Financial Results and Certified Oil Reserves Updates - Analyst Notes on Concho, MarkWest Energy, Petrobras, Whiting, and BPZ Editor Note: For more information about this release, please scroll to bottom.
NEW YORK, March 7, 2014 /PRNewswire/ --
Today, Analysts Review released its analysts' notes regarding Concho Resources Inc. (NYSE: CXO), MarkWest Energy Partners LP (NYSE: MWE), Petroleo Brasileiro SA (NYSE: PBR), Whiting Petroleum Corporation (NYSE: WLL), and BPZ Resources, Inc. (NYSE: BPZ). Private wealth members receive these notes ahead of publication. To reserve complementary membership, limited openings are available at: http://www.AnalystsReview.com/register
Concho Resources Inc. Analyst Notes
On February 19, 2014, Concho Resources Inc. (Concho) reported its Q4 2013 and full-year 2013 financial results. In Q4 2013, the Company's total operating revenues of $632.1 million increased 32.4% YoY, while in full-year 2013 Concho's total operating revenues of $2.3 billion increased 27.5% YoY. Q4 2013 net income was $105.8 million, or $1.01 per diluted share, compared to $75.3 million, or $0.72 per diluted share, in Q4 2012. Full-year 2013 net income was $251.0 million, or $2.39 per diluted share, compared to $431.7 million, or $4.15 per diluted share, in full-year 2012. "Concho delivered substantial crude oil growth during 2013 while building the largest horizontal development program in the Permian Basin. As we enter the first year of our acceleration plan to double production by year-end 2016, we have significant momentum and opportunity to continue our track record of solid execution and growth," said Tim Leach, Chairman, CEO and President of Concho. The full analyst notes on Concho Resources Inc. are available to download free of charge at:
MarkWest Energy Partners LP Analyst Notes
On February 26, 2014, MarkWest Energy Partners LP (MarkWest Energy) reported its Q4 2013 and full-year 2013 financial results. In Q4 2013, the Company's total revenue increased 22.9% YoY to $453.5 million, while in full-year 2013 MarkWest Energy's total revenue of $1.7 billion increased 15.5% YoY. Q4 2013 net loss attributable to MarkWest Energy's unitholders was $6.6 million, or $0.05 loss per diluted share, compared to net income attributable to MarkWest Energy's unitholders of $31.8 million, or $0.22 per diluted share, in Q4 2012. Full-year 2013 net income attributable to the Company's unitholders was $38.1 million, or $0.24 per diluted share, compared to $220.4 million, or $1.69 per diluted share, in full-year 2012. The full analyst notes on MarkWest Energy Partners LP are available to download free of charge at:
Petroleo Brasileiro SA Analyst Notes
On February 26, 2014, Petroleo Brasileiro SA (Petrobras) reported its Q4 2013 and full-year 2013 financial results. The Company reported consolidated net income attributable to the shareholders of Petrobras of BRL23.6 billion, up 11.3% YoY during full-year 2013. The Company notified that the increase in net income was due to 20% price increase in diesel and 11% price increase in gasoline, as well as increased production of oil products, cost optimization, gains from the sale of assets, lower write-offs for dry wells, as lower foreign exchange impact due to hedge accounting. Meanwhile, Petrobras' Q4 2013 consolidated net income attributable to the shareholders was up 85.0% QoQ to BRL6.3 million, reflecting higher oil export volumes, lower dry well write-offs, gains from sale of the interest in block BC-10, and tax benefits from provision of interest on own capital. The full analyst notes on Petroleo Brasileiro SA are available to download free of charge at:
Whiting Petroleum Corporation Analyst Notes
On February 26, 2014, Whiting Petroleum Corporation (Whiting) reported its Q4 2013 and full-year 2013 financial results. In Q4 2013, the Company reported total revenues and other income of $720.5 million, up 24.8% YoY, while full-year 2013 total revenues and other income were $2.8 billion, up 30.1% YoY. Q4 2013 net loss available to common shareholders was $59.3 million, or $0.50 loss per diluted share, compared to net income available to common shareholders of $81.4 million, or $0.69 per diluted share in Q4 2012. Full-year 2013 net income available to common shareholders was $365.5 million, or $3.06 per diluted share, compared to $413.1 million, or $3.48 per diluted share, in full year 2012. The full analyst notes on Whiting Petroleum Corporation are available to download free of charge at:
BPZ Resources, Inc. Analyst Notes
On February 27, 2014, BPZ Resources, Inc. (BPZ) announced its full-year 2013 certified oil reserves. The Company informed that its full-year 2013 total proved crude oil reserves covering the Corvina and Albacora fields were 16.1 million barrels of oil (Mmbo), relatively flat compared to full-year 2012. "With two drilling rigs working offshore we continue our efforts to increase oil production at the Corvina and Albacora oil fields. The two new gross development oil wells completed late last year increased our certified PDP reserves by approximately 90%, and this year we expect to do even better. Having completed the Corvina CX15-2D last month and with results for the Albacora 19D and Corvina CX15-3D wells expected in March and April, respectively, we are on schedule this year to drill at least eight of the 21 certified gross PUD location," said Manolo Zuñiga, President and CEO of BPZ. The full analyst notes on BPZ Resources, Inc. are available to download free of charge at:
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