On Friday, Quanta Services Inc (NYSE:PWR)’s shares declined -2.49% to $23.06.
Quanta Services, Inc. (PWR) declared that it has reached an accelerated stock repurchase arrangement (the “ASR Arrangement”) with JPMorgan Chase Bank N.A. to repurchase $750 million of Quanta common stock. The ASR Arrangement will facilitate repurchases under Quanta’s formerly declared $1.25 billion stock repurchase program and will be funded with a portion of the proceeds received from the sale of its fiber optic licensing operations.
Under the ASR Arrangement, Quanta will pay $750 million to JPMorgan and will receive an initial delivery of about 25.7 million shares on or around August 11, 2015. The initial delivery represents about 80% of the total shares that would be repurchased under the ASR Arrangement based on Quanta’s current stock price. The final number of shares to be repurchased will be based on a volume-weighted average stock price of the company’s common stock during the term of the ASR Arrangement, minus a discount, and subject to certain adjustments. Final settlement is planned to occur in the second quarter of 2016, subject to early termination or extension in certain circumstances. At settlement, JPMorgan may be required to deliver additional shares of common stock to Quanta, or under certain circumstances, Quanta may be required to deliver shares of common stock or make a cash payment, at its election, to JPMorgan.
Quanta Services, Inc. provides specialty contracting services to the electric power, and oil and gas industries in North America and internationally. The company’s Electric Power Infrastructure Services segment provides network solutions comprising design, installation, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure, and substation facilities. It also provides emergency restoration services, counting the repair of infrastructure. In addition, this segment designs, installs, and maintains renewable energy generation facilities comprising solar, wind, and various types of natural gas generation facilities.
Waste Administration, Inc. (NYSE:WM)’s shares dropped -1.79% to $51.64.
Waste Administration (WM) has been named to Fortune Magazine’s first ever “Change the World” list, which ranks companies that have made a sizable impact on major global social or environmental problems as part of their competitive strategy. Waste Administration debuted at 46 on the list of companies who Fortune says are “doing well by doing good.”
Fortune evaluated companies based on four criteria: the degree of business innovation involved, the measurable impact at scale on an important social challenge, the contribution of the shared-value activities to the company’s profitability and competitive advantage, and the significance of the shared value effort to the overall business.
Waste Administration, Inc., through its auxiliaries, provides various waste administration environmental services to residential, commercial, industrial, and municipal customers in North America. It offer collection services, counting picking up and transporting waste and recyclable materials from where it was generated to a transfer station, and material recovery facility, or disposal site, in addition to develops and operates landfill gas-to-energy facilities in the United States.
At the end of Friday’s trade, Statoil ASA(ADR) (NYSE:STO)‘s shares dipped -2.06% to $14.73.
In a meeting in the Corporate Assembly of Statoil ASA (STO) on 20 August 2015 Wenche Agerup was elected as a new member of Statoil’s board of directors.
Wenche Agerup was the Executive Vice President for Corporate Staffs and the General Counsel of Norsk Hydro ASA from 2010 to 31 December 2014. She has held various executive roles in Hydro since 1997, counting within the company’s M&A-activities, the business area Alumina, Bauxite and Energy, as a plant manager at Hydro’s metal plant in Ardal and as a project director for a Joint Venture in Australia where Hydro cooperated with the Australian listed company UMC. Through her work in Hydro, Agerup has developed a noteworthybusiness and planned competence. Agerup is presently a board member in Oslo Boers Holding VPS ASA/Oslo Boers ASA (the Oslo Stock Exchange) and the seismic company TGS, and has competence and experience within corporate governance.
The election enters into effect from 21 August 2015 and until the ordinary election of shareholder-elected members to the board of directors in 2016. Agerup was elected in accordance with the proposal from the nomination committee.
Statoil ASA, an energy company, engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products in Norway and internationally. The company operates through Development and Production Norway; Development and Production International; Marketing, Processing and Renewable Energy; and Other segments. It is involved in the development and production of oil and gas through owning exploration licenses in Norway, North America, South America and sub-Saharan Africa, the Middle East and North Africa, Europe and Asia, and the Oceania.
PBF Energy Inc (NYSE:PBF), ended its Friday’s trading session with -11.23% loss, and closed at $31.05.
PBF Energy Inc. (PBF) declared that the Delaware City refinery has practiced an unplanned shutdown of its Fluid Catalytic Cracking Unit (“FCC”) due to a compressor malfunction resulting in flaring and a small fire. All refinery personnel are safe and there were no injuries. The fire has been extinguished. The appropriate public officials and government agencies have been notified. We are ongoing to monitor and assess the situation in order to properly evaluate the impact of the incident. The refinery continues to operate its unaffected units at reduced rates.
PBF Energy Inc., together with its auxiliaries, engages in the refining and supply of petroleum products. It produces gasoline, ultra-low-sulfur diesel, heating oil, jet fuel, lubricants, petrochemicals, and asphalt, in addition to unbranded transportation fuels, heating oil, petrochemical feedstocks, and other petroleum products. The company sells its products in Northeast and Midwest of the United States, in addition to in other regions of the United States and Canada. PBF Energy Inc. is based in Parsippany, New Jersey.
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