On Monday, MRC Global Inc. (NYSE:MRC)’s shares surged 1.09% to $13.93, after MRC Global declared that its U.S. partner, McJunkin Red Man Corporation (MRC), has been awarded a three-year integrated supply contract with the largest combined oil and gas producer in California. This contract covers all project requirements, maintenance, repair and operations (MRO) supplies and the managing of all materials located at the largest oil and gas warehouse facility in the San Joaquin Basin.
With assets located exclusively in California, this customer is the state’s largest producer of oil and gas on a gross-operated basis with about 2.3 million net acres covering California’s four major oil and gas basins. Their Elk Hills Field is one of the largest oil and gas fields in the U.S. and supplies more than 40% of California’s gas production and 5% of the state’s oil production.
By integrating the two companies’ efforts, MRC will effectively manage the warehousing operations with practiced and knowledgeable MRC employees onsite at the customer’s facility. The contract will require full systems integration, logistics administration and the replenishment of multiple remote inventory locations throughout the field.
MRC Global Inc., through its auxiliaries, distributes pipes, valves, fittings, and related products and services to the energy and industrial sectors in the Unites States, Canada, and internationally. It offers ball, butterfly, gate, globe, check, needle, and plug valves; and other products, such as lined corrosion resistant piping systems, control valves, valve automation, and top work components, in addition to steam and instrumentation products.
Newmont Mining Corporation (NYSE:NEM)’s shares gained 1.07% to $22.57, during the last trading session on Monday, after Newmont Mining declared that it will build the first phase of Long Canyon, an oxide mine with noteworthy upside potential in an emerging gold district located less than 100 miles from its existing Nevada operations.
The first phase of development comprises of an open pit mine and heap leach operation with predictable gold production of between 100,000 and 150,000 ounces per year over an eight year mine life at an estimated all-in sustaining costi of between $500 and $600 per ounce. At current gold prices, the project is predictable to generate around $100 million in EBITDAii annually, starting in 2017.
The project will be funded through free cash flow and accessible cash balances, and leverage Newmont’s existing equipment, infrastructure and personnel. Capital expenditures will be allocated roughly equally in 2015 and 2016, with minimal spending in 2017. Project highlights comprise:
- High grade oxide ore processed by heap leaching
- Gold reserves of 1.2 million ounces at an average grade of 2.29 grams per tonneiii and highly prospective mineralization over a three mile strike length
- Estimated annual gold production of between 100,000 and 150,000 ounces over an eight year mine life for the first phase of operation
- Estimated average costs applicable to sales of between $400 and $500 per ounce and all-in sustaining costs of between $500 and $600 over the life of the mine; in the lowest cost quartile for gold production
- Leveraging 50 years’ experience operating in Nevada by relying on existing equipment, infrastructure and personnel.
Newmont Mining Corporation operates in the mining industry. It primarily attains, develops, explores for, and produces gold, copper, and silver deposits. The company’s operations and/or assets are located in the United States, Australia, Peru, Indonesia, Ghana, and New Zealand.
At the end of Monday’s trade, Southwestern Energy Co. (NYSE:SWN)’s shares gained 1.07% to $24.52, after an independent energy company, invited interested parties to listen to its conference call that will be broadcast live over the Internet on Friday, April 24, 2015, at 10:00 a.m. EDT with Steve Mueller, Chairman and Chief Executive Officer of Southwestern Energy Company.
Southwestern Energy Company, an independent energy company, engages in the exploration, development, and production of natural gas and oil in the United States. The company operates in two segments, Exploration, Development and Production; and Midstream Services.
Finally, Principal Financial Group Inc. (NYSE:PFG), ended its Monday’s trading session with 1.03% gain, and closed at $50.80, in order to further build its employee stock ownership plan (ESOP) team, the Principal Financial Group® hired Kim Blaugher as a vice president of consulting and Amy Hartnett as a director of business development. Blaugher and Hartnett round out the 30-person team dedicated to the firm’s ESOP business.
Blaugher rejoins The Principal after serving as a vice president of consulting on the ESOP team for nearly 20 years. He most recently was a senior director for BDO USA, LLP, within its ESOP consulting group. Blaugher has a master’s degree in taxation from the University of Denver and a bachelor’s degree in economics from Earlham College. He is a member of the Employee-Owned S Corporations of America, the National Center for Employee Ownership, The ESOP Association and the Pacific Coast TE/GE Council.
Preceding to joining The Principal, Hartnett was a vice president in the ESOP Finance Group at Fifth Third Bank in Chicago, focusing on business development nationwide. She is a graduate of the University of Iowa in Iowa City, with bachelor’s degrees in finance and marketing. Hartnett is on the board of the Illinois ESOP Association and a member of the National Center for Employee Ownership.
Principal Financial Group, Inc. provides retirement, asset administration, and insurance products and services. It operates through Retirement and Investor Services, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments.
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