News Article | April 24, 2017
DENVER, April 24, 2017 /PRNewswire/ -- Antero Resources (NYSE: AR) ("Antero" or the "Company") announced today that the Company plans to issue its first quarter 2017 earnings release on Monday, May 8, 2017 after the close of trading on the New York Stock Exchange. A conference call is scheduled on Tuesday, May 9, 2017 at 9:00 am MT to discuss the results. A brief Q&A session for security analysts will immediately follow the discussion of the results for the quarter. To participate in the call, dial in at 1-888-347-8204 (U.S.), 1-855-669-9657 (Canada), or 1-412-902-4229 (International) and reference "Antero Resources". A telephone replay of the call will be available until Wednesday, May 17, 2017 at 9:00 am MT at 1-844-512-2921 (U.S.) or 1-412-317-6671 (International) using the passcode 10103993.
News Article | April 25, 2017
Fort Worth natural gas producer Range Resources Corp. surprised Wall Street with its first quarter results last night, with Ebitdax (earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses) coming in 4% higher than analysts expected due to lower costs. By comparison, the company lost money in the same quarter of last year. While its natural gas production was in line with estimates, Range expects its second quarter production to be flat partially due to downtime at one of its processing facilities, which is being upgraded. However, it's keeping its outlook for this year the same with its $1.5 billion capital budget expected to boost its production by around 34%. Analysts at Seaport Global Securities Inc. think the stock is a buy, noting the company's production growth along with its capital efficiency, inventory of properties and upside associated with its Terryville natural gas complex in northern Louisiana (picked up as part of its $4.2 billion acquisition of Memorial Resource Development Corp. this past fall). Seaport has a stock price target of $41, a 50% bump-up from its recent $27.23. Range -- led by CEO Jeff Ventura -- has been beaten up in the market, with its stock down 16% so far this year and 30% over the last 12 months. The reason? Its focus on natural gas, which hasn't exactly been a hot commodity lately. It's been trading at around $3 per thousand cubic feet equivalent, versus around $5 three years ago and almost $14 in 2008. But with smart investors such as billionaire Jeffery Hildebrand of Hilcorp Energy picking up $3 billion worth of natural gas properties from ConocoPhillips recently, could the commodity be coming back into favor? As Ventura himself noted at the CERAWeek conference in March, increasing demand for the fuel could lead to shortages in the future, which would result in higher prices -- maybe in 10 years. "In my opinion, the futures price of natural gas is not capturing this," he said. Range also has been named as a potential takeover or merger candidate, most notably with the larger EQT Corp. but also with like-sized competitor Antero Resources Corp. Combining with either of these two companies could help it lower costs further. Analysts at Tudor, Pickering, Holt & Co. aren't as bullish on Range with a hold rating on the stock, noting the company's underwhelming production guidance for the second quarter. Raymond James, however, has an outperform rating on the stock, noting that its cash flow per share beat analyst expectations by 10%.
News Article | May 8, 2017
"We are pleased to welcome the Choice team to Rubicon and believe this transaction will significantly enhance our participation in the multi-stage completions market, fueled by passionate people and one of the most exciting downhole completion product offerings in the industry," said Michael Reeves, President and Chief Executive Officer of Rubicon. "The combination of best-in-class engineering, manufacturing and customer service capabilities from Rubicon and Choice will immediately enable our teams to offer higher value and more comprehensive completions solutions to customers." "Choice technology was born from listening to customers' pain points and applying practical innovation to create one of the most exciting frac plug and toe sleeve offerings in the market," said Jayme Sperring, Chief Commercial Officer of Rubicon. "Today's announcement represents another important step in Rubicon's path to delivering an exceptional customer experience, offering value-driven products and a highly specialized team of professionals." "The Choice team has built something truly special and I am very excited by the opportunities this transaction will create for our employees and customers," said Wes Pixley, CEO of Choice. "Rubicon's strong footprint, commitment to customer service and robust balance sheet will dramatically accelerate the growth of our business." Rubicon Oilfield International Holdings, L.P. designs, manufactures and sells/rents downhole oilfield products in every major market around the globe. Rubicon was formed in 2015 and through the acquisition of leading downhole products businesses such as Tercel Oilfield Products, Top-Co Holdings and Logan International provides a broad suite of technology used throughout an oil and gas well's lifecycle. Headquartered in Houston, Texas with activity in over 50 countries and over 800 employees globally, Rubicon is fueled by strong commercial, manufacturing and engineering teams working closely together to deliver a world-class customer experience. Rubicon is led by a seasoned team of oilfield service and equipment industry executives and is committed to building a best-in-class global enterprise in the oilfield products and equipment sector. For more information, please visit www.rubicon-oilfield.com. Choice Completions Systems, LLC was established in 2016 as a technology business specializing in the design and deployment of differentiated frac plug and toe sleeve products to enhance unconventional multi-stage completion operations. Based in Houston, TX, Choice Completions Systems uses modern engineering to deliver technologies intended to solve customers' challenges in complex completion applications. Their management, engineers and technicians have extensive experience in downhole completion products and services and an intense focus on customer service. Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $44 billion in private equity assets under management. The firm's active portfolio of more than 140 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 16 private equity funds, which have invested more than $60 billion in over 780 companies in more than 40 countries. For more than two decades, Warburg Pincus has invested or committed over $13 billion across more than 75 energy investments around the world with a focus on upstream, midstream and downstream oil and gas; energy services and technology; power generation and transmission; alternative energy and renewables; and mining and metals. Notable investments include Antero Resources, Bill Barrett Corporation, Broad Oak Energy, Encore Acquisition Company, Kosmos Energy, Laredo Petroleum, MEG Energy, Newfield Exploration, Spinnaker Exploration and Targa Resources. The firm is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore. For more information please visit www.warburgpincus.com. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/rubicon-oilfield-international-acquires-choice-completions-systems-300452751.html
News Article | May 8, 2017
Last Friday at the close, shares in Houston, Texas headquartered Atwood Oceanics Inc. ended 9.24% higher at $7.92. The stock recorded a trading volume of 4.40 million shares, which was above its three months average volume of 3.34 million shares. The Company's shares are trading below their 50-day moving average by 12.09%. Furthermore, shares of Atwood Oceanics, which engages in the drilling and completion of exploratory and developmental oil and gas wells, have a Relative Strength Index (RSI) of 45.38. On April 18th, 2017, Atwood Oceanics announced that it will release Q2 FY17 earnings after the market closes on Monday, May 08th, 2017. The Company will hold its conference call and webcast to discuss its Q2 FY17 earnings release on Tuesday, May 09th, 2017, at 10:00 a.m. EDT. Sign up and read the free research report on ATW at: Houston, Texas headquartered Patterson-UTI Energy Inc.'s stock finished Friday's session 5.22% higher at $21.77. A total volume of 5.06 million shares was traded, which was above their three months average volume of 4.16 million shares. The Company's shares are trading below their 200-day moving average by 9.13%. Additionally, shares of Patterson-UTI Energy, which through its subsidiaries, provides onshore contract drilling services to major and independent oil and natural gas operators in the US and Canada, have an RSI of 39.66. On April 28th, 2017, research firm Morgan Stanley resumed its 'Overweight' rating on the Company's stock. On May 03rd, 2017, Patterson-UTI Energy reported that for the month of April 2017, the Company had an average of 115 drilling rigs operating in the US and two rigs in Canada. Average drilling rigs operating reported in the Company's monthly announcements represent the average number of its drilling rigs that were operating under a drilling contract. The complimentary research report on PTEN can be downloaded at: Shares in Denver, Colorado headquartered Antero Resources Corp. ended the session 4.17% higher at $21.25 with a total trading volume of 2.96 million shares. The stock is trading below its 50-day moving average by 7.12%. Shares of the Company, which acquires, explores, produces, and develops natural gas, natural gas liquids, and oil properties in the US, have an RSI of 40.79. On April 24th, 2017, Antero Resources announced that it plans to issue its Q1 2017 earnings release on Monday, May 08th, 2017, after the close of trading on the NYSE. A conference call is scheduled on Tuesday, May 09th, 2017, at 9:00 a.m. MT to discuss the results. A brief Q&A session for security analysts will immediately follow the discussion of the results for the quarter. Register for free on Stock-Callers.com and access the latest report on AR at: Houston, Texas-based Ocean Rig UDW LLC's shares recorded a trading volume of 917,375 shares, and finished 1.97% lower at $0.22. The stock is trading 52.64% below its 50-day moving average. Shares of the Company, which operates as a subsidiary of Ocean Rig UDW Inc., have an RSI of 36.97. On April 24th, 2017, Ocean Rig UDW announced the results of its 2017 Annual General Meeting of Shareholders ("Meeting"). Among the approved proposals were the election of Mr. George Economou and Mr. Michael Pearson to serve as Class A Directors until the 2020 Meeting of the Company, and the appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A. as the Company's independent auditors for the fiscal year ending December 31st, 2017. 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News Article | May 3, 2017
Morgan Stanley, Barclays and J.P. Morgan have acted as joint book-running managers for the offering. Baird, Citigroup, Goldman Sachs & Co. LLC and Wells Fargo Securities have acted as book-running managers. In connection with the offering, Antero Resources Midstream Management LLC ("ARMM") will be converted into a Delaware limited partnership, and, in connection with such conversion, will change its name to Antero Midstream GP LP. ARMM has filed a registration statement relating to these securities with the U.S. Securities and Exchange Commission (the "SEC"), which has been declared effective. The offering of these securities is being made only by means of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. A copy of the prospectus for the offering may be obtained, when available, from: A copy of the prospectus may be obtained free of charge by visiting the SEC's website at www.sec.gov. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Antero Midstream GP LP will be a Delaware limited partnership that, following the completion of the offering, will own the general partner of Antero Midstream and incentive distribution rights in Antero Midstream. This release includes "forward-looking statements" within the meaning of federal securities laws. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond AMGPs control. All statements, other than historical facts, included in this release are forward-looking statements. All forward-looking statements speak only as of the date of this release and are based upon a number of assumptions. Although AMGP believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that the assumptions underlying these forward-looking statements will be accurate or the plans, intentions or expectations expressed herein will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Nothing in this release is intended to constitute guidance with respect to Antero Midstream. AMGP cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond AMGP's and Antero Midstream's control, incident to Antero Midstream's business. These risks include, but are not limited to, commodity price volatility, inflation, environmental risks, drilling and completion and other operating risks, regulatory changes, the uncertainty inherent in projecting future rates of production, cash flow and access to capital and the timing of development expenditures. For more information, contact Michael Kennedy – CFO of Antero Midstream GP LP at (303) 357-6782 or firstname.lastname@example.org. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/antero-midstream-gp-lp-announces-pricing-of-initial-public-offering-300451168.html
News Article | May 4, 2017
WGL Holdings, Inc. (NYSE: WGL), the parent company of Washington Gas Light Company (Washington Gas) and other energy-related subsidiaries, today reported net income applicable to common stock determined in accordance with generally accepted accounting principles in the United States of America (GAAP) for the three months ended March 31, 2017, of $123.1 million, or $2.39 per share, an improvement of $16.8 million, or $0.28 per share, over net income applicable to common stock of $106.3 million, or $2.11 per share, reported for the three months ended March 31, 2016. For the six months ended March 31, 2017, net income applicable to common stock was $181.0 million, or $3.52 per share, an improvement of $6.5 million, or $0.04 per share, over net income applicable to common stock of $174.5 million, or $3.48 per share for the same period of the prior fiscal year. On a consolidated basis, WGL also uses non-GAAP operating earnings (loss) to evaluate overall financial performance, and evaluates segment financial performance based on earnings before interest and taxes (EBIT) and adjusted EBIT. Operating earnings (loss) and adjusted EBIT are non-GAAP financial measures, which are not recognized in accordance with GAAP and should not be viewed as alternatives to GAAP measures of performance. Both non-GAAP operating earnings (loss) and adjusted EBIT adjust for the accounting recognition of certain transactions that are not representative of the ongoing earnings of the company. Additionally, we believe that adjusted EBIT enhances the ability to evaluate segment performance because it excludes interest and income tax expense, which are affected by corporate-wide strategies such as capital financing and tax sharing allocations. Refer to “Reconciliation of Non-GAAP Financial Measures,” attached to this news release, for a more detailed discussion of management’s use of these measures and for reconciliations to GAAP financial measures. For the three months ended March 31, 2017, operating earnings were $96.1 million, or $1.87 per share, an increase of $6.6 million, or $0.09 per share, over operating earnings of $89.5 million, or $1.78 per share, for the same quarter of the prior fiscal year. For the six months ended March 31, 2017, operating earnings were $155.4 million, or $3.02 per share, an improvement of $6.7 million, or $0.06 per share, over operating earnings of $148.7 million, or $2.96 per share, for the same period of the prior fiscal year. For the three and six months ended March 31, 2017, the EBIT comparisons reflect higher unrealized margins associated with our asset optimization program, partially offset by unfavorable effects of warmer than normal weather in the District of Columbia. Additionally, for the three months ended March 31, 2017, the comparisons of EBIT and adjusted EBIT reflect new base rates in Virginia and increased customer growth, more than offset by: (i) lower realized margins associated with our asset optimization program; (ii) higher depreciation and amortization expense related to our new billing system as well as the growth in our utility plant; and (iii) higher operation and maintenance expenses. For the six months ended March 31, 2017, the comparisons in EBIT and adjusted EBIT primarily reflect: (i) new base rates in Virginia and (ii) increased customer growth. These favorable variances were partially offset by higher depreciation and amortization expense and higher operation and maintenance expenses. For the three months ended March 31, 2017, the comparisons in EBIT and adjusted EBIT reflect higher realized natural gas margins primarily due to higher margins on storage-sourced sales, when compared to the same period in the prior fiscal year. Favorable natural gas margins were partially offset by slightly lower electricity margins due to lower sales volumes and average unit margins. For the six months ended March 31, 2017, the comparisons in EBIT and adjusted EBIT reflect higher natural gas margins due to higher margins on storage-sourced sales, partially offset by unfavorable weather and price conditions as well as lower portfolio optimization activities early in the winter. In addition, electricity margins were higher due to lower capacity charges from the regional power grid operator (PJM) associated with fixed-price retail contracts. Additionally, for the three and six months ended March 31, 2017, the EBIT comparisons reflect higher unrealized mark-to-market valuations on energy-related derivatives. For the three and six months ended March 31, 2017, improvements in EBIT and adjusted EBIT reflect: (i) the growth in distributed generation assets in service, including increased solar renewable energy credit sales and (ii) higher earnings from alternative energy investments, including tax equity ventures. These improvements were partially offset by lower revenues from the energy-efficiency contracting business due to the completion of certain projects and higher depreciation expenses related to new projects placed in service. For the three months ended March 31, 2017, the increase in EBIT primarily reflects: (i) increased valuations on our derivative contracts associated with our long-term transportation strategies; (ii) higher valuations and realized margins related to storage inventory and the associated economic hedging transactions and (iii) higher income related to our pipeline investments. For the six months ended March 31, 2017, the decrease in EBIT primarily reflects: (i) lower valuations on our derivative contracts associated with our long-term transportation strategies; (ii) lower valuations and realized margins related to storage inventory and the associated economic hedging transactions; and (iii) lower realized margins on our transportation strategies. For the three months ended March 31, 2017, the increase in adjusted EBIT is primarily due to higher realized margins on our transportation strategies, as well as higher income related to our pipeline investments. The comparison of adjusted EBIT for the six months ended March 31, 2017, primarily reflects lower income related to unfavorable storage spreads when compared to the same period in the prior fiscal year as well as lower realized margins on our transportation strategies. Lower realized margins on our transportation strategies are primarily a result of losses associated with certain gas purchases from Antero Resources Corporation (Antero) beginning in January 2016. The index price used to invoice these purchases had been the subject of an arbitration proceeding which WGL expected to result in a favorable outcome; therefore, the unfavorable impacts of these purchases had been removed from previously reported adjusted EBIT. In February 2017, the arbitral tribunal ruled in favor of Antero, and as a result, both operating earnings and adjusted EBIT for prior periods have been recast, as appropriate, to reflect the impact of these losses. Losses realized during the three and six months ending March 31, 2017, were $0.5 million and $7.3 million, respectively, associated with this purchase contract. Losses for both the three and six months ending March 31, 2016 were $3.8 million. Accumulated losses from the inception of the contract are $22.5 million. In March 2017, we filed suit in state court in Colorado related to the delivery point to which the gas is being delivered by Antero. To date, no rulings have been obtained from the Court. For the three and six months ended March 31, 2017, the decrease in EBIT primarily relates to external costs associated with the planned merger with AltaGas. We provide earnings guidance for consolidated non-GAAP operating earnings. In providing fiscal year 2017 guidance, we note that there will likely be differences between our reported GAAP earnings and our non-GAAP operating earnings due to matters such as, but not limited to, unrealized mark-to-market positions for our energy-related derivatives and changes in the measured value of our trading inventory for WGL Midstream. On a year-to-date basis, non-GAAP operating earnings are lower than GAAP earnings due to $25.6 million of after-tax non-GAAP adjustments. Non-GAAP adjustments could change significantly and are subject to swings from period to period. As a result, WGL management is not able to reasonably estimate the aggregate impact of these items to derive GAAP earnings guidance and therefore is not able to provide a corresponding GAAP equivalent for its non-GAAP operating earnings guidance. We are updating our consolidated non-GAAP operating earnings estimate for fiscal year 2017 in a range of $3.10 per share to $3.30 per share. We are lowering guidance as a result of losses associated with the index price used in certain gas purchases from Antero, as well as lower expected results at the regulated utility related to asset optimization and other revenues. We assume no obligation to update this guidance. The absence of any statement by us in the future should not be presumed to represent an affirmation of this earnings guidance. During the pendency period of the acquisition agreement between WGL and AltaGas, WGL will not conduct earnings calls. Additional information regarding financial results and recent regulatory events can be found in WGL's and Washington Gas' Form 10-Q for the quarter ended March 31, 2017, as filed with the Securities and Exchange Commission, and which is also available at www.wglholdings.com. WGL, headquartered in Washington, D.C., is a leading source for clean, efficient and diverse energy solutions. With activities and assets across the U.S., WGL consists of Washington Gas, WGL Energy, WGL Midstream and Hampshire Gas. WGL provides natural gas, electricity, green power and energy services, including generation, storage, transportation, distribution, supply and efficiency. Our calling as a company is to make energy surprisingly easy for our employees, our community and all our customers. Whether you are a homeowner or renter, small business or multinational corporation, state and local or federal agency, WGL is here to provide Energy Answers. Ask Us. For more information, visit us at www.wgl.com. Unless otherwise noted, earnings per share amounts are presented on a diluted basis, and are based on weighted average common and common equivalent shares outstanding. Please see the attached comparative statements for additional information on our operating results. Also attached to this news release are reconciliations of non-GAAP financial measures. This communication may be deemed to be solicitation material in respect of the proposed merger transaction. WGL Holdings, Inc. (“WGL”) filed a definitive proxy statement in connection with the proposed merger transaction with the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2017 (the “Proxy Statement”) and first mailed the Proxy Statement to its shareholders on or about April 3, 2017. THE INVESTORS AND SECURITY HOLDERS OF WGL ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION about AltaGas, Ltd. (“AltaGas”), WGL and the proposed merger transaction. Investors and security holders are able to obtain these materials and other documents filed with the SEC free of charge at the SEC’s website, www.sec.gov. In addition, a copy of WGL’s proxy statement may be obtained free of charge upon request by contacting WGL Holdings, Inc., Leslie T. Thornton, Corporate Secretary, 101 Constitution Avenue N.W., Washington, District of Columbia, 20080. WGL’s filings with the SEC are also available on WGL’s website at: http://wglholdings.com/sec.cfm. Investors and security holders may also read and copy any reports, statements and other information filed by WGL with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC’s website for further information on its public reference room. AltaGas, WGL and certain of their respective directors, executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed merger transaction. Information regarding AltaGas’ directors and executive officers is available in AltaGas’ Management Information Circular, filed on March 24, 2017 (in English and French) with the Canadian Securities Administrators (the “CSA”) and in AltaGas’ Annual Information Form, filed on February 23, 2017 (in English) and February 27, 2017 (in French) with the CSA, each of which are available at: www.sedar.com. Information regarding WGL’s directors and executive officers is available in the Proxy Statement. WGL’s proxy statement filed with the SEC on December 23, 2016 in connection with its 2017 annual meeting of shareholders, and its Annual Report on Form 10-K for the fiscal year ended September 30, 2016, each of which may be obtained from the sources indicated in Additional Information and Where to Find It. Other information regarding persons who may be deemed participants in the proxy solicitation and a description of their direct and indirect interests (which may be different than those of WGL’s investors and security holders), by security holdings or otherwise, will be contained in the proxy statement and other relevant materials filed or to be filed with the SEC when they become available. This news release and other statements by us include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the outlook for earnings, revenues, dividends and other future financial business performance, strategies, legal developments relating to the Constitution Pipeline, AltaGas Ltd.’s proposed acquisition of us and other expectations. Forward-looking statements are typically identified by words such as, but not limited to, “estimates,” “expects,” “anticipates,” “intends,” “believes,” “plans,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would,” and “could.” Although we believe such forward-looking statements are based on reasonable assumptions, we cannot give assurance that every objective will be achieved. Forward-looking statements speak only as of today, and we assume no duty to update them. Factors that could cause actual results to differ materially from those expressed or implied include, but are not limited to, general economic conditions, the closing of the AltaGas transaction may not occur or may be delayed; our stockholders may not approve the AltaGas transaction; litigation related to the AltaGas transaction or limitations or restrictions imposed by regulatory authorities may delay or negatively impact the transaction and there may be a loss of customers, employees or business partners as a result of the transaction and the factors discussed under the “Risk Factors” heading in our most recent annual report on Form 10-K and other documents that we have filed with, or furnished to, the U.S. Securities and Exchange Commission. The tables below reconcile operating earnings (loss) on a consolidated basis to GAAP net income (loss) applicable to common stock and adjusted EBIT on a segment basis to EBIT. Management believes that operating earnings (loss) and adjusted EBIT provide a meaningful representation of our earnings from ongoing operations on a consolidated and segment basis, respectively. These measures facilitate analysis by providing consistent and comparable measures to help management, investors and analysts better understand and evaluate our operating results and performance trends, and assist in analyzing period-to-period comparisons. Additionally, we use these non-GAAP measures to report to the board of directors and to evaluate management’s performance. To derive our non-GAAP measures, we adjust for the accounting recognition of certain transactions (non-GAAP adjustments) based on at least one of the following criteria: There are limits in using operating earnings (loss) and adjusted EBIT to analyze our consolidated and segment results, respectively, as they are not prepared in accordance with GAAP and may be different than non-GAAP financial measures used by other companies. In addition, using operating earnings (loss) and adjusted EBIT to analyze our results may have limited value as they exclude certain items that may have a material impact on our reported financial results. We compensate for these limitations by providing investors with the attached reconciliations to the most directly comparable GAAP financial measures. The following tables represent the reconciliation of non-GAAP operating earnings to GAAP net income applicable to common stock (consolidated by quarter):
News Article | November 24, 2016
Global Shale Gas Market is accounted for $68.5 billion in 2015 and expected to grow at a CAGR of 9.8% to reach $132.4 billion by 2022. Factors such as ongoing research & development along with technological advancements, increasing demand of shale gas in various industries, significant number of shale reserves all over the globe are positively effecting the market growth. However, high cost involved in the production and concerns regarding methane emissions during shale gas production would limit the market growth. Shale gas could replace significant amounts of coal as an energy source further, substantial amount of shale reserves in countries such as China, Poland, Argentina and Algeria would provide an opportunity for companies to enter the shale gas market. Horizontal drilling and hydraulic fracturing are widely employed for shale gas extraction process worldwide. Industrial applications were the leading segment in the global market. Power generation and residential application segments are anticipated to show significant growth during the forecast period. North America is leading the global production, generating the highest revenue for the global shale gas market. Asia-Pacific and Europe has tremendous potential to grow due to significant number of reserves which are untapped in countries such as China, Algeria and Indonesia. Some of the key players in global Shale Gas market are Maran Gas Maritime Inc, Anadarko Petroleum Corporation, Antero Resources, BHP Billiton Limited, Cabot Oil & Gas , Chesapeake Energy Corporation, Devon Energy, Encana Corporation, Exxon Mobil Corporation, PetroChina, Reliance Industries Limited, Royal Dutch Shell, Sinopec, SM Energy , Statoil, Talisman Energy Inc , Total SA, Baker Hughes Incorporation, ConcoPhillips Co, FTS International, Inc, United Oilfield Services Inc, CONSOL Energy, BNK Petroleum Inc., and Schlumberger Limited. Regions Covered: • North America o US o Canada o Mexico • Europe o Germany o France o Italy o UK o Spain o Rest of Europe • Asia Pacific o Japan o China o India o Australia o New Zealand o Rest of Asia Pacific • Rest of the World o Middle East o Brazil o Argentina o South Africa o Egypt What our report offers: - Market share assessments for the regional and country level segments - Market share analysis of the top industry players - Strategic recommendations for the new entrants - Market forecasts for a minimum of 7 years of all the mentioned segments, sub segments and the regional markets - Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations) - Strategic recommendations in key business segments based on the market estimations - Competitive landscaping mapping the key common trends - Company profiling with detailed strategies, financials, and recent developments - Supply chain trends mapping the latest technological advancements About Us Wise Guy Reports is part of the Wise Guy Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe. Wise Guy Reports understand how essential statistical surveying information is for your organization or association. Therefore, we have associated with the top publishers and research firms all specialized in specific domains, ensuring you will receive the most reliable and up to date research data available.
News Article | December 2, 2016
Minimum investment in two concessions of $27.4 million in first exploration phase CAIRO and HOUSTON, Dec. 2, 2016 /PRNewswire/ -- Apex International Energy (www.apexintl.com), an independent oil and gas exploration and production company focused on Egypt, is pleased to announce that it has been awarded Blocks 8 and 9 by the Egyptian General Petroleum Company (EGPC) from their 2016 Bid Round. Block 8 and 9 are both located within the prolific Abu Gharadig Basin in Egypt's Western Desert and cover 6,714 square kilometers (2,592 square miles or 1.7 million acres) in total. Specific details are below: Apex has committed to invest $27.4 million during the first exploration phase to acquire and process 3D seismic and drill six exploration wells. Roger B. Plank, Founder and Chief Executive Officer of Apex International Energy, said, "We are delighted that EGPC has awarded Apex our first concessions in Egypt, enabling us to establish a foothold in the prolific Western Desert. With 1.7 million acres now in hand, this is an important step in our mission to build an oil and gas business of scale in Egypt and we are eager to start investing in the considerable potential of these Blocks." Thomas M. Maher, President and Chief Operating Officer of Apex International Energy, said, "We are pleased to have been awarded these Blocks and look forward to working closely with EGPC and the Ministry of Petroleum to finalize the Concession Agreements as quickly as possible. Apex looks forward to applying our broad industry experience together with modern exploration and production technologies to develop the Blocks to their maximum potential." Apex International Energy is an independent oil and gas exploration and production company focused on Egypt backed by Warburg Pincus, a global private equity firm focused on growth investing. Apex International Energy plans to build an exploration and production business of scale through asset acquisitions and capital investments in drilling, infrastructure and production enhancement to deliver long-term profitable growth in production and reserves. Apex International Energy will also pursue farm-in transactions and participate in new concession bid rounds. For more information, please visit www.apexintl.com. Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $40 billion in private equity assets under management. The firm's active portfolio of more than 120 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 15 private equity funds, which have invested more than $58 billion in over 760 companies in more than 40 countries. For more than two decades, Warburg Pincus has invested or committed over $13 billion across more than 75 energy investments around the world with a focus on upstream, midstream and downstream oil and gas; energy services and technology; power generation and transmission; alternative energy and renewables; and mining and metals. Notable investments include Antero Resources, Bill Barrett Corporation, Broad Oak Energy, Encore Acquisition Company, Kosmos Energy, Laredo Petroleum, MEG Energy, Newfield Exploration, Spinnaker Exploration and Targa Resources. The firm is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore. For more information please visit www.warburgpincus.com.
News Article | February 28, 2017
DENVER, Feb. 28, 2017 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero" or the "Company") today released its fourth quarter and full-year 2016 financial and operating results. The relevant financial statements are included in Antero's Annual Report on Form 10-K for the...
News Article | February 21, 2017
HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE:CEQP) (“Crestwood”) reported today its financial and operating results for the three months and year ended December 31, 2016. “Despite record commodity price volatility and challenging industry conditions in 2016, Crestwood delivered on all of the strategic initiatives we laid out to investors at the beginning of the year,” stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwood’s general partner. “With strong fourth quarter Adjusted EBITDA of $126 million, Crestwood delivered full-year 2016 Adjusted EBITDA of $456 million and achieved the upper end of our 2016 guidance range, resulting in a full-year distribution coverage ratio of 1.8x and a year-end leverage ratio of 3.7x. Also during 2016, we favorably resolved longstanding producer issues on our Barnett and PRB Niobrara gathering systems, reduced our outstanding debt by $1 billion, reduced operating and G&A expenses by another 15%, adjusted our common unit distribution to retain excess cash flow for reinvestment in new projects during 2016 and 2017, and repositioned Crestwood for long-term growth through the Nautilus system with Shell, and the formation of strategic partnerships with Con Edison in the Northeast and with First Reserve in the fast growing Delaware Permian.” Mr. Phillips continued, “Heading into 2017, our commercial teams are having success expanding assets and services in three core areas: Delaware Permian, Bakken and Marcellus. Our 2017 capital budget is currently concentrated on Arrow system expansions and the Nautilus build-out, and our teams continue to work on developing several new capital projects that we expect to finalize and announce later this year. Our 2017 adjusted cash flow guidance is lower than 2016 due to a full-year deconsolidation of the Stagecoach assets and contract expirations at the COLT Hub. As such, we view 2017 as a transition year where system volumes stabilize, key systems are expanded and overall volumes and cash flow begin to pick up in the second half of the year with increasing activity around our Delaware Permian, Bakken, Marcellus, PRB Niobrara and Barnett systems.” “We are very pleased with where Crestwood is positioned today and are very confident in our ability to execute on our conservative 2017 plan. The improved outlook in our base business, along with 2017 expansion projects currently underway or in development in the Delaware Permian and Bakken regions, and longer-term projects around our Stagecoach assets, should allow Crestwood to deliver increased cash flows, maintain prudent leverage targets and potentially lead to a resumption of distribution growth in 2018,” added Mr. Phillips. Gathering and Processing (“G&P”) segment EBITDA totaled $61.9 million in the fourth quarter 2016 compared to $8.2 million in the fourth quarter 2015, which includes a $51.4 million equity investment impairment and excludes non-cash goodwill impairments and losses on long-lived assets in the fourth quarter 2015. During the fourth quarter 2016, average natural gas gathering volumes were 883 million cubic feet per day (“MMcf/d”), crude oil gathering volumes were 64 thousand barrels per day (“MBbls/d”), processing volumes were 217 MMcf/d and compression volumes were 411 MMcf/d. Segment EBITDA increased quarter-over-quarter as a result of a 5% reduction in operating expenses and increased EBITDA generated by the Arrow, Willow Lake and PRB Niobrara systems. Full-year G&P segment EBITDA totaled $253.7 million compared to $211.4 million in 2015, excluding goodwill impairments and losses on long-lived assets. For the full-year 2016 compared to 2015, the G&P segment EBITDA increased primarily due to the equity investment impairment described above. Storage and Transportation (“S&T”) segment EBITDA totaled $33.2 million in the fourth quarter 2016 compared to $29.2 million in the fourth quarter 2015, excluding goodwill impairments and gains on long-lived assets. Fourth quarter 2016 segment EBITDA reflects Crestwood’s 35% share of Stagecoach JV earnings and the recognition of $14.3 million of deficiency payments at the COLT Hub. During the fourth quarter 2016, natural gas storage and transportation volumes averaged 1.9 Bcf/d, compared to 2.0 Bcf/d in the fourth quarter 2015, and 1.8 Bcf/d in the third quarter 2016. Fourth quarter 2016 volumes increased 4% sequentially from the third quarter 2016 primarily as a result of increased Northeast storage withdrawals offset by lower volumes at the Tres Palacios storage facility. Full-year S&T segment EBITDA totaled $154.2 million compared to $197.1 million in 2015, excluding goodwill impairments and losses on long-lived assets. For the full year 2016 compared to 2015, the S&T segment reflects lower EBITDA primarily as a result of seven months of deconsolidated operating results related to the formation of the Stagecoach JV in June 2016. Marketing, Supply and Logistics (“MS&L”) segment EBITDA totaled $22.1 million in the fourth quarter 2016 compared to $28.2 million in the fourth quarter 2015. Both periods are exclusive of non-cash goodwill impairments and losses on long-lived assets. Fourth quarter 2016 segment EBITDA reflects lower activity in Crestwood’s trucking and terminal business units, offset by higher margins on NGL marketing volumes in the Northeast, due to more normalized winter weather related demand, and record product sales at US Salt due to capital investments in recent years. Full-year MS&L segment EBITDA totaled $60.9 million compared to $89.8 million in 2015, excluding non-cash goodwill impairments and losses on long-lived assets. For the full year 2016 compared to 2015, the MS&L segment was impacted by significantly warmer than normal winter weather during the first quarter 2016 and a full-year lower contribution from the trucking business. Combined O&M and G&A expenses for the full-year 2016, net of unit based compensation and other significant costs, decreased by $37.7 million, or 15%, compared to full-year 2015. Crestwood exceeded its cost reduction goals in 2016 by reducing employee costs, improving maintenance practices and reducing expenses by utilizing strategic purchasing and professional service agreements. On the Arrow system, average crude oil, natural gas and produced water volumes increased 16%, 10% and 12%, respectively, in the fourth quarter 2016 compared to volumes in the third quarter 2016 despite weather in the region that negatively impacted production levels and typically strong year-end drilling and completions. In 2016, 48 wells were connected to the Arrow system and it is expected that approximately 70 wells will be connected in 2017. In 2017, Crestwood plans to invest approximately $55 million on the Arrow system to expand and upgrade water handling facilities, increase natural gas gathering capacity and complete an interconnect with the Dakota Access Pipeline (“DAPL”) which is expected to provide Arrow producers with access to new crude oil markets for Bakken production and potentially higher net-back prices. Additionally, due to the expectation of increasing gas volumes on the Arrow system, Crestwood is evaluating a long-term gas processing solution that will lead to increased development activity, enhanced flow assurance, reduced flaring and improved producer natural gas net-backs across the Arrow system. This project is not included in the current capital spending guidance for 2017. In September 2016, Crestwood contracted with a subsidiary of Royal Dutch Shell (SWEPI) to construct, own and operate the Nautilus natural gas gathering system in Loving and Ward counties, Texas. The system is owned by the 50%/50% joint venture with First Reserve, which expects to invest $90 million, $45 million net to Crestwood, for the initial system build-out in 2017. Pipeline engineering and right of way acquisition are substantially complete, system construction is underway with a targeted in-service date before July 1, 2017. During the fourth quarter 2016, the Willow Lake system averaged gathering volumes of 43 MMcf/d and processing volumes of 38 MMcf/d compared to volumes of 21 MMcf/d and 11 MMcf/d, respectively, in the fourth quarter 2015. Additional Wolfcamp and Bone Springs wells are scheduled to be connected in 2017, bringing the Willow Lake system and plant to full capacity. Crestwood continues to work with area producers to evaluate 2017 and 2018 drilling plans which may result in an expansion of the Willow Lake processing facility or the construction of the previously proposed Delaware Ranch processing plant. This project is not included in the current capital spending guidance for 2017. Crestwood extended and continues to operate on an exclusive basis with an anchor shipper to develop the RIGS system located in Reeves County, Texas in the Delaware Basin. The RIGS system, located adjacent to the Nautilus system, will be included in the joint venture with First Reserve. This project is not included in the current capital spending guidance for 2017. On January 1, 2017, Crestwood and Williams Partners L.P. (50%/50% joint venture) executed a new 20-year gathering and processing agreement with Chesapeake Energy. The new fixed-fee contract, which replaces the original cost-of-service agreement, includes minimum annual revenue guarantees over the next five to seven years that will provide baseline cash flow to Crestwood. During the fourth quarter 2016, Chesapeake resumed development activity on the Jackalope system and is currently running two drilling rigs. Crestwood expects to connect 20 to 25 wells in 2017. No additional capital is required on the Jackalope system in 2017 as the system is currently running at 40% of total capacity. Crestwood has been notified that Antero Resources is completing its 22 drilled-but-uncompleted wells on Crestwood’s eastern area of dedication in 2017. Completion crews are currently onsite with four wells expected online by the end of the first quarter 2017 and four additional wells by the end of the second quarter 2017. The remaining 14 wells are expected to be brought online beginning in the second half of 2017. During the fourth quarter 2016, dry and rich gathering volumes were flat quarter-over-quarter as BlueStone Natural Resources implemented a workover program to offset natural field decline. Recently, BlueStone completed seven drilled but uncompleted wells and is expected to continue workover activity to offset natural field decline on the Barnett system in 2017. Stagecoach Gas Services (50%/50% joint venture) in the fourth quarter benefited from heavy storage withdrawals driven by colder winter temperatures. These above average withdrawals reaffirm the value of Stagecoach assets and their proximity to key East Coast demand markets. Stagecoach is encouraged by the recent progress in the Northeast regulatory environment enabling some previously announced infrastructure projects in the basin to move forward. An increase in long haul infrastructure projects is expected to benefit Stagecoach’s base business and prospects for future growth opportunities. On November 30, 2016, contracts for 60 MBbls/d of take-or-pay rail loading volumes expired reducing the level of remaining take-or-pay rail loading volumes to 40 MBbls/d at a weighted average rail loading fee of approximately $1.60 per barrel. Rail loading volumes for the month of January 2017 averaged approximately 65 MBbls/d resulting in approximately $4.5 million of monthly cash flow. Rail loading volumes are exceeding take-or-pay contracts levels due to increased utilization from daily spot customers and new short-term contracts. Crestwood connected the COLT Hub to DAPL in the fourth quarter 2016, which is expected to attract additional volumes to the facility after DAPL is placed into service. In the fourth quarter 2016, Crestwood expanded its West Coast NGL business with the acquisition of Turner Gas Company for approximately $7 million. The acquisition included significant long-term Western US propane customers, numerous Rocky Mountain contracts for direct NGL supplies from processing plants and fractionators, three rail-to-truck terminals located in Nevada and Wyoming and a truck terminal in Salt Lake City, Utah. The acquired assets will enhance Crestwood’s ability to provide supply, transportation and storage services to wholesale customers in the western and north central regions of the United States and augment Crestwood’s West Coast refineries services business. Crestwood is developing a greenfield rail-to-truck NGL terminal in Montgomery, NY that will increase propane supply reliability across the Northeast markets. The terminal, which is expected to be placed into service in the summer of 2017, will be supported by product controlled by Crestwood from multiple producers in the Marcellus and Utica regions. Based upon the business update and outlook noted above, Crestwood’s 2017 guidance is provided below. These projections are subject to risks and uncertainties as described in the “Forward-Looking Statements” section at the end of this release. Robert T. Halpin, Senior Vice President and Chief Financial Officer, commented, “In 2017, Crestwood plans to fund all currently budgeted capital requirements through our regional joint ventures and ample liquidity under our revolving credit facility. Crestwood remains committed to maintaining our targeted distribution coverage and leverage goals as we execute our organic growth projects in the Delaware Permian and Bakken, which will drive growing cash flows and increased distribution coverage in 2018.” As of December 31, 2016, Crestwood had approximately $1.6 billion of debt outstanding, comprised primarily of $1.5 billion of fixed-rate senior notes and $77 million outstanding under its $1.5 billion revolving credit facility. Crestwood’s leverage ratio was 3.7x compared to the leverage covenant under its revolving credit facility of 5.5x. Crestwood currently has 68.0 million preferred units outstanding which pay an annual distribution of 9.25% payable quarterly in cash or through the issuance of additional preferred units. Generally Accepted Accounting Principles (“GAAP”) required Crestwood to record the assets and goodwill in its storage and transportation segment and marketing, supply and logistics segment at fair value when the assets were acquired in 2013, and further require subsequent analysis to assess the recoverability of assigned values, including goodwill. As a result of this analysis, Crestwood recorded goodwill and long-lived asset impairments of $84 million during the fourth quarter of 2016 ($228 million for full-year 2016), primarily related to its COLT Hub and trucking assets, and impairments of $1.3 billion during the fourth quarter of 2015 ($2.2 billion for full-year 2015), primarily related to its COLT Hub, trucking and Barnett shale assets. These impairments primarily resulted from decreasing forecasted cash flows from these assets and increasing the discount rate utilized in determining the fair value of these assets when taking into consideration continued commodity price weakness and its impact on the midstream industry and Crestwood’s customers in these areas. Crestwood Management will participate in the following MLP and energy conferences during the first quarter 2017. Prior to the each conference presentation materials will be posted to the Investors section of Crestwood’s website at www.crestwoodlp.com. Crestwood’s K-1 tax packages are expected to be made available online and mailed the week of Monday, March 6, 2017. Management will host a conference call for investors and analysts of Crestwood today at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) which will be broadcast live over the Internet. Investors will be able to connect to the webcast via the “Investors” page of Crestwood’s website at www.crestwoodlp.com. Please log in at least 10 minutes in advance to register and download any necessary software. A replay will be available shortly after the call for 90 days. Adjusted EBITDA and adjusted distributable cash flow are non-GAAP financial measures. The accompanying schedules of this news release provide reconciliations of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income or operating income or any other GAAP measure of liquidity or financial performance. This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. The words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although Crestwood believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statements will materialize. Important factors that could cause actual results to differ materially from those expressed in or implied from these forward-looking statements include the risks and uncertainties described in Crestwood’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made, and Crestwood assumes no obligation to update these forward-looking statements. Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple unconventional shale resource plays across the United States. Crestwood Equity is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling, and marketing of NGLs; and gathering, storage, terminalling and marketing of crude oil. 1 Please see non-GAAP reconciliation table included at the end of the press release. Financial results reflect Crestwood’s contribution of its Northeast Storage and Transportation assets to Stagecoach Gas Services JV (“Stagecoach”) and its 35% share of Stagecoach’s earnings beginning June 2016. 2 Net loss for the fourth quarter 2016 and 2015 includes $228.2 million and $2.2 billion of non-cash goodwill and long-lived asset impairment charges resulting from decreasing cash flows due to the weakness in commodity prices and increased discount rates used to determine the fair value of its assets during those periods.