Delaware expands contracts
Oklahoma City-based Delaware Resource Group has added several contracts for its software engineering services. DRG is contracted by several defense contractors to provide software engineering and consulting. DRG is develops and modifies simulator training devices and virtual maintenance trainers for several United States Air Force and Navy aircraft along with other military programs. The combined subcontracts exceed $2 million a year with options through 2020. Founded in 2002, DRG has become a leading defense and aerospace contractor in the United States. With more than 650 employees and operations around the world, the company provides training and simulator services for military aircraft and programs.
New Source gets well interests
New Source Energy Partners LP has acquired working interests in 23 producing wells and related undeveloped leasehold in Oklahoma County’s Southern Dome Field. New Source paid $6.9 million in cash and about $11.9 million worth of common units to CEU Paradigm LLC for the assets, which generated about 490 barrels of oil equivalent in the fourth quarter of 2013.
MAGELLAN MIDSTREAM PARTNERS LP
TULSA — Magellan Midstream Partners LP on Wednesday reported net income of a record $190 million, or 84 cents a unit, for the fourth quarter. Magellan earned $153.8 million, or 68 cents a unit, in the same period of 2012. “Magellan finished 2013 in strong form, generating record financial results for the year, successfully achieving key milestones for the largest construction projects in our partnership’s history and increasing cash distributions to our investors by 16 percent for the year,” CEO Michael Mears said. “Looking ahead, we expect even stronger performance for Magellan as we recognize greater benefit from growth projects commissioned during 2013 and those expected to begin operation during 2014. Magellan enters the new year in strong financial standing with the goal of growing annual cash distributions to our investors by 20 percent for 2014 and 15 percent for 2015.”
ORCHIDS PAPER PRODUCTS CO.
Orchids Paper Products Co. reported a net income of $3.4 million for the fourth quarter, or 42 cents per share — a 55 percent jump from $2.2 million, or 28 cents per share for the same period a year ago. The company also set a new record for total net sales of $30.8 million and a new record of $29 million for converted product net sales. On Tuesday, the company’s board approved a quarterly cash dividend of 35 cents per share. Orchids expects to pay the dividend March 3 to stockholders of record at the close of business on Feb. 18.
From Staff Reports