On Thursday, in the course of current trade, Shares of Hercules Offshore, Inc. (NASDAQ:HERO), climbed 0.45%, and is now trading at $ 0.69.
Hercules Offshore, declared that it received from Saudi Aramco on June 1, 2015, a notice reducing the day rates under its five year contracts for the Hercules 261 (as declared this morning the contract was reinstated with a contract maturity date of September 29, 2019) and Hercules 262 to $67,000 per day. The reduced day rates will apply from January 1, 2015, through December 31, 2016. Saudi Aramco also advised the Company that the day rate for the Hercules 266 has been reduced to $67,000 per day for the remaining term of its contract.
As these day rate concessions are effective retroactive to January 1, 2015, the Company is required to make an adjustment to its revenues for amounts earned under these contracts during the period from January 1, 2015, through March 31, 2015. This adjustment, which approximates $13 million, will be recorded in the second quarter of 2015. The Company’s financial statements as of and for the three months ended March 31, 2015, will not be affected by this concession.
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.
During Morning trade, Shares of Enterprise Products Partners L.P. (NYSE:EPD), dipped - 1.44%, and is now trading at $ 31.19.
Enterprise Products Partners L.P., declared it has executed definitive agreements to purchase all of the member interests in EFS Midstream LLC from associates of Pioneer Natural Resources Company and Reliance Industries Limited for $2.15 billion. The purchase price will be paid in two installments with the first installment of $1.15 billion paid at closing and the final installment of $1.0 billion paid no later than the first anniversary of the closing date.
EFS Midstream provides gas gathering, treating, compression and condensate processing services in the Eagle Ford Shale. The EFS Midstream system comprises about 460 miles of natural gas gathering pipelines, 10 central gathering plants, 780 million cubic feet per day of natural gas treating capacity and 119 thousand barrels per day of condensate stabilization capacity. Under the terms of the agreements, the Pioneer and Reliance joint development will dedicate its Eagle Ford Shale acreage to Enterprise under a 20-year, fixed-fee gathering agreement that comprises a minimum volume requirement for the first seven years. Pioneer and Reliance will also dedicate their Eagle Ford Shale acreage under related 20-year fee-based agreements with Enterprise for natural gas processing, natural gas liquids transportation and fractionation, and for natural gas, processed condensate and crude oil transportation services.
Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids, crude oil, petrochemicals, and refined products in the United States and internationally.
Shares of Magnum Hunter Resources Corp (NYSE:MHR), during its Thursday’s current trading session fell - 2.86%, and is now trading at $ 1.70.
Magnum Hunter Resources Corp, declared that its Chairman and CEO, Gary C. Evans, presented at the Bank of America Merrill Lynch Energy and Power Leveraged Finance Conference on Wednesday, June 3, 2015, in New York City, New York.
Magnum Hunter Resources Corporation, an independent oil and gas company, explores for, exploits, acquires, develops, and produces crude oil, natural gas, and natural gas liquid resources in the United States.
Finally, PVH Corp (NYSE:PVH), gained 0.75% Thursday, hitting its highest level.
PVH Corp, declared the debut of a new television advertising campaign focused on solving everyday women’s “bra-blems.” The commercial features a group of women of different ages, shapes and sizes who share how they feel about their bodies and concludes with their completely unscripted reactions to the Warner’s “No Side Effects” collection.
“More than ever, we believe women want to have honest conversations about their bodies and we think we have captured that sincerity and authenticity in this commercial,” said Les Hall, President, Core Intimates, at PVH. “Every woman can relate to having that ‘a-ha’ moment when she finds the perfect bra and the genuine reactions of the women in this commercial illustrate that.”
PVH Corp. operates as an apparel company in the United States and internationally. It designs, markets, and retails men’s and women’s apparel and accessories, branded dress shirts, neckwear, sportswear, jeanswear, intimate apparel, swim products, handbags, footwear, golf apparel, fragrances, cosmetics, eyewear, hosiery, socks, jewelry, watches, outerwear, small leather goods, and home furnishings, in addition to other related products.
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