On Thursday, Shares of Laredo Petroleum Inc (NYSE:LPI), lost -2.37% to $9.49.
Laredo Petroleum, declared its 2015 second-quarter results, reporting a net loss attributable to common stockholders of $397.0 million, or $1.88 per diluted share, which comprises a pre-tax, non-cash full cost ceiling impairment charge of $488.0 million. Adjusted Net Income, a non-GAAP financial measure, for the second quarter of 2015 was $9.8 million, or $0.05 per diluted share. Adjusted EBITDA, a non-GAAP financial measure, for the second quarter of 2015 was $117.9 million.
2015 Second-Quarter Highlights
- Produced 46,532 barrels of oil equivalent (“BOE”) per day, up about 38% from the comparable second quarter of 2014
- Generated Adjusted EBITDA of $117.9 million, flat with second-quarter 2014 as production growth and cost controls overcame a 46% decrease in realized oil prices
- Reduced unit cash costs to $13.52 per BOE, a decrease of about 28% from the second-quarter 2014 rate of $18.85 per BOE, on a three-stream basis
- Continued growth of the pipeline system managed by Medallion Gathering and Processing, LLC (“Medallion”), which is 49%-owned by Laredo Midstream Services, LLC (“LMS”), as total volumes raised to about 35,000 barrels of oil per day (“BOPD”) in the second quarter and are predictable to be about 60,000 BOPD in the third quarter
- Received $46.6 million of cash settlements on derivatives that matured in second-quarter 2015, increasing hedged pricing for oil by $21.62 per barrel and natural gas by $0.47 per thousand cubic feet, from pre-hedged average sales prices
Laredo Petroleum, Inc. operates as an independent energy company in the United States. It focuses on the acquisition, exploration, and development of oil and natural gas properties primarily in the Permian Basin in west Texas.
Shares of Cummins Inc. (NYSE:CMI), declined -0.52% to $128.39, during its last trading session.
Cummins Westport Inc., introduced the 2016 ISB6.7 G, a 6.7-liter MidRange, factory-built, dedicated natural gas engine, to the Type C School bus market at the North American School Bus Show – STN Expo Conference and Trade Show July 25-28 in Reno .
The ISB6.7 G natural gas engine is based on the Cummins ISB6.7 diesel engine platform – the industry leader in the Cummins MidRange engine family and the top-selling engine in the school bus market. The ISB6.7 G is fueled by compressed natural gas (CNG), liquefied natural gas (LNG) or renewable natural gas (RNG), utilizing Cummins Westport’s proprietary spark-ignited, stoichiometric combustion with cooled Exhaust Gas Recirculation (SEGR) technology. Presently in field trials, the ISB6.7 G will be in full production by mid-2016.
An important feature of the ISB6.7 G is Three-Way Catalyst (TWC) after treatment, which is packaged as a muffler, and is maintenance-free. No Diesel Particulate Filter (DPF) or Selective Catalytic Reduction (SCR) after treatment will be required.
Preliminary specifications comprise a range of ratings up to 260 hp and 660 lb-ft torque, and automatic transmission capability, to meet customer and original equipment manufacturer (OEM) requirements. The ISB6.7 G will be manufactured at the Cummins Rocky Mount Engine Plant in Whitakers, N.C.
Cummins Inc. designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products. It operates in four segments: Engine, Distribution, Components, and Power Generation. The Engine segment offers various diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, agricultural, construction, mining, marine, oil and gas, rail, and governmental equipment markets.
Finally, Wyndham Worldwide Corporation (NYSE:WYN), ended its last trade with 0.40% gain, and closed at $80.40.
Wyndham Worldwide Corporation, declared its Board of Directors declared a cash dividend of $0.42 per share on its common stock, payable September 14, 2015 to shareholders of record as of August 28, 2015.
Wyndham Worldwide Corporation provides hospitality services and products to individual consumers and business customers worldwide. It operates three in segments: Lodging, Vacation Exchange, and Rentals, and Vacation Ownership.
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