Rowan Companies, Inc. Q4 2009 Earnings Call Transcript
Greetings and welcome to Rowan fourth quarter 2009 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Suzanne McLeod, Director of Investor Relations for Rowan Companies. Thank you. You may begin. Thank you, Diego; and good morning, everyone. Welcome to Rowan fourth quarter and full-year 2009 earnings conference call. Joining me on the call this morning are Matt Ralls, President and Chief Executive Officer; Mark Keller, Executive Vice President, Business Development; and Bill Wells, Vice President, Finance and Chief Financial Officer, who will have prepared comments. [Read the full article]
Hercules Offshore, Inc. (Nasdaq:HERO – News) today reported a loss from continuing operations of $26.9 million, or $0.23 per diluted share, on revenues of $176.4 million for the fourth quarter ended December 31, 2009, versus a loss from continuing operations of $1.1 billion, or $12.90 per diluted share, on revenues of $313.5 million for the quarter ended December 31, 2008.
When adjusting for certain items outlined in the attached Reconciliation of GAAP to Non-GAAP Financial Measures, the Company reported a loss from continuing operations of $25.8 million, or $0.23 per diluted share for the fourth quarter 2009, compared with income from continuing operations of $36.2 million, or $0.41 per diluted share for the fourth quarter 2008, also adjusted for certain items. [Read the full article]
Arena Resources, Inc. (NYSE: ARD – News) (“Arena”) released today financial results for the fourth quarter and year ended December 31, 2009.
Arena announced its 34th consecutive profitable quarter with net income of $9,279,639 on oil and gas revenues of $42,350,044 for the fourth quarter compared to net income of $13,581,491 on revenues of $32,974,286 for the fourth quarter ended December 31, 2008. Income attributable to common shares for the fourth quarter was $0.24 per diluted share ($0.25 per diluted share excluding $1,001,908 non-cash charge for stock based compensation) compared to $0.35 ($0.37 per diluted share excluding $1,490,699 non-cash charge for stock based compensation) for the fourth quarter ended December 31, 2008. [Read the full article]
Bonanza Oil & Gas, Inc., a Nevada Corporation (OTC.BB:BGOI – News) (the “Company”), an independent oil and gas development company, has entered into a Letter of Intent (“LOI”) to purchase a 10% interest in a producing well on 160 acres with an option on an additional 800 acres, located in Garfield County, Oklahoma.
Under the terms of the LOI, the Company will purchase the interest in exchange for cash and 15 million shares of restricted stock of the Company. According to the operator of the property, there are an additional six locations, with each location having a possible two horizontal legs per well. The operator believes there are approximately 200,000 barrels of oil and four billion cubic feet of gas that are recoverable from each horizontal leg in this prospect.
“This is an exciting time for our company. We expect this acquisition, upon an acceptable closing, to increase our cash flow from operations. [Read the full article]