On Monday, Shares of Encana Corporation (USA) (NYSE:ECA), lost -1.66% to $7.10.
Encana Corporation (ECA.TO) (ECA.TO) Sherri Brillon, Executive Vice-President & Chief Financial Officer of Encana Corporation, will be presenting at the Peters & Co. Limited 2015 Energy Conference in Toronto on Tuesday, September 15, 2015 at 8 a.m. ET (6 a.m. MT).
Encana Corporation, together with its auxiliaries, engages in the development, exploration, production, and marketing of natural gas, oil, and natural gas liquids in Canada and the United States. The company owns interests in plays, such as the Montney in northern British Columbia and northwest Alberta; Duvernay in west central Alberta; Clearwater in central and southern Alberta; Deep Panuke in offshore Nova Scotia; Cadomin/Doig in northeast British Columbia; Horn River in northeast British Columbia; and Granite Wash/Doig in northwest Alberta.
Shares of Penn West Petroleum Ltd (USA) (NYSE:PWE), inclined 3.29% to $0.537, during its last trading session.
Penn West Petroleum Ltd, declares it has taken the following further actions in response to the current commodity price environment:
- we will limit our capital expenditures to funds flow from operations by year-end 2015
- we will suspend our dividend and reduce board compensation
- we will significantly reduce our cost structure through a 35% workforce reduction
“We continue to take concrete steps to strengthen our balance sheet,” said Dave Roberts, President and CEO of Penn West, “Limiting our capital programs to the funds flow generated from our assets and suspending our dividend are necessary steps. Building on a combination of process and efficiency improvements over the past 12 to 18 months, we are taking further actions recently to significantly reduce our cost structure without impacting our ability to execute. We remain flexible and well positioned to move forward when oil prices improve.”
Limit Capital Expenditures to Funds Flow from Operations
Going forward, our total capital expenditures will remain within our funds flow from operations. Over the last month, we have identified $75 million of planned 2015 capital activity that will be deferred, which is incremental to the $50 million capital spending reduction declared as part of our second quarter results. This $500 million revised capital budget represents a 40% reduction from the original November 2014 guidance of $840 million. We will continue to look for additional opportunities to further reduce our 2015 capital expenditures.
We have a noteworthy inventory of wells already drilled and awaiting either completion or tie-in where there is a strong economic case for concluding the work. While we finish these wells, we anticipate being above our target activity levels which we will reach near the end of the year. In finalizing plans for our 2016 capital program, we will limit our capital expenditures to estimated funds flow from operations on a full year basis.
We will focus our development capital on our core Viking and Cardium light oil properties in 2016. These light oil plays continue to offer attractive rates of return with short payback periods even at current commodity price levels and existing cost structures. Development will be directed towards primary exploitation in order to reduce payback periods.
Penn West Petroleum Ltd. explores for, develops, and produces oil and natural gas properties in western Canada. The companys properties are located in Alberta, British Columbia, Saskatchewan, Manitoba, and the Northwest Territories, Canada; and Wyoming, the United States.
Shares of PepsiCo, Inc (NYSE:PEP) declined -0.46% to $91.20, during its last trading session.
PepsiCo, Inc. PEP has statedly expanded its partnership with SodaStream International Ltd. SODA to make caps filled with Pepsi and Sierra Mist. These caps can be used to make soda on SodaStream’s at-home soda machines. The Israel-based manufacturer of household soda machines declared last year that Pepsi’s caps are being tested on a limited basis in Florida. Zacks
The soda caps would statedly be available on SodaStream’s website and in about 50 Bed Bath & Beyond Inc. BBBY retail stores across the United States. A four-cap pack will cost $3.49 with each cap making about half a liter of soda.
Soda giants are working to develop new packing formats for their drinks to improve sales. Pepsi’s rival, The Coca-Cola Company KO, has a similar partnership with Keurig Green Mountain under which the latter will exclusively make and sell Coca-Cola branded single-serve pods for use on its forthcoming Keurig Cold at-home beverage system. Zacks
While Pepsi has a Zacks Rank #3 (Hold), SodaStream is a Zacks Rank #5 (Strong Sell) stock. SodaStream has been witnessing soft sales in the U.S. for the past few quarters due to low demand for its products — soda/sparkling water machines and flavored syrups. It remains to be seen if deals like the one with Pepsi can improve the company’s volumes, going ahead. Zacks
PepsiCo, Inc. operates as a food and beverage company worldwide. Its Frito-Lay North America segment offers Lay’s potato chips, Doritos tortilla chips, Cheetos cheese-flavored snacks, Tostitos tortilla chips, branded dips, Ruffles potato chips, Fritos corn chips, and Santitas tortilla chips.
Finally, Range Resources Corp (NYSE:RRC), ended its last trade with -1.18% loss, and closed at $36.05.
Range Resources Corp, declared that its Board of Directors declared a quarterly cash dividend on its common stock for the third quarter. A dividend of $0.04 per common share is payable on September 30, 2015 to stockholders of record at the close of business on September 15, 2015.
Range Resources Corporation, an independent natural gas, natural gas liquids (NGLs), and oil company, engages in the acquisition, exploration, and development of natural gas and oil properties in the United States. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and Midcontinent regions. The company owns 7,582 net producing wells and about 1.4 million net acres under lease in the Appalachian region; and 653 net producing wells and about 383,000 net acres under lease in the Midcontinent region. In addition, it provides gas gathering and transportation from southwestern and northeastern Pennsylvania.
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