22/15) NexGen Energy Ltd. - The Energy Report Interview with Rob Chang More >
"FCU will continue to explore and add pounds to what is already a world-class project." (12/22/15) Fission Uranium Corp. - The Energy Report Interview with Rob Chang More >
"EFR is well positioned to benefit from higher uranium prices." (12/22/15) Energy Fuels Inc. - The Energy Report Interview with Rob Chang More >
"FCU intends to sell $82M or 19.9% of the company to CGN Mining." (12/22/15) Fission Uranium Corp. - Jeb Handwerger, Gold Stock Trades More >