On Tuesday, Chesapeake Energy Corporation (NYSE:CHK)’s shares declined -0.44% to $7.89.
Chesapeake Energy Corporation (CHK) declared it has finalized new gas gathering agreements with the Williams Companies (WMB) in its Haynesville Shale operating area located in northwest Louisiana and its dry gas Utica Shale operating area located in eastern Ohio. Key attributes comprise:
- Noteworthy improvement in per unit gathering rates established in two major growth assets startning in 2016, leading to improved volume growth.
- Combination of gathering system agreements allows Chesapeake to satisfy minimum volume commitment (MVC) obligations in Haynesville Shale, increasing realized pricing per mcf of gas.
- Aligned planned interests improve drilling economics, operational efficiency and midstream asset utilization.
Chesapeake will also move to a fixed-fee agreement in the dry gas Utica Shale, startning in January 2016, and is predictable to see an estimated gathering rate reduction of about $0.25 per mmbtu. As part of the transaction, Chesapeake is dedicating an additional 50,000 net acres to Williams and will be subject to a new minimum volume commitment of 250 mmbtu per day starting in mid-2017. The company anticipates to meet this commitment with about one rig per year.
Chesapeake Energy Corporation produces oil and natural gas through acquisition, exploration, and development of from underground reservoirs in the United States. It holds interests in natural gas resource plays, counting the Haynesville/Bossier Shales in northwestern Louisiana and East Texas; the Marcellus Shale in the northern Appalachian Basin of West Virginia and Pennsylvania; and the Barnett Shale in the Fort Worth Basin of north-central Texas.
Corning Incorporated (NYSE:GLW)’s shares gained 2.27% to $18.02.
Finesse Solutions, Inc., a leading manufacturer of measurement, single-use and automation solutions for life sciences process applications, declared a partnership with Corning Life Sciences.
The partnership pairs Corning’s novel CellCube® adherent culture system with the Finesse G3Lab Universal Controller. The CellCube System is designed to reliably distribute nutrients and oxygen with low differential gradients across all cells to more closely simulate in vivo conditions. This provides an ideal environment for attachment cell culture applications. The G3Lab Universal has been developed by Finesse as a versatile control and automation platform capable of supporting a wide range of industry leading bioreactors for both labscale and cGMP production settings.
The single-use flow path, manufactured by Corning, will combine CellCube holders with Finesse single-use TruFluor pH and DO flow-through sensors in addition to utilize the Finesse 3L SmartVessel as an oxygenator for the system. This integrated approach will allow users to rapidly install a complete, pre-sterilized flowpath with integrated measurement.
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials worldwide. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences. The Display Technologies segment manufactures glass substrates for active matrix liquid crystal displays (LCDs) that are used primarily in LCD televisions, notebook computers, and flat panel desktop monitors.
At the end of Tuesday’s trade, United Continental Holdings Inc (NYSE:UAL)‘s shares dipped -0.30% to $57.28.
United Airlines is introducing a new, comfortable, custom-designed seat for first-class cabins on more than 200 of the company’s narrowbody aircraft. The seat will debut on an Airbus A319 next week, with retrofits on A319s, A320s and many Boeing 737s and 757s through 2016.
Developed with input from customers whom the airline invited to test seat prototypes, the custom seat United and design firm PriestmanGoode have created features several elements to improve the customer experience, counting:
- All-leather seat covers in signature navy and champagne colors;
- A patented-design tray table with tablet holder, enabling travelers to enjoy food and beverages while using their personal electronic devices;
- An articulating seat bottom for greater comfort when reclining and an adjustable headrest;
- In-seat universal A/C power outlets for customers to charge their devices;
- Additional in-seat storage, counting two seatback pockets and side stowage for laptops and tablets;
United Continental Holdings, Inc., together with its auxiliaries, provides air transportation services in North America, the Asia-Pacific, Europe, the Middle East, Africa, and Latin America. It transports people and cargo through its mainline operations, which use jet aircraft with at least 118 seats, and its regional operations.
Steel Dynamics, Inc. (NASDAQ:STLD), ended its Tuesday’s trading session with -0.55% loss, and closed at $18.00.
Steel Dynamics, Inc. (STLD) declared that it purchased from Merged Systems, Inc. (“CSi”), certain of its steel decking facilities (counting associated assets) and net working capital of about $30 million, for a purchase price of $45 million in cash. The transaction, which is valued below asset replacement cost, is predictable to be accretive to 2015 earnings and cash flow per share. These assets will become a part of Steel Dynamic’s fabrication operations through its wholly owned partner, New Millennium Building Systems, LLC (“NMBS”).
The purchased assets comprise three decking facilities located in Memphis, Tennessee; Phoenix, Arizona; and Terrell, Texas. Producing both standard and premium specialty deck profiles, these assets represented over 8% of 2014 domestic steel decking market share. The new locations will allow for improved geographic reach into the southwestern and western markets, while the higher-margin specialty deck profiles will further diversify NMBS product offerings. The production of specialty deck is presently planned to be concentrated in Memphis, where a paint line is already in place. Business and commercial integration with NMBS will start right away.
Steel Dynamics, Inc., together with its auxiliaries, manufactures and sells steel products, processes and sells recycled ferrous and nonferrous metals, and fabricates and sells steel joist and decking products in the United States and internationally. The company operates in three segments: Steel Operations, Metals Recycling and Ferrous Resources Operations, and Steel Fabrication Operations.
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