On Friday, Shares of Vantage Drilling Company (NYSEMKT:VTG), dropped -1.61% to $0.39.
Vantage Drilling Company, declared that it will conduct a call at 11:00 AM Eastern Time on May 7, 2015 to talk about operating results for the first quarter 2015 and recent developments. Vantage will release earnings before the market opens on May 7, 2015. To access the conference call, U.S. callers may dial toll free 888-715-1394 and international callers may dial 913-312-1496. The pass code will be 1891552.
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.
Shares of Tesaro, Inc. (NASDAQ:TSRO), declined -1.51% to $53.65, during its last trading session.
TESARO, offered an update on its niraparib clinical development program. The targeted enrollment has been achieved in both patient cohorts of the Phase 3 NOVA trial of niraparib, and TESARO anticipates data from NOVA in the fourth quarter of 2015. In addition, the QUADRA treatment trial of niraparib has been initiated, and initial data from this trial is anticipated in early 2016.
TESARO, Inc., an oncology-focused biopharmaceutical company, identifies, acquires, develops, and commercializes cancer therapeutics and oncology supportive care products in the United States and internationally.
At the end of Friday’s trade, Shares of Hess Corporation (NYSE:HES), dwindled -1.46% to $75.78.
Hess Corporation, stated an adjusted net loss, which excludes items affecting comparability, of $279 million or $0.98 per common share, for the first quarter of 2015 contrast with adjusted net income of $446 million or $1.38 per share in the first quarter of 2014. Lower realized selling prices reduced adjusted net income by about $700 million, after-tax contrast with the preceding-year quarter. In addition, first quarter 2015 results benefitted from higher crude oil and natural gas liquids production but were offset primarily by higher depreciation, depletion, and amortization expense. On an unadjusted basis, the Corporation stated a net loss of $389 million for the first quarter of 2015 and net income of $386 million in the preceding-year quarter.
Hess Corporation, an exploration and production company, develops, produces, purchases, transports, and sells crude oil, natural gas liquids, and natural gas. The company primarily operates in the United States, Denmark, Equatorial Guinea, the Joint Development Area of Malaysia/Thailand, Malaysia, and Norway.
Finally, Alpha Natural Resources, Inc. (NYSE:ANR), ended its last trade with -1.43% loss, and closed at $0.80, hitting its lowest level.
Alpha Natural Resources, stated a first quarter 2015 net income of $68 million or $0.30 per diluted share, contrast with a net loss of $56 million or $0.25 per diluted share in the first quarter of 2014. The first quarter net income comprises a $364 million gain on early extinguishment of debt. Not taking into account the items described in “Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss),” the first quarter 2015 adjusted net loss was $176 million or $0.79 per diluted share contrast with adjusted net income of $15 million or $0.07 per diluted share in the first quarter of 2014.
Financial Performance
Cash used in operating activities for the quarter ended March 31, 2015 was $60 million, contrast with cash used in operating activities of $54 million for the first quarter of 2014. Capital expenditures for the first quarter of 2015 were $30 million, contrast with $40 million in the first quarter of 2014.
As of the end of the first quarter of 2015, Alpha had total liquidity of about $1.9 billion, comprising of cash, cash equivalents and investments of more than $1.0 billion, which comprises about 6.0 million shares of Rice Energy valued at about $132 million, and more than $0.8 billion accessible under the Company’s secured credit and accounts receivable securitization facilities. Total long-term debt, net of debt discounts and deferred debt issuance costs, and counting the current portion of long-term debt as of March 31, 2015, was about $3.3 billion, counting about $154 million of senior convertible notes maturing in 2015.
During the first quarter, Alpha effectively used about $117 million in cash and issued about $214 million second lien notes to repurchase $593 million in principal amount of unsecured notes, reducing gross debt outstanding by $379 million.
Subsequent to the first quarter Alpha stepped down the remaining 2.375% 2015 convertibles notes, totaling $44 million.
Alpha Natural Resources, Inc., together with its auxiliaries, engages in extracting, processing, and marketing steam and metallurgical coal in Kentucky, Pennsylvania, Virginia, West Virginia, and Wyoming.
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