On Monday, McDermott International (NYSE:MDR)’s shares declined -3.61% to $5.08.
McDermott International (MDR) declared financial and operational results for the quarter ended March 31, 2015. The Company stated first quarter 2015 net loss of $14.5 million, or $0.06 per fully diluted share counting restructuring charges, contrasts to a net loss of $46.5 million, or $0.20 per diluted share, in the preceding-year quarter. Net of restructuring charges, the first quarter 2015 loss would have been reduced by $10.4 million or $0.04 per fully diluted share.
First Quarter 2015 Operating Results
The Company stated first quarter 2015 revenues of $550.5 million, a decrease of $53.3 million contrast to revenues of $603.8 million for the preceding-year first quarter. Revenues for the first quarter 2015 were affected by weather and third-party performance delays on the Company’s INPEX project, in addition to customer initiated changes on Middle East brownfield projects that influenced the timing of vessel mobilization.
The Company’s operating income was $6.6 million for the first quarter 2015 and comprised of $10.4 million of restructuring expenses. These results compare to the preceding-year period first quarter operating loss of $38.2 million, which comprised of $6.1 million of restructuring expenses. Operating income for the first quarter 2015 was positively influenced by favorable changes in cost estimates and revenue recovery, due to an ongoing focus on execution and improved customer relationships.
McDermott International, Inc. operates as an engineering, procurement, construction, and installation company worldwide. The company operates through three segments: Asia Pacific, Americas, and the Middle East. It focuses on designing and executing offshore oil and gas projects.
Tempur Sealy International Inc (NYSE:TPX)’s shares dropped -3.52% to $59.82.
Tempur Sealy International Inc (TPX) declared that Mark A. Sarvary will step down as the Company’s President and Chief Executive Officer on Tuesday, May 12, 2015. The Tempur Sealy Board of Directors has designated W. Timothy (“Tim”) Yaggi, presently Chief Operating Officer, to serve as interim Chief Executive Officer of Tempur Sealy, effective upon Mr. Sarvary’s resignation.
In addition, the Company declared a number of changes with respect to its Board of Directors. The Board:
- Designated Usman Nabi of H Partners Administration, LLC (“H Partners”) to the Board as a new independent director, effective right away. In conjunction with the appointment, Mr. Nabi will be added to the Compensation Committee;
- Will right away commence a process to confirm an additional independent director recommended by H Partners to join the Board and acceptable to the Board in its reasonable discretion;
- Will form a CEO Search Committee that will comprise Mr. Nabi and three additional independent directors that will comprise the new, independent director and two existing independent directors.
Tempur Sealy International, Inc., together with its auxiliaries, develops, manufactures, markets, and distributes bedding products worldwide. It operates through two segments, North America and International.
At the end of Monday’s trade, Bonanza Creek Energy Inc (NYSE:BCEI)‘s shares dipped -3.46% to $23.98.
Bonanza Creek Energy Inc (BCEI) stated its first quarter 2015 financial and operating results. The Company formerly declared it reached agreement with its gas processing providers in the Rocky Mountain region to realize operated sales volumes in three streams (oil, NGLs and natural gas) effective January 1, 2015. Unless noted, all references to barrel of oil equivalent (boe) volumes related to activities accomplished in the Rocky Mountain region during 2014 have incorporated 6:1 gas to liquids conversion of two-stream (oil and wet gas) volumes.
Highlights from first quarter 2015 comprise:
- Sales volumes grew to 27.5 Mboe/d representing a 30% enhance contrast to estimated 3-stream sales volumes in the first quarter of 2014(1)
- Raised Rocky Mountain production by 41% contrast to first quarter 2014(1), to 21.9 Mboe/d
- Cumulative production of 40-acre Niobrara wells with 28 stage fracs comprising with 354 MBoe target type curve
- Cash operating costs (LOE, production taxes and G&A) of $15.83 per Boe
- Adjusted EBITDAX(2) of $69.3 million
- Adjusted net loss(2) of $2.7 million, or $0.06 per share
- Total capital costs incurred of $123.4 million, down about 20% from first quarter 2014
- Liquidity at March 31 of $646.5 million
- Formation of a wholly-owned Wattenberg midstream development entity
- BCEI employees achieved over 1.2 million worker-hours with no lost time injury incidents
Bonanza Creek Energy, Inc., an independent energy company, engages in the acquisition, exploration, development, and production of onshore oil and associated liquids natural gas in the United States.
Enerplus Corp (USA) (NYSE:ERF), ended its Monday’s trading session with -3.42% loss, and closed at $11.02.
Enerplus Corp (USA) (ERF) declares the results from operations for the first quarter 2015.
HIGHLIGHTS:
Enerplus delivered strong operating results and continued to demonstrate prudent financial stewardship through a focus on disciplined capital allocation and cost control. We are well positioned to achieve our key operating targets in 2015 and remain in a strong financial position as we navigate through a challenging commodity price environment.
Production averaged about 100,900 BOE per day, down 4% quarter-over-quarter in response to reduced capital spending and deferred activity. Crude oil and natural gas liquids accounted for 43% of first quarter volumes, which was in line with our expectations. Well completion activity in North Dakota was deferred from December until late February in response to low oil prices and cost uncertainty.
With prices stabilizing and improved cost structures, we plan to accelerate second quarter well completions in North Dakota and re-establish growth in the region. Given the solid momentum going into the second quarter, in part based upon strong well performance in North Dakota , we are well positioned to achieve our annual average production guidance of 93,000 - 100,000 BOE per day and liquids guidance of 42-44% despite the formerly declared sale of non-core oil producing assets.
Enerplus Corporation, together with auxiliaries, engages in the exploration and development of crude oil and natural gas in the United States and Canada. The company primarily has interests in about 162,000 net acres of lands comprising about 77,000 net acres targeting the Stacked Mannville zones and 85,000 net acres targeting the Duvernay formation in the Deep Basin region, Canada.
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