On Tuesday, Energy XXI Ltd (NASDAQ:EXXI)’s shares declined -6.32% to $3.41.
Energy XXI Ltd (EXXI) declared fiscal third-quarter 2015 results and offered an operations update on activities in the Gulf of Mexico.
Fiscal 2015 Third-Quarter Results
For the 2015 fiscal third quarter, adjusted earnings before non-recurring charges and interest, taxes, depreciation, depletion and amortization (adjusted EBITDA) was $110.1 million (a non-GAAP measure reconciled below), contrast with $178.8 million in the 2014 fiscal third quarter. Non-recurring charges in the 2015 fiscal third quarter totaled about $5 million, primarily associated with consulting fees in connection with the integration of the EPL acquisition. The company stated a net loss accessible for common stockholders in the 2015 fiscal third quarter of $587.2 million, or $6.22 loss per diluted share (or $102.3 million adjusted net loss, with adjusted diluted loss per share of $1.08 before non-cash impairment and one-time charges), on revenues of $260.2 million, contrast with fiscal 2014 third-quarter net income accessible for common stockholders of $4.4 million, or $0.06 income per diluted share, on revenues of $285.2 million. The company’s stated loss on the quarter was primarily due to a $739.9 million non-cash impairment charge, the result of lower commodity prices, in addition to other costs associated with financing, mergers and acquisitions and the EPL integration.
Financing Activities
On March 12, 2015, the company accomplished a private placement of second-lien notes with net proceeds of $1.36 billion. Simultaneously, the company amended and paid down the existing credit facility and established a new borrowing base at $500 million, of which $150 million is drawn and $226 million is allocated to letters of credit, leaving $124 million undrawn. Total liquidity, post revolver pay down, was about $725 million.
Operations Update
During the fiscal third quarter, the company drilled and accomplished two wells. In addition, the company brought online two operated and one non-operated wells to production. Additionally, four recompletions were brought online in the quarter at the South Pass 78 field.
Energy XXI (Bermuda) Limited is engaged in the acquisition, exploration, development, production, and operation of oil and natural gas properties onshore in Louisiana and Texas, and on the Gulf of Mexico.
Harvest Natural Resources, Inc. (NYSE:HNR)’s shares dropped -6.25% to $1.35.
Harvest Natural Resources, Inc. (HNR) declared 2015 first quarter earnings and offered an operational update.
Harvest stated a first quarter net loss of about $5.6 million, or $0.13 per diluted share, contrast with a net loss of $8.0 million, or $0.19 per diluted share, for the same period last year. The first quarter results comprised of exploration charges of $1.9 million, or $0.04 per diluted share. Adjusted for exploration charges, Harvest would have posted a first quarter net loss of about $3.7 million, or $0.09 per diluted share, before any adjustment for income taxes.
Highlights for the first quarter of 2015 comprise:
Venezuela
- During the first three months of 2015, Petrodelta drilled and accomplished four development wells and sold about 3.63 million barrels of oil (MMBO) for a daily average of about 40,377 barrels of oil per day (BOPD), a decrease of six percent over the same period in 2014;
- Petrodelta’s current production rate is about 40,400 BOPD and the 2015 predictable average production rate is 41,345 BOPD with capital expenditures projected at $265.0 million.
Gabon
- Harvest accomplished a pore pressure study using the new 3-D seismic over the prospective Outboard and the Development areas.
Indonesia
- Accomplished transfer of shares of Budong-Budong B.V. to Stockbridge Capital Limited.
Corporate
Harvest Natural Resources, Inc., an independent energy company, engages in the acquisition, exploration, development, production, and disposition of oil and natural gas properties. \
At the end of Tuesday’s trade, Noranda Aluminum Holding Corporation (NYSE:NOR)‘s shares dipped -6.06% to $2.17.
Noranda Aluminum Holding Corporation (NOR) declared secondary public offering of 22,840,000 shares of the Company`s common stock held by certain funds associated with Apollo Global Administration, LLC (the “Selling Stockholders”). The Company will not sell any shares in the offering and will not receive any proceeds from the offering. Preceding to this offering, the Selling Stockholders owned or controlled about 33.1% of the Company`s outstanding shares of common stock. Following the completion of this offering, the Selling Stockholders will no longer own any shares of the Company`s common stock and we expect Matthew R. Michelini, Matthew H. Nord, Eric L. Press, and Robert J. Kalsow-Ramos, who are associates of the Selling Stockholders, to resign from our board of directors.
The underwriter may offer the shares of Company common stock in transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market rates or at negotiated prices.
Noranda Aluminum Holding Corporation produces and sells primary aluminum and rolled aluminum coils in the United States. The company’s Bauxite segment mines, produces, and sells bauxite used for alumina production. Its Alumina segment refines and converts bauxite into alumina, which is used in the production of primary aluminum; and sells smelter grade alumina and alumina hydrate, or chemical-grade alumina.
NanoString Technologies Inc (NASDAQ:NSTG), ended its Tuesday’s trading session with -5.54% loss, and closed at $13.46.
NanoString Technologies Inc (NSTG) declared that the PAM50 gene signature, commercialized as the Prosigna(R) Breast Cancer Prognostic Gene Signature Assay, was comprised of for the first time in the St. Gallen International Breast Cancer Guidelines. PAM50 was recognized among other multi-parameter molecular assays for its unique ability to estimate risk of recurrence both during the first five years and beyond five years following diagnosis. In addition, the Guidelines acknowledge the clinical utility of PAM50 for identifying women at low risk of recurrence who could be spared treatment with adjuvant chemotherapy.
NanoString Technologies, Inc. develops, manufacture, and sells products that unlock scientifically valuable and clinically actionable genomic information from minute amounts of tissue.
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