On Friday, Shares of Whiting Petroleum Corp. (NYSE:WLL), dropped -0.61% to $37.68.
Whiting Petroleum Corporation, production in the first quarter 2015 totaled 15.0 million barrels of oil equivalent (MMBOE), 88% crude oil/natural gas liquids (NGLs). First quarter 2015 production averaged 166,930 barrels of oil equivalent per day (BOE/d). This represents a 3% pro forma enhance over the full fourth quarter 2014.
Non-Core Property Sales
On April 15, 2015, Whiting sold older, conventional, operated and non-operated properties to a private buyer for $108 million. The properties were predominantly assets from Whiting USA Trust I, which reverted to Whiting Petroleum Corporation ownership in January 2015. The effective date of the sale is May 1, 2015 and the sale closed on April 15, 2015. The properties spanned about 4,000 wells, counting several multi-well units, in 187 fields across 14 states. Reserves totaled an estimated 8.2 MMBOE (86% oil) as of the effective date of the sale with estimated remaining 2015 production of 2,200 BOE/d. The sale was consistent with Whiting’s ongoing 2015 plans to sell mature properties with higher LOE per BOE than its core Bakken and Niobrara assets. LOE for the properties averaged about $25.00 per BOE as compared to $6.50 per BOE in the Bakken and $9.00 per BOE in our core Niobrara area.
Whiting Petroleum Corporation, an independent oil and gas company, acquires, explores, develops, and produces crude oil, natural gas liquids, and natural gas in the Rocky Mountains and Permian Basin regions of the United States.
Shares of MGIC Investment Corp. (NYSE:MTG), declined -0.58% to $10.36, during its last trading session.
Mortgage Guaranty Insurance Corporation (MGIC), the principal partner of MGIC Investment Corporation, has hired Stephen Mackey to be Executive Vice President - Chief Risk Officer upon the formerly declared retirement of Lawrence Pierzchalski. Mr. Mackey will join the firm in late June.
Mr. Mackey has more than 30 years of experience in the financial services industry. He comes to MGIC from JP Morgan Chase & Company where he has held a number of senior leadership positions and most recently served as Managing Director, Firmwide Market Risk. His diverse background comprises various leadership positions with Fannie Mae, where he worked for 13 years; managerial experience with the Office of Federal Housing Enterprise Oversight (the predecessor to the Federal Housing Finance Agency), which regulated Fannie Mae and Freddie Mac; employment with the Board of Governors of the Federal Reserve System; and service as CFO of a successful start-up commercial bank.
Mr. Mackey earned his Bachelor of Arts degree in accounting from Michigan State University and his Master of Science degree in finance from The George Washington University.
MGIC Investment Corporation, through its auxiliaries, provides private mortgage insurance and ancillary services to lenders and government sponsored entities in the United States.
At the end of Friday’s trade, Shares of Threshold Pharmaceuticals Inc. (NASDAQ:THLD), dwindled -0.56% to $3.52.
Threshold Pharmaceuticals, stated financial results for the first quarter 2015. Revenue for the first quarter ended March 31, 2015 was $3.7 million. The operating loss for the first quarter ended March 31, 2015 was $9.6 million. The net loss for the first quarter ended March 31, 2015 was $11.2 million, which comprised of the operating loss of $9.6 million and non-cash expense of $1.5 million related to the changes in fair value of the Company’s outstanding warrants and was classified as other income (expense). As of March 31, 2015, Threshold had $83.1 million in cash, cash equivalents and marketable securities, with no debt outstanding.
First Quarter 2015 Financial and Operational Results
Revenue of $3.7 million was recognized for both the first quarter of 2015 and 2014. Revenue related to the amortization of the aggregate of $110 million in upfront and milestone payments earned in 2013 and 2012 from Threshold’s partnership with Merck KGaA, Darmstadt, Germany. The revenue from the upfront payment and milestone payments earned under the agreement is being amortized over the relevant performance period, rather than being right away recognized when the upfront payment and milestone are earned or received.
The net loss for the first quarter of 2015 was $11.2 million contrast to a net loss of $7.1 million for the first quarter of 2014. Comprised of in the net loss for the first quarter of 2015 was an operating loss of $9.6 million and non-cash expense of $1.5 million contrast to an operating loss of $8.6 million and non-cash income of $1.5 million comprised of in the net loss for the first quarter of 2014. The non-cash income or expense is related to the change in fair value of the Company’s outstanding warrants and was classified as other income (expense).
Research and development expenses were $10.7 million for the first quarter of 2015 contrast to $9.7 million for the first quarter of 2014. The enhance in research and development expenses was due primarily to a $0.5 million enhance in clinical development expenses, net of reimbursement from Merck KGaA, Darmstadt, Germany related to their 70% share of total development expenses for evofosfamide (formerly known as TH-302), and an enhance of $0.5 million in consulting and employee related expenses.
General and administrative expenses were $2.6 million for both the first quarter of 2015 and 2014.
Threshold Pharmaceuticals, Inc., a biotechnology company, discovers and develops therapeutic agents that target tumor cells for the treatment of patients living with cancer in the United States. Its lead investigational small molecule is evofosfamide, which is in two Phase III clinical trials for the treatment of soft tissue sarcoma indication and pancreatic cancer; Phase II clinical trials for treating non-squamous non-small cell lung cancer.
Finally, T-Mobile US, Inc. (NYSE:TMUS), ended its last trade with -0.56% loss, and closed at $33.85.
T-Mobile US, declared that the quarterly dividend on its 5.50% Mandatory Convertible Preferred Stock will be paid on June 15, 2015 to holders of record as of June 1, 2015. The dividend will be paid at a rate of $0.6875 per share of Preferred Stock.
T-Mobile US, Inc., together with its auxiliaries, provides mobile communications services in the United States, Puerto Rico, and the U.S. Virgin Islands. The company offers voice, messaging, and data services in the postpaid, prepaid, and wholesale markets.
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