2009
07.26
07.26
Production of 317 MBoe/d and CFPS of $0.98 came in above our
expectations of 296 MBoe/d and $0.64, respectively due to our
conservatism on White Rose downtime (i.e. ~20 MBbl/d lower than actual),
lower cash taxes and significantly higher US downstream earnings.
In terms of upcoming developments, HSE is 1) planning a maintenance
shutdown of its White Rose FPSO in Q3; 2) installing subsea tie-backs of the
North Amethyst field; 3) drilling its 3rd Liwan appraisal well and 1st East
Bawean exploration well; and 4) optimizing the scope of its Sunrise project.
Overall, HSE offers a solid balance sheet with a favorable dividend (3.8%
yield) and option value on its SE Asian exploration program and oil sands
business (Sunrise).
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