On Tuesday, Shares of WPX Energy, Inc. (NYSE:WPX), lost -3.97% to $7.02.
WPX Energy has accomplished the divestiture of its remaining mature coalbed methane properties in Wyoming’s Powder River Basin and planned a related sale of its membership interest in Fort Union Gas Gathering L.L.C. to close in November.
The buyer is Moriah Powder River L.L.C. The sales price for the assets is $80 million. Divesting the Powder River Basin operations further sharpens WPX’s portfolio and supports the company’s delevering plan following its acquisition of Permian Basin assets on Aug. 17.
Yesterday, WPX also declared that it has signed a contract to sell a North Dakota gathering system for about $185 million, which is predictable to close in the fourth quarter.
Combined, the asset sales place WPX more than half of the way toward its 2015 aim targeting $400-$500 million in divestitures by the end of the year.
WPX Energy, Inc., an independent natural gas and oil exploration and production company, engages in the exploitation and development of unconventional properties in the United States.
Shares of National Oilwell Varco, Inc. (NYSE:NOV), declined -2.32% to $41.35, during its last trading session.
National Oilwell Varco declared that Jose A. Bayardo has been named Senior Vice President and Chief Financial Officer of National Oilwell Varco, effective August 28, 2015. Mr. Bayardo succeeds Scott K. Duff, Interim Chief Financial Officer.
Preceding to joining National Oilwell Varco, Mr. Bayardo, age 43, served as Senior Vice President, Resource and Business Development at Continental Resources, Inc. Preceding to Continental, Mr. Bayardo spent nine years with Complete Production Services, Inc., serving in various roles, counting the position of Senior Vice President, Chief Financial Officer and Treasurer. Mr. Bayardo also served in several other roles at Complete, counting Vice President - Corporate Development and Investor Relations, and Vice President of a partner’s Rocky Mountain and Mid-Continent operations. Preceding to joining Complete Production Services, Mr. Bayardo was an investment banker with J.P. Morgan. Mr. Bayardo earned a Master of Business Administration from the Kellogg Graduate School of Administration at Northwestern University, a Master of Engineering Administration from the McCormick School of Engineering at Northwestern University and a Bachelor of Science in Chemical Engineering from the University of Texas at Austin.
Clay C. Williams, Chairman, President and CEO of National Oilwell Varco, remarked, “I am delighted to welcome Jose to our executive administration team. Jose brings a wealth of financial experience to NOV having worked both in the oil and gas industry and in investment banking during his career. Jose’s proven abilities in financial administration will be central as we continue to pursue our planned and financial business aims.”
National Oilwell Varco, Inc. designs, manufactures, and sells equipment and components used in oil and gas drilling, completion, and production; and provides oilfield services to the upstream oil and gas industry worldwide. The company’s Rig Systems segment offers land rigs; offshore drilling equipment packages; and drilling rig components.
Finally, North Atlantic Drilling Limited (NYSE:NADL), ended its last trade with -7.88% loss, and closed at $0.80.
North Atlantic Drilling Limited declared merged revenues for the second quarter 2015 were $210.7 million contrast to $192.0 million for the first quarter. The primary reason for the improvement is the West Phoenix having significantly less downtime in Q2 contrast to Q1, due to BOP repairs.
Operating income for the second quarter was $64.5 million, an improvement of $27.6 million contrast to the first quarter operating income of $36.9 million. The improvement is primarily due to the West Phoenix as stated above, combined with lower operating costs as the West Navigator is now off contract and stacked.
Net financial items for the second quarter of 2015 amounted to a loss of $20.5 million. The loss comprised $25.1 million in interest expenses, gain on financial derivatives of $8.8 million, and foreign exchange loss of $3.4 million mainly related to the NOK1,500 million bond loan. The first quarter of 2015 incurred a net financial loss of $45.9 million, counting interest expenses of $24.6 million, loss on financial derivatives of $34.3 million, and gain on foreign exchange of $14.4 million mainly related to the NOK1,500 million bond loan.
North Atlantic Drilling Limited operates as an offshore drilling services contractor in the North Atlantic region. The company provides harsh environment offshore drilling services to the oil and gas industry primarily in Norway and the United Kingdom.
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