Research Archive
05/13/13 Industry Note
US Chemicals: Ethane oversupply despite including exports
05/06/13 North American E&P Sector
Oil/NGLs: Exports can support U.S. condensate realizations, but not ethane pricing
05/06/13 Industry Note
US Chemicals: Naphtha not a US ethylene party spoiler
04/22/13 Industry Note
US Chemicals: Some valuation perspective
04/16/13 North American E&P Sector
-E&Ps: 1Q '13 earnings preview
04/15/13 Industry Note
Global Chemicals: Gas monetization - Ethylene, GTL or LNG?
04/09/13 North American E&P Sector
Natural Gas: Risk to downside after recent rally
04/08/13 Industry Note
US Chemicals: Strong commodities mixed specialties in Q1'13
03/26/13 EOG Resources North American E&P Sector
EOG Resources – Upside remaining from Permian; raising Target Price
03/25/13 Methanex Company Note
Methanex – Explaining the path to USD1bn; raising TP
03/18/13 Axiall Corporation Company Note
Axiall Corporation – Near-term not as murky as most think
03/12/13 Pioneer North American E&P Sector
Pioneer – Wolfcamp resource potential wows; raising Target Price
03/11/13 Industry Note
Global Chemicals – Further consolidation in TiO2 land?
03/04/13 Westlake Chemical Company Note
Westlake Chemical –The best is yet to come; raising TP
02/27/13 ConocoPhillips North American E&P Sector
ConocoPhillips: Analyst day preview: focus should be on 2013-2014 volume CAGR
02/25/13 Industry Note
Alembic Global Advisors - TiO2 may be troughing out; recovery ahead?
02/19/13 Anadarko North American E&P Sector
Anadarko – Catalysts and caveats for 2013
02/19/13 Industry Note
Global Chemicals – Cost curves still misunderstood
02/11/13 LyondellBasell Company Note
LyondellBasell – Much more room to run; raising TP
02/04/13 Methanex Company Note
Methanex: Stars beginning to align; reiterate Overweight
02/04/13 Chesapeake North American E&P Sector
Chesapeake Energy: Methanex deal an important template for the future; McClendon out
01/23/13 ConocoPhillips North American E&P Sector
ConocoPhillips: Upgrade to Overweight (O/W) on Asset Sales and Volume
01/22/13 Georgia Gulf Corporation Company Note
Georgia Gulf Corporation: The party has just begun; initiating at Overweight
01/15/13 Apache Corporation North American E&P Sector
Apache Corporation: Downgrade to Neutral (N) on Asset Positioning and Egypt
01/14/13 Industry Initiation
US Chemicals: NGL depression could linger
01/08/13 North American E&P Sector
E&Ps – Is there a play on gas-weighted E&Ps in 1H ’13?
12/31/12 Industry Note
US Chemicals: Identifying the winners for 2013
12/18/12 Pioneer Natural Resources North American E&P Sector
Pioneer Natural Resources – Good volume growth story in a challenged price environment
12/17/12 Huntsman Company Note
Huntsman: Favorable risk/return; raising target price
12/10/12 LyondellBasell Company Note
LyondellBasell: Positive earnings and valuation revisions?
12/03/12 North American E&P Sector
E&P's - The future of the U.S. onshore crude oil discount (plus new price decks)
11/19/12 Tronox Company Note
Tronox – Thousandth cut behind us; patient should recover
11/14/12 Anadarko North American E&P Sector
Anadarko – Growing earnings power, asset value to unlock, and diminishing overhang add up to conviction overweight
11/13/12 Tronox Company Note
Tronox: Messy quarter; guidance cut
11/12/12 Methanex Company Note
Methanex – Chinese demand and imports revving up
11/05/12 DuPont Company Note
DuPont – Growth targets looking shaky; cutting estimates
10/15/12 Industry Note
US Chemicals – Not all doom and gloom in Q3’12
10/08/12 Industry Note
MENA Chemicals: Expecting q-o-q earnings growth in Q3'12
10/02/12 Devon Energy North American E&P Sector
Devon Energy – A trough 2012 likely; looking ahead to 2013
09/25/12 North American E&P Sector
E&Ps – Scenario analysis for 2012-2014 EPS and EBITDA
09/24/12 Dow Chemical Company Note
Dow Chemical – Distilling the opportunity
09/18/12 North American E&P Sector
North American E&P - Searching for Price Performance Correlates
09/17/12 Methanex Company Note
Methanex – Production growth not fully appreciated
09/10/12 North American E&P Sector
North American E&P - Looking for Balance
09/10/12 Industry Note
Global Chemicals – The capital cost conundrum
09/04/12 LyondellBasell Company Note
LyondellBasell: Positive revisions ahead; raising target price
08/27/12 Huntsman Company Note
Huntsman: Positive on Pigments and Polyurethanes
08/20/12 North American E&P Sector
The prospects of an NGL price comeback
08/20/12 Tronox Company Note
Tronox – A “normal” perspective
08/13/12 Celanese Company Note
Celanese – Acetic recovering; ethanol and methanol for free
08/06/12 Industry Note
US Chemicals – Where do we go from here?
07/23/12 Apache Corporation North American E&P Sector
Apache Corporation – Compelling value, catalysts underappreciated
07/23/12 Anadarko Petroleum North American E&P Sector
Anadarko Petroleum – Premium explorer with diminishing legal discount
07/16/12 Industry Note
US Chemicals – Not all doom and gloom in Q2’12
07/16/12 Tronox Company Note
Tronox – Overly penalized; reiterating Overweight rating
07/02/12 Westlake Chemical Company Note
Westlake Chemical – Making the near and long-term case
06/28/12 Chesapeake Energy North American E&P Sector
Chesapeake Energy – The end of the beginning
06/18/12 Industry Note
US Chemicals – What would make us change our cycle view?
06/11/12 Company Note
US Chemicals – Sifting through the rubble
06/04/12 North American E&P Sector
NGLs: The next victim of shale oversupply?
06/04/12 Company Note
Global Chemicals – Dissecting the “sell in May” effect
05/29/12 Braskem Company Note
Braskem – Near floor levels with positive prospects
05/17/12 Chesapeake Energy North American E&P Sector
Chesapeake Energy – Deep in the woods
05/14/12 Chesapeake Energy North American E&P Sector
Chesapeake Energy – Roller coaster ride continues
05/14/12 Industry Note
US Chemicals – Déjà vu all over again? Fundamentally not!
05/09/12 Industry Note
Global TiO2 – Ilmenite not a party spoiler
05/02/12 North American E&P Sector
North America Exploration and Production – Gas-to-liquids theme ongoing; compelling upside from current valuations
05/02/12 North American E&P Sector
Crude Oil—A brave new world
05/02/12 North American E&P Sector
Natural Gas—No global market yet; North America still awaiting demand growth
05/02/12 EOG Resources North American E&P Sector
EOG Resources – Ongoing value recognition for liquids
05/02/12 Devon Energy North American E&P Sector
Devon Energy – New vigor, veteran operator Strong
05/02/12 Chesapeake Energy North American E&P Sector
Chesapeake Energy – Crucial year, needs to play catch-up
04/23/12 Industry Note
US Chemicals – Propane to limit ethane pricing upside
04/16/12 Industry Note
US Chemicals – Consensus bar low for Q1’12
04/09/12 Industry Note
MENA Chemicals – Consensus overly bullish for Q1’12
04/02/12 Industry Note
US Chemicals – To risk or de-risk?
03/16/12 Westlake Chemical Company Note
Westlake Chemical – Substantial upside even without GGC
03/12/12 Celanese Company Note
Celanese – Addressing the concerns
02/27/12 Tronox Company Note
Tronox – A tale of two halves; raising target price
02/06/12 Methanex Company Note
Methanex – Gaining earnings power; raising TP
01/23/12 Huntsman Company Note
Huntsman – Favorable risk/reward; upgrade to Overweight
01/16/12 Industry Note
US Chemicals – Propylene prices bottoming
01/09/12 Industry Note
US Chemicals – Prefer commodities and special sits in 2012
01/04/12 Industry Note
MENA Chemicals – Identifying winners for 2012
12/05/11 Industry Note
Global Chemicals – How special are specialties?
11/28/11 Tronox Company Note
Tronox – Focus on the feedstock
11/14/11 Methanex Company Note
Methanex – Multiple accretive options abound
11/07/11 LyondellBasell Company Note
LYB – Conservative inputs, above consensus outputs
10/28/11 LyondellBasell Company Note
LyondellBasell – Blowout Q3’11; “double umbrella” benefit
10/27/11 Methanex Company Note
Methanex – In-line quarter despite lower production
10/27/11 Dow chemical Company Note
Dow Chemical – Slight earnings miss but does it matter?
10/25/11 DuPont Company Note
DuPont – Q3’11 beat, Q4’11 guide down
10/25/11 Celanese Company Note
Celanese – Solid Q3’11 EPS beat; 2011 guidance raised
10/24/11 Industry Note
US Chemicals – An ethane pricing bubble?
10/18/11 Industry Note
Global Chemicals – Expecting a decent quarter
09/30/11 Industry Note
US Chemicals – Have we hit a floor yet?
09/19/11 Solutia Company Note
Solutia – Bouncing along the bottom; lowering EPS and TP
08/15/11 Industry Note
US Chemicals – Already discounting 2008-like stress
08/09/11 Tronox Company Note
Tronox – Supply constrained earnings resilience
08/02/11 Westlake Company Note
Westlake Chemical – Q2’11 earnings beat; Vinyls turning a corner
07/29/11 LyondellBasell Company Note
LyondellBasell – Clean beat should allay investor concerns
07/28/11 DuPont Company Note
DuPont – Earnings beat but volumes fail to impress
07/28/11 Methanex Company Note
Methanex – Chillier in Chile; slight earnings miss
07/26/11 Solutia Company Note
Solutia – Slight Q2’11 beat; FY2011 guidance maintained
07/25/11 Dow Chemical Company Note
Dow Chemical – Strategically and financially sound JV
07/21/11 Celanese Company Note
Celanese – Solid EPS beat and guidance raise
07/18/11 Industry Note
US Chemicals – Currency tailwinds ahead?
07/11/11 Industry Note
Global Chemicals – Expecting another solid quarter
07/05/11 Industry Note
US Chemicals – Bottoming prices, rising shares?
06/20/11 Methanex Company Note
Methanex – Supportive pricing environment; raising ’11 EPS
06/13/11 Industry Note
US Chemicals – Addressing the great price/volume debate
06/06/11 Celanese Company Note
Celanese – Positive near and medium term trends
05/31/11 Industry Note
US Chemicals – Déjà vu all over again
05/16/11 LyondellBasell Company Note
LyondellBasell – Earnings revving up; raising target price
05/03/11 Solutia Company Note
Solutia – Q1’11 earnings beat; FY2011 guidance raised
05/03/11 Westlake Chemical Company Note
Westlake Chemical – Another quarter another beat
05/02/11 LyondellBasell Company Note
LyondellBasell – Another “blow-out” quarter
04/28/11 Methanex Company Note
Methanex – EPS beat; Egypt and Medicine Hat running
04/28/11 Dow Chemical Company Note
Dow Chemical – Big clean beat
04/18/11 NIC (Tasnee) Company Initiation
Underappreciated titanium dioxide story; initiating at Overweight
04/04/11 Industry Note
Global Chemicals – Lessons learnt from prior peaks
03/29/11 Westlake Chemical Company Note
Westlake Chemical – Establishing the “new normal”; upgrade to Overweight
03/21/11 Yansab Company Initiation
Earnings revving up, upgrade to Overweight
03/14/11 LyondellBasell Company Note
LyondellBasell – The best is yet to come; raising target price
02/28/11 Industry Note
Global Chemicals – Evaluating the impact of Mid-East unrest
02/18/11 LyondellBasell Company Note
LyondellBasell – Fundamentals intact; buy on weakness
02/14/11 LyondellBasell Company Note
LyondellBasell – Undemanding consensus estimates
02/03/11 Dow Chemical Company Note
Dow Chemical – Broad based earnings beat
01/31/11 Celanese Company Note
Celanese – An ethanol high
01/27/11 Methanex Company Note
Methanex – A good set of numbers despite a headline miss
01/27/11 Solutia Company Note
Solutia – Q4’10 earnings beat; FY2011 guidance reiterated
01/25/11 E. I. du Pont de Nemours Company Note
DuPont – Broad based earnings improvement
01/18/11 Dow Chemical Company Note
Dow Chemical – Undervalued despite the run-up; raising TP
01/10/11 Industry Note
MENA Chemicals - Expecting further outperformance in 2011
01/03/11 Industry Note
Global Chemicals – Ample room to run in 2011 and beyond
12/06/10 Industry Note
US Chemicals – Explaining enhanced ethane economics
11/29/10 Industry Note
US Chemicals - A peek at the peak
11/11/10 Solutia Company Note
Solutia – Analyst day reaffirms the case for a re-rating
11/10/10 Industry Qatar Company Note
Industries Qatar- Catch‐Up Has Just begun, Raising TP
11/08/10 Methanex Company Note
Methanex – A methanol high; raising target price
10/29/10 LyondellBasell Company Note
LyondellBasell – Another “blow-out” quarter
10/28/10 Dow Chemical Company Note
Dow Chemical – Back on track
10/28/10 Methanex Company Note
Methanex – In-line quarter; earnings momentum evolving
10/28/10 Solutia Company Note
Solutia – Q3’10 earnings beat; raising target price
10/26/10 Celanese Company Note
Celanese – Volume driven Q3 beat
10/20/10 Yansab Company Note
Yansab - Pricing in Perfection
10/18/10 LyondellBasell Company Note
LyondellBasell – Earnings strength to continue, raising TP
10/13/10 Advanced Petrochemical Company Company Note
Advanced Petrochemical Company - Staying Away from the Herd
10/11/10 Industry Note
Expecting another solid quarter
10/04/10 Celanese Company Note
Celanese – Alleviating acetyl, Asia and auto alarms
09/27/10 Dow Chemical
Dow Chemical – The punishment does not fit the crime
09/20/10 Methanex Company Note
Methanex – Primed for a 2011 earnings take off
09/20/10 Methanex Company Note
Methanex – Primed for a 2011 earnings take off
09/07/10 Industry Note
US Chemicals – Pension pressures in 2011?
08/25/10 LyondellBasell - Please call Stephen Matthews for full note, 1 212 359 8292
LyondellBasell - Positive catalysts abound
08/23/10 Industry Note
US Chemicals – Expecting positive revisions in H2’10
08/16/10 LyondelBasell - Please call Stephen Matthews, 1 212 359 8292 for full note Company Note
LyondellBasell – “Blow-out” results highlight up-cycle leverage
08/10/10 Solutia Company Note
Solutia – Underappreciated and undervalued
08/10/10 Braskem S.A. Company Note
Braskem – Margin expansion and lower debt levels in Q2’10
08/05/10 Huntsman Company Note
Huntsman – Broad based margin and volume strength
08/04/10 Industries Qatar Company Note
Industries Qatar – “Buoyant” steel leads to earnings beat
08/03/10 Westlake Chemical Company Note
Westlake Chemical – Olefins cost advantage coming through
08/03/10 Dow Chemical Company Note
Dow Chemical – Outage driven earnings miss
08/02/10 Industries Qatar Company Note
Industries Qatar – Tepid budget and business plan
07/29/10 Methanex Company Note
Methanex - Outage driven earnings decline
07/29/10 Celanese Company Note
Celanese - Volume driven Q2 beat
07/27/10 DuPont Company Note
DuPont - Broad based earnings improvement
07/27/10 Solutia Company Note
Solutia - Reiterated EBITDA guidance still above consensus
07/26/10 Industry Note
Secular shifts from shale
07/19/10 Industry Note
Expecting broad based earnings strength in Q2'10
07/12/10 Global Chemicals
Global Chemicals - Bullish on ethane based economics
07/06/10 SABIC Company Note
SABIC - Expecting another strong quarter
06/28/10 Industry Note
US Chemicals: Currency headwinds ahead?
06/21/10 Industry Note
Global Chemicals - Cyclical and secular growth from autos
06/15/10 Methanex Company Note
Methanex - Undervalued even at floor prices
06/08/10 SABIC
An undervalued emerging markets energy play?
06/01/10 LyondellBasell - Please call Stephen Matthews for access to full note, 1 212 359 8292 Company Initiation
LyondellBasell Up-Cycle leverage at near trough valuations
06/01/10 LyondellBassell Company Initiation
Up-Cycle leverage at near trough valuations
05/25/10 Middle Eastern Chemicals Industry Note
Sifing through the rubble and finding opportunities
05/18/10 Industry Note Industry Note
Global Chemicals - The China Effect
05/12/10 Solutia Company Initiation
Solutia - Re-rating with a recover kicker, initiating at Overweight
05/10/10 US Chemicals Industry Note
Could the capacity addition wave be a whimper
05/03/10 SABIC and Industries Qatar Company Note
Middle Eastern Chemicals
04/28/10 Dow Chemical Company Company Note
Dow Chemical - Popping plastics; performance performing
04/27/10 E. I. du Pont de Nemours Company Note
DuPont – Auto and housing leverage; raising TP to USD45
04/27/10 Celanese Company Note
Celanese - Volume driven Q1 beat
04/26/10 Industry Note
Middle Eastern Chemicals
04/19/10 Industry Note Industry Note
Expecting broad based earnings strength in Q1
04/13/10 Industries Qatar Company Note
Industries Qatar – Addressing the concerns
04/05/10 Methanex Company Note
Methanex - Highly cash generative even at "floor" prices
03/29/10 Dow Chemical Company Note
Dow Chemical - History suggests Dow is undervalued
03/22/10 Braskem Company Note
Braskem – The glass may be half full; reiterate Overweight
03/17/10 SAFCO Company Note
SAFCO - Raising Target Price
03/15/10 Saudi Basic Industries (SABIC) Company Note
SABIC - Stage set for a monster Q1: reit O/W
03/10/10 Advanced Petrochemical Company Company Initiation
Advanced Petrochemical Company - Initiating at Neutral
03/08/10 Dow Chemical Company Note
Hypothesizing a Dow - Reliance alliance
03/03/10 Braskem Company Note
Braskem - Strong profitability
03/03/10 Global Chemicals Industry Note
Chemical Sector M&A
03/01/10 Industries Qatar Company Note
Industries Qatar - The market is forward looking (we think!)
02/24/10 Middle Eastern Chemicals Industry Note
Mixed feed, mixed economics, mixed sentiment
02/23/10 Westlake Chemical Company Note
Westlake Chemical - In-line Q4'09 results
02/22/10 Industrial Gases Company Initiation
Industrial Gases - Dense gases rising
02/19/10 Huntsman Company Note
HUN - Broad based recovery Q4 beat
02/16/10 Industry Note Industry Note
To LNG or not to LNG
02/11/10 Westlake Chemical Corporation Company Initiation
Westlake Chemical - Chain divergence
02/09/10 Celanese Company Note
Celanese - Nice beat on acetyl strength
02/08/10 Industries Qatar Company Note
Industries Qatar - Fundamentally misunderstood
02/04/10 Huntsman Company Initiation
Huntsman - Recovery mostly priced in
02/02/10 Dow Chemical Company Note
Dow Chemical - Earnings beat
02/01/10 Celanese Company Initiation
Celanese: The model and molecule
01/28/10 Methanex Company Note
Methanex - Slight earnings miss
01/26/10 DuPont Company Note
DuPont - Volume driven earnings beat
01/25/10 DuPont Company Initiation
DuPont - Awaiting an entry point
01/19/10 SABIC Company Note
SABIC - Large earnings beat
01/19/10 Yanbu National Petrochemical Company Company Initiation
Yansab - Unexciting valuation
01/14/10 Industries Qatar Company Note
IQCD – Cracking the gas price formula
01/14/10 Saudi Arabian Fertilizer Company (SAFCO) Company Initiation
SAFCO - Improving fundamentals
01/12/10 Saudi Kayan Company Initiation
Saudi Kayan - Mediocre Economics
01/06/10 Methanex Company Initiation
Methanex – The best is yet to come
12/16/09 Industry Initiation
Global Chemicals – The time is now!
12/16/09 Saudi Basic Industries Corporation Company Initiation
SABIC – Cautious consensus
12/16/09 Industries Qatar Company Initiation
Industries Qatar – More room to run
12/16/09 Braskem S.A. Company Initiation
Braskem – consolidation kudos
12/16/09 Dow Chemical Company Company Initiation
Dow Chemical – Still a value play