On Tuesday, Warren Resources, Inc.(NASDAQ:WRES)’s shares declined -1.46% to $0.404.
Warren Resources, Inc. (WRES) stated its second quarter 2015 financial and operating results, counting a net loss of $85.3 million, or ($1.05) per basic and diluted share, which comprises a non-cash ceiling test write-down of its oil and gas properties totaling $83.5 million. This compares to net income of $10.8 million, or $0.15 per basic and diluted share, stated in the second quarter of 2014. Second quarter 2015 adjusted net income* was $2.7 million contrast to adjusted net income of $11 million in the second quarter of 2014.
In addition, Warren’s cash flow from operations in the second quarter of 2015 was $7.0 million, contrast to $23.9 million in the second quarter of 2014. The Company’s discretionary cash flow* was $8.1 million, contrast to $22.1 million in the preceding year period.
Second Quarter Results
Revenue from oil and gas sales reduced $8.5 million in the second quarter of 2015 to $25.1 million, which represents a 25% decrease as compared to the same quarter in 2014.
Net gas production was 7.7 Bcf (85 Mmcf/d) in the second quarter of 2015 contrast with 1.6 Bcf (18 Mmcf/d) in the second quarter of 2014, and 5.9 Bcf (66 Mmcf/d) in the first quarter of 2015. This enhance in gas production from the same quarter of last year reflects an additional 6.3 Bcf of gas produced from the Marcellus Assets that were attained in the third quarter of 2014. The average realized price of natural gas in the second quarter was $1.61 per Mcf, contrast to $3.76 per Mcf in the second quarter of 2014.
Net oil production for the second quarter of 2015 was 250 Mbbls (2,747 Bbls/d), contrast to 281 Mbbls (3,087 Bbls/d) in the second quarter of 2014. The average realized price per barrel of oil for the three months ended June 30, 2015 and 2014 was $50.78 and $97.59, respectively.
Warren Resources, Inc., an independent energy company, engages in the exploration, development, and production of domestic onshore crude oil and gas reserves. The company primarily focuses on the exploration and development of waterflood oil recovery projects in the Wilmington field within the Los Angeles Basin of California; Marcellus Shale project in northeastern Pennsylvania; and coalbed methane natural gas properties located in the Rocky Mountain region.
Travelers Companies Inc(NYSE:TRV)’s shares gained 0.12% to $107.84.
The Travelers Companies, Inc. (NYSE: TRV) Chairman and CEO Jay S. Fishman recently sent the following message to Travelers employees:
At every company there comes a time for new leadership. Because of the progression of my neuromuscular condition, this time has come a little earlier than I had hoped. But given the strength of the company and with an exceptional leader in Alan more than prepared to become our CEO, there is good reason to make a change now.
The Travelers Companies, Inc., through its auxiliaries, provides a range of commercial and personal property, and casualty insurance products and services to businesses, government units, associations, and individuals in the Unites states and internationally. It operates in three segments: Business and International Insurance; Bond & Specialty Insurance; and Personal Insurance.
At the end of Tuesday’s trade, Constellium NV(NYSE:CSTM)‘s shares dipped -5.50% to $6.53.
Gabelli & Company will host its 21st Annual Aircraft Supplier Conference on September 9 in New York City. This research meeting will feature presentations by senior administration of several leading aerospace and defense companies, with an emphasis on industry dynamics, new technologies, and company fundamentals. Institutional investors should contact their sales representative to register.
Constellium N.V. is engaged in the design, manufacture, and sale of specialty rolled and extruded aluminum products for the aerospace, packaging, and automotive end-markets. The company operates in three segments: Aerospace & Transportation, Packaging & Automotive Rolled Products, and Automotive Structures & Industry.
Gran Tierra Energy Inc.(NYSEMKT:GTE)), ended its Tuesday’s trading session with -0.46% loss, and closed at $2.15.
Gran Tierra Energy Inc. (GTE) declares that it intends to implement a normal course issuer bid (the “Bid”) through the facilities of the Toronto Stock Exchange (“TSX”) and the NYSE MKT. Following the Bid and subject to regulatory approval, Gran Tierra would be able to purchase for cancellation up to about 5% of its issued and outstanding shares of common stock (the “Shares”) for a one year period at prevailing market prices.
Administration of Gran Tierra believes that the Shares, at times, have been trading in a price range which does not adequately reflect their value in relation to Gran Tierra’s current operations, growth prospects and financial position. At such times, the purchase of Shares for cancellation may be advantageous to stockholders by increasing the value of the remaining Shares.
Gran Tierra Energy Inc., an independent energy company, engages in the acquisition, exploration, development, and production of oil and gas properties in Colombia, Peru, and Brazil. As of December 31, 2014, the company’s acreage comprised 3.4 million gross acres covering 16 exploration and production contracts in Colombia; 47,734 gross acres covering 7 exploration blocks in Brazil; and 5.7 million gross acres covering 5 exploration licenses in Peru.
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