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In Q2FY15, Brent average crude price decreased 7% QoQ to US$102.5/bbl
driven by rise in output from Iraq and Libya in spite of the unrest in the region,
higher production from US and lower demand from China due to economic
slowdown.
Upstream companies revenue would be supported by lower under recovery
in Q2FY15. We estimate subsidy at Rs. 205 bn (down 28% QoQ) benefited
from Stable rupee dollar exchange rate, monthly hike in diesel prices and
lower crude prices. We assume upstream sharing would be 50% of total
subsidy.
Refining margin is expected to hurt slightly due o decline in GRMs. Singapore
GRM declined 19% QoQ from USD5.8/bbl to USD4.7/bbl, touching low of
USD2.5/bbl in July-end, as auto-fuel cracks declined.
Petchem business would be benefited from increase in the margins across all
the petchem products. Petchem margins would expand QoQ basis led by
higher polymer and polyester spreads
Spot LNG prices declined during the quarter due to seasonality factor and
lower global demand which is likely to benefit GAIL’s spot LNG volumes along
with marketing margins on spot sales.
Expect Cairn’s revenues to decline led by lower oil production volumes, due
to shutdown in Mangala processing terminal.
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
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In Q2FY15, Brent average crude price decreased 7% QoQ to US$102.5/bbl
driven by rise in output from Iraq and Libya in spite of the unrest in the region,
higher production from US and lower demand from China due to economic
slowdown.
Upstream companies revenue would be supported by lower under recovery
in Q2FY15. We estimate subsidy at Rs. 205 bn (down 28% QoQ) benefited
from Stable rupee dollar exchange rate, monthly hike in diesel prices and
lower crude prices. We assume upstream sharing would be 50% of total
subsidy.
Refining margin is expected to hurt slightly due o decline in GRMs. Singapore
GRM declined 19% QoQ from USD5.8/bbl to USD4.7/bbl, touching low of
USD2.5/bbl in July-end, as auto-fuel cracks declined.
Petchem business would be benefited from increase in the margins across all
the petchem products. Petchem margins would expand QoQ basis led by
higher polymer and polyester spreads
Spot LNG prices declined during the quarter due to seasonality factor and
lower global demand which is likely to benefit GAIL’s spot LNG volumes along
with marketing margins on spot sales.
Expect Cairn’s revenues to decline led by lower oil production volumes, due
to shutdown in Mangala processing terminal.
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
��
LINK
http://www.indianivesh.in/Admin/Upload/635487888255010000_Nivesh_Q2FY15%20Results%20Preview_Oil%20_%20Gas.pdf
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