On Friday, ConocoPhillips (NYSE:COP)’s shares declined -2.26% to $48.11.
ConocoPhillips (COP) declared its 2016 operating plan. Key highlights from the plan comprise:
- $7.7 billion capital budget;
- 1 to 3 percent production growth, adjusted for asset sales; and
- $7.7 billion of operating costs.
Chairman and Chief Executive Officer Ryan Lance commented, “We’re setting an operating plan for 2016 that recognizes the current environment, which remains challenging. We are significantly reducing capital and operating costs, while maintaining our commitment to safety and asset integrity. We also retain the flexibility to adjust capital spending in response to market factors. Our plan highlights the actions we accelerated over the past year to position our company for low and volatile prices. As we enter 2016, ConocoPhillips has greater capital flexibility, a more competitive cost structure, a streamlined portfolio and the ability to deliver profitable growth from a high-quality resource base. These advantages, coupled with our strong balance sheet, give us the ability to maintain a compelling dividend and close the gap on cash flow neutrality across a range of prices.”
The company also declared it anticipates to close about $2.3 billion of non-core asset sales. This number comprises about $0.6 billion from transactions that closed through the first three quarters. The remaining $1.7 billion represents transactions with definitive agreements in place that are predictable to close in the fourth quarter of 2015 or the first quarter of 2016. Production from these assets, of which 80 percent is natural gas, accounts for more than 70 thousand barrels of oil equivalent per day (MBOED) of 2015 production. The company continues to pursue ongoing, non-core asset sales across the portfolio.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas, and natural gas liquids worldwide. Its portfolio comprises shale and oil sands assets; lower-risk legacy assets in North America, Europe, Asia, and Australia; various international developments; and exploration prospects. ConocoPhillips was founded in 1917 and is headquartered in Houston, Texas.
Puma Biotechnology Inc (NYSE:PBYI)’s shares dropped -6.02% to $67.87.
Puma Biotechnology, Inc. (PBYI), declared the presentation of updated results from the Phase III clinical trial of Puma’s investigational drug PB272 (neratinib) for the extended adjuvant treatment of breast cancer (ExteNET trial). The ExteNET trial is a double-blind, placebo-controlled, Phase III trial of neratinib as compared to placebo after adjuvant treatment with trastuzumab (Herceptin) in women with early stage HER2-positive breast cancer. The data was presented recently in an oral presentation at the 2015 CTRC-AACR San Antonio Breast Cancer Symposium (SABCS) that is presently taking place in San Antonio, Texas. Previous safety and efficacy data from this trial were stated in June at the American Society of Clinical Oncology (ASCO) 2015 Annual Meeting in Chicago, Illinois.
The ExteNET trial randomized 2,840 patients in 41 countries with early-stage HER2-positive breast cancer who had undergone surgery and adjuvant treatment with trastuzumab. After completion of adjuvant treatment with trastuzumab, patients were randomized to receive extended adjuvant treatment with either neratinib or placebo for a period of one year. Patients were then followed for recurrent disease, ductal carcinoma in situ, or death for a period of two years after randomization in the trial. The primary endpoint of the trial was invasive disease free survival (DFS). The results of the trial demonstrated that treatment with neratinib resulted in a 33% reduction of risk of invasive disease recurrence or death as compared to placebo (hazard ratio = 0.67, p = 0.009). The 2-year DFS rate for the neratinib arm was 93.9% and the 2-year DFS rate for the placebo arm was 91.6%. These results were formerly stated at the 2015 American Society of Clinical Oncology meeting in June.
The presentation at SABCS involved an exploratory sensitivity analysis of the 3-year disease free survival data to examine the durability of treatment effect beyond the 2-year data comprised of in the primary analysis. This analysis was not a pre-planned analysis in the statistical analysis plan for the trial. For the primary endpoint of the trial, invasive disease free survival (DFS), the results of the trial demonstrated that treatment with neratinib resulted in a 26% reduction of risk of invasive disease recurrence or death as compared to placebo (hazard ratio = 0.74, two sided p = 0.023). The 3-year DFS rate for the neratinib arm was 92.0% and the 3-year DFS rate for the placebo arm was 89.9%.
Puma Biotechnology, Inc., a development stage biopharmaceutical company, focuses on the acquisition, development, and commercialization of products for the treatment of various forms of cancer.
At the end of Friday’s trade, Quest Diagnostics Inc (NYSE:DGX)‘s shares dipped -1.04% to $67.48.
Quest Diagnostics Incorporated (DGX), declared that its Board of Directors declared a quarterly cash dividend of $0.38 per share, payable on Jan. 27, 2016 to shareholders of record of Quest Diagnostics common stock on Jan. 12, 2016.
Quest Diagnostics Incorporated provides diagnostic testing information services in the United States and internationally. The company offers clinical testing services, such as routine testing, gene-based and esoteric testing, anatomic pathology services, and drugs-of-abuse testing, in addition to related services and insights; laboratory testing services for new drugs, vaccines, and medical devices; analytic, on-site prevention, and wellness services; laboratory outreach services; and risk assessment services for the life insurance industry.