On Wednesday, Shares of Energy XXI Ltd (NASDAQ:EXXI), lost -5.32% to $2.49.
Energy XXI, declared it has closed on the sale of the East Bay Field for $21 million to a private buyer. In addition, Energy XXI will retain a 5% overriding royalty interest on these assets for a period not to exceed 5 years from the closing date, and Energy XXI will also retain 50 percent of the deep rights associated with the East Bay Field.
The East Bay Field produced about 2,050 barrels of oil per day (Bbl/d) net on average for fiscal 2015, with net reserves associated with the East Bay Field estimated at about 9.4 million barrels of oil equivalent, 94 percent liquids, as of June 30, 2015. The buyer will assume plugging and abandonment liability.
“The sale of East Bay allows the company to focus on activities in fields with higher profitability, while significantly reducing our plugging and abandonment liability in the Gulf of Mexico,” Chairman, President and Chief Executive Officer John Schiller said. “We continue to evaluate additional opportunities to sell non-core assets in the Gulf of Mexico.”
Energy XXI (Bermuda) Limited is engaged in the acquisition, exploration, development, production, and operation of oil and natural gas properties onshore in Louisiana and Texas, and on the Gulf of Mexico. As of June 30, 2014, the company had proved reserves of 246.2 million barrels of oil equivalent.
Shares of Tri Pointe Homes Inc (NYSE:TPH), declined -0.26% to $15.26, during its last trading session.
Winchester Homes, declared the launch of TRI Pointe Connect as its in-house mortgage company, in Maryland and Virginia. Formed as a joint venture between TRI Pointe Group and imortgage, a division of loanDepot LLC, the launch of TRI Pointe Connect in Maryland and Virginia follows launches earlier this year in Arizona, Washington, Texas and Colorado. TRI Pointe Connect plans to continue its expansion into a total of eight states. Imortgage is one of the nation’s top five nonbank retail mortgage lenders and the imortgage builder platform has produced the highest customer service scores of all U.S. lenders, as measured by Eliant in 2014.
“We’re proud to offer this innovative new service to our buyers,” said Alan Shapiro, President, Winchester Homes, Inc. “We’re excited to join the other TRI Pointe Group builders to roll out this service, which will offer one of the most streamlined buying experiences accessible in the market recently, matching individual home buyers with specific loan services that meet their unique needs.”
The rollout of TRI Pointe Connect in Washington, D.C. follows less than a year after one of the largest mergers in homebuilding history, wherein Winchester Homes and four other builders became part of TRI Pointe Group in the company’s 2014 merger with Weyerhaeuser Real Estate Company (WRECO). The merger made TRI Pointe Group one of the top 10 largest public homebuilders by market equity capitalization in the United States. TRI Pointe Connect is the company’s first lending service and will be launched across all six TRI Pointe Group homebuilding brands. TRI Pointe Connect’s focus will be on delivering competitive mortgage products, personalized service and an improved buying experience.
TRI Pointe Homes, Inc. designs, constructs, and sells single-family homes in the United States. The company also develops and sells land and lots. It operates a portfolio of six brands across eight states, counting Maracay Homes in Arizona; Pardee Homes in California and Nevada; Quadrant Homes in Washington; Trendmaker Homes in Texas; TRI Pointe Homes in California and Colorado; and Winchester Homes in Maryland and Virginia. The company sells homes through its own sales representatives and independent real estate brokers. TRI Pointe Homes, Inc. is based in Irvine, California.
Finally, Exelon Corporation (NYSE:EXC), ended its last trade with 0.99% gain, and closed at $31.73.
This summer, ComEd is hiring more than 250 students through its annual summer internship program providing local teens with hands-on job training and career experience. ComEd is committed to engaging its future workforce and partners with a number of schools and nonprofit organizations to offer local students valuable work experience through internships, apprenticeships and other educational programs.
“We are developing our workforce of the future by engaging young people in our business and introducing them to new career possibilities,” said Anne Pramaggiore, president and CEO of ComEd. “We do this by reaching out to our own communities to build on the talent of our local youth. We are truly a local company; our employees work and live in the communities we serve.”
As part of ComEd’s summer internship program, more than 150 college and high school students will be assigned to various departments across the company for a three-month period. Participating students gain hands-on working experience that they can take back to the classroom when they return in the fall. The job experience also serves as a window into careers and employment opportunities in the energy industry.
Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon Corporation (EXC), the nation’s leading competitive energy provider, with about 7.8 million customers.
Exelon Corporation, a utility services holding company, engages in the energy generation and delivery businesses in the United States. It owns electric generating facilities, such as nuclear, fossil, and hydroelectric generation facilities, in addition to wind and solar photovoltaic facilities.
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