reports
Texas Pacific Land Corp: 2 directors
A director at Texas Pacific Land Corp bought 12 shares at 1,376.900USD and the significance rating of the trade was 50/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...
- Jeff Robertson
Estimate Update
We are updating our 2Q24 estimates to reflect actual oil and natural gas prices. Our reference oil price averaged $80.66 during 2Q24, and our reference natural gas price averaged $2.33/MMBtu. For 2Q24, we estimate total revenue of $139.1 million based on estimated average production of ~35.0 MBOE/d, including ~14.1 MB/d of oil. Oil accounts for 41% of our production estimate and 76% of our revenue estimate. Our 2Q24 adjusted EBITDA estimate is $36.2 million, compared to $49.4 million in 1Q24 and...
- Jeff Robertson
Recycling Cash Flow in Acquisitions
We hosted a fireside chat with Chairman, President, and CEO Tracy Krohn on March 27, 2024, to discuss the company’s acquisition-driven strategy in the Gulf of Mexico. This report contains a transcript of the conversation, which can be accessed on demand. Link accessible in our full report. Since September 2023, W&T has closed two producing property acquisitions in the Gulf of Mexico for combined cash considerations of ~$104 million. In the most recent closing, the company acquired six shallow-wa...
Moody's Ratings affirms W&T Offshore's B3 CFR with negative outlook
Moody's Ratings (Moody's) changed W&T Offshore, Inc.'s (W&T) outlook to negative, from stable previously. Concurrently, Moody's affirmed W&T's B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR), and Caa1 senior secured second lien notes rating. "The change in W&T's outlook...
- Jeff Robertson
Cox Acquisition Bolsters Free Cash Flow Profile
W&T Offshore closed an acquisition of six operated oil & gas fields in the Gulf of Mexico on January 22, 2024, for $72 million. The acquisition, which was funded with cash on hand, fits management’s philosophy of investing capital in short-cycle opportunities capable of generating free cash flow. The acquired assets include 100% working interests (82% net revenue interests) in six producing fields adjacent to W&T’s existing asset footprint. Estimated production ranged from 3,700-5,700 BOE/d (68%...
- Jeff Robertson
Adjusting Realized 2Q23 Commodity Price Estimates
We are updating our 2Q23 commodity prices and realizations. Our NYMEX reference prices averaged $73.78/barrel of oil and $2.32/MMBtu for natural gas. Our previous estimates were $75/bbl and $2.50/Mcf. We have also lowered our 3Q23 NYMEX reference oil price to $75/bbl from $80/bbl. W&T typically receives a premium natural gas price realization compared to our reference price. We are reducing our realization to a $0.05/Mcf premium from $0.25/Mcf, reflecting 2Q23 market volatility. The 1Q23 premium...
- Jeff Robertson
Building a Lasting Gulf of Mexico Business
We hosted a fireside chat with Tracy Krohn, W&T Offshore’s Founder, Chairman, Chief Executive, and President on June 15, 2023. W&T has operated almost exclusively in the Gulf of Mexico for more than 40 years as a private and public company. This report includes a transcript of the event. Management favors the conventional reservoirs in the Gulf because of their exceptional rock properties combining high porosity with high permeability and strong reservoir drive mechanisms. Our discussion concent...
Independent Proxy Advisory Firms ISS and Glass Lewis Recommend Spectru...
BOSTON--(BUSINESS WIRE)-- Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI) (“Spectrum” or the “Company”) announced today that the leading independent proxy advisory firms, Institutional Shareholder Services, Inc. (“ISS”) and Glass Lewis & Co. (“Glass Lewis”), have each recommended that Spectrum stockholders vote “FOR” the proposal to adopt the Agreement and Plan of Merger (“Merger Agreement”, and such proposal, the “Merger Proposal”) at the upcoming special meeting of stockholders (the “Special Meeting”) on July 27, 2023. Under the terms of the Merger Agreement, Assertio Holdings, Inc. (Nasdaq:...
- Jeff Robertson
Initiating Coverage: Cash Provides Flexibility
W&T Offshore is an independent oil and natural gas exploration and production company focused on extracting value from producing assets in the US Gulf of Mexico. The company has plied the Gulf since its founding 40 years ago. High-quality reservoir rock properties and the tendency for reservoirs in the Gulf of Mexico to outperform original reserve estimates are key drivers of management's affinity for the basin. Proved reserves (1P) often expose the company to embedded optionality in probable an...
Spectrum Pharmaceuticals Regains Compliance with Nasdaq Minimum Bid Pr...
BOSTON--(BUSINESS WIRE)-- Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI) (“Spectrum” or the “Company”), a biopharmaceutical Company focused on novel and targeted oncology announced today that on May 16, 2023, the Company received a written notification from the Listing Qualifications Staff (the “Staff”) of the Nasdaq Stock Market LLC (Nasdaq) that the Company has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). The Company previously received notification from the Staff on November 1, 2022, that its common stock failed to maintain a min...
Spectrum Pharmaceuticals Reports First Quarter 2023 Financial Results ...
BOSTON--(BUSINESS WIRE)-- Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI), a commercial stage biopharmaceutical company focused on novel and targeted oncology therapies, announced today financial results for the three-month period ended March 31, 2023, and provided a corporate update. First Quarter 2023 and Recent Business Update Net sales for Q1 2023 totaled $15.6 million, an increase of 54% compared to Q4 2022. 172 targeted accounts purchased ROLVEDON™ (eflapegrastim-xnst) Injection during the quarter compared to 70 in Q4 2022, an increase of 145%. Permanent J-Code for ROLVEDON we...
Spectrum Pharmaceuticals Reports Fourth Quarter 2022 and Full Year 202...
BOSTON--(BUSINESS WIRE)-- Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI), a biopharmaceutical company focused on novel and targeted oncology therapies, announced today financial results for the three-month period and full year ended December 31, 2022. Fourth Quarter 2022 and Recent Business Update First launch quarter for ROLVEDON, with net sales for the quarter and year ended December 31, 2022, totaling $10.1 million. Operating expenses decreased 45% year-over-year as the Company streamlined operations while continuing to invest in core business objectives, including the commercializati...
Spectrum Pharmaceuticals to Report Fourth Quarter and Full Year 2022 F...
BOSTON--(BUSINESS WIRE)-- Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI), a biopharmaceutical company focused on novel and targeted oncology therapies, today announced it will host a conference call to discuss the fourth quarter and full year 2022 financial results and provide a corporate update on Wednesday, March 22, 2023, at 8:30 a.m. Eastern/5:30 a.m. Pacific. Conference Call and Webcast: Wednesday, March 22, 2023 @ 8:30 a.m. Eastern/5:30 a.m. Pacific To access the live call by phone, please go to this link () , and you will be provided with dial in details. To avoid delays, we encoura...
Spectrum Pharmaceuticals Receives Permanent J-Code for ROLVEDON™ (efla...
BOSTON--(BUSINESS WIRE)-- Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI), a biopharmaceutical company focused on novel and targeted oncology announced today that a permanent J-code, J1449, has been issued for ROLVEDON (eflapegrastim-xnst) Injection by the U.S. Centers for Medicare & Medicaid Services (CMS) effective as of April 1, 2023. “This is an important milestone in the ROLVEDON launch. A permanent J-code will enable a more efficient and predictable reimbursement in the outpatient setting. The combination of a permanent J-code on April 1, 2023 and ROLVEDON’S inclusion in the National Co...
Spectrum Pharmaceuticals Provides Update on ROLVEDON™ (eflapegrastim-x...
BOSTON--(BUSINESS WIRE)-- Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI), a biopharmaceutical company focused on novel and targeted oncology, today announced business highlights and preliminary ROLVEDON net sales for the quarter and year ended December 31, 2022. Business Highlights and Preliminary, Unaudited Financial Results Preliminary unaudited net sales for the quarter ending December 31, 2022 are expected to be approximately $10 million ROLVEDON was launched in the U.S. on October 18, 2022 with a comprehensive strategy to address community oncology, 340B and non-340B hospitals 70 ...
Spectrum Pharmaceuticals Announces New Employment Inducement Grant for...
BOSTON--(BUSINESS WIRE)-- Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biopharmaceutical company focused on novel and targeted oncology therapies, today announced that on January 26, 2023, Spectrum’s Board of Directors granted an aggregate of 20,833 inducement restricted stock units (“RSUs”) to a commercial non-executive employee who was hired specifically for the launch of ROLVEDON. The award was granted under Spectrum’s 2022 Employment Inducement Incentive Award Plan (“Inducement Plan”) as employment inducement awards pursuant to Nasdaq Listing Rule 5635(c)(4). The Inducement Plan is used ex...
Moody's upgrades W&T Offshore's CFR to B3 from Caa1; outlook stable
Moody's Investors Service (Moody's) upgraded W&T Offshore, Inc.'s (W&T) Corporate Family Rating (CFR) to B3 from Caa1 and affirmed the Caa1 rating of its $275 million of senior secured second lien notes due 2026. The Speculative Grade Liquidity (SGL) rating was upgraded to SGL-3 from SGL-4. The outl...
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