Chipotle saw a nice sequential uptick in comparable restaurant sales during the second quarter, with much of the 5.5% increase stemming from ongoing peak-hour traffic throughput efforts as well as greater call-to-action marketing. Entering the quarter, there were concerns that competitive pressures (emergent fast-casual restaurant competition and more aggressive promotional activity from traditional quick-service and…
Santos’s second-quarter production rose 2% to 12.4 million barrels of oil equivalent (mmboe), marginally below expectations, and full-year 2013 production guidance has been reduced by 3% to between 52 and 55 mmboe. The decline reflects deferred oil and gas production from Chim Sao in Vietnam due to power system constraints, steeper than- expected natural field…
Stronger-than-expected oil and gas volume highlighted Freeport-McMoRan’s third quarter on the operating front. However, lower copper and gold prices pressured cash flow and net debt rose in the quarter. We expect still-lower prices and continue to doubt Freeport can meaningfully deleverage unless it undertakes significant asset sales and cuts its dividend. Production and cost figures…
Despite relatively steady performance from the energy and pulp segments, UPM’s quarterly EBITDA contracted 20% year over year; EBITDA from the paper business was nearly halved over the same period. As the world’s largest producer of graphic paper, UPM remains highly dependent on its paper business, where volume continues to decline–European magazine papers fell 6%,…
Noble reported solid third-quarter results. Total revenue increased slightly to $1.08 billion from $1.02 billion in the prior quarter, thanks mainly to the commencement of operations for two new ultra-deep-water rigs. The company also benefited from lower operational downtime, which fell to 4.6% from 5.2% in the prior quarter, essentially flat operating costs, and fewer…
BG Group BG. reported largely uneventful first-quarter results with most key metrics in line with previous guidance, which provided a welcome respite from previous quarters’ downward production guidance revisions and budget overruns. Total operating profit fell to $2.1 billion from $2.3 billion the year before as lower production and higher operating costs and depreciation offset…
