On Thursday, Shares of General Electric Company (NYSE:GE), lost -1.36% to $25.35.
GE Aviation will create a turboprop engine development, test and production operation in Europe. This will represent an investment surpassing $400 million and ultimately support 500 – 1,000 jobs.
The turboprop industry is highly global and comprised of many small aircraft operators. Among the factors driving GE Aviation to pursue the new operation in Europe is the need to support these and other international customers with financing through government-sponsored Export Credit Agencies (ECAs).
GE is presently bidding on $11 billion of projects that require export financing. The U.S. remains the only major economy in the world without an Export Bank. Since the U.S. Export Import Bank (Ex-Im) authorization expired July 1, GE has commenced talks with several foreign ECAs to secure financing for its customers.
General Electric Company (GE) operates as an infrastructure and financial services company worldwide. The company’s Power and Water segment offers gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls, and related services; wind turbines; and water treatment services and equipment.
Shares of Freeport-McMoRan Inc. (NYSE:FCX), inclined 1.77% to $12.05, during its last trading session, as copper prices gain after an earthquake off the coast of Chile.
After reaching an eight-week high earlier recently, copper for September delivery is up by 0.10% to $2.46 per pound on the COMEX last morning.
Copper prices are receiving a boost recently after an 8.3 magnitude earthquake struck off Chiles coast, causing a tsunami warning for Chile and Peru, the two biggest copper suppliers in the world, Reuters reports.
Prices have since pared some gains, as continued uncertainty about Chinas economy tempers the initial price surge, according to Reuters.
Freeport-McMoRan Inc., a natural resource company, engages in the acquisition of mineral assets, and oil and natural gas resources. It primarily explores for copper, gold, molybdenum, cobalt, silver, and other metals, in addition to oil and gas.
Shares of Synergy Resources Corporation (NYSEMKT:SYRG), declined -1.75% to $10.66, during its last trading session.
Synergy Resources Corporation declared it has signed a contract to purchase interests in producing wells and leasehold in the Wattenberg Field from K.P. Kauffman Company, Inc. The assets comprise leasehold rights for 4,300 net acres in the Wattenberg Field and non-operated working interests in 25 gross (about 5 net) horizontal wells in the Niobrara and Codell formations. Current net production associated with the purchased assets is about 1,200 barrels of oil equivalent per day (BOED). The purchase price of the assets is $78 million, comprised of $35 million in cash and about 4.4 million shares of Synergy common stock, subject to closing adjustments. The transaction has an effective date of September 1, 2015 and is predictable to close on or before October 30, 2015.
During fiscal year 2015, which ended August 31st, Synergy drilled 46 gross operated horizontal wells in the Wattenberg Field and brought 38 net wells into production. As of September 1, 2015 the Company has 12 wells in inventory awaiting completion, counting four standard length laterals (~4,300), four mid-length laterals (~7,200) and four extended length laterals (~9,500). The Company plans on concluding the four mid-length laterals by the end of December.
Based upon production from the Company’s operated properties and the estimates of production from non-operated properties that are still under review, the 2015 fiscal fourth quarter production should approximate 10,800 BOED, resulting in average daily production of 8,700 BOED for fiscal 2015.
The Company has one drilling rig under contract through the end of calendar 2015, which is presently drilling a pad with eight standard length lateral wells. The Company has discretion over its fiscal 2016 drilling program with no long-term drilling commitments and minimal lease expirations. Utilizing one drilling rig and associated well completions during fiscal 2016, together with wells presently awaiting completion, the Companys fiscal 2016 production should be relatively flat contrast to the average daily production in Q4 of fiscal 2015. If one rig is utilized for the entire 2016 fiscal year, Synergy estimates the operated drilling capital expenditures should be about $120 million.
Craig Rasmuson, Chief Operating Officer of Synergy, noted, We remain steadfast in our aim of reducing our accomplished well costs and are happy to report that on average the actual costs for the eleven wells on our Cannon pad are about $2.5 million per well. These wells were all standard length lateral wells with 20-22 completion stages each. Nine of the wells were accomplished utilizing sliding sleeves and two of the wells used plug and perf. For our fiscal 2016 drilling program we are estimating that well costs for standard length laterals will range between $2.5 million and $3.0 million each. We continue to experience a positive impact from lower line pressures in the northern section of the Wattenberg Field, where DCP Midstreams newly operational Lucerne 2 Plant is located.
Synergy Resources Corporation engages in the acquisition, development, exploitation, exploration, and production of oil and natural gas properties primarily located in the Denver-Julesburg Basin in northeast Colorado.
Finally, Shares of Time Warner Cable Inc. (NYSE:TWC), ended its last trade with 0.86% gain, and closed at $190.42.
The Board of Directors of Time Warner Cable declared a quarterly dividend of $0.75 per share on the Company’s Common Stock, payable in cash on October 22, 2015, to stockholders of record at the close of business on October 1, 2015.
Time Warner Cable Inc., together with its auxiliaries, provides video, high-speed data, and voice services in the United States. It operates in three segments: Residential Services, Business Services, and Other Operations. The Residential Services segment offers video services, counting video on demand, digital video recorder, and start over and look back services; high-speed data services that comprise communication tools and personalized services, such as email, PC security, parental controls, and online radio services; voice services that comprise unlimited calling in the United States, Canada, Puerto Rico, and Mexico; and IntelligentHome, a security and home administration service.
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