On Thursday, Shares of Denbury Resources Inc. (NYSE:DNR), subtract -0.31% and closed at $3.24 in the last trading session. The last trading range of the stock ranges between $3.20 and $3.39. Denbury Resources Inc. (DNR) (“Denbury” or the “Company”) recently declared that as part of its ongoing succession planning process, the Board of Directors has promoted Chris Kendall to President of the Company. Mr. Kendall will assume this position from Denbury’s Chief Executive Officer, Phil Rykhoek. Mr. Kendall joined Denbury as Chief Operating Officer in September 2015, and will continue to serve in that role until a successor is named.
Phil Rykhoek, CEO of Denbury commented, “The board and I congratulate Chris on this well-deserved promotion in recognition of his noteworthycontribution to our improved operations, as evidenced by our lower costs and improved efficiencies. Chris is a pleasure to work with and I anticipate that his expanded responsibilities will further enhance our continuing efforts to increase the value of the Company for our shareholders and employees.”
Mr. Kendall has over 27 years of experience in the oil and gas industry, holding various technical and leadership roles, both international and domestic. Before joining Denbury, he spent 14 years with Noble Energy, most recently as Senior Vice President, Global Operations Services. His prior assignments at Noble Energy include serving as Vice President, Gulf of Mexico, and as Business Unit Manager and Vice President, Noble Energy Mediterranean Ltd.
KBR, Inc. (NYSE:KBR), jumped 1.95% and closed at $16.18 in the last trading session. The last trading range of the stock ranges between $15.62 and $16.23. The company’s Market capitalization is $2.59 Billion with the total Outstanding Shares of 142.48 million. KBR, Inc. (KBR) declared recently that the Company has updated earnings guidance for 2016 to reflect expected increases in costs to complete engineering, procurement and construction (“EPC”) projects.
The majority of the cost increases relate to an EPC project for an electric power-generating facility within our Non-planned business segment. As formerly declared, the Company intends to exit the fixed priced EPC business for new power projects and this project is the last within the Company’s backlog of unfilled orders. The raised forecast costs are mainly driven by subcontractor cost increases because of recent poor productivity, plan delay and changes in execution strategy. These costs stem from the impact of poor performance by the turbine supplier which continues to adversely impact construction progress. The project is about 86% complete as of September 30, 2016 with anticipated completion in the first half of 2017.
An EPC ammonia project in the Company’s Engineering & Construction business segment has continued to experience unforeseen costs during startup and commissioning related to mechanical failures of a vendor-supplied compressor and pumps. These issues have further delayed expected completion of the project to October 2016 resulting in raised construction and repair costs and the recognition of contractual liquidated damages. This project is in the final stages of completion and start-up in anticipation of performance testing.
FMC Technologies, Inc. (NYSE:FTI), gained 0.78% and closed at $30.95 in the last trading session. The last trading range of the stock ranges between $30.75 and $31.26. During the 52-week trading session the minimum price at which share price traded, registered at $22.30 and reached to max level of $35.93. FMC Technologies, Inc., together with its auxiliaries, designs, manufactures, and services technological systems and products for customers in the energy industry worldwide. It operates through Subsea Technologies, Surface Technologies, and Energy Infrastructure segments. The Subsea Technologies segment offers subsea systems for the offshore production of crude oil and natural gas; and installation, asset administration, product optimization, and well access and intervention services, in addition to inspection, maintenance, and repair services. This segment also provides electric and hydraulic work-class remotely operating vehicle, tether-administration, launch and recovery, remote manipulator arms, and modular control systems for subsea applications, in addition to support services, such as product training, pilot simulator training, spare parts, and technical assistance; and offers multiphase and wetgas meters to measure production rates of oil, water, and gas for topside and subsea applications. The Surface Technologies segment offers wellhead systems for standard and custom-engineered applications; fluid control products for the well completion and stimulation activities; and flowback, cased hole electric wireline and slickline, specialty logging, and well optimization services. The Energy Infrastructure segment provides measurement products, such as flow computers and control systems, and gas and liquid measurement systems, in addition to floating production, storage, and off-loading metering systems; and design, engineering, project administration, training, commissioning, and aftermarket services.