NEW YORK, June 7, 2013 /PRNewswire/ --
Today, Wall Street Reports announced new research reports highlighting Diamond Offshore Drilling, Inc. (NYSE: DO), Atwood Oceanics, Inc. (NYSE: ATW), Hercules Offshore, Inc. (NASDAQ: HERO), Penn West Petroleum Ltd. (NYSE: PWE), and Halcon Resources Corporation (NYSE: HK). Today's readers may access these reports free of charge - including full price targets, industry analysis and analyst ratings - via the links below.
Diamond Offshore Drilling, Inc. Research Report
On May 29, 2013, Diamond Offshore Drilling, Inc. (Diamond Offshore) announced an agreement with Hyundai Heavy Industries Co., Ltd. to build a new Moss CS60E design harsh environment semisubmersible drilling rig. The Company expects the 10,000 ft. dynamically positioned rig to be delivered after November 2015. Projected capital cost of the unit, including spares, commissioning, and shipyard supervision, is approximately $755 million. Further, Diamond Offshore announced that it has entered into a three-year drilling contract with a subsidiary of BP plc to utilize the rig for initial operations off the coast of South Australia. The initial operating dayrate under the drilling contract is $585,000 per day, and is subject to upward adjustment for certain increased operating costs and equipment modifications. The Full Research Report on Diamond Offshore Drilling, Inc. - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.wsreports.com/r/full_research_report/99f2_DO]
Atwood Oceanics, Inc. Research Report
On June 4, 2013, Atwood Oceanics, Inc. (Atwood Oceanics) announced that one of its subsidiaries has been awarded a drilling services contract by Shell Offshore Inc. for the dynamically positioned, ultra-deepwater semisubmersible rig, the Atwood Condor. The contract has a term of 39 months from the date the rig is assigned from Hess Corporation, which is expected to occur in late August 2013. The drilling program will be performed in the US Gulf of Mexico at a dayrate of approximately $555,000 per day. This contract will supersede the remainder of the existing contract with Hess Corporation. With the award of the contract, the firm contractual commitment for the Atwood Condor is expected to extend to November 2016, and add approximately $502 million in revenue backlog. The Full Research Report on Atwood Oceanics, Inc. - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.wsreports.com/r/full_research_report/4540_ATW]
Hercules Offshore, Inc. Research Report
On May 20, 2013, Hercules Offshore, Inc. (Hercules Offshore) announced that it has entered into an agreement for the sale of 11 inland barge rigs, including three active rigs, eight cold stacked rigs, and related assets (Inland Asset Package) for cash proceeds of approximately $45 million. Closing will be staggered based on the expiration dates of existing contracts on the three active rigs and is subject to the completion of certain customary closing conditions. The initial closing will include 10 of the rigs and is expected in late Q2 2013. Closing on the final rig is expected in early Q3 2013. Further, Hercules Offshore expects to record a non-cash impairment charge of approximately $40 million as a result of the sale in Q2 2013. According to John T. Rynd, Chief Executive Officer and President of Hercules Offshore, the cash proceeds generated from the sale can be reinvested in higher returning assets that are strategic to the Company's growth objectives. The Full Research Report on Hercules Offshore, Inc. - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.wsreports.com/r/full_research_report/d584_HERO]
Penn West Petroleum Ltd. Research Report
On June 4, 2013, Penn West Petroleum Ltd. (Penn West) announced that Murray Nunns, its current President and CEO, has informed the Company's Board of Directors of his intention to retire from Penn West, effective July 1, 2013, after serving the Company for more than eight years. Concurrent with his departure, Mr. Nunns will also resign from the Company's Board of Directors. David Roberts, former Executive Vice President and CEO of Marathon Oil Corporation, will succeed Mr. Nunns as the new President and CEO of Penn West, beginning June 19, 2013. The Company, under a new Board and a new CEO, plans to focus on operating the business in a more efficient manner by significantly reducing general and administrative expenses as well as field operating costs. Rick George, Penn West's Chairman of the Board said that it expects to reduce staffing level by 10% over the next few weeks. To strengthen financial flexibility, the Board has also approved a change to its dividend. Effective for Q3 2013, the Company's quarterly dividend will be reduced to $0.14 per common share from Q2 2013 dividend of $0.27 per common share. The Full Research Report on Penn West Petroleum Ltd. - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.wsreports.com/r/full_research_report/c3c2_PWE]
Halcon Resources Corporation Research Report
On May 23, 2013, Halcon Resources Corporation (Halcon Resources) provided an operational update specific to its acreage in Northeast Ohio and Northwest Pennsylvania, the Company's core area in the Utica/Point Pleasant play. The Phillips 1H in Mercer County, Pennsylvania, tested at a peak rate of 120 barrels of condensate per day and 2.5 million cubic feet per day of 1,250 BTU natural gas; while the Allam 1H in Venango County, Pennsylvania, currently shut-in awaiting infrastructure, tested at a peak rate of 6.6 million cubic feet per day of 1,210 BTU natural gas and 22 barrels of condensate per day. Further, the Brugler 1H in Trumbull County, Ohio started flowing the frac load back on May 13, 2013, and the Company expects to tie this well into a sales pipeline in early July 2013. Halcon Resources continues to delineate its Utica/Point Pleasant acreage position and expects the process to be substantially complete by Q4 2013. The Full Research Report on Halcon Resources Corporation - including full detailed breakdown, analyst ratings and price targets - is available to download free of charge at: [http://www.wsreports.com/r/full_research_report/ef19_HK]
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