OSH Q4 Report 1/28/14

[Palm]

Agree Lt except on the OSH piece giving XOM access to gas for PNG LNG. If XOM wants the gas, they will join in as a minority partner or just buy gas from Total/IOC/PNG/?; OSH is not a necessary cog in that wheel. To me OSH coming in adds little UNLESS it's an admission by them of weakness in finding gas for PNG LNG expansion AND they agree for Total and IOC to obtain ownership in PNG LNG (at least the expansion). Otherwise they are more of a weak link than anything else. XOM would spit them out of a non-PNG LNG deal in a heartbeat.