Top Mid Day Movers (BBEP, DRQ, HFC, NOG, GTE, LUFK)
BreitBurn Energy Partners L.P. (NASDAQ:BBEP) plunged 3.17% to $17.39. The Company reported first quarter oil and natural gas sales revenues were $111.6 million. Net loss was $50.0 million or $0.76 per diluted common unit compared to net loss of $30.4 million or $0.51 per diluted common unit in the fourth quarter of 2011. Capital expenditures were $16.5 million in the first quarter of 2012. Natural gas production was 6,769 Mmcf in the first quarter.
The Partnership announced an increased cash distribution for the first quarter of 2012 of $0.4550 per common unit, to be paid on May 14, 2012.
Dril-Quip Inc (NYSE:DRQ) decreased 0.46% to $64.27 after the Company declared first quarter results. Net income was $28.8 million or $0.71 per diluted share versus net income of $21.7 million or $0.54 per diluted share in the first quarter of 2011. Total revenues were $177.1 million compared to $137.7 million in the same period in 2011. The increase in revenues was due to increased product revenues of $29.5 million and increased service revenues of $9.9 million.
HollyFrontier Corp (NYSE:HFC) is down 2.37% to $28.81. The Company posted first quarter profit of $241.7 million or $1.16 per share compared to $84.7 million or 79 cents in the prior year period. Revenue was $4.93 billion compared to $2.33 billion in the prior year period. Refinery gross margin was 17.8% from 14.8%.
Northern Oil & Gas Inc (NYSEAMEX: NOG) slipped 2.0% to $18.31. The Company reported first quarter EPS of $0.23, beating the analyst estimate of $0.24. Revenue for the quarter was $50.52 million versus the consensus estimate of $65.4 million.
Gran Tierra Energy Inc (NYSEAMEX: GTE) declined 1.49% to $5.96 after the Company declared first quarter results. Revenue and other income for the quarter increased 27% to $156.0 million. Net loss was $0.3 million compared to net income of $13.7 million or $0.05 per share in the first quarter of 2011. Average realized oil prices in the first quarter of 2012 increased by 12% to $105.36 per barrel.
Lufkin Industries Inc (NASDAQ:LUFK) slipped 7.44% to $66.92 after the Company declared first quarter results. Net earnings from continuing operations was $10.9 million or $0.34 per diluted share against $12.4 million or $0.40 per diluted share in the first quarter of 2011. Revenues increased 44% to $279.5 million.
The Company expects second quarter revenues to be in the range of $300 to $310 million and net earnings in the range $0.80 to $0.90 per diluted share.