On Tuesday, Penn West Petroleum Ltd (USA) (NYSE:PWE)’s shares declined -4.08% to $2.35.
On April 14, Penn West Petroleum (PWE), declare that it has reached definitive contracts with Freehold Royalties Ltd. (FRU.TO) regarding the sale by Penn West of an 8.5 percent gross overriding royalty in its working interests in a portion of the Viking play located in the Dodsland area of Saskatchewan and certain of its existing royalties and mineral title lands located in Alberta, Saskatchewan and Manitoba spanning through a variety of plays for an aggregate cash consideration of $321 million, before normal closing adjustments. Closing is predictable to occur on or about May 6, 2015, subject to the receipt of regulatory approvals and the satisfaction of customary closing conditions. TD Securities Inc. acted as financial advisor to Penn West on the transaction.
The Company intends to use the proceeds from the sale of these royalties to reduce its senior debt in accordance with the terms of the formerly declared contracts in principle with its lenders. The proceeds represent about 50 percent of Penn West’s commitment to offer aggregate net proceeds of up to $650 million received from asset dispositions to prepay at par any outstanding principal amounts owing to the holders of our senior, unsecured notes.
Penn West Petroleum Ltd. explores for, develops, and produces oil and natural gas properties in western Canada. The company’s properties are located in Alberta, British Columbia, Saskatchewan, Manitoba, and the Northwest Territories, Canada; and Wyoming, the United States. As of March 12, 2015, it operated a portfolio of opportunities in light oil in Canada covering a land base of about 4.5 million acres.
ITC Holdings Corp (NYSE:ITC)’s shares dropped -2.24% to $35.83, during the last trading session on Tuesday.
On April 13, ITC Holdings Corp (ITC), declared that Christine Mason Soneral has been promoted to senior vice president and general counsel. She formerly served as vice president and general counsel.
Ms. Mason Soneral is responsible for ITC’s Legal Department, which comprises the legal, corporate secretary, real estate, contract administration and corporate compliance functions.
Ms. Mason Soneral joined ITC in 2007. She formerly served as a partner in a private law practice in Lansing, Mich., with a primary focus on energy issues in representing clients before state and federal trial courts, appellate courts and regulatory agencies.
“Christine has distinguished herself in this industry while playing a critical role in our growth strategy as a leading energy company,” said Joseph L. Welch, chairman, president and CEO. “We look forward to her continued contributions as we assist define the future of this evolving industry to the maximum benefit of electricity customers.”
ITC Holdings Corp., together with its auxiliaries, engages in the transmission of electricity in the United States. The company functions as conduit, allowing for power from generators to be transmitted to local distribution systems through its own systems or in conjunction with neighboring transmission systems. It owns and operates high-voltage transmission facilities in Michigans Lower Peninsula and portions of Iowa, Minnesota, Illinois, Missouri, Kansas, and Oklahoma. The company serves investor-owned utilities, municipalities, cooperatives, power marketers, and alternative energy suppliers. ITC Holdings Corp. was founded in 2001 and is headquartered in Novi, Michigan.
At the end of Tuesday’s trade, Travelers Companies Inc (NYSE:TRV)‘s shares dipped -4.01% to $101.88.
Yesterday, Travelers Companies Inc (TRV), stated net income of $833 million, or $2.55 per diluted share, for the quarter ended March 31, 2015, contrast to net income of $1.052 billion, or $2.95 per diluted share, in the preceding year quarter. Operating income in the current quarter was $827 million, or $2.53 per diluted share, contrast to $1.052 billion, or $2.95 per diluted share, in the preceding year quarter. The decrease in net and operating income primarily resulted from the factors described above. Per diluted share amounts also benefited from the influence of share repurchases.
Business and International Insurance posted a strong combined ratio of 93.3%. We were particularly happy that in our domestic business we achieved a record level of retention while posting positive renewal rate change. New business was up 16% domestically as cumulative price raises over the past four years resulted in an raise in the number of new business opportunities that met our return thresholds. Bond & Specialty Insurance results also remained very strong, producing a combined ratio of 76.1%. In Personal Insurance, we posted a very solid combined ratio of 83.5%. Our Agency Auto business continued to perform well with net written premium growth of 4% and policies in force growth of nearly 2% in the quarter.
Underwriting results
- The combined ratio raised 3.2 points to 88.9% due to a higher underlying combined ratio (2.1 points), lower net favorable preceding year reserve development (1.0 points) and higher catastrophe losses (0.1 points).
- The underlying combined ratio raised 2.1 points to 90.3%, primarily driven by an raise in the expense ratio (1.8 points) and the underlying loss ratio (0.3 points). The expense ratio raised primarily due to the inclusion in the preceding year quarter of the above mentioned state assessments benefit (1.3 points).
- Net favorable preceding year reserve development occurred in all segments. Catastrophe losses were due to a winter storm in the eastern United States.
The Travelers Companies, Inc., through its auxiliaries, provides a range of commercial and personal property, and casualty insurance products and services to businesses, government units, associations, and individuals in the Unites states and internationally. It operates in three segments: Business and International Insurance; Bond & Specialty Insurance; and Personal Insurance.
Whiting Petroleum Corp (NYSE:WLL), ended its Tuesday’s trading session with -3.90% loss, and closed at $34.96.
On April 20, Whiting Petroleum Corp (WLL), declared that it had committed to submit to a vote of stockholders at its 2016 annual meeting an amendment to its by-laws to implement proxy access and an amendment to its certificate of incorporation to implement declassification of its board of directors. The amendments to the by-laws and certificate of incorporation will become effective if approved by stockholders at the 2016 annual meeting.
“The decisions to seek stockholder approval to implement proxy access and declassify the board are compriseent with Whiting’s commitment to good corporate governance practices,” said James J. Volker, Chairman, President and Chief Executive Officer. “The views of our stockholders are important to Whiting. Therefore, our board of directors seriously considers such views and regularly reviews our corporate governance practices.”
The amendment to the certificate of incorporation to declassify the board of directors would provide that directors would be elected to one-year terms as their existing three-year terms expire, starting with the class of directors to be elected at Whiting’s 2017 annual meeting.
Whiting Petroleum Corporation, an independent oil and gas company, attains, explores, develops, and produces crude oil, natural gas liquids, and natural gas in the Rocky Mountains and Permian Basin regions of the United States. It sells oil and gas to end users, marketers, and other purchasers. As of December 31, 2014, the company’s estimated proved reserves totaled 780.3 million barrels of oil equivalent; and had interests in 4,471 net productive wells across about 886,700 net developed acres. Whiting Petroleum Corporation was founded in 1980 and is based in Denver, Colorado.
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