During Monday’s current trade, Arch Coal Inc (NYSE:ACI)’s shares declined -7.93%, to $0.784.
The Arch Coal Foundation declared that 16 recent high school graduates have been chosen as 2015 Arch Coal Scholars. Each student will receive a $2,000 annual scholarship to an accredited college or university for up to four years.
“Congratulations to the 2015 class of Arch Coal Scholars,” said John W. Eaves, Arch Coal chairman and chief executive officer. “These young people are among the ‘best of the best,’ and we applaud them for their many diverse accomplishments and commitment to hard work. We look forward to continued success from them as they pursue their higher education aims and prepare for their future careers.”
The Arch Coal Scholars program honors outstanding scholastic achievement by the children of the employees of Arch Coal and its auxiliaries. Recipients are selected on the basis of academic record, leadership, and participation in school and community activities. Also comprised of in the application are a statement of education and career aims, a work history and an outside appraisal. The program is in its 26th year.
“Arch Coal and the Arch Coal Foundation have a long history of supporting education-related causes,” Eaves said. “The Arch Coal Scholars program is an important piece of our efforts and allows us to invest in the future success of our employees’ children and provide assistance as they endeavor to further their education.”
Scholarship America, the country’s largest private sector scholarship and educational support organization, administers all aspects of the Arch Coal Scholars program, counting the independent selection process.
Arch Coal, Inc. produces and sells thermal and metallurgical coal from surface and underground mines located in the United States. As of December 31, 2014, it operated or contracted out the operation of 16 mines; and owned or controlled about 5.1 billion tons of proven and probable recoverable reserves. As of December 31, 2014, the company also owned or controlled, primarily through long-term leases, about 30,430 acres of coal land in Ohio, 21,832 acres of coal land in Maryland, 46,556 acres of coal land in Virginia, 407,453 acres of coal land in West Virginia, 107,665 acres of coal land in Wyoming, 266,654 acres of coal land in Illinois, 128,458 acres of coal land in Kentucky, 19,427 acres of coal land in Montana, 21,802 acres of coal land in New Mexico, 427 acres of coal land in Pennsylvania, and 18,443 acres of coal land in Colorado.
Gran Tierra Energy Inc (NYSEMKT:GTE)’s shares dipped -1.68% to $3.52, during the current trading session Monday’s.
Gran Tierra Energy Inc (GTE), declared several new executive appointments effective right away.
“I am delighted to have four key members from the Caracal team join Gran Tierra.” said Gary Guidry , President and CEO of Gran Tierra. “The addition of Ryan, Alan, Lawrence and Jim will complement the existing excellent team at Gran Tierra.”
Ryan Ellson has joined the Company as Chief Financial Officer. Ryan has 15 years of experience in a broad range of international corporate finance and accounting roles. Most recently, Mr. Ellson was Head of Finance for Glencore E&P ( Canada ) and preceding thereto Vice President, Finance at Caracal Energy, a London Stock Exchange listed company with operations in Chad , Africa. While at Caracal Energy, Mr. Ellson was instrumental in negotiating a $330 million farm-out to Glencore, secured a $250 million reserve based lending facility (winner of several trade finance deals of the year), and involved in multiple capital raises totaling about $500 million . Ryan was also instrumental in the successful listing of the Company on the London Stock Exchange. Preceding to Caracal, Mr. Ellson held several administration and executive positions with companies operating in Egypt , India and Canada . Mr. Ellson is a Charted Accountant and holds a Bachelor of Commerce and a Master of Professional Accounting from the University of Saskatchewan.
Mr. Ellson succeeds James Rozon . James will continue with the Company to assist with a smooth transition. “On behalf of the Board of Directors, I would like to thank James for his hard work and commitment over the last seven years. James has built and managed a tremendous finance team in Gran Tierra and was a key member of the executive team.” said Mr. Guidry.
Additional appointments to complement the executive team at Gran Tierra comprise, Alan Johnson as Vice President Asset Administration, Lawrence West as Vice President Exploration and Jim Evans as Vice President Compliance and Corporate Services.
Lawrence West has thirty-five years of experience as an executive, explorationist, and geologist. Most recently, Mr. West was Vice President, Exploration at Caracal Energy. Lawrence built a multi-disciplinary team to assess resources and grow reserves in the interior rift basins within Chad and led a successful exploration program. During his tenure he successfully executed two large 2D/3D seismic shoots in remote frontier basins, on time and on budget. Preceding to Caracal he has been involved in starting and growing several public and private companies, counting Reserve Royalty Corp., Chariot Energy, Auriga Energy and Orion Oil and Gas. Lawrence worked at Alberta Energy Company (AEC), where he was on the team that merged with Conwest. He built and led the AEC East team to the Rocky Mountain USA basins. His career began with Imperial Oil working on prospect and reservoir characterization, in multi-disciplinary teams, and as a technical mentor to exploration teams. Lawrence has an Honours Bachelor of Science in Geology from McMaster University and an MBA, specializing in economics, from the University of Calgary.
Gran Tierra Energy Inc., an independent energy company, engages in the acquisition, exploration, development, and production of oil and gas properties in Colombia, Peru, and Brazil. As of December 31, 2014, the company’s acreage comprised 3.4 million gross acres covering 16 exploration and production contracts in Colombia; 47,734 gross acres covering 7 exploration blocks in Brazil; and 5.7 million gross acres covering 5 exploration licenses in Peru.
In an afternoon trade, MRC Global Inc (NYSE:MRC)’s shares dwindled -1.58%, to $16.15.
MRC Global Inc (MRC), declared first quarter 2015 results.
The company’s sales were $1.292 billion for the first quarter of 2015, which were 1% lower than the first quarter of 2014 and 14.5% lower than the fourth quarter of 2014. As contrast to the first quarter of 2014, sales were negatively influenced by $46.1 million in the first quarter of 2015 due to weaker foreign currencies relative to the U.S. dollar. Net income for the first quarter of 2015 was $29.1 million, or $0.28 per diluted share, contrast to a first quarter 2014 net income of $23.5 million, or $0.23 per diluted share.
Andrew R. Lane, MRC Global’s chairman, president and chief executive officer, stated, “The first quarter results were in line with our expectations and our plan remains unchanged. We will continue to focus on generating cash, reducing debt and driving gains in market share. We generated $116 million cash flow from operations during the first quarter and reduced net debt by $105 million. We expect to generate $350-$450 million in cash from operations this year. While upstream activity has declined, the actions we took to reduce costs have positioned us well and our Adjusted EBITDA margins improved to 6.7% in the first quarter of 2015.”
MRC Global’s first quarter 2015 gross profit of $219.9 million, or 17.0% of sales, declined from first quarter 2014 gross profit of $232.1 million, or 17.8% of sales. The 80 basis point decline was a result of the impact of product mix changes and margin pressure in certain product categories related to the decline in oil prices. Gross profit for the first quarter 2015 and 2014 reflected a benefit of $0.2 million and a charge of $1.3 million, respectively, in cost of sales regarding the use of the LIFO method of inventory cost accounting.
Selling, general and administrative (“SG&A”) expenses were $159.4 million, or 12.3% of sales, for the first quarter of 2015 contrast to $171.4 million, or 13.1% of sales, for the same period of 2014. SG&A for the first quarter of 2015 comprised of $1.8 million of severance and related charges resulting from cost reduction efforts in addition to $2.9 million of incremental expenses related to our MSD Engineering Pte. Limited (“MSD”) and Hypteck AS (“Hypteck”) acquisitions. No such severance charges occurred during the first quarter of 2014.
Adjusted EBITDA was $86.7 million for the first quarter of 2015 contrast to $84.0 million for the same period in 2014. Please refer to the reconciliation of adjusted EBITDA (a non-GAAP measure) to net income (a GAAP measure) in this release.
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. The company also provides carbon steel fittings and flanges comprising carbon weld fittings, flanges, and piping components; stainless steel and alloy pipes, and fittings; carbon line pipes; and oil country tubular goods, such as casings and tubing pipes.
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