Lukoil Reemphasizes Oil

Kurt Wulff (McDep Associates) submits: Buy-recommended Occidental Petroleum (OXY) offers unlevered appreciation potential of 23% to a McDep Ratio of 1.0 where stock price would equal Net Present Value (NPV) of $95 a share.

Kurt Wulff (McDep Associates) submits: Buy-recommended Devon Energy (DVN) offers unlevered appreciation potential of 43% to a McDep Ratio of 1.0 where stock price would equal estimated Net Present Value of $98 a share. First quarter results released today exceeded expectations from two months ago.

Kurt Wulff (McDep Associates) submits: Buy-recommended PetroChina (PTR) offers unlevered appreciation potential of 41% to a McDep Ratio of 1.0, where stock price would equal Net Present Value (NPV) of $210 a share.

Kurt Wulff (McDep Associates) submits: The rising importance of oil in global economic growth is good for buy-recommended Lukoil (LUKOY.PK) and its home country, Russia.

Kurt Wulff (McDep Associates) submits: Buy-recommended BG Group plc (BRGXF.PK) offers unlevered appreciation potential of 23% to a McDep Ratio of 1.0 where stock price would equal Net Present Value (NPV) of $22 a share.

Kurt Wulff (McDep Associates) submits: Buy-recommended Cenovus Energy (CVE) offers unlevered appreciation potential of 9% to a McDep Ratio of 1.0 where stock price would equal Net Present Value (NPV) of US$27 a share.

Kurt Wulff (McDep Associates) submits: In an historic moment for the integrated oil producer, management of buy-recommended Marathon Oil (MRO) declared it would create a new entity, Marathon Petroleum Company (MPC), to be an independent refiner/marketer. Marathon Oil would become an independent producer.

Kurt Wulff (McDep Associates) submits: Analyzing third quarter results released today, we reaffirm estimated Net Present Value (NPV) of $64 a share for buy-recommended Gazprom (OGZPY.PK). On that basis, unlevered appreciation potential is 120% to a McDep Ratio of 1.0 where stock price would equal NPV.