Le Lézard
Classified in: Oil industry, Business
Subject: ERN

PANHANDLE OIL AND GAS INC. Reports Fourth Quarter And Fiscal 2018 Results


OKLAHOMA CITY, Dec. 11, 2018 /PRNewswire/ -- PANHANDLE OIL AND GAS INC., the "Company," (NYSE: PHX), today reported financial and operating results for the fourth quarter and fiscal year ended Sept. 30, 2018.

Paul F. Blanchard Jr., President and CEO commented, "The fourth quarter and fiscal 2018 results reflect the execution of the Company's corporate strategy of maximizing shareholder value, maintaining a strong financial position and generating optimal cash flow. Panhandle generated $26.9 million of operating cash flow in fiscal 2018, of which $11.6 million was reinvested in drilling throughout core resource plays. The 2018 drilling program was primarily in the oil-rich Eagle Ford located in South Texas and the SCOOP and STACK plays located in western Oklahoma. The wells placed on production in 2018 exceeded the Company's internal rate of return threshold as we continue to invest in only the very best participation opportunities. We also invested an additional $11.3 million of operating cash flow acquiring mineral acreage in core resource plays in the Bakken in North Dakota and in the SCOOP and STACK in western Oklahoma. This is consistent with our strategy to acquire mineral acreage in the cores of resource plays with substantial undeveloped opportunities that meet or exceed our corporate return threshold. Even after these investments, the Company generated free cash flow and returned $3.9 million to shareholders through dividend payments and stock repurchases, while also paying down $1.2 million of debt. We are enthusiastic about our ability to generate significant cash flow moving forward given the flexibility that we have within our portfolio of assets and we will continue to be very diligent in our deployment of this cash flow with the focus of achieving the maximum value for our shareholders."

HIGHLIGHTS FOR THE YEAR ENDED SEPT. 30, 2018

 

(1)

This is a Non-GAAP measure. Refer to the Non-GAAP Reconciliation section.

 

OPERATING HIGHLIGHTS



Fourth Quarter Ended



Fourth Quarter Ended



Year Ended



Year Ended



Sept. 30, 2018



Sept. 30, 2017



Sept. 30, 2018



Sept. 30, 2017


MCFE Sold


2,940,282




3,279,204




12,271,708




11,101,739


Average Sales Price per MCFE

$

4.09



$

3.70



$

3.94



$

3.60


Barrels of Oil Sold


83,118




93,027




336,565




310,677


Average Sales Price per Barrel

$

64.74



$

46.75



$

61.75



$

46.27


MCF of Natural Gas Sold


2,088,258




2,330,838




8,721,262




8,194,529


Average Sales Price per MCF

$

2.52



$

2.71



$

2.49



$

2.70


Barrels of NGL Sold


58,886




65,034




255,176




173,858


Average Sales Price per Barrel

$

23.53



$

22.85



$

23.14



$

19.87


 

FINANCIAL HIGHLIGHTS




Fourth Quarter
Ended



Fourth Quarter
Ended



Year Ended



Year Ended




Sept. 30, 2018



Sept. 30, 2017



Sept. 30, 2018



Sept. 30, 2017


Oil, NGL and Natural Gas Sales


$

12,029,200



$

12,147,894



$

48,385,335



$

39,935,912


    Working Interest


$

8,549,466



$

9,193,709



$

35,055,167



$

29,969,017


    Royalty Interest


$

3,479,734



$

2,954,185



$

13,330,168



$

9,966,895


Lease Bonus Income


$

500,542



$

1,157,545



$

1,580,997



$

5,149,297


Total Revenue


$

11,564,543



$

12,896,932



$

45,034,264



$

46,335,049



















LOE per Mcfe


$

1.15



$

0.96



$

1.10



$

1.14


Production Tax per Mcfe


$

0.21



$

0.13



$

0.17



$

0.14


DD&A per Mcfe


$

1.45



$

1.45



$

1.50



$

1.66


G&A Expense per Mcfe


$

0.71



$

0.64



$

0.60



$

0.67


Interest Expense per Mcfe


$

0.16



$

0.12



$

0.14



$

0.11


Total Expense per Mcfe


$

3.68



$

3.30



$

3.51



$

3.72



















Net Income


$

555,647



$

1,039,134



$

14,635,669



$

3,531,933


Adjusted Pre-Tax Net Income (1)


$

870,183



$

2,400,372



$

5,826,844



$

3,276,503


Adjusted EBITDA (1)


$

5,588,487



$

8,186,064



$

25,969,985



$

23,612,179



















Cash Flow from Operations


$

5,285,992



$

6,436,955



$

26,943,894



$

20,758,192


CapEx - Drilling & Equipping


$

3,847,038



$

7,796,176



$

11,590,135



$

25,807,897


CapEx - Acquisitions


$

10,361,092



$

-



$

11,327,371



$

-



















Borrowing Base










$

80,000,000



$

80,000,000


Debt










$

51,000,000



$

52,222,000


Debt/Adjusted EBITDA (1)











1.96




2.21


Debt to Enterprise Value (1)











14.16

%



11.63

%



(1)

This is a Non-GAAP measure. Refer to the Non-GAAP Reconciliation section.

FOURTH QUARTER AND FISCAL YEAR 2018 REVIEW

Total production increased 11% in 2018 as compared to 2017. The increase was driven by strong production growth in early 2018 from several higher than average working interest wells in the southeastern Oklahoma Woodford, STACK and Eagle Ford that began producing in late 2017. Production for the last three quarters of 2018 was essentially flat as new production from royalty and relatively lower working interest wells offset the natural decline of the production base. However, higher value oil and NGL made up 29% of total production in 2018 versus 26% in 2017, as NGL production surged 47% in 2018, primarily from new production in SCOOP and STACK.

Oil, NGL and natural gas revenue increased 21% year-over-year in 2018 as production increased 11% and product prices increased 9% relative to 2017. Fourth quarter 2018 oil, NGL and natural gas revenue was essentially flat compared to the fourth quarter of 2017, as higher product prices offset lower production. Lease bonus revenue decreased to $1.6 million in 2018 from $5.1 million in 2017 as leasing of the Company's mineral acreage surrounding core resource plays slowed.

The 6% decline in total cost per MCFE in 2018 relative to 2017 was primarily driven by lower DD&A and LOE. New lower cost production put on line in late 2017 and in 2018, as well as the marginal property sales in the last two years, were the primary factors in this decrease. Fourth quarter 2018 total cost per Mcfe increased 12% as compared to fourth quarter 2017. This increase was driven mainly by significant increases in production in the 2017 quarter from lower cost wells (wells that had very high royalty interest in relation to their working interest). These wells had large initial production rates that drove the per Mcfe rate down on most expense categories. In the 2018 quarter, as expected, the production on these wells has declined from their initial rates.

The Company's net income increased $11.1 million in 2018 as compared to 2017. This was materially impacted by the Tax Cuts and Jobs Act enacted in December 2017 and the mark-to-market loss on Panhandle's derivatives. Adjusted pre-tax net income (1) was $5.8 million in 2018, as compared to $3.3 million in 2017.

The Company generated free cash flow and returned $3.9 million to shareholders through dividend payments and stock repurchases while also paying down $1.2 million of debt.

OPERATIONS UPDATE

Eagle Ford

There is one drilling rig active on Panhandle's Eagle Ford acreage block. It is currently drilling the sixth well on a seven-well pad. The Company's average working interest in this group of wells is 10.8%, as the wells are located partially on the Company's 16% working interest (12% net revenue) acreage and partially on acreage Panhandle does not own. All seven wells are projected to begin producing simultaneously in March 2019. After this pad is drilled, the operator plans to continue to drill on the Company's 16% working interest acreage with the one-rig continuous program throughout calendar 2019.

Oklahoma

Drilling activity on the Company's Oklahoma mineral acreage continues to be strong, with 22 rigs currently active on royalty interest wells and eight working interest (0.8% average per well) wells currently being completed. The majority of the activity is in SCOOP and STACK with 16 royalty interest wells drilling and the eight working interest wells being completed. The remainder of the activity is in western Oklahoma and the southeastern Oklahoma Woodford. Two 5.9% working interest (4.4% net revenue interest) wells in the southeastern Oklahoma Woodford are scheduled to begin drilling in December 2018.

Bakken

The 20 drilled uncompleted wells that were part of the Company's Bakken mineral acquisition in August have now been completed and are producing 86 Boe per day net to Panhandle. This is significant as the wells are producing at a materially higher rate than projected in our acquisition evaluation and came on more rapidly than we had projected. We currently have no working or royalty interest wells drilling in the Bakken.

ACQUISITION AND DIVESTITURE UPDATE

Panhandle re-entered the mineral acquisition market in 2018 with mineral purchases in the cores of the Bakken in North Dakota and the SCOOP and STACK plays in Oklahoma. The Company acquired a total of 4,306 net mineral acres for $11.3 million or an average of approximately $2,600 per net mineral acre. These acquisitions are consistent with Panhandle's strategy to acquire mineral acreage in the cores of resource plays with substantial undeveloped opportunities that meet or exceed our corporate return threshold.

As part of the Company's program to reduce costs, Panhandle sold 324 marginal properties in 2018. This sale contributed to the reduction in LOE per Mcfe in 2018.

The Company also closed on the first notable mineral acreage sale in its history on Nov. 30, 2018, with the sale of 206 net mineral acres in Lea and Eddy Counties, N.M. The sale price of $9.3 million (before closing adjustments) is approximately $45,000 per acre. Including the lease bonus, royalty income and sale price, those 206 acres have generated $11,328,000 in revenue, or approximately $55,000 per acre, for Panhandle in total. This sale was consistent with Panhandle's strategy to divest of mineral rights when the amount negotiated exceeds the Company's projected total value. This sale represents 0.08% of the Company's total net mineral acreage position, 0.7% of total production and 0.9% of total revenues for fiscal year 2018. This sale also includes 1.2% of our total proved reserves as of Sept. 30, 2018.

Paul F. Blanchard Jr. commented, "Panhandle's primary goal is to manage its portfolio of mineral and leasehold acreage and use its financial flexibility to maximize shareholder value on a per share basis over the long term while minimizing risks. Assets include perpetual ownership of 259,000 net mineral acres held principally in Oklahoma, New Mexico, Texas, North Dakota and Arkansas, as well as leasehold rights held primarily in the Eagle Ford and Oklahoma. Going forward, each quarter we intend to report on our progress relative to this strategy."

FINANCIALS


Statements of Operations




Three Months Ended Sept. 30,



Year Ended Sept. 30,




2018



2017



2018



2017


Revenues:

















Oil, NGL and natural gas sales


$

12,029,200



$

12,147,894



$

48,385,335



$

39,935,912


Lease bonuses and rentals



500,542




1,157,545




1,580,997




5,149,297


Gains (losses) on derivative contracts



(965,199)




(408,507)




(4,932,068)




1,249,840





11,564,543




12,896,932




45,034,264




46,335,049


Costs and expenses:

















Lease operating expenses



3,382,829




3,136,979




13,460,278




12,682,969


Production taxes



617,080




418,614




2,089,050




1,548,399


Depreciation, depletion and amortization



4,258,629




4,743,280




18,395,040




18,397,548


Provision for impairment



-




652,202




-




662,990


Loss (gain) on asset sales and other



(8,174)




7,385




102,685




105,830


Interest expense



459,675




390,210




1,748,101




1,275,138


General and administrative



2,094,857




2,083,128




7,342,441




7,441,242





10,804,896




11,431,798




43,137,595




42,114,116


Income (loss) before provision (benefit) for income taxes



759,647




1,465,134




1,896,669




4,220,933


Provision (benefit) for income taxes



204,000




426,000




(12,739,000)




689,000



















Net income (loss)


$

555,647



$

1,039,134



$

14,635,669



$

3,531,933





















































Basic and diluted earnings per common share:

















Net income (loss)


$

0.04



$

0.06



$

0.86



$

0.21




































Weighted average shares outstanding:

















Common shares



16,761,420




16,668,814




16,746,928




16,646,582


Unissued, vested directors' shares



210,310




259,301




205,736




253,603





16,971,730




16,928,115




16,952,664




16,900,185



















Dividends declared per share of common stock and paid in period


$

0.04



$

0.04



$

0.16



$

0.16


 

Balance Sheets




Sept. 30, 2018



Sept. 30, 2017


Assets









Current Assets:









Cash and cash equivalents


$

532,502



$

557,791


Oil, NGL and natural gas sales receivables, net of allowance for uncollectable accounts



7,101,629




7,585,485


Refundable income taxes



33,165




489,945


Derivative contracts, net



-




544,924


Assets held for sale



-




557,750


Other



578,880




253,480


Total current assets



8,246,176




9,989,375











Properties and equipment at cost, based on successful efforts accounting:









Producing oil and natural gas properties



427,448,584




434,571,516


Non-producing oil and natural gas properties



12,563,519




7,428,927


Other



1,529,770




1,067,894





441,541,873




443,068,337


Less accumulated depreciation, depletion and amortization



(243,257,472)




(246,483,979)


Net properties and equipment



198,284,401




196,584,358











Investments



219,109




170,486


Total assets


$

206,749,686



$

206,744,219











Liabilities and Stockholders' Equity









Current Liabilities:









Accounts payable


$

881,130



$

1,847,230


Derivative contracts, net



3,064,046




-


Accrued liabilities and other



1,791,950




1,690,789


Total current liabilities



5,737,126




3,538,019











Long-term debt



51,000,000




52,222,000


Deferred income taxes



18,088,007




31,051,007


Asset retirement obligations



2,809,378




3,196,889


Derivative contracts, net



349,970




28,765











Stockholders' equity:









Class A voting common stock, $0.0166 par value; 24,000,000 shares authorized; 16,896,881 issued at Sept. 30, 2018; 16,863,004 issued at Sept. 30, 2017



281,502




280,938


Capital in excess of par value



2,824,691




2,726,444


Deferred directors' compensation



2,950,405




3,459,909


Retained earnings



125,266,945




113,330,216





131,323,543




119,797,507


Treasury stock, at cost; 145,467 shares at Sept. 30, 2018; 184,988 shares at Sept. 30, 2017



(2,558,338)




(3,089,968)


Total stockholders' equity



128,765,205




116,707,539


Total liabilities and stockholders' equity


$

206,749,686



$

206,744,219


 

Condensed Statements of Cash Flows




Year ended Sept. 30,




2018



2017


Operating Activities









Net income (loss)


$

14,635,669



$

3,531,933


Adjustments to reconcile net income (loss) to net cash provided by operating activities:









Depreciation, depletion and amortization



18,395,040




18,397,548


Impairment



-




662,990


Provision for deferred income taxes



(12,963,000)




375,000


Gain from leasing fee mineral acreage



(1,520,262)




(5,147,957)


Proceeds from leasing fee mineral acreage



1,564,225




5,194,290


Net (gain) loss on sales of assets



660,597




94,889


Common stock contributed to ESOP



382,174




312,380


Common stock (unissued) to Directors'









Deferred Compensation Plan



301,715




358,658


Fair value of derivative contracts



3,930,175




(944,430)


Restricted stock awards



655,414




597,940


Other



6,326




(5,783)


Cash provided (used) by changes in assets and liabilities:









Oil, NGL and natural gas sales receivables



483,856




(2,298,256)


Refundable income taxes



456,780




(406,071)


Other current assets



57,752




165,557


Accounts payable



(140,600)




(103,389)


Other non-current assets



(62,295)




-


Accrued liabilities



100,328




(27,107)


Total adjustments



12,308,225




17,226,259


Net cash provided by operating activities



26,943,894




20,758,192











Investing Activities









Capital expenditures, including dry hole costs



(11,590,135)




(25,807,897)


Acquisition of minerals and overrides



(11,327,371)




-


Investments in partnerships



3,354




(23,563)


Proceeds from sales of assets



1,085,137




723,700


Net cash used in investing activities



(21,829,015)




(25,107,760)











Financing Activities









Borrowings under debt agreement



29,017,800




27,809,185


Payments of loan principal



(30,239,800)




(20,087,185)


Purchases of treasury stock



(1,219,228)




(601,853)


Payments of dividends



(2,698,940)




(2,684,001)


Net cash provided by (used in) financing activities



(5,140,168)




4,436,146


Increase (decrease) in cash and cash equivalents



(25,289)




86,578


Cash and cash equivalents at beginning of year



557,791




471,213


Cash and cash equivalents at end of year


$

532,502



$

557,791


 

Condensed Statements of Cash Flows  (continued)







Year ended Sept. 30,




2018



2017


Supplemental Disclosures of Cash Flow Information


















Interest paid (net of capitalized interest)


$

1,730,461



$

1,212,878


Income taxes paid (net of refunds received)


$

(232,782)



$

720,072











Supplemental schedule of noncash investing and financing activities:









Additions and revisions, net, to asset retirement obligations


$

17,216



$

624,893











Gross additions to properties and equipment


$

21,711,279



$

25,406,894


Net (increase) decrease in accounts payable for properties and equipment additions



1,206,227




401,003


Capital expenditures, including dry hole costs


$

22,917,506



$

25,807,897


 

Hedge Position as of Nov. 20, 2018


Period


Product


Volume Mcf/Bbl



Swap Price



Collar Average
Floor Price



Collar Average
Ceiling Price


2018


Natural Gas



130,000







$

2.77



$

3.26


2018


Natural Gas



390,000



$

2.95










2019


Natural Gas



2,950,000



$

3.11





























2018


Crude Oil



18,000







$

49.00



$

55.22


2018


Crude Oil



22,000



$

53.56










2019


Crude Oil



78,000







$

58.46



$

68.34


2019


Crude Oil



102,000



$

57.51










2020


Crude Oil



24,000







$

62.50



$

71.58


Non-GAAP Reconciliation

This news release includes certain "non-GAAP financial measures" under the rules of the Securities and Exchange Commission, including Regulation G. These non-GAAP measures are calculated using GAAP amounts in our financial statements.

Adjusted EBITDA Reconciliation

Adjusted EBITDA is defined as net income (loss) plus interest expense, provision for impairment, depreciation, depletion and amortization of properties and equipment (which includes amortization of other assets), provision (benefit) for income taxes and unrealized (gains) losses on derivative contracts. We recognize that certain investors consider adjusted EBITDA a useful means of measuring our ability to meet our debt service obligations and evaluating our financial performance. Adjusted EBITDA has limitations and should not be considered in isolation or as a substitute for net income, operating income, cash flow from operations or other consolidated income or cash flow data prepared in accordance with GAAP. Because not all companies use identical calculations, this presentation of adjusted EBITDA may not be comparable to a similarly titled measure of other companies. The following table provides a reconciliation of net income (loss) to adjusted EBITDA for the periods indicated.


Fourth Quarter
Ended



Fourth Quarter
Ended



Fiscal Year Ended



Fiscal Year Ended



Sept. 30, 2018



Sept. 30, 2017



Sept. 30, 2018



Sept. 30, 2017


Net Income (Loss)

$

555,647



$

1,039,134



$

14,635,669



$

3,531,933


Plus:
















Unrealized (gains) losses on derivatives


110,536




935,238




3,930,175




(944,430)


   Income Tax Expense (Benefit)


204,000




426,000




(12,739,000)




689,000


   Interest Expense


459,675




390,210




1,748,101




1,275,138


   DD&A


4,258,629




4,743,280




18,395,040




18,397,548


   Impairment


-




652,202




-




662,990


Adjusted EBITDA

$

5,588,487



$

8,186,064



$

25,969,985



$

23,612,179


Adjusted Pre-Tax Net Income Reconciliation

Adjusted pre-tax net income is defined as net income (loss) plus provision (benefit) for income taxes and unrealized (gains) losses on derivative contracts. We recognize that certain investors consider adjusted pre-tax net income a useful means of evaluating our financial performance. Adjusted pre-tax net income has limitations and should not be considered in isolation or as a substitute for net income, operating income, cash flow from operations or other consolidated income or cash flow data prepared in accordance with GAAP. Because not all companies use identical calculations, this presentation of adjusted pre-tax net income may not be comparable to a similarly titled measure of other companies. The following table provides a reconciliation of net income (loss) to adjusted pre-tax net income for the periods indicated.


Fourth Quarter
Ended



Fourth Quarter
Ended



Fiscal Year Ended



Fiscal Year Ended



Sept. 30, 2018



Sept. 30, 2017



Sept. 30, 2018



Sept. 30, 2017


Net Income (Loss)

$

555,647



$

1,039,134



$

14,635,669



$

3,531,933


Plus:
















Unrealized (gains) losses on derivatives


110,536




935,238




3,930,175




(944,430)


   Income Tax Expense (Benefit)


204,000




426,000




(12,739,000)




689,000


Adjusted Pre-Tax Net Income

$

870,183



$

2,400,372



$

5,826,844



$

3,276,503


 

Enterprise Value Calculation














Fourth Quarter
Ended



Fourth Quarter
Ended



Fiscal Year Ended



Fiscal Year Ended



Sept. 30, 2018



Sept. 30, 2017



Sept. 30, 2018



Sept. 30, 2017


Market Value

$

309,063,588



$

396,936,781



$

309,063,588



$

396,936,781


Debt


51,000,000




52,222,000




51,000,000




52,222,000


Enterprise Value

$

360,063,588



$

449,158,781



$

360,063,588



$

449,158,781


Panhandle Oil and Gas Inc. (NYSE: PHX) Oklahoma City-based, Panhandle Oil and Gas Inc. is an oil and natural gas mineral and leasehold acreage-focused capital allocator seeking the highest per share returns while maintaining a conservative net leverage ratio to ensure survivability and prosperity in all business and mineral commodity price cycles. The capital allocation tools include: (i) selective participation in working interest wells on its existing holdings in the highest quality, low-risk projects that are projected to exceed our corporate return threshold; (ii) aggressive leasing of its mineral holdings outside of areas of potential working interest participation; (iii) acquisition of mineral acreage, in the cores of resource plays, with substantial undeveloped opportunities that meet or exceed our corporate return threshold; (iv) divestiture of minerals with limited optionality and mineral rights when the amount negotiated exceeds our projected total value; (v) payment of quarterly dividends, with optionality for special dividends when available capital exceeds operational requirements and has no other higher shareholder return option for an extended time period; and (vi) repurchase of common shares when the share price trades at a material discount to the Company's estimated intrinsic value.

Panhandle's principal properties are located in Oklahoma, Arkansas, Texas, New Mexico and North Dakota. Additional information on the Company can be found at www.panhandleoilandgas.com.

Forward-Looking Statements and Risk Factors ? This report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include current expectations or forecasts of future events. They may include estimates of oil and gas reserves, expected oil and gas production and future expenses, projections of future oil and gas prices, planned capital expenditures for drilling, leasehold acquisitions and seismic data, statements concerning anticipated cash flow and liquidity, and Panhandle's strategy and other plans and objectives for future operations. Although Panhandle believes the expectations reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to be correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Factors that could cause actual results to differ materially from expected results are described under "Risk Factors" in Part 1, Item 1 of Panhandle's 2018 Form 10-K filed with the Securities and Exchange Commission. These "Risk Factors" include the worldwide economic recession's continuing negative effects on the natural gas business; Panhandle's hedging activities may reduce the realized prices received for oil and natural gas sales; the volatility of oil and gas prices; the Company's ability to compete effectively against strong independent oil and gas companies and majors; the availability of capital on an economic basis to fund reserve replacement costs; Panhandle's ability to replace reserves and sustain production; uncertainties inherent in estimating quantities of oil and gas reserves and projecting future rates of production and the amount and timing of development expenditures; uncertainties in evaluating oil and gas reserves; unsuccessful exploration and development drilling; decreases in the values of our oil and gas properties resulting in write-downs; the negative impact lower oil and gas prices could have on our ability to borrow; drilling and operating risks; and our inability to control activities on our properties as the Company is a non-operator.

Do not place undue reliance on these forward-looking statements, which speak only as of the date of this release, as Panhandle undertakes no obligation to update this information. Panhandle urges you to carefully review and consider the disclosures made in this presentation and Panhandle's filings with the Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that may affect Panhandle's business.

 

SOURCE PANHANDLE OIL AND GAS INC.


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SinglePoint Inc (CBOE: SING) ("SinglePoint" or "the Company") subsidiary Boston Solar, a proud partner of the Boston Red Sox and a leading provider of solar energy solutions, proudly announces their transformative solar installation project at Pelham...

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Canadian Solar Inc. (the "Company", or "Canadian Solar") , today issued the following comment: Canadian Solar recently became aware that Maxeon Solar Pte. Ltd. ("Maxeon") has filed a patent infringement lawsuit against Canadian Solar, Inc. in the...

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McDermott today announced mechanical completion of a pioneering industrial-scale biosurfactant plant for Evonik. Less than two years from contract award, Evonik has achieved initial production of Rhamnolipids, a bacterial surfactant with the...

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Ur-Energy Inc. (the "Company" or "Ur-Energy") is pleased to announce the appointment of Ryan S. Schierman as Ur-Energy's Vice President Regulatory Affairs.Ur-Energy Chairman and CEO, John Cash, stated, "We are pleased to...

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Aesthetic Management Partners LLC, a manufacturer of skin-based solutions and a provider of energy-based devices announces its collaboration with Croma (Croma-Pharma® GmbH), a global player in the minimally invasive aesthetics market and a leading...



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