On Tuesday, Shares of WPX Energy Inc (NYSE:WPX), gained 1.60% to $8.27.
WPX Energys, second-quarter 2015 results reflect 38 percent growth in oil volumes vs. a year ago as the company successfully executes on the transition of its historically gas-weighted portfolio to more oil production and more oil inventory.
Total liquids production hit a new high for the company, averaging 52,400 barrels per day in the second quarter. Oil and natural gas liquids (NGL) volumes accounted for 32 percent of the company’s overall production and 57 percent of product revenues.
Second-quarter 2015 stated financial results reflect higher liquids production, a gain on the sale of transportation contracts in the Northeast and a 16 percent decrease in cash operating expenses, not taking into account exploration and DD&A expense, vs. a year ago.
These benefits were offset by a 42 percent decrease in product revenues from significantly lower commodity prices and a net loss on derivatives that reflect non-cash changes to the fair value of WPXs hedging positions.
WPX recently and WPX a year ago are as different as night and day. Positive change can be seen across the organization, our performance and the makeup of our portfolio, said Rick Muncrief, president and chief executive officer.
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.
Finally, Pentair plc. (NYSE:PNR), ended its last trade with -0.53% loss, and closed at $62.27.
Pentair plc, declared that it has reached a contract with ERICO Global Company whereby Pentair will acquire ERICO for $1.8 billion in cash, counting the repayment of ERICO debt. The transaction values ERICO at about twelve times 2015 forecasted EBITDA.
The transaction, which is anticipated to be accomplished in 2015 and subject to customary closing conditions and necessary regulatory approvals, is predictable to add greater than $0.40 to 2016 adjusted earnings per share. Pentair plans to fund the transaction with a combination of cash and investment grade financing.
Based in Solon, Ohio, ERICO is a leading global manufacturer and marketer of superior engineered electrical and fastening products for electrical, mechanical and civil applications. ERICO has 1,200 employees in 30 countries with recognized brands counting CADDY® fixing, fastening and support products; ERICO electrical grounding, bonding and connectivity products; and LENTON engineered systems.
The addition of ERICO will strengthen Pentair`s business by broadening its product offering and enabling the combined company to provide more global solutions to its end users. ERICO will become a key growth platform within Pentair`s Technical Solutions reporting segment.
Pentair plc operates as a diversified industrial manufacturing company in the United States, Europe, and internationally. The company operates through Valves & Controls, Technical Solutions, Flow & Filtration Solutions, and Water Quality Systems segments.
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