On Friday, C&J Energy Services, Ltd. (NYSE:CJES)’s shares declined -3.78% to $6.61.
C&J Energy Services Ltd. (CJES) stated net loss of ($65.1 million), or ($0.56) per diluted share, on revenue of $511.2 million for the second quarter of 2015, and Adjusted Net Loss(1) of ($53.8 million), or ($0.46) per diluted share(1). Adjusted Net Loss excludes a $5.4 million, or $0.05 per diluted share, after-tax charge related to costs associated with the March 2015 combination (the “Transaction”) of C&J Energy Services, Inc. (“Legacy C&J”) with the completion and production services business (the “C&P Business”) of Nabors Industries Ltd.; in addition to severance costs of $1.2 million, or $0.01 per diluted share; customer settlement/bad debt write-off charges of $2.9 million, or $0.02 per diluted share; and an inventory write-down of $1.8 million, or $0.02 per diluted share. Adjusted EBITDA(1) was $20.3 million for the second quarter of 2015.
Results for the Three Months Ended June 30, 2015
Completion Services
Second quarter 2015 revenue from our Completion Services segment was $332.5 million, with Adjusted EBITDA(1) of $24.5 million, contrast to revenue of $371.0 million and Adjusted EBITDA(1) of $49.8 million for the first quarter of 2015, and revenue of $362.4 million and Adjusted EBITDA(1) of $78.2 million for the second quarter of 2014. On a pro forma basis(2), first quarter 2015 revenue was $546.7 million, with Adjusted EBITDA(1) of $31.9 million.
Revenue reduced quarter over quarter due to significantly lower utilization and pricing levels across our service lines resulting from the extremely competitive market environment caused by the continued decline in U.S. onshore drilling and completion activity. Revenue from our hydraulic fracturing services was also negatively influenced by certain highly active customers electing to provide their own sand, and also chemicals in some cases, during the quarter, although we do not believe this is indicative of an industry trend.
C&J Energy Services, Ltd. provides completion and production services for oil and gas industry primarily in North America. The company provides a range of well services involved in the completion, life-of-well maintenance, and plugging and abandonment of a well to oil and natural gas drilling and production companies.
Northern Tier Energy LP (NYSE:NTI)’s shares dropped -1.58% to $26.82.
Northern Tier Energy LP and its auxiliaries (NTI) stated second quarter 2015 Net Income of $128.9 million, contrast to $57.9 million for second quarter 2014. Results for the 2015 quarter comprised of a $38.2 million non-cash lower of cost or market (“LCM”) inventory adjustment benefit. Adjusted Net Income, which excludes the LCM adjustment and other special items, was $90.7 million for second quarter 2015, contrast to $61.4 million for the preceding year quarter. Adjusted EBITDA for second quarter 2015 was $116.7 million (not taking into account the LCM adjustment) contrast to $82.1 million for second quarter 2014, primarily due to higher gross margins per barrel, together with higher throughput. A reconciliation of stated earnings to various non-GAAP performance measures can be found in the accompanying tables.
Second Quarter Operating Segment Highlights
Refining Segment
Refining operating income not taking into account the LCM adjustment was $103.3 million for second quarter 2015 contrast to $72.8 million for the preceding year period. Refining gross margin was $17.85 per barrel of throughput for second quarter 2015 ($21.98 per barrel counting the LCM adjustment) contrast to $15.03 per barrel of throughput for second quarter 2014. Refining Adjusted EBITDA for second quarter 2015 was $114.7 million (not taking into account the LCM adjustment) contrast to $82.7 million for the preceding year period. This enhance was driven by improved gross margins together with raised throughput and sales volumes. Total throughput was a quarterly record of 98,954 barrels per day for second quarter 2015 contrast to 93,022 barrels per day for the preceding year period. Throughput for the preceding year period was influenced by planned maintenance on the Minnesota Pipeline.
Northern Tier Energy LP, an independent downstream energy company, engages in refining, retail, and pipeline operations in the United States. It operates through two segments, Refining and Retail. The Refining segment offers refined products, counting gasoline, diesel, jet fuel, and asphalt to resellers and consumers primarily in the Petroleum Administration for Defense District II region. This segment also owns various storage and transportation assets, such as light products terminal, heavy products terminal, storage tanks, rail loading/unloading facilities, the Aranco and Cottage Grove pipelines, and Mississippi river dock, in addition to owns and operates the Minnesota Pipeline, a 455,000 barrel per day crude oil pipeline system that transports crude oil.
At the end of Friday’s trade, ON Semiconductor Corp (NASDAQ:ON)‘s shares surged 0.41% to $9.91.
ON Semiconductor Corp (ON) declared private offering of $600 million aggregate principal amount of 1.00% Convertible Senior Notes due 2020 (the “notes”). The notes were offered only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). ON Semiconductor has granted to the initial purchasers of the notes a 30-day option to purchase up to an additional $90 million aggregate principal amount of notes.
The notes will be ON Semiconductor’s senior unsecured obligations and guaranteed by certain of its auxiliaries. The notes will bear interest at a rate of 1.00% per year, payable semiannually in arrears on June 1 and December 1 of each year, starting on December 1, 2015. The notes will mature on December 1, 2020.
ON Semiconductor Corporation manufactures and sells semiconductor components for various electronic devices worldwide. It operates in four segments: Application Products Group, Image Sensor Group, Standard Products Group, and System Solutions Group.
First Horizon National Corp (NYSE:FHN), ended its Friday’s trading session with 1.99% gain, and closed at $15.91.
Donations to benefit the families of the four Marines and one sailor killed in the July 16 attack on a military operations center in Chattanooga will be matched by the First Tennessee Foundation, up to a total of $15,000. Donations to the Community Foundation of Greater Chattanooga brought to any First Tennessee Bank branch throughout Tennessee by Aug. 14 will be eligible for the match.
First Tennessee established the First Tennessee Foundation in 1993 to invest in the communities the bank serves. Last year, in honor of First Tennessee’s 150th anniversary, the foundation’s 150 Days of Giving gave away $5,000 a day for 150 days to nonprofits selected by 1.5 million online votes.
First Horizon National Corporation operates as the bank holding company for First Tennessee Bank National Association that provides various financial services in the United States and internationally. The company offers general banking services for consumers, businesses, financial institutions, and governments. It also provides investments, financial planning, trust, asset administration, credit card, and cash administration services.
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