On Wednesday, Shares of RPC, Inc. (NYSE:RES), gained 8.73% to $11.58.
RPC, declared its unaudited results for the third quarter ended September 30, 2015. RPC provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties throughout the United States and in selected international markets.
For the quarter ended September 30, 2015 revenues reduced 53.0 percent to $291.9 million contrast to $620.7 million in the third quarter of last year. Revenues reduced contrast to the preceding year due to lower activity levels and pricing for our services. Operating loss for the quarter was $51.5 million contrast to operating profit of $106.7 million in the preceding year. Net loss for the quarter was $35.2 million or $0.16 loss per share, contrast to net income of $64.9 million or $0.30 diluted earnings per share last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) reduced to $15.4 million contrast to $163.4 million in the preceding year.
Cost of revenues during the third quarter of 2015 was $234.6 million, or 80.4 percent of revenues, contrast to $398.3 million, or 64.2 percent of revenues, during the third quarter of last year. Cost of revenues reduced due to lower costs resulting from lower activity levels, reduced personnel and incentive compensation, and price reductions from suppliers, partially offset by the impact of increasing service intensity. Additionally, as a result of a change in accounting estimate implemented during 2015, replacement parts totaling about $12.6 million were charged to cost of revenues rather than being capitalized. In addition, RPC recognized $3.8 million in additional cost of revenues during the third quarter of 2015 due to write-downs in the value of materials and supplies which are slow-moving or can no longer be effectively utilized in providing our services to customers. As a percentage of revenues, cost of revenues raised due to competitive pricing for our services and inefficiencies resulting from lower activity levels, in addition to higher maintenance and repair expenses due to increasing service intensity.
RPC, Inc. provides a range of oilfield services and equipment for oil and gas companies involved in the exploration, production, and development of oil and gas properties in the United States, Africa, Canada, China, Eastern Europe, Latin America, the Middle East, and New Zealand.
Shares of First Niagara Financial Group Inc. (NASDAQ:FNFG), inclined 3.24% to $10.84, during its last trading session.
MONEY Magazine has named First Niagara Group, the best bank in the Northeast in its just-released Best Banks in America 2015-2016 rankings.
In achieving the top ranking, MONEY cited First Niagaras Pinnacle Plus Checking, emphasizing the wallet-friendly feature of allowing customers to avoid fees when using ATMs in the U.S. and Canada.
MONEY selected the Best Banks in America after surveying the 50 largest brick-and-mortar banks and the 25 largest online banks by consumer deposits. The national personal finance publication asked banks to verify information about account terms, ATM networks, branch hours, mobile-app features, and other perks. MONEY then chose the best banks based largely on maintenance fees and ease of waiving them, ATM fees, and checking account yields; savings account yields, preferential loan terms, ATM-fee reimbursements, and geographic reach were considered tiebreakers.
First Niagara Financial Group, Inc. operates as the bank holding company for First Niagara Bank, N.A. that provides retail and commercial banking, and other financial services to individuals, families, and businesses.
Finally, Shares of Energy Transfer Partners LP (NYSE:ETP), ended its last trade with 3.26% gain, and closed at $44.36.
Energy Transfer Partners, declared a $0.02 improvement in its quarterly distribution to $1.055 per ETP common unit ($4.22 annualized) for the third quarter ended September 30, 2015.
The quarterly distribution of $1.055 represents a distribution improvement of $0.32 per common unit on an annualized basis, or 8.2%, contrast to the third quarter of 2014 and represents an annualized distribution improvement of $0.08 per common unit contrast to the second quarter of 2015. This marks the ninth successive quarter that ETP has raised its distribution. The cash distribution will be paid on November 16, 2015 to unitholders of record as of the close of business on November 5, 2015.
ETP anticipates to release earnings for the third quarter of 2015 on Wednesday, November 4, 2015, after the market closes. ETP and Energy Transfer Equity, L.P. (ETE), which owns the general partner of ETP, will conduct a joint conference call on Thursday, November 5, 2015, at 8:00 a.m.
Energy Transfer Partners, L.P. engages in the natural gas midstream, and intrastate transportation and storage businesses in the United States. The company’s Intrastate Transportation and Storage segment transports natural gas from various natural gas producing areas, in addition to through its ET fuel system and HPL system.
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