HSE’s latest investor day reinforced for us the strength and resilience of its strategy and asset base. That said, there were some modest negatives to post 2018e guidance (delays to first gas from Madura satellites, a more tempered view of Lloyd thermal volumes, and ~$0.3B/yr higher capex in ‘19e/’20e than we and the Street were forecasting). Our ‘19e/‘20e forecasts for production and CFPS are reduced by 1%/2%. Maintain HOLD rating and $19.50 TP. Multiple expansi
30 May 2018
Husky investor day: modest erosion to estimates – maintain HOLD rating
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Husky investor day: modest erosion to estimates – maintain HOLD rating
- Published:
30 May 2018 -
Author:
Michael P. Dunn -
Pages:
7
HSE’s latest investor day reinforced for us the strength and resilience of its strategy and asset base. That said, there were some modest negatives to post 2018e guidance (delays to first gas from Madura satellites, a more tempered view of Lloyd thermal volumes, and ~$0.3B/yr higher capex in ‘19e/’20e than we and the Street were forecasting). Our ‘19e/‘20e forecasts for production and CFPS are reduced by 1%/2%. Maintain HOLD rating and $19.50 TP. Multiple expansi