On Monday, Shares of Yamana Gold Inc. (USA) (NYSE:AUY), gain 5.00% to $2.31, after gold prices raised on fears of a weak yuan affecting the Fed’s decision to hike U.S. interest rates.
China’s devaluation of its currency could make the Fed wait longer to enhance U.S. interest rates even though the U.S. economy has shown noteworthy growth, Reuters reports.
“The repercussions of China’s move are more deep seated than it appears and over the course of the next few weeks, gold should remain elevated on growing concerns about the state of China’s health,” Phillip Futures analyst Howie Lee said to Reuters.
Yamana Gold Inc. engages in gold mining and related activities, counting exploration, extraction, processing, and reclamation. The company has precious metal properties and land positions in the Americas.
Finally, Basic Energy Services, Inc (NYSE:BAS), ended its last trade with -8.83% loss, and closed at $5.06.
Basic Energy Services, stated selected operating data for the month of July 2015. Basic’s well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 55,400 producing a rig utilization rate of 52%, contrast to 55% and 69% in June 2015 and July 2014, respectively.
During the month, Basic’s fluid service truck count reduced by five to 1,007. Fluid service truck hours for the month were 193,200 contrast to 193,200 and 214,900 in June 2015 and July 2014, respectively.
Drilling rig days for the month were 69 producing a rig utilization of 19%, contrast to 17% and 89% in June 2015 and July 2014, respectively.
Roe Patterson, Basic’s President and Chief Executive Officer, commented, “Our well servicing utilization reduced by 300 basis points, primarily as a result of the Fourth of July holiday period. In the latter part of the month, we achieved utilization rates that were at or slightly above the preceding month’s utilization rate of 55%. Our truck hours remained flat despite our truck count dropping during the month and the impact of the Fourth of July holiday period. Completion and contract drilling activity continues to be challenged by the noteworthy amount of excess equipment in the market and the recent volatility in oil prices. Pricing appears to have stabilized despite declines in predictable activity by our customers.
Basic Energy Services, Inc. provides well site services to oil and natural gas drilling and producing companies in the United States. Its Completion and Remedial Services segment offers pumping services, such as cementing, acidizing, fracturing, nitrogen, and pressure testing; rental and fishing tools; coiled tubing; snubbing services; thru-tubing; cased-hole wireline services; and underbalanced drilling in low pressure and fluid sensitive reservoirs.
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