On Friday, Shares of SandRidge Energy, Inc. (NYSE:SD), lost -4.58% to $0.95, hitting its lowest level, as oil futures marked a third straight session loss Friday, with traders concerned that a potential deal with Iran could add to a global glut of crude supplies, Market Watch Reports.
Oil prices bounced back close to unchanged Friday with expectations for summer demand limiting fears connected with Greek bailout talks and Iran’s nuclear deal, according to WSJ.
Light, sweet crude for August delivery settled down 7 cents, or 0.1%, to $59.63 a barrel on the New York Mercantile Exchange. It finished the week down 34 cents, or 0.6%. WSJ Reports.
Brent, the global benchmark, gained 24 cents, or 0.1%, to $63.26 a barrel on ICE Futures Europe. It finished the week up 24 cents, or 0.4%. WSJ added.
SandRidge Energy, Inc., an oil and natural gas company, explores for and produces oil and natural gas properties primarily in the Mid-Continent region of the United States. The company operates through three segments: Exploration and Production, Drilling and Oil Field Services, and Midstream Services.
Shares of Hercules Offshore, Inc. (NASDAQ:HERO), declined -11.22% to $0.25, during its last trading session.
Hercules Offshore, declared that it has published the June Fleet Status Report. The Report comprises the Hercules Offshore Rig Fleet Status (as of June 23, 2015), which contains detailed contract information for each of the Company’s drilling rigs. The Report also comprises the Hercules Offshore Liftboat Fleet Status Report, which contains information by liftboat class for May 2015, counting revenue per day and operating days. The Report can be found on the Company’s website at www.herculesoffshore.com, under the “Investor Relations” section of the website.
Hercules Offshore, Inc., together with its auxiliaries, provides shallow-water drilling and marine services to the oil and natural gas exploration and production industry worldwide. The company operates through Domestic Offshore, International Offshore, and International Liftboats segments.
Finally, Vantage Drilling Company (NYSEMKT:VTG), ended its last trade with -6.58% loss, and closed at $0.17, hitting its lowest level.
Vantage Drilling Company, had its price objective reduced by Jefferies Group to $0.20 in a research report released on Friday morning. Jefferies Group presently has a hold rating on the stock.
On June 22, Vantage Drilling Company, declared that it has retained Lazard Freres & Co. LLC to advise the Company with respect to financing and planned opportunities. The Board of Directors has retained Lazard to evaluate financing opportunities, strengthen and expand administration’s analysis of the changing marketplace and provide an independent resource for evaluating the Company’s planned plans. The outcome of this process cannot be determined at this time and may not be determined in the near term. The Company does not anticipate disclosure of developments concerning this process until the Company determines that disclosure is necessary or appropriate.
Paul Bragg, Chairman and Chief Executive Officer, commented, “Over the past year and a half, our strong operating performance has allowed us to maintain our commitment to the retirement of debt, resulting in the repayment of over $300 million of outstanding debt. In accordance with this strategy, we have continued to retire debt during the second quarter, and anticipate that we will continue to opportunistically repurchase debt going forward. Given that our debt continues to trade well below its face value, we have retained Lazard to explore alternatives to take advantage of what we view as a current market opportunity for the near and long term benefit of the company.”
Vantage Drilling Company, through its auxiliaries, provides offshore contract drilling services in the United States and internationally. It offers drilling units, related equipment, and work crews under contract to drill oil and natural gas wells.
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