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Home » BASIC MATERIAL » Basic Material Stocks Landing in Green-Zone - Penn Virginia (NYSE:PVA), Swift Energy (NYSE:SFY), Western Refining, (NYSE:WNR), Northern Tier Energy LP (NYSE:NTI)
Basic Material Stocks Landing in Green-Zone – Penn Virginia (NYSE:PVA), Swift Energy (NYSE:SFY), Western Refining, (NYSE:WNR), Northern Tier Energy LP (NYSE:NTI)

Basic Material Stocks Landing in Green-Zone - Penn Virginia (NYSE:PVA), Swift Energy (NYSE:SFY), Western Refining, (NYSE:WNR), Northern Tier Energy LP (NYSE:NTI)

February 27, 2015 1:47 pm by: Category: BASIC MATERIAL Leave a comment A+ / A-

U.S. stocks floated to a somewhat lower complete yesterday, weighed around sinking vitality stocks as oil costs drooped once more.

Energy Stocks dropped down about 2 percent as the best decliner in the S&P 500.

The Dow finished down 10.15 focuses, at 18,214.42.

In different prospects exchanging on the Nymex, wholesale gas fell 1.1 pennies to close at $1.708 a gallon. Warming oil climbed 3.2 pennies to close at $2.136 a gallon. What’s more regular gas fell 16.5 pennies to close at $2.697 every 1,000 cubic feet.

Details about those basic material sector stocks that landed in the green-zone during yesterday’s trade, are depicted underneath:

Penn Virginia Corporation (NYSE:PVA)’s shares jumped nearly 10.81%, and closed at $6.87, during the last trading session, as an independent oil and gas company, on February 25, stated financial results for the three months and year ended December 31, 2014 and offered details of its 2015 guidance.

Key Highlights:

Fourth quarter 2014 results contrast, as applicable, to third quarter 2014 results were as follows:

As formerly revealed, production during the fourth quarter was 2.0 million barrels of oil equivalent (MMBOE), or 21,308 barrels of oil equivalent (BOE) per day (BOEPD), contrast to 20,874 BOEPD, pro forma to exclude production from Mississippi properties sold in July 2014 and volumes associated with a settlement of litigation in the Mid-Continent.

During full-year 2014, pro forma total production raised 22% and oil production raised 35% over full-year 2013.

  • Realized oil, natural gas liquids (NGLs) and gas prices declined to $69.82 per barrel, $23.43 per barrel and $3.81 per thousand cubic feet (Mcf) from $95.19 per barrel, $31.76 per barrel and $4.17 per Mcf.
  • Counting oil and gas derivatives, oil and gas prices were $77.99 per barrel and $4.03 per Mcf, contrast to $89.08 per barrel and $4.19 per Mcf.
  • Product proceeds from the sale of oil, NGLs and natural gas were $101.4 million, or $51.73 per barrel of oil equivalent (BOE), contrast to $141.9 million, or $67.91 per BOE.
  • Counting oil and gas derivatives, product proceeds were $111.8 million, or $57.03 per BOE, contrast to $134.3 million, or $64.29 per BOE.
  • Production costs, counting lease operating expense, gathering, processing and transportation expenses and production and ad valorem taxes, reduced to $22.6 million, or $11.52 per BOE, from $27.8 million, or $13.35 per BOE.
  • Not including production and ad valorem taxes, which reduced by $2.2 million due to lower commodity prices, other production costs were $8.72 per BOE, contrast to $9.66 per BOE.
  • Operating loss, not including impairments and net gains or losses on the sale of assets, was $14.6 million, contrast to operating revenue of $28.5 million.
  • Adjusted EBITDAX, a non-GAAP (generally accepted accounting principles) measure, was $84.8 million, contrast to $97.7 million.
  • Borrowing base under our revolving credit facility raised to $500 million during the fourth quarter, providing financial liquidity, counting cash and equivalents, of $470 million at year-end 2014.
  • Leverage ratio was 3.0 times at year-end 2014.
  • Definitions of non-GAAP financial measures and reconciliations of these non-GAAP financial measures to GAAP-based measures appear later in this release.

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.

Swift Energy Co. (NYSE:SFY), inclined nearly 8.10%, and closed at $3.07, soon after a company engaged in developing, exploring, acquiring, and operating oil and natural gas properties, stated its 2014 year-end and fourth quarter financial and operating results.

“Despite the challenging commodity price environment during the last quarter of 2014, Swift finished the year on a strong note, achieving record annual production of 12.39 MMBoe. We continued to refine and develop our drilling and completions process in the Eagle Ford as demonstrated by our latest two Bracken wells in the AWP Field, each of which had initial average production that exceeded five thousand barrels of oil equivalent per day. Our results at Fasken and now at AWP clearly demonstrate how our current generation of drilling and completion design is transferable and provides for a competitive technical advantage as we improve field performance,” commented Terry Swift, CEO of Swift Energy.

Fourth Quarter and Full-Year 2014 Results:

Swift Energy’s full year 2014 production was 12.39 MMBoe, an raise of 5% contrast to 2013 production of 11.75 MMBoe. Production for the fourth quarter 2014 of 3.00 MMBoe was roughly flat with third quarter 2014 levels and reduced 3% contrast to fourth quarter 2013 production of 3.09 MMBoe.

Full year production in the Eagle Ford, where about 85% of 2014 capital spending was directed, was 8.39 MMBoe, an raise of 32% from 2013 production of 6.36 MMBoe.

Terry Swift noted, “Not including the influence from our sale in Fasken to Saka Energi, Eagle Ford production would have raised 46% year-to-year. Even after this sale of production volumes, we achieved a corporate wide year end net exit rate of about 38,000 Boe/d.”

Swift Energy stated an adjusted net loss for the fourth quarter of 2014 of $10.9 million, or $0.25 per diluted share, which excludes the non-cash ceiling test write-down of its oil and gas properties of $445.4 million (a pre-tax and non-GAAP measure. This compares to adjusted net revenue of $4.7 million, or $0.11 per diluted share earned in the same quarter in 2013.

The GAAP net loss for the fourth quarter 2014 was $298.2 million, or $6.80 per diluted share. This compares to GAAP net loss of $25.4 million, or $0.58 per diluted share earned in the same quarter in 2013, which also had a non-cash ceiling write-down.

The GAAP net loss for the full year 2014 is $283.4 million, or $6.47 per diluted share. This compares to a GAAP net loss of $2.4 million, or $0.06 per diluted share for the full year 2013.

General and administrative expenses of $2.02 per Boe during the fourth quarter of 2014 were down from $3.35 per Boe in the same period in 2013, primarily due to lower compensation and accrued benefit costs.

Interest expense raised to $5.97 per Boe in the fourth quarter of 2014 contrast to $5.85 per Boe for the same period in 2013.

Swift Energy Co. (NYSE:SFY), is engaged in developing, exploring, acquiring, and operating oil and natural gas properties, with a focus on oil and natural gas reserves in Texas in addition to onshore and in the inland waters of Louisiana. As of December 31, 2013, the Company had estimated proved reserves of 219.2 million barrels of oil equivalent (MMBoe). The Company’s total proved reserves at December 31, 2013 were about 24% crude oil, 62% natural gas, and 14% natural gas liquid (NGL) while 29% of the Company’s total proved reserves were developed.

Western Refining, Inc. (NYSE:WNR), enhanced 7.84%, and closed at $47.06, soon after an independent crude oil refiner and marketer of refined products, stated fourth quarter 2014 net revenue of $18.8 million, or $0.40 per diluted ordinary unit. During this period, EBITDA was $24.7 million and distributable cash flow was $21.3 million. For full year 2014, net revenue was $53.0 million, or $1.15 per diluted ordinary unit.

“We are happy with our first full year of operations,” said WNRL Chief Executive Officer and President Jeff Stevens. “We accomplished the attainment of Western Refining’s (WNR) southwest Wholesale business in the fourth quarter, which we expect will add about $40 million in annual EBITDA in 2015, increasing WNRL’s estimated annual EBITDA by more than 50%. This attainment, and the performance of our logistics business, positions us to continue to grow our quarterly distributions to unitholders.”

On January 30, 2015, the board of directors declared a quarterly cash distribution for the fourth quarter 2014 of $0.3325 per unit, or $1.33 per unit on an annualized basis. This distribution represents a 4.7% raise over the third quarter distribution of $0.3175 per unit paid in November 2014, and a 15.7% raise over the minimum quarterly distribution.

As of December 31, 2014, WNRL had cash of $54.3 million. In mid-February 2015, WNRL issued $300 million in senior unsecured notes, proceeds of which were used to repay the revolving credit facility and for general partnership purposes. As of February 20, 2015, the partnership has $92 million in cash and an undrawn $300 million revolving credit facility, which WNRL intends to use primarily to fund future attainments.

Stevens continued, “We will continue to focus on growing our business and are excited about the future of WNRL. With the planned location of our asset base and our financial flexibility, we are well positioned to capitalize on the growing crude oil production in our area.”

Western Refining, Inc. (NYSE:WNR), is a principally fee-based, growth-oriented master limited partnership formed by Western Refining, Inc. (WNR) to own, operate, develop and attain terminals, storage tanks, pipelines and other related businesses.

Northern Tier Energy LP (NYSE:NTI), inclined 6.17%, and closed at $23.91, soon after the news release that Western Refining, Inc. (WNR), stated fourth quarter 2014 net revenue of $116.8 million, or $1.19 per diluted share, not including special items. This compares to fourth quarter 2013 net revenue of $57.3 million, or $0.60 per diluted share, not including special items. Counting special items, the Company recorded fourth quarter 2014 net revenue attributable to Western Refining, Inc. of $130.9 million, or $1.33 per diluted share as contrast to net loss of $7.3 million, or $(0.09) per diluted share for the fourth quarter of 2013. The special items for the fourth quarter of 2014 primarily comprised of a non-cash lower of cost or market inventory adjustment of $78.6 million and a non-cash unrealized pre-tax hedging gain of $58.1 million. Western’s merged financial results comprise the results of both Western Refining Logistics, LP (WNRL) and Northern Tier Energy LP (NTI).

Western recorded full year 2014 net revenue attributable to Western Refining, Inc. of $559.9 million, or $5.61 per diluted share contrast to full year 2013 net revenue of $276.0 million, or $2.79 per diluted share.

Jeff Stevens, Western’s President and Chief Executive Officer, said, “Western had a very successful 2014. We improved the safety and reliability at both the El Paso and Gallup refineries, realized noteworthy synergies from our Northern Tier investment, and continued to grow WNRL. In addition, in 2014 we returned $553.0 million through dividends and share repurchases to our shareholders.”

Western Refining, Inc. owns the general partner and about 66% of the limited partnership interest of Western Refining Logistics, LP (WNRL). Western Refining, Inc. also owns the general partner and about 38% of the limited partnership interest in Northern Tier Energy LP (NTI).

Northern Tier Energy LP, an independent downstream energy company, is engaged in refining, retail, and pipeline operations in the United States. It operates through two segments, Refining and Retail.

Basic Material Stocks Landing in Green-Zone - Penn Virginia (NYSE:PVA), Swift Energy (NYSE:SFY), Western Refining, (NYSE:WNR), Northern Tier Energy LP (NYSE:NTI) Reviewed by on . U.S. stocks floated to a somewhat lower complete yesterday, weighed around sinking vitality stocks as oil costs drooped once more. Energy Stocks dropped down ab U.S. stocks floated to a somewhat lower complete yesterday, weighed around sinking vitality stocks as oil costs drooped once more. Energy Stocks dropped down ab Rating: 0

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