On Wednesday, Shares of Comstock Resources Inc (NYSE:CRK), lost -20.12% to $2.66.
Comstock Resources, declared that it has reached a definitive purchase and sale agreement with a private company to sell Comstock`s oil and gas properties in and around Burleson County, Texas for a sale price of about $115.0 million, subject to customary adjustments. The sale, which is subject to customary closing conditions, is predictable to close in July 2015 and will have an effective date of May 1, 2015. Comstock intends to use the proceeds from the sale to fund its 2015 drilling program and to enhance the Company`s liquidity in addition to for other corporate purposes.
The properties being sold are producing about 1,900 barrels of oil per day and 5.5 million cubic feet per day of natural gas. At December 31, 2014, Comstock`s proved reserves comprised of about 3.7 million barrels of oil and 3.9 billion cubic feet of natural gas related to the interests being sold. The Company anticipates to realize a pre-tax loss on the divestiture ranging from $100.0 to $110.0 million. Taking the divestiture into account, Comstock revised its 2015 oil production guidance to 9,000 to 9,500 barrels per day and its natural gas production guidance to 125 to 150 MMcf per day. Additionally, the Company declared that it has recently added about 10 MMcf per day of natural gas hedges at $3.20 per MMcf for the twelve months starting on July 1, 2015. The Company presently intends to continue to add additional hedges as opportunities develop.
“This sale strengthens our balance sheet by providing us with an opportunity to further improve our liquidity during a period of low oil and natural gas prices”, stated M. Jay Allison, Chief Executive Officer of Comstock.
Comstock Resources, Inc., an independent energy company, acquires, develops, explores, and produces oil and natural gas properties in the United States. Its oil and gas operations are primarily located in East Texas/North Louisiana and South Texas.
Shares of Fiat Chrysler Automobiles NV (NYSE:FCAU), inclined 0.41% to $14.59, during its last trading session.
Fiat Chrysler Automobiles, declared its intent to invest about $280 million in its manufacturing joint venture, Fiat India Automobiles Private Limited, with Tata Motors Limited. The investment in the manufacturing facility in Ranjangaon, India, will support the production of a new Jeep® vehicle and is predictable to start production in the second quarter of 2017.
“Today marks an important step as we continue to expand the availability of Jeep products around the world,” said Sergio Marchionne, CEO, FCA. “Earlier this year, we indicated that 2015 would be a transformational year in the globalization of the brand and this declaration reinforces that commitment. Establishing Jeep production in India will give us the opportunity to offer even more people the chance to experience the freedom and adventure that can come from behind the wheel of a Jeep vehicle.
“We are happy that this investment will strengthen FCA presence in India and are confident in the ability of the joint venture to produce world class products like those carrying the legendary Jeep nameplate,” said Marchionne.
Fiat Chrysler Automobiles N.V., an automotive group, designs, engineers, manufactures, distributes, and sells vehicles and components. It offers passenger cars, light trucks, and light commercial vehicles under the Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, and Ram brand names, in addition to after-sales services and parts under the Mopar brand name.
Finally, Allstate Corp (NYSE:ALL), ended its last trade with 0.96% gain, and closed at $65.49.
Twenty years ago, The Allstate Corporation (ALL) became fully independent, marking a pivotal moment in its evolution as a public company.
On June 30, 1995, Sears, Roebuck and Co. accomplished the spin-off of its one-time insurance partner by divesting all its Allstate shares to Sears shareholders – just two years after offering 20 percent of its Allstate shares to investors in an initial public offering.
For Allstate – founded in 1931 – the spin-off heralded a period of growth and progress. The company expanded its relationship with customers, defined its shared purpose and persevered through severe weather and economic storms.
The Allstate Corporation, through its auxiliaries, engages in the property-liability insurance and life insurance businesses in the United States and Canada. The company’s Allstate Protection segment sells private passenger auto and homeowners insurance products under the Allstate, Encompass, Esurance brand names. It also provides specialty auto products, counting motorcycle, trailer, motor home, and off-road vehicle insurance policies; other personal lines products comprising renter, condominium, landlord, boat, umbrella, and manufactured home insurance policies; roadside assistance products; and commercial products for small business owners, in addition to insurance agency services.
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