On Friday, First Majestic Silver Corp (NYSE:AG)’s shares inclined 0.67% to $3.76.
FIRST MAJESTIC SILVER CORP. (AG) declare the unaudited interim merged financial results of the Company for the second quarter ended June 30, 2015. The full version of the financial statements and the administration talk about and analysis can be viewed on the Company’s web site at www.firstmajestic.com or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise.
SECOND QUARTER 2015 FINANCIAL HIGHLIGHTS
- Generated revenues of $54.2 million.
- Mine operating earnings amounted to $3.4 million.
- Operating cash flows before movements in working capital and taxes of $16.4 million or $0.14 per share.
- Net loss after taxes amounted to $2.6 million or per share of ($0.02).
- Produced 3.8 million silver equivalent ounces, counting 2.7 million ounces of pure silver.
- Total cash cost, net of by-product credits, was $8.74 per payable silver ounce.
- All-in sustaining cost (“AISC”) was $14.49 per payable silver ounce, a 20% reduction contrast to $18.18 per ounce in second quarter of 2014.
- Average realized selling price for silver was $16.99 per ounce, contrast to the quarterly COMEX average silver price of $16.38 per ounce.
First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver projects in Mexico. The company owns and operates five producing mines, counting the La Encantada silver mine in Coahuila State, the La Parrilla silver mine in Durango State, the Del Toro silver mine in Zacatecas State, the San Martin silver mine in Jalisco State, and the La Guitarra silver mine in Mexico State. It also holds interests in the La Luz silver project located in in San Luis Potosi State; the Plomosas silver project located in Sinaloa State; and the Jalisco group of properties located in the Etzatlan mining district in Jalisco, Mexico.
National General Holdings Corp (NASDAQ:NGHC)’s shares gained 3.46% to $19.76.
A.M. Best has assigned an issue rating of “bb+” to the $100 million 7.625% subordinated notes to be issued by National General Holdings Corp. (NGHC), headquartered in New York, NY. The offering may be raised to $115 million upon exercise of an over-allotment option. In addition, A.M. Best has assigned indicative issue ratings of “bbb-” to senior unsecured debt, “bb+” to subordinated debt and “bb” to junior subordinated debt and preferred stock of the recently filed shelf registration of NGHC. The outlook assigned to all ratings is stable.
Proceeds from the sale of the notes and a concurrent offering of common equity will be used for general corporate purposes, counting planned acquisitions, and to support current and future policy writing. NGHC’s adjusted debt to total capital ratio of 20.4% and adjusted debt to tangible capital ratio of 25.7%, based on a $100 million debt issuance and a $200 million equity raise, are within A.M. Best’s guidelines for the rating. A.M. Best anticipates NGHC’s coverage ratios to remain well supportive of the current ratings.
National General Holdings Corp., a specialty personal lines insurance holding company, provides personal and commercial automobile, supplemental health, homeowners and umbrella, and other niche insurance products in the United States. The company operates in two segments, Property and Casualty, and Accident and Health.
At the end of Friday’s trade, Plains GP Holdings LP (NYSE:PAGP)‘s shares surged 2.32% to $19.42.
Plains All American Pipeline, L.P. ( PAA ) and Plains GP Holdings ( PAGP ) stated second-quarter 2015 results.
PAA stated solid second quarter results, with adjusted EBITDA of $486 million, which was about $26 million above the mid-point of our quarterly guidance range, said Greg L. Armstrong, Chairman and CEO of Plains All American. PAA will pay a quarterly distribution of $0.695 per limited partner unit next week, which is the equivalent of $2.78 per unit on an annualized basis, while PAGP will pay a quarterly distribution of $0.227 per Class A share, or $0.908 per share on an annualized basis. These distributions represent a 7.8% and 23.8% enhance over comparative distributions paid in the same quarter of 2014, respectively.
Over the intermediate to long-term, we remain very constructive on the outlook for the North American crude oil industry. Near term, we are cautious as high crude oil and refined product inventory levels will influence oilfield activity and crude oil production levels over the next six to twelve months and competition for the marginal barrel will intensify. Additionally, our current forecast assumes that our All American pipeline in California will not be returned to service during the balance of 2015.
Second-quarter 2015 Transportation adjusted segment profit raised 12% as compared to comparable 2014 results. This enhance was driven by earnings from our 50% interest in the BridgeTex pipeline attained in November 2014 and higher crude oil pipeline volumes associated with recently accomplished organic growth projects primarily within the Permian Basin and Eagle Ford producing regions.
Second-quarter 2015 Facilities adjusted segment profit raised by 6% over comparable 2014 results. This enhance was primarily due to lower field operating costs associated with our NGL fractionation and Canadian natural gas processing activities.
Plains GP Holdings, L.P., through its interest in Plains AAP, L.P., owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids, natural gas, and refined products in the United States and Canada. The company operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment is involved in transporting crude oil and NGL on pipelines, gathering systems, trucks, and barges. As of December 31, 2014, this segment had owned and leased assets comprising 17,800 miles of active crude oil and NGL pipelines and gathering systems; 29 million barrels of active, above-ground tank capacity; 800 trailers; and 149 transport and storage barges, in addition to 72 transport tugs.
ACE Limited (NYSE:ACE), ended its Friday’s trading session with 0.67% gain, and closed at $109.71.
ACE Limited (ACE) declared a quarterly dividend equal to $0.67 per share, payable on October 21, 2015, to shareholders of record at the close of business on September 30, 2015. Dividend payments will be made in United States dollars by the company’s transfer agent. This will be the second installment as approved by the company’s shareholders on May 21, 2015.
ACE Limited, through its auxiliaries, provides a range of property and casualty insurance and reinsurance products worldwide. The company’s Insurance North American P&C segment offers casualty insurance, environmental, inland marine, professional risk, disaster protection, vacant land and building, and claims and risk administration services; homeowners, automobile, valuables, umbrella liability, and recreational marine insurance; and wholesale excess and surplus lines property, casualty, environmental, professional liability, inland marine, and product recall coverages.
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