On Friday, W&T Offshore, Inc. (NYSE:WTI)’s shares inclined 1.29% to $5.49.
W&T Offshore, (WTI) declared a new discovery at Ewing Banks 910 and first production from the SS #6 well at Mississippi Canyon 538 field (“Medusa”), both in the deepwater of the Gulf of Mexico. The Company also offered an update on the status of the Big Bend and Dantzler deepwater development projects.
W&T made a new discovery at Ewing Banks 910 with the successful drilling and evaluation of the Ewing Banks 910 A-5 ST well. The Company logged 160 feet of gross hydrocarbon interval and is presently concluding the well. We expect recovery from the well to exceed our pre-drill estimates and we anticipate that the well could be online and flowing by the end of the second quarter. W&T has a 50% working interest in this well.
The next well to be drilled at Ewing Banks 910 will be the A-8 exploration well, which based on seismic data, is estimated to be a significantly larger reserve target than the recently successful A-5 ST well. We have additional drilling locations in the area as a result of our ongoing geological and geophysical review of new WAZ seismic data.
The Company declare that the drilled Medusa SS #6 well has been accomplished and achieved first production flowing at a gross rate of about 8,000 barrels of oil and 6 MMcf of natural gas for a combined total rate of 9,000 barrels of oil equivalent per day. A second extension well at Medusa, the SS #7 well, is presently being accomplished. W&T has a 15% working interest in the Medusa field.
W&T Offshore, Inc., an independent oil and natural gas producer, together with its auxiliaries, engages in the acquisition, exploration, and development of oil and natural gas properties primarily in the Gulf of Mexico and onshore in the Permian Basin of West Texas.
Principal Financial Group Inc (NYSE:PFG)’s shares dropped -0.72% to $52.50.
Principal Financial Group Inc (PFG) continues to benefit from fee-based businesses. Operating net income of $1.09 per share in the first quarter outperformed the Zacks Consensus Estimate and improved year over year. The quarter marked the second-highest quarterly earnings per share. With respect to earnings, this Zacks Rank #3 (Hold) company recorded a positive surprise in each of the last four quarters, with an average beat of 6.95%.
While a sturdy investment performance and distribution relationships drove sales, asset under administration (AUM) were a record $530.3 billion.
Deeper focus on fee-based revenue sources (anticipates 70% coming from it by 2018) has been assisting the company to earn steadily, besides limiting exposure to the interest rate environment. Riding on this strength, the company plans $0.8–$1 billion in capital deployment in 2015.
Principal Financial’s inorganic growth story seems attractive with the prudent acquisitions it makes. Its latest acquisitions of AXA’s Mandatory Provident Fund (MPF) and the Occupational Retirement Schemes Ordinance pension business in Hong Kong are predictable to close in the second half of 2015. The buyout will more than double the AUM of its Hong Kong pension business to over US $6 billion and will be ranked as the fifth largest MPF provider in that market. Since being hit by the financial crisis, it has made nine acquisitions, adding fee-based businesses and expanding its global footprint.
Principal Financial Group, Inc. provides retirement, asset administration, and insurance products and services. It operates through Retirement and Investor Services, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments.
At the end of Friday’s trade, AFLAC Incorporated (NYSE:AFL)‘s shares dipped -0.84% to $62.56.
Aflac, the leading provider of voluntary insurance at the work site in the United States, declared recently that it will be the presenting sponsor of a new Aflac Cup trophy recognizing the top amateur golfer in three prestigious events.
Mirrored after the PGA TOUR’s season-long championship format, the Aflac Cup will be awarded based on a point system. The amateur player who receives the most points based on standings at the end of the designated tournaments will win the Aflac Cup.
Aflac Incorporated, through its partner, American Family Life Assurance Company of Columbus, provides supplemental health and life insurance products. It operates through two segments, Aflac Japan and Aflac U.S. The Aflac Japan segment offers various voluntary supplemental insurance products, counting cancer plans, general medical indemnity plans, medical/sickness riders, care plans, living benefit life plans, ordinary life insurance plans, and annuities in Japan.
Ecolab Inc. (NYSE:ECL), ended its Friday’s trading session with -0.04% loss, and closed at $117.17.
Ecolab Inc. (ECL) released its 2014 Corporate Sustainability Report. This annual profile of the company’s commitment to sustainability highlights how Ecolab assists make the world cleaner, safer and healthier while protecting people and vital resources.
Ecolab’s mission is to provide and protect what is vital: clean water, safe food, abundant energy and healthy environments. Through partnership with customers, NGOs and communities, the company assists address some of the world’s most urgent resource and business challenges.
Ecolab Inc. provides water, hygiene, and energy technologies and services for customers worldwide. The company operates in four segments: Global Industrial, Global Institutional, Global Energy, and Other. The Global Industrial segment provides water treatment and process applications, and cleaning and sanitizing solutions primarily to large industrial customers within the manufacturing, food and beverage processing, chemical, mining and primary metals, power generation, pulp and paper, and commercial laundry industries.
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