Mooreland plant is celebrated
Pennsylvania-based Air Products on Thursday celebrated the opening of its new liquid nitrogen production facility in Mooreland. The plant, which will produce about 250 tons of liquid nitrogen a day, improves the company's leadership position in supplying the region's oil field services industry. It serves oil and natural gas-producing areas in Oklahoma, Texas and Kansas.
FTS chief executive retires
Former Chesapeake Energy Corp. executive Marc Rowland has retired as CEO of FTS International. Rowland joined the Texas-based well completion and stimulation services provider in 2010, when he stepped down as Chesapeake's chief financial officer. He will be replaced by Greg Lanham, who most recently served as a director for Temasek, FTS's largest shareholder. Chesapeake owns about 30 percent of the company.
TULSA — SemGroup Corp. swung to a loss in the third quarter as the Tulsa-based company recorded several noncash items related to a change in the value of warrants and seasonal losses at partner NGL Energy Partners LP. SemGroup posted a loss in net income of $2.8 million, or 7 cents per share, compared to net income of $14.3 million, or 34 cents per share, in the third quarter of 2011. Quarterly revenue fell to $277.9 million, down from $391.5 million in the year-earlier quarter. “We continue to execute on our long-term strategic growth plans, focused on infrastructure demands in the Midcontinent,” said Norm Szydlowski, president and CEO of SemGroup. “We're increasing our presence in our key growth areas. As the demand for midstream services continues to grow, our projects like the expansion of White Cliffs Pipeline, the previously announced Glass Mountain Pipeline and the Wattenberg Oil Trunkline will help meet this need.”
ROSE ROCK MIDSTREAM LP
TULSA — Strong marketing results and increased transportation margins helped Rose Rock Midstream LP deliver higher earnings in the third-quarter, the partnership said Thursday. Rose Rock had quarterly revenues of $131.5 million, up from $104.6 million in the third quarter of 2011. The partnership had net income of $6.5 million, or 38 cents per common unit, compared to net income of $3.8 million, or 30 cents per common unit, in the third quarter of 2011. Last month, the partnership announced a third quarter cash distribution of 39.25 cents per unit, up from 38.25 cents in the second quarter. “We were pleased to report a strong quarter and we have increased distributions for the third time since the IPO (initial public offering),” said Norm Szydlowski, CEO of Rose Rock Midstream's general partner.
TULSA — Syntroleum Corp. on Thursday reported a net loss of $1 million, or a penny a share, for the third quarter. The synthetic fuel-maker lost $4.6 million, or 5 cents a share, for the same period of last year. Dynamic Fuels, Syntroleum's joint venture with Tyson Foods, lost $5.7 million for the nine months ending June 30, after losing $12.3 million in the same period of the previous year. The Dynamic Fuels plant produced 26.5 million gallons of fuels over the past nine months.
GMX RESOURCES INC.
GMX Resources Inc. on Wednesday reported a net loss of $60 million, or 82 cents a share in the most recent quarter. The Oklahoma City-based oil and natural gas company lost $68.9 million, or $1.21 a share, in the same period of 2011. The company's total production for the quarter was nearly 487,000 barrels of oil equivalent, with oil production up 185 percent over the same period of last year to more than 53,000 barrels. “The third quarter oil production should represent the trough for the Company,” President Michael J. Rohleder said. “We are projected to grow production to 75,000 Bbls (barrels) in the fourth quarter, and on just a one-rig program we expect to grow Bakken production to 2,000 BOEPD (barrels of oil equivalent per day) by November 2013.”
From Staff Reports