On Thursday, Shares of Goodrich Petroleum Corporation (NYSE:GDP), gained 0.08% to $0.930.
Goodrich Petroleum Corporation declared financial results and an operational update for the second quarter ended June 30, 2015.
HIGHLIGHTS:
- Adjusted Revenues, which comprises the benefit of realized gains on the Company’s oil hedges, were $37.3 million for the quarter as compared to $50.2 million in the preceding year period;
- Operating Expenses were lower by $19.9 million in the quarter as compared to the preceding year period and $0.5 million sequentially;
- Earnings before interest, taxes, non-cash General & Administrative (“G&A”) expenses and exploration was $24.8 million in the quarter, contrast to $31.5 million in the preceding year period;
- Capital expenditures for the quarter totaled $17.1 million;
- Production for the quarter totaled 758,000 barrels of oil equivalent (“Boe”) (50% oil), which was affected by deferred completions. Natural gas production for the quarter as compared to the preceding year period was negatively influenced by the Company’s sale in December 2014 of its non-core, Beckville/Minden field in East Texas;
- Since the end of the quarter, the Company declared the agreement to sell its proved reserves and associated acreage in the Eagle Ford Shale for $118 million, subject to customary closing and post-closing adjustments. The transaction has an effective date of July 1, 2015 and is predictable to close on or before September 4, 2015. The Company anticipates to book a gain of $50-60 million on the sale, pay off its bank revolver and retain the balance in cash from the sales proceeds.
Goodrich Petroleum Corporation, an independent oil and natural gas company, engages in the exploration, development, and production of oil and natural gas. The company holds interest in the Tuscaloosa Marine Shale located in southwest Mississippi and southeast Louisiana; the Eagle Ford Shale Trend located in South Texas; and the Haynesville Shale Trend in Northwest Louisiana and East Texas.
Shares of SINA Corp (NASDAQ:SINA), declined -0.56% to $39.07, during its last trading session.
SINA Corporation will declare its unaudited financial results for the second quarter 2015 after the close of market on Tuesday, August 18, 2015. Following the declaration, SINA’s administration team will host a conference call from 10:10 p.m. - 10:50 p.m. Eastern Time on August 18, 2015 (or 10:10 a.m. - 10:50 a.m. Beijing Time on August 19, 2015) to present an overview of the Company’s financial performance and business operations.
SINA Corporation, through its auxiliaries, operates as an online media company in the Peoples Republic of China. It operates SINA.com, an online brand advertising portal that provides region-focused format and content, counting multimedia news; sporting events news; automobile-related news; business news coverage and personal finance columns; entertainment news and events; technology updates; interactive video products, such as news, sports, entertainment, and education; and education, digital, fashion, eLadies, luxury, health, collectibles, travel, and other interest-based channels.
At the end of Thursday’s trade, Shares of Firstmerit Corp (NASDAQ:FMER), gained 0.22% to $18.56.
FirstMerit Corporation, stated second quarter 2015 net income of $56.6 million, or $0.33 per diluted share. This compares with $57.1 million, or $0.33 per diluted share, for the first quarter 2015 and $59.5 million, or $0.35 per diluted share, for the second quarter 2014.
Returns on average common equity and average assets (“ROA”) for the second quarter 2015 were 7.85% and 0.90%, respectively, contrast with 8.08% and 0.93%, respectively, for the first quarter 2015 and 8.62% and 0.98%, respectively, for the second quarter 2014.
“Our financial performance this quarter reflected ongoing execution of our productivity and profitability initiatives. During the quarter we produced solid loan growth and achieved operating expense levels within our longer term cost reduction aims. Our strong capital levels supported solid balance sheet expansion which was augmented by solid credit quality,” said Paul Greig, Chairman, President and CEO of FirstMerit Corporation.
Net Interest Income
Net interest income on a fully tax-equivalent (“TE”) basis was $189.0 million in the second quarter 2015 contrast with $189.6 million in the first quarter 2015 and $199.7 million in the second quarter 2014.
Net interest margin on TE basis was 3.39% for the second quarter 2015 contrast with 3.48% for the first quarter 2015 and 3.75% for the second quarter 2014. Net interest margin compression in the second quarter, contrast with the preceding quarter, resulted from anticipated lower accretion from the attained and FDIC attained loan portfolios due to the continued decline in the loan balances and lower yields on the investment portfolio.
Average originated loans were $13.1 billion during the second quarter 2015, an enhance of $403.2 million, or 3.18%, contrast with the first quarter 2015, and an enhance of $2.0 billion, or 18.04%, contrast with the second quarter 2014. Average originated commercial loans raised $118.8 million, or 1.49%, contrast with the preceding quarter, and raised $913.6 million, or 12.72%, contrast with the year-ago quarter.
Average deposits were $19.7 billion during the second quarter 2015, a decrease of $106.3 million, or 0.54%, contrast with the first quarter 2015, and an enhance of $185.9 million, or 0.95%, contrast with the second quarter 2014. During the second quarter 2015, average core deposits, which exclude time deposits, reduced $86.3 million, or 0.49%, contrast with the first quarter 2015 and raised $231.0 million, or 1.35%, contrast with the second quarter 2014. Average time deposits reduced $20.0 million, or 0.87%, and reduced $45.1 million, or 1.93%, respectively, over the preceding and year-ago quarters. For the second quarter 2015, average core deposits accounted for 88.37% of total average deposits, contrast with 88.33% for the first quarter 2015 and 88.03% for the second quarter 2014.
Average investments raised $104.0 million, or 1.56%, contrast with the first quarter 2015 and raised $116.7 million, or 1.75%, contrast with the second quarter 2014.
FirstMerit Corporation operates as the bank holding company for FirstMerit Bank N.A. that provides various banking, fiduciary, financial, insurance, and investment services to corporate, institutional, and individual customers.
Finally, Kimberly Clark Corp (NYSE:KMB), ended its last trade with 0.11% gain, and closed at $115.78.
Kimberly-Clark Corporation has declared a regular quarterly dividend of $0.88 per share. The dividend is payable on Oct. 2, 2015, to stockholders of record on Sept. 4, 2015.
2015 marks the 43rd successive year that Kimberly-Clark has raised its dividend and the 81st straight year it has paid a dividend to shareholders.
Kimberly-Clark Corporation, together with its auxiliaries, manufactures and markets personal care, consumer tissue, and K-C professional products worldwide. It operates through three segments: Personal Care, Consumer Tissue, and K-C Professional.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should might occur.
