exterran holdings inc (EXH) Key Developments
Exterran Holdings Plans Acquisitions
Sep 29 15
Exterran Holdings, Inc. (NYSE:EXH) intends to make acquisitions. Brad Childers, President and Chief Executive Officer of the company said: “We remain bullish on the growth prospects of this business. Natural gas demand in the US is forecasted to continue to grow, driven by LNG, pipeline exports especially to Mexico, coal to gas switching for power, and increased industrial petrochemical use. The result of this increased demand is continued development of the vast US shale plays. We are well positioned to capture this demand growth organically, as well as through acquisitions.” He added: “We believe Exterran Corporation's growth strategy will enable it to take advantage of both organic and acquisition growth opportunities. On the organic growth side, Exterran will continue to leverage its global footprint and will focus on opportunities for both cross-selling and increasing customer and geographic penetration. With a strong balance sheet, Exterran will be positioned for opportunistic acquisitions, as well as organic growth.”
Exterran Holdings, Inc. Presents at Johnson Rice & Company 2015 Energy Conference, Sep-29-2015 12:35 PM
Sep 23 15
Exterran Holdings, Inc. Presents at Johnson Rice & Company 2015 Energy Conference, Sep-29-2015 12:35 PM. Venue: Hotel Monteleone, 214 Royal St, New Orleans, LA 70130, United States. Speakers: Brad Childers, President and Chief Executive Officer.
Exterran Holdings, Inc. Enters into First Amendment to Senior Secured Credit Agreement with Wells Fargo Bank, National Association
Sep 17 15
On September 11, 2015, Exterran Holdings, Inc. announced that it has entered into the first amendment to senior secured credit agreement with Wells Fargo Bank, National Association, as Administrative Agent and the lenders party thereto. The credit agreement amendment amends the senior secured credit agreement, dated as of July 8, 2011 among the company, Wells Fargo Bank, National Association, as Administrative Agent, the other agents named therein and the lenders from time to time party thereto. Pursuant to the credit agreement amendment, the maturity date of the loans made by certain of lenders was extended from July 8, 2016 to July 8, 2017, representing a one-year extension of the availability period under the credit agreement. The commitments of the consenting lenders total approximately $780.4 million. The maturity date of the loans made by lenders that are not Consenting Lenders will remain July 8, 2016, which was the original maturity date under the credit agreement. The commitments of these lenders total approximately $119.6 million. As a result of these amendments, the credit agreement provides for a $900 million revolving credit facility that will be available until July 8, 2016 and a revolving credit facility of approximately $780.4 million that will be available from July 8, 2016 to July 8, 2017. In addition, the Credit Agreement Amendment provides for certain other amendments to the Credit Agreement. As of June 30, 2015, the company had $356.5 million in outstanding borrowings and $94.4 million in outstanding letters of credit under revolving credit facility. At June 30, 2015, taking into account guarantees through letters of credit, the company had undrawn and available capacity of $449.1 million under the revolving credit facility.
Exterran Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter Ended June 30, 2015; Reports Long-Lived Asset Impairment for the Second Quarter of 2015; Provides Earnings Guidance for the Third Quarter and Provides Net Capital Expenditures Guidance for the Full Year of 2015
Aug 4 15
Exterran Holdings, Inc. announced unaudited consolidated earnings results for the second quarter ended June 30, 2015. For the quarter, the company reported revenue of $683,832,000 against $739,270,000 a year ago. Income before income taxes was $9,277,000 against $13,964,000 a year ago. Income from continuing operations was $7,535,000 against $3,094,000 a year ago. Net loss attributable to company stockholders was $1,389,000 or $0.02 per diluted share against net income of $12,377,000 or $0.19 per diluted share a year ago. Loss from continuing operations attributable to company common stockholders was $0.03 per diluted share against $0.08 per diluted share a year ago. EBITDA, as adjusted was $162,453,000 against $161,132,000 a year ago. Net capital expenditures were $103,959,000 against $136,460,000 a year ago. The company reported diluted net income from continuing operations attributed to the company's common shareholders, excluding items, was $15.598 million or $0.22 per share in the second quarter compared to net loss from continuing operations attributed to the company's common shareholders, excluding items of $4.749 million a $0.07 loss in the prior year period. Maintenance capital expenditures for the quarter were $30 million, up from first quarter levels at $22 million. Distributable cash flow was $48.3 million in the second quarter of 2015 compared to $51 million in the first quarter of 2015. The decline is attributable the decline in distributable cash flow was largely attributable to higher maintenance capital expenditures in the second quarter, which were $15.3 million as compared to $10.1 million in the first quarter of 2015 and higher interest expense in the quarter.
For the quarter, the company reported long-lived asset impairment of $15,420,000 against $9,847,000 a year ago.
In the third quarter of 2015, the company expected depreciation and amortization expense in the $95 million to $100 million range and interest expense of approximately $28 million. For the third quarter and full year 2015, effective tax rate from net income from continuing operations attributable to parent stockholders, excluding items, is expected to be in the low to mid-40% range. On an overall CapEx spend however, in response to the more challenging market conditions and focus on maintaining cash flow, the company has reduced the 2015 growth CapEx in North America contract operations business and now expect about a 40% reduction compared to 2014 levels.
For 2015, the company continue to expects net capital expenditures to be between $400 million and $450 million, and maintenance capital expenditures of between $100 million and $110 million.
Exterran Holdings Announces Quarterly Cash Dividend, Payable on August 17, 2015
Jul 30 15
Exterran Holdings, Inc. announced that its Board of Directors has declared a dividend of $0.15 per share of common stock, a rate of $0.60 per share on an annualized basis, to be paid on August 17, 2015 to stockholders of record at the close of business on August 10, 2015.