On Tuesday’s trade, Phillips 66 (NYSE:PSX)s shares dipped -0.01% to $81.61.
Spectra Energy Corp (SE) and Spectra Energy Partners, LP (SEP) have executed a contract for the acquisition by Spectra Energy of Spectra Energy Partners one-third ownership interests in the Sand Hills and Southern Hills natural gas liquids (NGL) pipelines.
Spectra Energy has also executed a contract with Phillips 66 (PSX) and DCP Midstream, LLC (the 50-50 joint venture between Spectra Energy and Phillips 66) under which Spectra Energy will contribute its interests in the Sand Hills and Southern Hills pipelines and Phillips 66 will contribute $1.5 billion in cash, respectively, to DCP Midstream. The plan to contribute these assets was formerly declared on Sept. 8, 2015 as part of a series of actions that would establish a foundation for sustainable cash flows at DCP Midstream.
The contribution of cash and the interests in the Sand Hills and Southern Hills NGL pipelines to DCP Midstream will provide DCP with a stronger balance sheet and raised financial flexibility while positioning it to grow through future commodity cycles. The solution we have put in place with our joint venture partner, Phillips 66, allows DCP to retain and expand upon its leading position in the NGL sector while preserving the upside for the owners that will occur when commodity prices ultimately recover, said Greg Ebel, chairman and CEO, Spectra Energy and Spectra Energy Partners.
Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S).
Zions Bancorporation (NASDAQ:ZION), ended its Tuesday’s trading session with 1.65% gain, and closed at $28.36.
Zions Bancorporation (ZION) declared the commencement of a cash tender offer to purchase for cash the securities listed in the table below (collectively, the Securities) in an amount such that the aggregate purchase price, plus Accrued Dividends (as defined below) for such Securities, shall not exceed $180,000,000 (the Maximum Aggregate Purchase Amount).
The offer will remain open until 11:59 p.m., New York City time, on November 16, 2015, unless extended or earlier terminated by Zions (such date, as it may be extended with respect to the offer, the Expiration Date).
The consideration for each Series I Share tendered and accepted for purchase following the offer will equal $1,000.00 per $1,000 liquidation preference, plus Accrued Dividends. The consideration for each Series J Share tendered and accepted for purchase following the offer will equal $1,090.00 per $1,000 liquidation preference, plus Accrued Dividends. The consideration for each Series G Depositary Share tendered and accepted for purchase following the offer will equal $26.10, plus Accrued Dividends. Accrued Dividends means, for each Security, accrued and unpaid dividends from the last dividend payment date with respect to such Security up to, but not counting, the settlement date of the offer.
Zions Bancorporation, a financial holding company, provides a range of banking and related services in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming.
Six Flags Entertainment Corp (NYSE:SIX)s shares gained 1.81% to $51.08.
Six Flags Entertainment Corporation (SIX), declared record-high financial performance in the third quarter with revenue growing 6 percent or $33 million to $575 million and Adjusted EBITDA2 growing 6 percent or $17 million to $308 million. The growth was primarily driven by higher admissions revenue and higher in-park revenue as attendance grew by 9 percent to 12.9 million guests. On a constant currency3 basis, which excludes the foreign exchange translation impact from the company’s parks in Mexico and Canada, revenue grew $41 million or 8 percent and Adjusted EBITDA grew $21 million or 7 percent.
For the first nine months of 2015, revenue grew $54 million or 5 percent to $1.0 billion, and Adjusted EBITDA grew $26 million or 7 percent to $419 million driven primarily by both admissions and in-park revenue. On a constant currency basis, revenue for the first nine months of 2015 grew $68 million or 7 percent and Adjusted EBITDA grew $31 million or 8 percent. Attendance for the first nine months of the year grew 9 percent to 23.4 million guests.
The company’s trailing twelve months of Modified EBITDA reached $504 million, surpassing the long-term target set by the company in 2011, and the Modified EBITDA margin of 40.9 percent and Modified EBITDA minus Capex margin of 32.5 percent both reached new highs for the theme park industry.
Six Flags Entertainment Corporation owns and operates regional theme and water parks. Its parks offer various thrill rides, water attractions, themed areas, concerts and shows, restaurants, game venues, and retail outlets.
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