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Pacific Ethanol, Inc. (PEIX) reports record net sales in Q3

Monday, October 31st, 2011

Shares of renewable fuel producer Pacific Ethanol, Inc. (Nasdaq: PEIX) were up as much as 26 percent from Friday’s closing price in morning trading on Monday.

Last week, the Sacramento-based company PEIX announced record net sales for the third quarter. Sales grew to $271.6 million for the third quarter of 2011, up from net sales of $46 million a year ago. Net income in Q3 soared to $4 million, compared to a net loss of $12.9 million for the third quarter a year ago, which included a loss on the company’s investment in Front Range Energy, LLC of $12.1 million.

For the nine months ended September 30, 2011, net sales were $659.4 million, compared to $194.1 million in the same period in 2010. For the nine months ended September 30, 2011, net income available to common stockholders was $4.2 million, compared to $83.2 million in the same period in 2010, which included a non-cash gain from bankruptcy exit of $119.4 million and a loss on the company’s investment in Front Range Energy, LLC of $12.1 million.

“In the third quarter, we again delivered record net sales and total gallons sold driven by the continued execution of our diversified business strategy,” said Pacific Ethanol, Inc.’s president and CEO Neil Koehler in an October 26 press release. “We recorded the ninth consecutive quarter of growth in total gallons sold, bringing our compound annual growth rate to 75 percent over that period. Most importantly, we generated strong operating income and achieved profitability during the quarter.”

Shares of Pacific Ethanol PEIX are down about 38 percent over the past three months.

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Global Industries Ltd. (GLBL) leaps on takeover by French firm

Monday, September 12th, 2011

Global Industries Ltd. (Nasdaq: GLBL) shares rose 51.2% to $7.78 after France’s Technip SA agreed to buy the underwater oil-services specialist for $937 million in cash.

A news release out Sept. 12 revealed that Technip will acquire the Houston-based Global in an all-cash merger. Under the terms of the agreement, which was unanimously approved by Global’s Board of Directors, Global stockholders will receive $8.00 in cash for each share of Global’s common stock. The transaction values Global at an enterprise value of approximately $1,073 million, including Global’s approximately $136 million of net debt.

The $8.00 per share acquisition price represents a 55% premium to Global’s closing share price on September 9, the last trading day prior to announcement of the transaction, and a 92% premium to Global’s average closing share price for the 30 trading days ending on September 9, 2011. The transaction is not subject to any financing condition.

The release quotes Global CEO John B. Reed as saying “Global and Technip share a common view of the promising subsea market. The merger of our two companies will provide our customers with an unrivaled execution capability, combining Technip’s leading, integrated subsea capabilities with Global’s G1200 and G1201, complementary market presence and skills and knowhow in SLay and heavy lift.”

Global is a leading solutions provider of offshore construction, engineering, project management and support services including pipeline construction, platform installation and removal, deepwater/SURF installations, IRM, and diving to the oil and gas industry worldwide.

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Venoco Inc. (VQ) exploring going private, stock zooms

Monday, August 29th, 2011

Venoco Inc. (NYSE: VQ) shares surged 30.3% to $11.70 after the oil and natural-gas company’s chief executive proposed taking the company private at a price of $12.50 a share. The stock volume Monday of 2.5 million shares proved more than five times its daily average.

A news release issued August 29 reported that the Denver-based Venoco, Inc. announced that its board of directors had received a non-binding proposal from CEO Timothy M. Marquez, the holder of approximately 50.3% of Venoco’s outstanding common stock, to acquire all of the outstanding shares of Venoco common stock for $12.50 per share in cash.

In response, Venoco’s board is in the process of forming a special committee of independent directors to consider the proposal, which will be comprised of all of the directors of the company other than Mr. Marquez. The committee will retain independent financial advisors and legal counsel to assist it in its work.

The release quotes the board of directors as cautioning Venoco shareholders and others considering trading in its securities that it has only received the proposal and that no decision has been made with respect to the company’s response to the proposal.

Venoco is an independent energy company primarily engaged in the acquisition, exploration, exploitation and development of oil and natural gas properties primarily in California.

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Northgate Minerals Corporation (NXG) shares surge on sale to AuRico

Monday, August 29th, 2011

Northgate Minerals Corporation (AMEX: NXG) shares shot higher 38.1% to $4.35 on word that it had been acquired by AuRico Gold Inc. (NYSE:AUQ). Volume for Northgate topped 11.7 million shares, or better than quadruple its usual volume.

A news release out August 29 revealed that the Toronto-based AuRico and Northgate have entered into a definitive acquisition agreement to create a new leading intermediate gold producer. The new company will have five operating gold mines, a sixth mine targeting production in 2012 and three gold development projects in Mexico, Canada, and Australia, three of the top global mining jurisdictions. The combined company is completely unhedged and offers full exposure to record gold and silver prices and an exceptional growth profile from approximately 475,0001 gold equivalent (“Aue”) ounces2 this year to 730,000+3 Aue ounces in 2013 (growth of approximately 54%).

Under the terms of the Agreement, AuRico will acquire all of the issued and outstanding common shares of Northgate on the basis of 0.365 AuRico common shares per Northgate common share.

Northgate CEO Richard Hall was quoted in the release as saying, “This transaction gives Northgate shareholders a significant premium to market and an exciting opportunity to participate in a leading intermediate gold company. The Northgate team has worked hard to develop a highly successful business in Canada and Australia and we look forward to further value creation through our combination with AuRico.”

Northgate Minerals Corporation is a gold and copper producer with mining operations, development projects and exploration properties in the Americas and Australia.

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ConocoPhillips (COP) splits into two firms, shares grow

Thursday, July 14th, 2011

ConocoPhillips (NYSE: COP) shares gained 5% to $78.14, after the oil company said it would divide into two separate publicly traded companies. Volume for the stock was 17.6 million shares, or better than twice its full-day average volume.

A news release out July 14 noted that ConocoPhillips’ board of directors has approved pursuing the separation of the company’s Refining & Marketing and Exploration & Production businesses into two stand-alone, publicly traded corporations via a tax-free spin of the refining and marketing business to ConocoPhillips shareholders.

As a separate company, the release continues, the Refining and Marketing business of ConocoPhillips will be a leading pure-play independent refiner with a competitive and diverse set of assets. In addition to executing the company’s initiatives to improve downstream returns through portfolio rationalization and other operating efficiencies, the new downstream company will be able to further position its portfolio by pursuing transactions and investments across the value chain.

The release then quoted Conoco CEO Jim Mulva as saying, “Consistent with our strategy to create industry-leading shareholder value, we have concluded that two independent companies focused on their respective industries will be better positioned to pursue their individually focused business strategies.

Mulva concluded, “Both companies will continue to benefit from the size and scale of their significant high-quality asset bases and free cash flow generation, allowing them to invest and create shareholder value in a changing environment.”

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