On Wednesday, Shares of Chesapeake Energy Corporation (NYSE:CHK), gained 3.78% to $15.10, as some stocks within the energy sector get a jolt from the rising price of oil.
Crude inventories for the week ended April 24 grew by 1.9 million barrels, contrast to the 2.3 million barrel enhance analysts were expecting.
Supplies at Crushing fell by 514,000 barrels.
Chesapeake Energy will report its first quarter earnings results before the market open on May 6. Analysts have forecast that the natural gas and liquids producer will post earnings of 4 cents on revenue of $3.68 billion.
Chesapeake Energy Corporation engages in the acquisition, exploration, and development of properties for the production of oil, natural gas and natural gas liquids (NGL) from underground reservoirs in the United States.
At the end of Wednesday’s trade, Shares of Precision Drilling Corporation (NYSE:PDS), jumped 3.75% to $7.19.
Precision Drilling Corporation, has declared a dividend on its common shares of $0.07 per share, payable on May 29, 2015, to shareholders of record on May 15, 2015. For Canadian income tax purposes, all dividends paid by Precision on its common shares are designated as “eligible dividends”, unless otherwise indicated by Precision.
Net earnings this quarter were $24 million, or $0.08 per diluted share, contrast to net earnings of $102 million, or $0.35 per diluted share, in the first quarter of 2014.
Revenue this quarter was $512 million or 24% lower than the first quarter of 2014, mainly due to lower drilling activity in the U.S. and Canada. Revenue from its Contract Drilling Services and Completion and Production Services segments reduced over the comparative preceding year period by 22% and 36%, respectively.
Earnings before income taxes, finance charges, foreign exchange, and depreciation and amortization (adjusted EBITDA) this quarter were $163 million or 31% less than the first quarter of 2014. PDS activity for the quarter, as measured by drilling rig utilization days, reduced 45% in Canada and 15% in the U.S. and raised 15% internationally, contrast to the first quarter of 2014. PDS adjusted EBITDA as a percent of revenue was 32% this quarter, contrast to 35% in the first quarter of 2014. The decrease in adjusted EBITDA as a percent of revenue was mainly due to reduced activity in its Contract Drilling Services segment, reduced activity and lower pricing in its Completion and Production Services segment and costs associated with restructuring, which were $7 million this quarter.
Precision Drilling Corporation provides oil and natural gas drilling and related services and products. The company operates through two segments, Contract Drilling Services; and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.
Level 3 Communications, Inc. (NYSE:LVLT), ended its last trade with 3.70% gain, and closed at $56.68, hitting its highest level.
Level 3 Communications, stated results for the first quarter 2015.
Total revenue was $2.053 billion for the first quarter 2015, contrast to $2.003 billion on a pro forma basis, for the first quarter 2014, assuming the tw telecom acquisition took place on January 1, 2014.
In the first quarter 2015, the company generated net income of $122 million and basic and diluted earnings per share of $0.35 per share. This contrast to pro forma net income of $99 million and basic and diluted earnings per share of $0.30 and $0.29 per share, respectively, for the first quarter 2014.
Deferred Revenue
The deferred revenue balance was $1.195 billion at the end of the first quarter 2015, contrast to $1.208 billion at the end of 2014.
Network Access Costs
Network Access Costs were $723 million in the first quarter 2015, contrast to $721 million on a pro forma basis in the first quarter 2014.
Network Related Expenses
For the first quarter 2015, not taking into account non-cash compensation expense, Network Related Expenses were $351 million. This contrast to $347 million on a pro forma basis for the first quarter 2014.
Level 3 Communications, Inc., together with its auxiliaries, operates as a facilities-based provider of a range of integrated communications services primarily in North America, Latin America, Europe, the Middle East, and Africa.
Finally, Parsley Energy, Inc. (NYSE:PE), closed at $17.37, with 3.64% gain.
Parsley Energy, plans to release its first quarter 2015 financial and operating results after the market closes on Tuesday, May 12, 2015. In conjunction with the release, the Company has planned a conference call for Wednesday, May 13, at 11:00 a.m. Eastern Time (10:00 a.m. Central Time).
Parsley Energy, Inc., an independent oil and natural gas company, engages in the acquisition, development, production, exploration, and sale of crude oil and natural gas properties in the Permian Basin located in West Texas and Southeastern New Mexico.
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