American Electric Power AEP reported $0.80 ongoing EPS for the first quarter of 2013, flat from the year-ago quarter. Management reaffirmed ongoing 2013 EPS guidance of $3.05 to $3.25. The company recently announced a $0.49 quarterly dividend, a 4.3% increase and in line with the previously announced increased targeted dividend payout ratio of 60% to…
Range Resources RRC reported first-quarter results Thursday. Quarterly production came in at 876 MMcfe per day, up 4% sequentially and 34% year over year and above both the company’s guidance and our forecast of 839 MMcfe/d. Growth was led by Range’s Marcellus acreage, where the firm continued to deliver impressive results across both its liquids-rich…
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…
