Paycom Software Inc.
Paycom Software Inc. on Tuesday reported a $600,000 loss for the second quarter of the year, or 1 cent per share, compared to earnings of $400,000, or 1 cent per share, in the same period last year. The net loss for the second quarter of 2014 was due to a one-time charge of $4 million to retire debt from the proceeds of the Oklahoma City company’s initial public offering, Paycom said. The company saw revenue growth of 39.3 percent over the second quarter last year. Total revenue was $33.3 million for the second quarter, up from $23.9 million a year ago, primarily due to the addition of new clients, the company said.
Magellan Midstream Partners
TULSA — Magellan Midstream Partners LP on Tuesday reported a second-quarter net income of $146 million or 64 cents a share, down from almost $154 million or 68 cents in the year-ago quarter. The 2014 results include a $9.4 million non-cash impairment charge related to a non-strategic pipeline terminal the partnership said might be sold in the future. Distributable cash flow increased to $196 million, up 16 percent from $168 million one year ago. Also on Tuesday, Magellan management raised the partnership’s 2014 distributable cash flow guidance by $30 million to $840 million. “Magellan has generated strong financial results so far this year with solid demand for our fee-based transportation and terminal services in our refined products, crude oil and marine storage businesses and an attractive environment for our commodity-related activities,” CEO Michael Mears said. “We remain on track to produce record annual financial results in 2014, increasing distributable cash flow guidance again this quarter, while making significant progress on construction projects designed to fuel Magellan’s future growth.”
TULSA — ONEOK Inc. said Tuesday it recorded a net income of $61.6 million, or 29 cents a share, in the second quarter, up from profits of $900,000, or less than a penny a share, one year ago. Second-quarter income from continuing operations attributable to ONEOK was $69.6 million, down from $75.2 million in the year-ago period. Operating income improved to $251 million, up from $228 million. “Higher natural gas volumes gathered, processed and sold, and higher natural gas liquids volumes sold in the natural gas gathering and processing segment as a result of recently completed capital-growth projects at the partnership contributed to ONEOK’s solid second-quarter results,” ONEOK CEO Terry K. Spencer said.
TULSA — ONEOK Partners on Tuesday reported a second-quarter profit of $214 million, or 54 cents per unit, compared to $202 million, or 62 cents a unit, one year ago. Adjusted earnings before interest, taxes, depreciation and amortization increased 15 percent to almost $361 million, up from $315 million in the year-ago quarter. “Our natural gas gathering and processing segment reported strong volume growth in the second quarter from recently completed projects,” CEO Terry K. Spencer said. “As we’ve said previously, we expect natural gas and NGL volumes to continue to increase during the remainder of 2014 as we continue to add natural gas gathering and processing infrastructure and connect new natural gas plants to our NGL systems and as previously connected plants continue to ramp up.”
TULSA — Unit Corp. said it recorded a net income of $54.4 million, or $1.11 a share, in the second quarter, down from $59 million, or $1.22 a share in the year-ago period. Adjusted net income was $55.4 million, or $1.13 a share, up from $48.8 million, or $1.01 a share, one year ago. Revenues jumped 19 percent to $405 million while oil and natural gas production improved 12 percent from the second quarter of 2013. The average number of drilling rigs used in the quarter increased 13 percent to 73.5.
From Staff Reports