During Monday’s Morning trade, Shares of Stone Energy Corporation (NYSE:SGY), lost -9.11% to $3.79.
Stone Energy Corporation, offered an update on its 2016 capital expenditure budget, drilling and production operations and updated fourth quarter and annual 2015 production guidance.
2016 Capital Expenditure Budget
Stone’s Board of Directors has authorized an initial 2016 capital expenditure budget of $200 million, subject to further Board review. The projected expenditures are primarily focused on the Pompano platform rig development program and the utilization of the ENSCO 8503 deep water rig for a development well and one to two exploration wells. The budget comprises minimal activity in the Appalachian basin, satisfying regulatory abandonment commitments and contractual seismic and leasehold commitments. The budget also assumes some success in farming-out the ENSCO 8503 rig to another operator or using the rig on a farm-in opportunity with a low working interest ownership. The budget excludes acquisitions and capitalized SG&A and interest in addition to potential subsidy expense associated with a rig farmout. The budget is allocated about 80%-85% to the Gulf of Mexico basin, 3%-5% in Appalachia, and 10%-15% to abandonment expenditures. The estimated capital expenditure for 2015 is projected to be about $460-$470 million.
In the Gulf of Mexico, the budget calls for three development wells to be drilled using a platform rig, which has been installed onto the Pompano platform. Additionally, Stone anticipates to use the ENSCO 8503 rig to drill and complete the Cardona #7 development well in the first quarter of 2016, followed by a potential farm-out of the rig or the drilling of the Lamprey prospect or the Derbio prospect. The Appalachia capital budget comprises maintaining core lease-hold interests and other maintenance operations. Late in the fourth quarter of 2015, Stone received a dual-purpose Utica/Marcellus rig that is capable of drilling in either shale formation, however the rig will be stacked until conditions improve.
Stone Energy Corporation, an independent oil and natural gas company, engages in the acquisition, exploration, exploitation, development, and operation of oil and gas properties in the Gulf of Mexico and the Appalachia region.
Shares of Bristol-Myers Squibb Co (NYSE:BMY), declined -0.28% to $68.78, during its current trading session.
Seattle Genetics, Inc. (Nasdaq:SGEN) and Bristol-Myers Squibb (BMY), declared that the companies have initiated a phase 1/2 clinical trial of ADCETRIS (brentuximab vedotin) in combination with Opdivo (nivolumab) for patients with CD30-expressing relapsed or refractory B-cell and T-cell non-Hodgkin lymphomas (NHL), counting diffuse large B-cell lymphoma (DLBCL), peripheral T-cell lymphoma (PTCL) and cutaneous T-cell lymphoma (CTCL). This is the second of two trials being conducted under a formerly declared clinical trial partnershipagreement between Bristol-Myers Squibb Company and Seattle Genetics. ADCETRIS is an antibody-drug conjugate (ADC) directed to CD30, a marker expressed on Hodgkin lymphoma (HL) and several types of NHL, which combines the targeting ability of a monoclonal antibody with a highly potent cell-killing agent. Recent preclinical data suggest that ADCETRIS causes immunogenic cell death of tumor cells, providing rationale for combination with Opdivo, a human antibody that targets and inhibits the programmed death receptor-1 (PD-1), resulting in T-cell activation. Opdivo is part of a new class of cancer immunotherapy treatments known as checkpoint inhibitors, which are designed to harness the body’s own immune system in fighting cancer by targeting distinct regulatory components of the immune system.
“This is the second corporate-sponsored clinical trial to evaluate ADCETRIS combined with a checkpoint inhibitor to determine if the combination can improve patient outcomes,” said Jonathan Drachman, M.D., Chief Medical Officer and Executive Vice President, Research and Development at Seattle Genetics. “This study is a part of a broad development program that comprises more than 70 ongoing clinical trials evaluating ADCETRIS in multiple lines of therapy for Hodgkin and non-Hodgkin lymphoma and as part of novel combinations that could result in improved clinical benefit with manageable safety profiles. Our aim is to establish ADCETRIS as the foundation of care for CD30-expressing lymphomas.”
The phase 1/2 open-label, multi-center, clinical trial is designed to evaluate the safety, tolerability and antitumor activity of ADCETRIS in combination with Opdivo in patients with relapsed or refractory CD30-expressing NHL. The study will comprise of a phase 1 dose evaluation portion followed by a single-arm phase 2 portion that will expand enrollment to treat disease-specific cohorts with relapsed or refractory DLBCL, PTCL or CTCL at the recommended dose level and treatment plan. The primary endpoints are safety, tolerability and objective response rate of the combination of ADCETRIS with Opdivo. The secondary endpoints comprise duration of response, complete response rate with the combination regimen, duration of complete response, progression-free survival and overall survival. The trial is being conducted at multiple centers in the United States, Canada and Europe and is designed to enroll about 120 patients.
Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It provides chemically-synthesized drugs or small molecules, and biologics in various therapeutic areas, counting virology comprising human immunodeficiency virus infection (HIV); oncology; neuroscience; immunoscience; and cardiovascular.
Finally, Master card Inc (NYSE:MA), lost -0.58%, and is now trading at $98.02.
On Friday, January 29, 2016, Master Card Incorporated (MA) will release its fourth-quarter and full-year financial results. The company will host a conference call to discuss these results at 9:00 a.m. Eastern Time.
MasterCard Incorporated, a technology company, provides transaction processing and other payment-related products and services in the United States and internationally. The company facilitates the processing of payment transactions, counting authorization, clearing, and settlement, in addition to delivers related products and services.
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