On Wednesday, Shares of Sanchez Energy Corp (NYSE:SN), lost -12.34% to $5.61.
Sanchez Energy Corporation, declared operating and financial results for the third quarter 2015. Highlights from the report comprise:
- Total production of 4,862 thousand barrels of oil equivalent (“MBOE”) during the third quarter 2015, up 37% over the third quarter 2014
- Average production of 52,844 barrels of oil equivalent per day (“BOE/D”), which exceeded the high end of the Company’s guidance of 46,000 to 50,000 BOE/D
- Revenues of $114.5 million ($154.0 million inclusive of hedge settlements), and Adjusted EBITDA (a non-GAAP financial measure) of $94.3 million
- Pro forma liquidity of about $842 million as of September 30, 2015, compriseing of $197 million in cash and cash equivalents, about $345 million of cash proceeds from the Western Catarina Midstream Divestiture and an elected borrowing base commitment of $300 million
- Average drilling and completion costs (counting facilities) at Catarina of $4.1 million per well during the third quarter 2015
- South-Central Catarina wells exceed expectations, with average 30-day rates of greater than 1,300 BOE/D and estimated ultimate recoveries tracking to nearly double the 600-700 MBOE Western Catarina type curve
- A total of 41 wells drilled toward the Company’s 50 well annual drilling commitment at Catarina for the period July 2015 to June 2016, with the Company expecting to fulfill this commitment by year-end 2015
- Fourth quarter 2015 production guidance of 48,000 to 52,000 BOE/D, an improvement of 2,000 BOE/D over the third quarter 2015 production guidance
- In 2016, Sanchez Energy will have 18,000 BBL/D of crude and 39 MMCF/D of natural gas hedged
- A borrowing base of $500 million recommended by the lead agent on the Company’s bank credit facility, with final approval of that borrowing base anticipated in the next few weeks with no change predictable to the elected commitment amount
Sanchez Energy Corporation, an independent exploration and production company, focuses on the acquisition, exploration, and development of unconventional oil and natural gas resources in the onshore U.S. Gulf Coast.
Shares of Penn West Petroleum Ltd (USA) (NYSE:PWE), declined -7.87% to $1.23, during its last trading session.
Penn West Petroleum Ltd, declare that it has closed the sale of its non-operated 9.5% working interest in the Weyburn Unit in Southeast Saskatchewan for cash consideration of about $205 million .
Additionally, as declared in our third quarter results, we closed the sale of our properties in the Greater Mitsue area of Central Alberta on October 30, 2015 , for total proceeds of $193 million , subject to closing adjustments. We intend to use the proceeds from both dispositions to reduce our senior debt.
With about $810 million in divestitures declared this year, we have surpassed our $650 million non-core asset disposition target, despite a challenging commodity price environment. These transactions continue to demonstrate our ability to complete non-core asset dispositions at attractive deal metrics. We will continue our divestiture process on additional non-core assets.
Penn West Petroleum Ltd. explores for, develops, and produces oil and natural gas properties in western Canada. The company’s properties are located in Alberta, British Columbia, Saskatchewan, Manitoba, and the Northwest Territories, Canada; and Wyoming, the United States.
Finally, Shares of Community Health Systems (NYSE:CYH), ended its last trade with -7.68% loss, and closed at $28.12.
Community Health Systems, declared that on November 6, 2015, its Board of Directors approved a new open market share repurchase program for up to ten million (10,000,000) shares of the Company’s Common Stock, not to exceed total purchases of $300,000,000.
The open market repurchase program will succeed an existing share repurchase program for up to five million (5,000,000) shares of the Company’s Common Stock, not to exceed total purchases of $150,000,000, which program was initiated in December 2014. Under the existing open market repurchase program, 1,400,000 shares have been repurchased at a total cost (counting commissions) of $42,653,340.
The new open market repurchase program will terminate on the earlier of November 5, 2018, when the maximum number of shares has been repurchased, or when the maximum dollar amount has been expended. The timing and amount of any shares repurchased will be determined by the Company’s administration based on its evaluation of market conditions, applicable securities laws requirements, and other factors. The repurchase program may be suspended or suspended at any time.
Community Health Systems, Inc., together with its auxiliaries, provides general and specialized hospital healthcare services to patients in the United States. The company operates general acute care hospitals that offer a range of inpatient and outpatient medical and surgical services, such as general acute care, emergency room, general and specialty surgery, critical care, internal medicine, obstetrics, diagnostic, psychiatric, and rehabilitation services, in addition to skilled nursing and home care services based on individual community needs.