Doral Financial (DRL) Gives Update on Status of Its Capital Plan Oct 1, 2014 05:25PM

Doral Financial Corporation (NYSE: DRL) announced today that it is updating its capital plan and contingency plan to reflect the recent series of asset sales and status of its litigation against the Government of Puerto Rico.

Doral maintains readily available liquidity sources of approximately $1B, which is adequate liquidity to continue to operate its business and serve its clients both in the Puerto Rico and US markets.

The recent prompt corrective action letter from the Federal Deposit Insurance Corporation ("FDIC") requiring Doral Bank to file capital restoration and contingency plans refers to requirements imposed by the FDIC with respect to formal written documents that must be submitted by the Bank to the FDIC. The contents of the letter did not materially change the requirements imposed on Doral Bank in the prior FDIC prompt corrective action letter sent to Doral Bank on June 12, 2014.

During the past months, Doral has announced and executed various asset sales, part of the capital plan to comply with its regulatory requirements. Given that transactions that form the basis for these plans have only recently been completed or are still underway, information for the capital plan is still being developed and finalized.

Furthermore, a significant factor for the Company's capital plan is the recovery of $229 million in capital as part of a 2012 closing agreement with the Government of Puerto Rico, which was unilaterally annulled and its resolution is the subject of an ongoing litigation. Recovery of all or a significant portion of the outstanding tax receivables is expected to have a material positive impact on Doral Bank's capital position for purposes of its capital plan.

Doral Bank has maintained communication with the FDIC and will continue these efforts to keep the FDIC apprised of the development of its written capital restoration and contingency plans. Once Doral Bank has consummated the last of the transactions that are underway, and which are subject to compliance with regulatory requirements, Doral Bank intends to embody the information already provided to the FDIC in a formal written capital restoration plan and a contingency plan reflecting the then-operating size and business activities of Doral Bank and to submit those written plans to the FDIC to satisfy FDIC requirements.


Doral Financial (DRL) Reports Liquidity of $1 Billion, Says PCA Letter Didn't Materially Change Requirement Oct 1, 2014 05:23PM

As disclosed in a Form 8-K filed by the Company with the Securities and Exchange Commission on October 1, 2014, Doral Financial (NYSE: DRL) received a second prompt corrective action (PCA) letter, dated September 26, 2014, from the Federal Deposit Insurance Corporation (FDIC). That letter did not materially change the requirements imposed on Doral Bank from a prior prompt corrective action letter dated June 12, 2014. The September PCA letter informs Doral Bank that the FDIC has not yet received the capital restoration and contingency plans required by the consent order between Doral Bank, the FDIC and the Puerto Rico Commissioner of Financial Institutions.

The recent PCA letter requiring Doral Bank to file capital restoration and contingency plans refers to requirements imposed by the FDIC with respect to formal written documents that must be submitted by Doral Bank to the FDIC. Given that transactions that form the basis for these plans have only recently been completed or are still underway, information for the plans is still being developed and finalized. Doral Bank continues to keep the FDIC apprised of the development of its written capital restoration and contingency plans. Once Doral Bank has consummated the last of the transactions that are underway, and which are subject to compliance with regulatory requirements, Doral Bank intends to embody the information already provided to the FDIC in a formal written capital restoration plan and a contingency plan reflecting the then-operating size and business activities of Doral Bank and to submit those written plans to the FDIC to satisfy FDIC requirements.

Doral Bank maintains readily available liquidity sources of approximately $1B, which is adequate liquidity to continue to operate its business and serve its clients both in the Puerto Rico and US markets.


Glacier Bancorp (GBCI) CEO to Retire Oct 1, 2014 05:08PM

Glacier Bancorp, Inc. (Nasdaq: GBCI) today announced that it has retained a leading executive search firm to advise the Board of Directors on potential internal and external candidates for a successor to Michael J. Blodnick as President and Chief Executive Officer. To enable an orderly and effective leadership transition, Mr. Blodnick has advised the Board well in advance of his intention to retire.

Mr. Blodnick will continue to serve as President and Chief Executive Officer until a successor is named and the successful transition of responsibilities has been achieved. The Board has retained Spencer Stuart, an executive search firm with extensive experience in CEO transitions, to advise the Board on potential internal and external candidates for a successor President and Chief Executive Officer.

Mr. Blodnick said, "I am pleased that we are retaining an experienced search firm to assist us in this important process. I'm confident we will identify an excellent successor to lead Glacier for many years to come."

Dallas I. Herron, Chairman of the Board, said, "Mick has dedicated his career to Glacier and making it the high quality company it is today. While he will leave big shoes to fill, he has helped establish a culture of service and performance which will serve as a sound foundation for his successor."

The Board expects to identify and hire a successor by mid-2015. Mr. Blodnick has agreed to remain with Glacier and work with his successor for a timeframe and in a capacity to be determined by the Board to ensure a smooth leadership transition. "After 37 years with Glacier, I have every intention of getting this right for our shareholders, employees and customers," said Mr. Blodnick.


Murphy Oil (MUR) Declares $0.35 Quarterly Dividend; Updats on Operations; Announces Exec Changes Oct 1, 2014 05:08PM

Murphy Oil (NYSE: MUR) declared a quarterly dividend of $0.35 per share, or $1.4 annualized.

The dividend will be payable on December 1, 2014, to stockholders of record on November 14, 2014, with an ex-dividend date of November 12, 2014.

The annual yield on the dividend is 2.5 percent.

n an operational update, the Company confirmed the successful closing on the sale of the U.K. retail gasoline network on September 30, 2014 to Motor Fuel Group. The sale of the Milford Haven refinery remains on track to close on October 31, 2014.

With the completed disposition of the U.K. retail system and the pending close of the Milford Haven refinery sale, Tom McKinlay, Executive Vice President - U.K. Downstream, will be leaving the Company, effective November 1, 2014, to pursue other opportunities. McKinlay joined Murphy in 1991 and has held several positions within the Company`s downstream business.

Bill H. Stobaugh, Executive Vice President Corporate Planning and Business Development, who has stewarded the sales process of the U.K. downstream business at the corporate level, will retire from the Company effective March 1, 2015, after nearly 20 years of service. Stobaugh joined Murphy Oil Corporation in May 1995 as Vice President, Corporate Planning in El Dorado, Arkansas. He was promoted to Senior Vice President, Corporate Planning in May 2005 and was named to his current position in 2012.

Roger Jenkins, President and Chief Executive Officer commented, "We are pleased to conclude the sale of the U.K. retail business and expect to complete the Milford Haven refinery divestiture in the near term." Jenkins added, "We appreciate Tom`s contributions over his many years with the Company and wish him well in his future endeavors. Bill has served the Company well leading our planning initiatives for many years and most recently managed the U.K. sales process for us. I wish him well in his well-deserved retirement."

In other operations, the sidetrack of the Titan-1 well has been plugged and abandoned after failing to encounter hydrocarbons. The sidetrack, along with the original Titan-1 well, will incur a pretax dry hole expense of approximately $66 million in the third quarter of this year. Murphy also reiterates our third quarter production guidance of 225,000 barrels of oil equivalent per day and our previously disclosed annual guidance.

In other business, the Board of Directors approved the following executive management succession:

Kevin G. Fitzgerald, Executive Vice President and Chief Financial Officer, will retire effective March 1, 2015, after nearly 33 years of service. Mr. Fitzgerald joined the Murphy enterprise in 1982 as Assistant Treasurer of the Company`s contract drilling subsidiary in New Orleans. In 1996, he was named Director, Investor Relations, then promoted to Treasurer in 2001. Mr. Fitzgerald was promoted to Senior Vice President and Chief Financial Officer in 2007. He was named to his current position in 2011.

John W. Eckart, currently Senior Vice President and Controller, will succeed Mr. Fitzgerald as Executive Vice President and Chief Financial Officer effective March 1, 2015. Eckart joined Murphy in 1990 as Auditing Manager and was promoted to Assistant Controller in 1995. He was named Controller in 2000 and was promoted to Vice President and Controller in 2007. He was promoted to his current role in 2011. He holds a bachelor`s degree in Accounting from the University of Arkansas and is a Certified Public Accountant.

Roger Jenkins said, "On behalf of the Company, I want to thank Kevin for his many years of service and wish him well in retirement. Kevin has provided sound advice and guidance to managing the financial affairs and investor relations of the Company, and his contributions will be greatly missed." Jenkins continued, "We welcome John to his new role as Executive Vice President and Chief Financial Officer. John has been with the Company for many years and the transition will be seamless."

For a dividend history and other dividend-related data on Murphy Oil (MUR) click here.


Kosmos Energy (KOS) Sees Q3 Oil Revenue of $130-$140M Oct 1, 2014 05:07PM

Kosmos Energy Ltd. (NYSE: KOS) today provided an operational and financial update in advance of releasing its third quarter 2014 results.

As a result of the continued strong production from the Jubilee field, gross production has averaged approximately 103,000 barrels of oil per day (bopd) for the first nine months of 2014. Accordingly, the company completed its seventh lifting of crude oil for the year on October 1, 2014. Due to the timing of this lifting which extended over both the third and fourth fiscal quarters, 49 percent of the oil volumes will be recognized in the company’s current fiscal quarter ended September 30, 2014 and the remainder will be recognized in the fiscal quarter ending December 31, 2014. The company estimates oil revenues for the third fiscal quarter of 2014 to be between $130 million to $140 million.

In addition, the company expects to record a mark-to-market gain of between $37 million and $42 million on its commodity derivative positions during the fiscal quarter ended September 30, 2014 as a result of a decrease in the dated Brent forward curve. Currently, the company has approximately 10 million barrels of forward production hedged through 2016.


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