Business events set in Norman
Norman Public Library Central will host Business Before Hours from 8 to 9:15 a.m. Wednesday at 225 N. Webster Ave.
Two ribbon cuttings are set this week: 9 a.m. Tuesday for 5 Star Painting on the University of Oklahoma campus, 5 to 6 p.m. Thursday for the art sculpture "Unbound" at the new central public library on Acres Street by Andrews Park and 3:30 p.m. Friday for The Grateful Bud Dispensary, 230 W. Gray St.
Laredo Petroleum schedules conference call
TULSA — Laredo Petroleum Inc. will host a conference call at 7:30 p.m. Aug. 1 to discuss its second-quarter financial and operating results. The company also announced preliminary results for its commodity derivatives and its basic and diluted weighted-average shares outstanding for the second-quarter.
Laredo plans to release second-quarter earnings July 31 after the market closes. Individuals who would like to participate in the conference call can dial 877-930-8286 (international 253-336-8309) using conference code 7258021, or listen via laredopetro.com under the tab for "Investor Relations."
A telephonic replay will be available about two hours after the call Aug. 1-8. Participants may access this replay by dialing 855-859-2056.
For the three months ending June 30, Laredo expects to report a gain on derivatives of approximately $88.4 million, including approximately $15.8 million net cash received on settlements of matured derivatives, terminated derivatives and premiums paid. Basic and diluted weighted-average shares outstanding for the second quarter 2019 were about 231.406 million and 231.557 million, respectively.
Laredo Petroleum Inc. is an independent energy company with headquarters in Tulsaa. Laredo’s business strategy is focused on the acquisition, exploration and development of oil and natural gas properties, and midstream and marketing services, primarily in the Permian Basin of west Texas.
Additional information about Laredo may be found at laredopetro.com.
Enphase Energy announces conference call
FREMONT, California — Enphase Energy Inc., a global energy technology company and the world’s leading supplier of solar microinverters, announced that the company will host a conference call and webcast at 3:30 p.m. July 30 to discuss its second quarter financial results for the period ending June 30.
The live webcast can be accessed on the Enphase Energy Investor Relations website, investor.enphase.com, and a recorded version will be available approximately one hour after the call. The webcast will be archived for up to one year.
The live call number is 877-644-1284 nationally and internationally at 707-287-9355. The participant passcode is 1397564. To hear a replay of the call, dial 855-859-2056 nationally and 404-537-3406 internationally.
Enphase Energy, a global energy technology company, delivers solutions that connect solar generation, storage and management on one platform. The company revolutionized solar with its microinverter technology and produces the world’s only integrated solar plus storage solution.
Enphase has shipped more than 20 million microinverters, and over 895,000 Enphase systems have been deployed in more than 125 countries. For more information, visit enphase.com or follow the company on Facebook, LinkedIn and Twitter.
PacWest Bancorp announces results for second quarter
LOS ANGELES — PacWest Bancorp announced net earnings for the second quarter of $128.1 million, or $1.07 per diluted share, compared to net earnings for the first quarter of $112.6 million, or $0.92 per diluted share. The increase in net earnings in the second quarter included a $22.2 million pre-tax gain on the sale of securities, which contributed $0.13 per diluted share.
“We continue to see favorable results from our credit de-risking strategy with sustained improvement in our credit quality metrics. Year-to-date net charge-offs are 48 percent lower than the same period in 2018 and year-to-date credit loss provisions are 44 percent lower than the same period in 2018. Our second quarter of 2019 results produced a return on assets of 1.99 percent and a return on tangible equity of 23.15 percent,” President and CEO Matt Wagner said.
“We experienced solid loan production in the second quarter bringing our net loan growth to $515 million for the first half of 2019. However, competition for core deposits and customers desiring higher yields on their funds resulted in total deposits being flat in the first half of 2019. Core deposit generation remains a priority in order to help fund loan growth and maintain our net interest margin,” Wagner said.
Net interest income increased by $6.0 million to $260.9 million for the second quarter compared to $254.9 million for the first quarter due to a higher yield on average loans and leases, a higher balance of average loans and leases and one more day in the second quarter, offset partially by higher deposit costs.
The tax equivalent yield on average loans and leases was 6.26 percent for the second quarte compared to 6.16 percent for the first quarter. The increase in the yield on average loans and leases was due principally to loan prepayment fees being $6.3 million higher in the second quarter compared to the first quarter. The prepayment fees added 11 basis points to the second quarter loan yield and were primarily from two loans.
The overall effective income tax rate was 28.2 percent for the second quarter and 27.7 percent for the first quarter. The effective tax rate for the full year is estimated to be in the range of 27 to 28 percent.
Rosehill Resources Inc. announces conference call
HOUSTON — Rosehill Resources Inc. announced that it plans to release its second quarter financial and operating results after the market closes Aug. 8 and will host a conference call to discuss results and updates at 10 a.m. Aug. 9.
Interested parties may participate by dialing 866-601-1105 from the United States or 430-775-1347 internationally. The ID number is 9388804. The call will be available as a live webcast on the “News/Events” tab of the Investors section at rosehillresources.com. The webcast will be available for replay for at least 30 days.
Rosehill Resources Inc. is an independent oil and gas exploration company with assets positioned in the Delaware Basin portion of the Permian Basin. The company’s strategy includes the focused development of its multi-bench assets in the Northern Delaware Basin and the Southern Delaware Basin, as well as adding economic drilling inventory to support future growth.
Targa Resources announces monthly distribution on preferred units
HOUSTON — Targa Resources Partners LP announced its monthly distribution on the Partnership’s 9.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units for July.
Targa Resources Partners LP announced that the board of directors of its general partner has declared a monthly cash distribution of 18.75 cents per Series A Preferred Unit, or $2.25 per Series A Preferred Unit on an annualized basis, for July. The cash distribution will be paid Aug. 15 on all outstanding Series A Preferred Units to holders of record as of the close of business July 31.
Targa Resources Partners LP is a Delaware limited partnership formed in October 2006 by its parent, Targa Resources Corp., to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets. On Feb. 17, 2016, TRC completed the acquisition of all outstanding common units of the Partnership.
Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent midstream energy companies in North America. Targa owns, operates, acquires and develops a diversified portfolio of complementary midstream energy assets.
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