On Friday, Shares of Linn Energy, LLC (NASDAQ:LINE), lost -15.13% to $4.04, hitting its lowest level, after the oil company declared plans to suspend distributions later in 2015.
“After careful consideration, administration has decided to recommend to the board of directors that it suspend payment of LINN’s distribution and LinnCo’s (LNCO) dividend at the end of the third quarter 2015 and reserve about $450 million in cash from annualized distributions,” Chairman, President, and CEO Mark E. Ellis said in a statement Thursday morning.
Linn Energy, LLC, an independent oil and natural gas company, acquires and develops oil and natural gas properties in the Unites States. Its properties are located in the Rockies, the Hugoton Basin, California, east Texas and north Louisiana, the Mid-Continent, the Permian Basin, Michigan/Illinois, and south Texas.
Shares of Penn Virginia Corporation (NYSE:PVA), declined -2.90% to $1.34, during its last trading session, hitting its lowest level.
Penn Virginia Corporation declared that H. Baird Whitehead has informed the Board of Directors of his plan to retire as President and Chief Executive Officer after more than 14 years of service, counting four years in his current position. The Board of Directors has formed a committee to commence a search to identify a new President and Chief Executive Officer, and has retained SpencerStuart, a nationally recognized recruiting firm, to advise the Board on potential candidates. Mr. Whitehead will continue to serve until a successor is named and the CEO transition is complete.
“On behalf of the Board, I want to thank Baird for his leadership, dedication and commitment to the Company over the past 14 years,” said Edward B. Cloues, II, Chairman of the Board. “He has been a strong leader, and one who has not only managed the Company through some of the industry’s most challenging times, but also saw Penn Virginia through a transformation over a short period of time from a geographically diverse producer of virtually all natural gas to an almost exclusively Eagle Ford producer of principally oil.”
Penn Virginia Corporation, an independent oil and gas company, explores, develops, and produces crude oil, natural gas liquids, and natural gas in various onshore regions of the United States.
Finally, Southern Company (NYSE:SO), ended its last trade with 0.79% gain, and closed at $44.73.
Southern Company stated second-quarter 2015 earnings of $629 million, or 69 cents per share, contrast with earnings of $611 million, or 68 cents per share, in the second quarter of 2014. For the six months ended June 30, 2015, earnings were $1.14 billion, or $1.25 per share, contrast with $962 million, or $1.08 per share, for the same period in 2014.
Earnings for the three and six months ended June 30, 2015, comprise after-tax charges of $14 million and $20 million, respectively, related to raised construction estimates for Mississippi Power’s Kemper County integrated gasification combined-cycle (IGCC) project. Earnings for the six months ended June 30, 2014, comprise an after-tax charge of $235 million, or 26 cents per share, related to the Kemper County IGCC project. Earnings for the three and six months ended June 30, 2015, also comprise a $4 million after-tax charge related to the suspended operations of Mirant and the March 2009 settlement agreement with MC Asset Recovery, LLC.
The Southern Company, together with its auxiliaries, operates as a public electric utility company. It is involved in the generation, transmission, and distribution of electricity through coal, nuclear, oil and gas, and hydro resources in the states of Alabama, Georgia, Florida, and Mississippi. The company also constructs, acquires, owns, and manages generation assets, counting renewable energy projects.
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