On Thursday, Shares of Superior Energy Services, Inc. (NYSE:SPN), lost -10.17% to $14.13.
Superior Energy Services, declared an adjusted net loss from ongoing operations for the third quarter of 2015 of $68.8 million, or $0.46 per share, not taking into account special items, on revenue of $601.4 million. This compares to an adjusted net loss from ongoing operations of $47.4 million, or $0.31 per share, not taking into account special items, for the second quarter of 2015, on revenue of $710.8 million. Stated loss from ongoing operations for the third quarter of 2015 was $816.6 million, or $5.42 per share.
The prolonged decline in market activity resulted in the Company reporting a pre-tax charge of $755.6 million for the reduction in value of assets, primarily related to an impairment of goodwill in its Onshore Completion and Workover Services segment. The Company also stated a pre-tax charge of $10.5 million for restructuring costs. Restructuring costs were primarily related to an extensive product line integration and reorganization which occurred during the third quarter.
“We continue to operate in an extremely challenging market environment as our customers reduce spending in response to this prolonged period of low commodity prices,” said David Dunlap, President and CEO.
Superior Energy Services, Inc. provides specialized oilfield services and equipment to oil and gas companies in the United States, the Gulf of Mexico, and internationally. It operates through four segments: Drilling Products and Services; Onshore Completion and Workover Services; Production Services; and Technical Solutions.
Shares of Johnson & Johnson (NYSE:JNJ), inclined 0.91% to $101.39, during its last trading session.
Johnson & Johnson, will take part in the 24th Annual Credit Suisse Health Care Conference on Tuesday, Nov. 10, at The Phoenician in Scottsdale, AZ. Dominic Caruso, Vice President, Finance & Chief Financial Officer will represent the Company in a session planned at 10:00 a.m. (Mountain Standard Time).
Johnson & Johnson, together with its auxiliaries, researches and develops, manufactures, and sells various products in the health care field worldwide. It operates in three segments: Consumer, Pharmaceutical, and Medical Devices.
Finally, Shares of Enterprise Products Partners L.P. (NYSE:EPD), ended its last trade with 3.52% gain, and closed at $27.61.
Enterprise Products Partners L.P., declared its financial results for the three and nine months ended September 30, 2015.
Third Quarter 2015 Highlights
- Enterprise declared an improvement in its cash distribution with respect to the third quarter of 2015 by 5.5 percent to $0.385 per unit contrast to the third quarter of 2014;
- Enterprise stated distributable cash flow of $2.5 billion for the third quarter of 2015, which comprised $1.5 billion of proceeds from the sale of its offshore Gulf of Mexico business. After adjusting for these sales proceeds, distributable cash flow was $970 million, which offered 1.3 times coverage of the $0.385 per unit cash distribution and resulted in $209 million of retained distributable cash flow; and
- Associates of privately held Enterprise Products Company (“EPCO”), which collectively own Enterprise’s general partner and about 34 percent of Enterprise’s outstanding limited partner interests, have indicated to Enterprise administration that they intend to purchase $50 million of common units through Enterprise’s distribution reinvestment plan in November 2015. This would bring EPCO’s privately held associates’ total investment made in 2015 in Enterprise common units to $200 million.
Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products in the United States and internationally.