On Monday, in the course of current trade, Shares of California Resources Corp (NYSE:CRC), dropped -1.24%, and is now trading at $3.97.
California Resources Corporation, declared an adjusted net loss1 of $51 million or ($0.13) per diluted share for the second quarter of 2015, contrast with adjusted net income of $246 million or $0.63 per diluted share for the second quarter of 2014. The adjusted net loss for the first six months of 2015 was $148 million or ($0.39) per diluted share, contrast with an adjusted net income of $469 million or $1.21 per diluted share for the same period in 2014. Adjusted EBITDAX2 for the second quarter of 2015 was $270 million, contrast with $727 million for the second quarter of 2014. Adjusted EBITDAX for the first six months of 2015 was $468 million, contrast with $1.4 billion for the first six months of 2014.
California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. It produces oil, natural gas, and natural gas liquids. The company holds interests in about 2.4 million net acres.
During an Afternoon trade, Shares of Golar LNG Limited (USA) (NASDAQ:GLNG), climbed 1.83%, and is now trading at $40.12.
Golar LNG Limited, declared that it has approved a unit purchase program under which the Company may purchase up to $25 million worth of Golar LNG Partners L.P. outstanding units over the next 12 months. The authorization is effective right away. Given Golar LNG Partners’ current yield of about 11%, the Company views this purchase program as an attractive investment opportunity.
The Company intends to purchase units from time to time for cash in open market transactions or in privately-negotiated transactions in accordance with applicable federal securities laws. The timing and the amount of any purchases will be determined by the Company’s administration based on its evaluation of market conditions, capital allocation alternatives, and other factors. The unit purchase program does not require the Company to acquire any specific number of units and may be modified, suspended, extended or terminated by the Company at any time without preceding notice. Golar will execute purchases only during periods where the executive team and the Board of Directors are not aware of material inside information that would likely affect a seller’s decision to sell.
Golar LNG Limited, a midstream liquefied natural gas (LNG) company, engages in the transportation, regasification, liquefaction, and trading of LNG. The company operates in three segments: Vessel Operations, LNG Trading, and FLNG.
Finally, KAR Auction Services Inc (NYSE:KAR), gained 1.59% Monday.
KAR Auction Services, stated its second quarter financial results for the three months ended June 30, 2015. For the second quarter of 2015, the company stated revenue of $658.3 million as contrast with revenue of $585.6 million for the second quarter of 2014, an enhance of 12%. Adjusted EBITDA for the quarter ended June 30, 2015 raised 10% to $170.0 million, as contrast with Adjusted EBITDA of $154.1 million for the quarter ended June 30, 2014. Net income for the second quarter of 2015 raised 17% to $59.5 million, or $0.41 per diluted share, as contrast with net income of $50.8 million, or $0.36 per diluted share, in the second quarter of 2014. Adjusted net income per diluted share for the quarter ended June 30, 2015 raised 10% to $0.46 as compared to adjusted net income per diluted share of $0.42 for the quarter ended June 30, 2014.
For the six months ended June 30, 2015, the company stated revenue of $1,290.7 million as contrast with revenue of $1,169.4 million for the six months ended June 30, 2014, an enhance of 10%. Adjusted EBITDA for the six months ended June 30, 2015 raised 10% to $332.2 million, as contrast with Adjusted EBITDA of $301.2 million for the six months ended June 30, 2014. Net income for the first six months of 2015 raised 59% to $114.0 million, or $0.79 per diluted share, as contrast with net income of $71.5 million, or $0.51 per diluted share in the first six months of 2014. Net income for the six months ended June 30, 2014 was negatively influenced by $19.4 million ($0.14 per diluted share) resulting from the company’s refinancing activities. Adjusted net income per diluted share for the six months ended June 30, 2015 raised 6% to $0.88 as compared to adjusted net income per diluted share of $0.83 for the six months ended June 30, 2014.
KAR Auction Services, Inc., together with its auxiliaries, provides vehicle auction services in North America. It operates in three segments: ADESA Auctions, IAA, and AFC. The ADESA Auctions segment offers whole car auctions and related services to the vehicle remarketing industry through online auctions and auction facilities.
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