Green Plains Inc. (GPRE) reported net loss attributable to the company of $45.30M, or $(1.13) per diluted share, for the second quarter of 2019 compared with net loss of $1.00M, or $(0.02) per diluted share, for the same period in 2018. Revenues were $895.90M for the second quarter of 2019 compared with $986.80M for the same period last year.

Revenues attributable to the company were $1.50B for the six-month period ended June 30, 2019, compared with $2.00B for the same period in 2018. Net loss for the six-month period ended June 30, 2019, was $88.10M, or $(2.19) per diluted share, compared with net loss of $25.10M, or $(0.63) per diluted share, for the same period in 2018.

Results of Operations:

Green Plains produced 224.00M gallons of ethanol during the second quarter of 2019, compared with 296.30M gallons for the same period in 2018. The consolidated ethanol crush margin was $19.90M, or $(0.09) per gallon, for the second quarter of 2019, compared with $25.60M, or $0.09 per gallon, for the same period in 2018. The consolidated ethanol crush margin is the ethanol production segment’s operating income (loss) before depreciation and amortization, which includes corn oil, plus intercompany storage, transportation and other fees, net of related expenses.

Consolidated revenues of $895.90M decreased $91.00M for the three months ended June 30, 2019, compared with the same period in 2018, due primarily to the disposition of three ethanol plants and the sale of Fleischmann’s Vinegar during the fourth quarter of 2018, offset by increased cattle volumes sold due to the acquisition of two feed lots in the third quarter of 2018.

Operating loss for the three months ended June 30, 2019 was $39.40M, compared with operating income of $11.80M for the same period last year, primarily due to decreased margins on ethanol production as well as the disposition of Fleischmann’s Vinegar during the fourth quarter of 2018. Interest expense decreased $6.10M to $16.00M for the three months ended June 30, 2019 compared with the same period in 2018, primarily due to the repayment of the $500.0M senior secured term loan during the fourth quarter of 2018. Income tax benefit was $14.70M for the three months ended June 30, 2019 compared with $10.80M for the same period in 2018.

Earnings before interest, income taxes, depreciation and amortization (EBITDA) for the second quarter of 2019 were $19.80M compared with $41.80M for the same period last year.

GPRE has the market capitalization of $528.81M and its EPS growth ratio for the past five years was -19.10%. The return on assets ratio of the Company was -3.60% while its return on investment ratio stands at 7.20%. Price to sales ratio was 0.18.

Liquidity and Capital Resources:

Total liquidity as of June 30, 2019 was $746.0M, $291.0M lower than as of December 31, 2018. This reduction was primarily due to the repayment, with cash on hand, of $220.0M in outstanding 2019 Convertible Notes, $19.0M for the buyout of the Wind TE HoldCo tax equity partnership in January 2019, and $27.0M for growth investments, including Duquesne, Mylan, Hawaii Solar Phase I, and ongoing contributions to the DG Investment Partnerships. Borrowing capacity under the revolving credit facility was reduced by $4.0M due to the issuance of corporate letters of credit.

The Company’s liquidity includes $203.0M of restricted cash balances as of June 30, 2019. Restricted cash consists primarily of funds to satisfy the requirements of certain debt arrangements and funds held within the Company’s projects that are restricted in their use. As of June 30, 2019, these restricted funds were comprised of $60.0M designated to fund operating expenses, approximately $45.0M designated for current debt service payments, and $42.0M of reserves for debt service, performance obligations and other items including capital expenditures. The remaining $56.0M is held in distribution accounts, of which $36.0M related to subsidiaries affected by the PG&E bankruptcy.

Potential future sources of liquidity include excess operating cash flow, the existing ATM program, of which $36.0M remained available as of August 6, 2019, availability under the revolving credit facility, and, subject to market conditions, new corporate financings.

2019 Financial Guidance:

The Company is reducing its 2019 full year CAFD guidance to $250.0M to account for the previously disclosed impact of the CVSR outage in June and year to date renewable resource performance. This financial guidance assumes that all CAFD related to the projects impacted by the PG&E Bankruptcy is realized in 2019 and Mylan and Hawaii Solar Phase I achieve target commercial operational dates. Financial guidance for 2019 also continues to be based on median renewable energy production estimates for the remainder of the year.

SRC Energy Inc. (NYSE American: SRCI) reported first-quarter profit of $49.80M. On a per-share basis, the Denver-based company said it had profit of 20 cents. Earnings, adjusted for non-recurring costs, came to 27 cents per share. The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.

The oil and gas company posted revenue of $189.50M in the period, also beating Street forecasts. Eleven analysts surveyed by Zacks expected $178.20M.

SRCI has a market value of $898.41M while its EPS was booked as $1.02 in the last 12 months. The stock has 260.41M shares outstanding. In the profitability analysis, the company has gross profit margin of 84.90% while net profit margin was 35.40%. Beta value of the company was 1.52; beta is used to measure riskiness of the security. Analyst recommendation for this stock stands at 2.00.

Murphy Oil Corporation (MUR) recorded net income, attributable to Murphy, of $39.0M, or $0.23 per diluted share, for the first quarter 2019. The company reported adjusted net income, which excludes both the results of suspended operations and certain other items that affect comparability of results between periods, of $27.0M, or $0.15 per diluted share. The adjusted income from continuing operations excludes the following after-tax items: a $13.0M write-off of formerly suspended exploration well costs, an $11.0M mark-to-market non-cash expense related to the valuation of potential Petrobras America Inc. (“PAI”) contingent consideration and a $10.0M charge for non-recurring PAI transition service fees. Details for first quarter results can be found in the attached plans.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations attributable to Murphy, totaled $311.0M, or $23.00 per barrel of oil equivalent (BOE) sold. Adjusted earnings before interest, taxes, depreciation, amortization and exploration expenses (EBITDAX) from continuing operations attributable to Murphy, totaled $330.0M, or $24.43 per BOE sold.

Production from continuing operations in the first quarter averaged 148.0K barrels of oil equivalent per day (MBOEPD) with production from suspended operations averaging 44 MBOEPD. Production from continuing operations was below plan because of the following reasons; North American onshore business production was lower than expected by 4,400 BOEPD, with the majority in the Eagle Ford Shale where 3,500 BOEPD was because of a noteworthy delay in the execution of a ten well pad together with offset frac impacts. Production levels were also influenced by higher than planned downtime at key facilities together with historically higher than normal failure rates on artificial lift systems that influenced high volume wells. The onshore Canada business was lower than expected by 900 BOEPD due mainly to third party mid-stream specification constraints causing production from three new high-rate Kaybob Duvernay wells to be shut in coupled with cold weather in the region causing unplanned shut ins. The North American offshore business had a negative variance of 2,100 BOEPD of which 1,500 BOEPD was the result of a royalty adjustment because of cumulative production levels in a newly attained Gulf of Mexico field, and lower than planned production levels at other smaller Gulf of Mexico fields.

FINANCIAL POSITION:

As of March 31, 2019, the company had $2.80B of outstanding long-term, fixed-rate notes, $325.0M of borrowings on the $1.60B unsecured senior credit facility, and about $286.0M in cash and cash equivalents, net to Murphy at quarter end. The fixed-rate notes had a weighted average maturity of 7.5 years and a weighted average coupon of 5.5 percent.

The Company offered net profit margin of 12.50% while its gross profit margin was 83.50%. ROE was recorded as 6.80% while beta factor was 2.04. The stock, as of recent close, has shown the weekly downbeat performance of -4.56% which was maintained at -10.43% in this year.

Parker Drilling Company (PKD) reported a net loss of $90.20M or a $9.63 loss per common share on revenues of $157.40M. First quarter Adjusted EBITDA was $28.40M.

Consolidated:

General and administrative expenses were $8.10M for the 2019 first quarter. Total liquidity at the end of the quarter, exclusive of $21.40M restricted cash, was $153.00M, consisting of $127.80M in unrestricted cash and cash equivalents and $25.20M available under the Company’s credit facility.

Capital expenditures in the first quarter were $9.20M, primarily geared to the Company’s Rentals Tools Services business.

PKD has a market value of $288.34M while its EPS was booked as $-21.62 in the last 12 months. The stock has 15.12M shares outstanding. In the profitability analysis, the company has gross profit margin of 7.10% while net profit margin was -35.40%. Analyst recommendation for this stock stands at 2.50.

Noble Energy, Inc. (NYSE: NBL) reported a first quarter net loss attributable to Noble Energy of $313.0M, or $0.65 per diluted share. Net loss counting non-controlling interest was $289.0M. Excluding items impacting comparability, the Company generated an adjusted net loss and adjusted net loss per share attributable to Noble Energy for the quarter of $44.0M, or $0.09 per diluted share. Adjusted EBITDAX was $562.0M, and cash offered by operating activities was $528.0M.

First quarter 2019 organic capital investments attributable to Noble Energy included $487.0M related to U.S. onshore upstream activities and $37.0M for midstream activities funded by the Company. These amounts were lower than anticipated as a result of reduced well costs and facility expenditures. The Company also invested $132.0M in the Eastern Mediterranean, mainly for the development of the Leviathan project. Noble Energy’s acquisition capital for the first quarter amounted to $39.0M, which mainly represented U.S. onshore exploration acreage capture.

Total Company sales volumes for the first quarter 2019 were 337.0K barrels of oil equivalent per day (MBoe/d). Total Company liquids sales volumes (crude oil and natural gas liquids) averaged 190.0K barrels per day (MBbl/d) for the first quarter 2019, or 56 percent of total volumes. The Company’s U.S. onshore assets produced 75 percent of sales volumes, Equatorial Guinea (E.G.) represented 13 percent and Israel comprised 12 percent. Each business unit in the U.S. onshore performed in line or above expectation while International volumes benefitted from high demand in Israel and shorter than anticipated facility maintenance in E.G.

NBL has the market capitalization of $9.95B and its EPS growth ratio for the past five years was -16.90%. The return on assets ratio of the Company was -4.30% while its return on investment ratio stands at 0.40%. Price to sales ratio was 2.16.

For the first quarter of 2019, Northwest Natural Holding Company, (NWN) reported that net income from continuing operations increased $1.40M to $43.40M (or $1.50 per share), compared to net income from continuing operations of $42.00M (or $1.46 per share) for the same period in 2018. Results reflected higher margin due to new natural gas rates in Oregon and customer growth, partially offset by a regulatory pension disallowance from the final order in the Oregon general rate case and higher operations and maintenance expense.

Excluding the regulatory pension disallowance, on a non-GAAP basis adjusted net income from continuing operations for the first quarter of 2019 was $50.00M (or $1.73 per share) or an increase of $8.00M compared to the same period in 2018. Results reflected higher margin from new natural gas rates in Oregon and customer growth, partially offset by higher operations and maintenance expense.

BALANCE SHEET AND CASH FLOWS:

During 2019, the Company generated $104.80M in operating cash flow and invested $48.80M of capital expenditures in our natural gas distribution segment to support growth, safety, and technology and facility upgrades. Net cash provided by operations was relatively flat mainly due to timing of higher collections from colder than average weather offset by higher gas prices. Cash used in financing activities increased $14.30M primarily due to higher short-term debt balances in 2019.

The Company continues to expect capital expenditures for 2019 to be in the range of $230 to $270.0M to support gas utility customer growth and safety and reliability, as well as several projects. The total capital investment for the five-year period from 2019 to 2023 is expected to range from $850 to $950.0M, with a majority of the investment supporting continued customer growth, natural gas distribution system maintenance and improvements, investments in a new headquarters building and technology, and utility gas storage facility maintenance.

The Company offered net profit margin of 9.40% while its gross profit margin was 60.90%. ROE was recorded as 8.60% while beta factor was 0.24. The stock, as of recent close, has shown the weekly downbeat performance of -0.42% which was maintained at 14.74% in this year.

Public Service Enterprise Group (PEG) reported net income for the first quarter of 2019 of $700.0M, or $1.38 per share as compared to Net Income of $558.0M, or $1.10 per share, in the first quarter of 2018.  Non-GAAP Operating Earnings for the first quarter of 2019 were $547.0M, or $1.08 per share, compared to non-GAAP Operating Earnings for the first quarter of 2018 of $492.0M, or $0.97 per share. Non-GAAP results for the first quarter exclude items such as the recognition of net unrealized gains on Nuclear Decommissioning Trust (NDT) equity securities, and Mark to Market (MTM) gains.

PEG has the market capitalization of $31.20B and its EPS growth ratio for the past five years was 3.00%. The return on assets ratio of the Company was 3.20% while its return on investment ratio stands at 6.30%. Price to sales ratio was 3.07 while 72.90% of the stock was owned by institutional investors.

Pattern Energy Group Inc. (NASDAQ & TSX: PEGI) reported net loss of $46.0M in the first quarter of 2019, compared to a net loss of $13.0M for the same period last year. The increase of $33.0M in net loss in the quarterly period was primarily attributable to a $24.0M increase in net loss at the operating business segment, mainly due to losses at existing projects, divestitures in 2018, derivative losses and a $10.0M increase in the share of net loss at the development investment segment, which included impairment expense and increased cost of development including legal, professional and related party administrative expense.

Pattern Energy sold 2.115M megawatt hours (“MWh”) of electricity on a proportional basis in the first quarter of 2019, compared to 2.135M MWh sold in the same period last year. The 1% decrease in the quarterly period was primarily due to volume decreases as a result of divestitures in 2018 and unfavorable wind conditions partially offset by volume increases due to acquisitions in 2018 and less curtailment and congestion in the first quarter of 2019.

Adjusted EBITDA decreased 6% to $98.0M for the first quarter of 2019, compared to $104.0M for the same period last year. The $6.0M decrease in the quarterly period was primarily due to decreases of $13.0M due to divestitures in 2018 and $10.0M due to losses at our development investment segment. These decreases in Adjusted EBITDA were partially offset by increases of $16.0M from new projects acquired in 2018 and $2.0M from projects fully operational in both periods.

Cash available for distribution increased 23% to $53.0M for the first quarter of 2019, compared to $43.0M for the same period last year. The $10.0M increase in the quarterly period was primarily due to increases of $9.0M from projects fully operational in both periods and $7.0M from new projects acquired in 2018, partially offset by a decrease of $6.0M due to divestitures in 2018.

PEGI has the market capitalization of $2.54B and its EPS growth ratio for the past five years was 27.40%. The return on assets ratio of the Company was -1.20% while its return on investment ratio stands at -1.10%. Price to sales ratio was 5.01 while 88.30% of the stock was owned by institutional investors.