On Tuesday, Cobalt International Energy, Inc. (NYSE:CIE)’s shares inclined 6.40% to $7.98.
Cobalt International Energy, Inc. (CIE) an indirect, wholly-owned partner of Cobalt International Energy, Inc. (the “Company”), reached a Borrowing Base Facility Agreement (the “Facility Agreement”) with Socit Gnrale, as administrative agent, and certain other lenders. GOM#1 is the direct owner of the oil and gas leases, wells, production facilities and other assets and agreements associated with the Company’s Heidelberg development. GOM#1 does not own any of the Company’s other oil and gas assets. The Facility Agreement provides for a limited recourse $150 million senior secured reserve-based term loan facility. The proceeds of the loans under the Facility Agreement will be accessible to fund the majority of GOM#1’s share of the remaining Heidelberg field development costs, subject to the maintenance of a debt to equity ratio of the total investment in the Heidelberg development of no more than 70:30. GOM#1 may request that the commitments under the Facility Agreement be raised by up to an additional $100 million upon the satisfaction of certain conditions set forth in the Facility Agreement, and such enhance is subject to lender participation. In addition, GOM#1 may request a further commitment enhance by up to $400 million if GOM#1’s interest in the Heidelberg field is raised, with such enhance subject to lender participation.
The Company is a party to the Facility Agreement and has limited funding obligations thereunder. Until completion of the Heidelberg development in accordance with the current field development plan and certain other requirements set forth in the Facility Agreement (“Completion”), the Company has guaranteed to fund cost overruns that may be incurred up to an aggregate of $38.7 million. The Company agreed to cash collateralize 50% of its funding obligation in respect of cost overruns by depositing $19.4 million in a collateral account established following the terms of the Facility Agreement.
Cobalt International Energy, Inc., through its auxiliaries, engages in the exploration and production of oil-focused, below-salt exploration prospects. Its project portfolio comprises North Platte, Heidelberg, Shenandoah, and Anchor discovery in the U.S. Gulf of Mexico; Cameia, Lontra, Mavinga, Bicuar, and Orca in the offshore Angola; and Diaman in the offshore Gabon.
Starwood Hotels & Resorts Worldwide Inc (NYSE:HOT)’s shares gained 0.99% to $80.70.
Westin Hotels & Resorts, part of Starwood Hotels & Resorts (HOT), declared the opening of its latest Austin hotel, The Westin Austin Downtown, located in the heart of the city at the corner of San Jacinto Boulevard and Fifth Street. A joint venture among White Lodging Services Corporation, the Harry Whittington family and REI Real Estate Services, LLC., the 19-story hotel, which draws design inspiration from the local music scene, is Westin’s second Austin property, and one of five new openings in North America this year.
The Westin Austin Downtown used HKS Architects, Inc. and was designed by Simeone Deary. Upon entering the lobby, guests are transported to a modern-day oasis where they are met with a 12-foot-tall custom-made art piece comprised of charred wood blocks that come together to form the body of a guitar. Incorporating natural design elements, the lobby ceiling and vertical garden mimic the cutouts of a Dobro guitar, while the ballroom floors allude to prints often found on guitar straps. In keeping with the Austin music theme, the hotel will regularly host local musicians in the lounge area.
Starwood Hotels & Resorts Worldwide, Inc., together with its auxiliaries, operates as a hotel and leisure company worldwide. The company owns, operates, and franchises luxury and upscale full-service hotels, resorts, residences, retreats, select-service hotels, and extended stay hotels under the St. Regis, The Luxury Collection, W, Westin, Le Méridien, Sheraton, Four Points, Aloft, and Element brand names.
At the end of Tuesday’s trade, Stone Energy Corporation (NYSE:SGY)‘s shares surged 3.63% to $7.13.
Stone Energy Corporation (SGY) provided a drilling and production update. In the Gulf of Mexico deepwater, operations at the Cardona #6 development well, located in Mississippi Canyon block 29, have been proceeding ahead of schedule and below budget, and drilling has been completed through the targeted zones. The well encountered approximately 288 feet of net pay in two intervals, similar to the Cardona #5 net pay of 275 feet. Analysis of logging and pressure data confirmed the existence of oil in the pay zones. The well has been successfully cased and cemented across all productive zones, the subsea tree has been installed and completion operations have begun. The well will be tied into our existing Cardona subsea infrastructure, which flows into Stone’s Pompano platform. It is expected that gross production from Cardona #6 will reach approximately 5,000 Boe per day (65% working interest) from the lower completion by late September. The upper completion is expected to have a similar production rate and will be accessed in the future by hydraulically shifting sleeves between the upper and lower completions.
Upon completion of the Cardona #6 well, the ENSCO 8503 deepwater drilling rig will be released for about 60 days to receive planned maintenance and to be outfitted with mooring capabilities. The rig will then be mobilized to Mississippi Canyon block 26 to finish the completion of the Amethyst discovery (100% working interest). Amethyst will also be tied back to the Pompano platform, where first production is predictable early in the first quarter of 2016. Following the Amethyst completion, the rig is presently projected to drill the Cardona #7 development well and the Lamprey deep water exploration prospect.
Stone Energy Corporation, an independent oil and natural gas company, engages in the acquisition, exploration, exploitation, development, and operation of oil and gas properties in the Gulf of Mexico and the Appalachia region. As of December 31, 2014, it had estimated proved oil and natural gas reserves of about 915 billion cubic feet of gas equivalent. The company was founded in 1993 and is headquartered in Lafayette, Louisiana.
Express Scripts Holding Company (NASDAQ:ESRX), ended its Tuesdays trading session with 1.41% gain, and closed at $92.38.
Express Scripts Holding Company (ESRX) declared 2015 second quarter net income attributable to Express Scripts stockholders of $600.1 million, or $0.88 per diluted share. Adjusted earnings per diluted share
Second Quarter 2015 Review
The following compares second quarter 2015 and 2014 operating results:
- Adjusted claims of 321.2 million, down 1% – See Table 1
- Adjusted EBITDA of $1,794.5 million, up 3% – See Table 3
- Adjusted EBITDA per adjusted claim of $5.59, up 4% – See Table 3
- GAAP revenue of $25,454.2 million, up 1%
- GAAP net income of $600.1 million, up 16%
- Adjusted net income of $979.1 million, up 4% – See Table 5
- GAAP diluted earnings per share of $0.88, up 31%
- Adjusted earnings per diluted share of $1.44, up 17% - See Table 4
- Net cash flow offered by operating activities of $899.9 million, up 22%
As predictable, revenue and operating income of $141.7 million related to a large client contract was realized in the second quarter of 2015 contrast to $129.4 million in the second quarter of 2014 due to the structure of the contract.
Express Scripts Holding Company operates as a pharmacy benefit administration (PBM) company in the United States and Canada. The company operates through two segments, PBM and Other Business Operations. The company’s PBM segment’s services comprise clinical solutions to enhance health outcomes, such as adherence, case coordination, and personalized medicine; specialized pharmacy care; home delivery pharmacy; specialty pharmacy, counting the distribution of fertility pharmaceuticals that require special handling or packaging; and retail network pharmacy administration.
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