Gas

Avangrid Announces Receipt of “Take Private” Proposal From Iberdrola, S.A.

Retrieved on: 
Thursday, March 7, 2024

Iberdrola, S.A. owns approximately 81.6% of Avangrid’s issued and outstanding shares of common stock.

Key Points: 
  • Iberdrola, S.A. owns approximately 81.6% of Avangrid’s issued and outstanding shares of common stock.
  • On March 6, 2024, the Avangrid Board met and determined that the Unaffiliated Committee will review, evaluate, negotiate, and approve or disapprove the proposal, advised by independent legal and financial advisers, as well as any other alternative proposals or other strategic alternatives that may be available to Avangrid.
  • No decision has yet been made with respect to Avangrid’s response to the proposal or any alternatives thereto.
  • Avangrid’s Board cautions that it has only received a proposal, which does not constitute an offer or proposal capable of acceptance and may be withdrawn at any time and in any manner.

Unit Corporation Announces Update to Its Dividend Policy

Retrieved on: 
Thursday, March 7, 2024

Unit Corporation (OTCQX: UNTC) (Company) announced today that its Board of Directors (the Board) approved a quarterly cash dividend of $1.25 per share for the first quarter of 2024.

Key Points: 
  • Unit Corporation (OTCQX: UNTC) (Company) announced today that its Board of Directors (the Board) approved a quarterly cash dividend of $1.25 per share for the first quarter of 2024.
  • Phil Frohlich, the Company’s Chief Executive Officer, commented, “We are pleased to be able to continue returning value to shareholders through our dividend policy.
  • Subsequent dividend declarations and the establishment of record and payment dates for such future dividend payments are subject to the Board’s continuing determination that the dividend policy is in the best interests of the Company's stockholders.
  • The dividend policy may be suspended or cancelled at the discretion of the Board at any time.

Superior Drilling Products Reports Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Thursday, March 7, 2024

Revenue in North America, while up 6%, was constrained by the declining rig count and reduced tools sales in the fourth quarter.

Key Points: 
  • Revenue in North America, while up 6%, was constrained by the declining rig count and reduced tools sales in the fourth quarter.
  • Included in the full year 2023 SG&A were $1.2 million of legal expenses due to continuing litigation for the Company’s patent infringement lawsuit.
  • Net income for 2023 included the $6.4 million valuation allowance release during the fourth quarter.
  • Contract Services revenue is comprised of repair and manufacturing services for drill bits and other tools or products for customers.

Global Gas Shale, Oil Sands, and Oil Shale Industry Report 2023 - ResearchAndMarkets.com

Retrieved on: 
Thursday, March 7, 2024

The "Global Market for Gas Shale, Oil Sands, and Oil Shale - Forecast and Analysis 2023" report has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • The "Global Market for Gas Shale, Oil Sands, and Oil Shale - Forecast and Analysis 2023" report has been added to ResearchAndMarkets.com's offering.
  • The author introduces a comprehensive analysis of these unconventional fuel sources in its report titled Global Market for Gas Shales, Oil Sands, and Oil Shales - Forecast and Analysis 2023.
  • This comprehensive report encompasses a thorough exploration of the global gas shales, oil sands, and oil shales market.
  • The report delves into gas shales, oil sands, and oil shales across three key sections:
    Provides an in-depth introduction to gas shales, covering technical insights into shale gas extraction processes, economic factors, natural gas origins in shale, and fluid management techniques.

Helmerich & Payne, Inc. To Participate in Conferences in March 2024

Retrieved on: 
Thursday, March 7, 2024

Helmerich & Payne, Inc. (NYSE: HP) today announced that Mark Smith, Senior Vice President and Chief Financial Officer; Trey Adams, Senior Vice President of Digital Operations, Sales, and Marketing; and Dave Wilson, Vice President of Investor Relations plan to participate in the following investor conferences during the month of March 2024.

Key Points: 
  • Helmerich & Payne, Inc. (NYSE: HP) today announced that Mark Smith, Senior Vice President and Chief Financial Officer; Trey Adams, Senior Vice President of Digital Operations, Sales, and Marketing; and Dave Wilson, Vice President of Investor Relations plan to participate in the following investor conferences during the month of March 2024.
  • The Piper Sandler 24th Annual Energy Conference on Tuesday and Wednesday, March 19-20, 2024; Mr. Wilson will participate in a panel discussion on behalf of the Company on Tuesday, March 19, 2024 at 11:30 a.m. U.S.
  • The NYSE Energy & Utilities Virtual Investor Access Day on Thursday, March 21, 2024.
  • Investor slides to be used during the conferences are available for download on the company’s website , within Investors, under Presentations.

S&B Appoints Jeff Sipes as CEO

Retrieved on: 
Thursday, March 7, 2024

Mr. Sipes has served as S&B’s chief commercial officer since 2021.

Key Points: 
  • Mr. Sipes has served as S&B’s chief commercial officer since 2021.
  • View the full release here: https://www.businesswire.com/news/home/20240307636885/en/
    Jeff Sipes was named Chief Executive Officer of S&B.
  • Jeff is the leader who can successfully guide the company to capitalize on these opportunities.
  • Slaughter and Mr. Brookshire, who have served as S&B’s Chairman and CEO respectively, will continue as directors.

Fluor Joint Venture Awarded U.S. Department of Energy Hanford Integrated Tank Disposition Contract

Retrieved on: 
Thursday, March 7, 2024

Fluor Corporation (NYSE: FLR) announced today that the U.S. Department of Energy (DOE) selected Hanford Tank Waste Operations & Closure, LLC (H2C) – a joint venture led by a subsidiary of BWX Technologies, Inc., together with Fluor and Amentum – to execute the Hanford Integrated Tank Disposition Contract.

Key Points: 
  • Fluor Corporation (NYSE: FLR) announced today that the U.S. Department of Energy (DOE) selected Hanford Tank Waste Operations & Closure, LLC (H2C) – a joint venture led by a subsidiary of BWX Technologies, Inc., together with Fluor and Amentum – to execute the Hanford Integrated Tank Disposition Contract.
  • The new contract has an estimated ceiling of $45 billion over a 10-year ordering period for environmental management operations at the Hanford Site in Washington state.
  • Fluor will recognize its share of earnings from this new contract using the equity method of accounting.
  • The DOE is engaged in one of the great public works projects of this century at the Hanford Site.

Avangrid Releases Kitty Hawk Wind Economic Impact Report

Retrieved on: 
Thursday, March 7, 2024

Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, today announced the release of a comprehensive economic assessment, the Kitty Hawk Wind: Economic & Fiscal Impact report.

Key Points: 
  • Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, today announced the release of a comprehensive economic assessment, the Kitty Hawk Wind: Economic & Fiscal Impact report.
  • The report finds that the Kitty Hawk Wind project will deliver approximately $4.8 billion in economic impact across Virginia, including $1.2 billion in the City of Virginia Beach.
  • “Kitty Hawk Wind is a transformational opportunity for Virginia and offers significant economic benefit to the City of Virginia Beach and the entire Hampton Roads region,” said Avangrid CEO Pedro Azagra.
  • The Kitty Hawk Wind: Economic & Fiscal Impact report was prepared by Chmura Economics & Analytics, a top labor market data and analysis software consultant based in Richmond, VA.

DXP Enterprises Reports Fourth Quarter and Fiscal 2023 Results

Retrieved on: 
Thursday, March 7, 2024

DXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the fourth quarter and fiscal year ended December 31, 2023.

Key Points: 
  • DXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the fourth quarter and fiscal year ended December 31, 2023.
  • Fourth Quarter 2023 financial highlights:
    Sales were $407.0 million or $6.7 million per day for the fourth quarter of 2023, compared to $406.3 million or $6.6 million per day for the fourth quarter of 2022.
  • Adjusted earnings before interest, taxes, depreciation and amortization and other non-cash charges ("Adjusted EBITDA") for the fourth quarter of 2023 was $41.9 million compared to $31.6 million for the fourth quarter of 2022.
  • Fiscal Year 2023 financial highlights:
    Sales increased 13.4 percent to $1.7 billion or $6.7 million per day, compared to $1.5 billion or $5.9 million per day for fiscal 2022.

Nine Energy Service Announces Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Thursday, March 7, 2024

The Company had provided original fourth quarter 2023 revenue guidance between $137.0 and $147.0 million, with actual results coming within the provided range.

Key Points: 
  • The Company had provided original fourth quarter 2023 revenue guidance between $137.0 and $147.0 million, with actual results coming within the provided range.
  • “Fourth quarter revenue was in-line with expectations, coming within the upper end of our original guidance,” said Ann Fox, President and Chief Executive Officer, Nine Energy Service.
  • During the fourth quarter of 2023, the Company reported revenues of $144.1 million, gross profit of $16.2 million and adjusted gross profit of $25.6 million.
  • During the fourth quarter of 2023, the Company reported general and administrative (“G&A”) expense of $12.8 million.