Welcome to our dedicated page for MCF news (Ticker: MCF), a resource for investors and traders seeking the latest updates and insights on MCF stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect MCF's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of MCF's position in the market.
Contango Oil & Gas Company (MCF) reported its third-quarter results for 2020, showing a net loss of $6.8 million, an improvement from $7.8 million a year ago. Production sales surged to 1,587 Mboe, nearly triple compared to the previous year, driven by acquisitions from White Star Petroleum and Will Energy. Operating expenses were $17.2 million, below guidance, reflecting cost-saving initiatives. Adjusted EBITDAX rose significantly to $16.2 million, primarily due to increased production. The company also announced a merger agreement with Mid-Con Energy and raised $39.7 million in a private placement to strengthen its balance sheet.
Contango Oil & Gas Company (NYSE American: MCF) has rescheduled its third quarter 2020 earnings release conference call to November 16, 2020, at 4:00 PM CST. Investors can participate via a provided link or by dialing a designated phone number. A replay will be available from November 16 at 7:00 PM CST until November 23, 2020. Contango operates oil and natural gas properties in the Gulf of Mexico and several states, focusing on maximizing production and cash flow while seeking to acquire additional properties and reduce debt.
Contango Oil & Gas Company (NYSE American: MCF) will release its third quarter 2020 earnings on November 16, 2020, after the market closes. A conference call is scheduled for the same day at 5:00 pm CST to discuss the earnings report. Interested participants can join via a provided link or by dialing in. A replay will be available from 8:00 pm CST on November 16 through November 23, 2020. Contango focuses on maximizing production and cash flow from its Gulf of Mexico offshore and onshore properties across various states.
Contango Oil & Gas Company (NYSE American: MCF) announced a private placement to sell 26,451,988 shares of common stock, anticipating gross proceeds of approximately $39.7 million. The funds will be utilized for a pending merger with Mid-Con Energy Partners, LP, and for general corporate purposes including debt repayment. The closing of the transaction is expected on October 27, 2020. This announcement is part of the ongoing solicitation materials related to the proposed merger, with additional filings planned with the SEC as the process unfolds.
Contango Oil & Gas Company (MCF) announced a merger with Mid-Con Energy Partners (MCEP) in an all-stock transaction. This deal aims to enhance Contango's oil reserve exposure and corporate margins through consolidation. Mid-Con unitholders will receive 1.75 shares of Contango stock for each unit, representing a 5% premium. The merger is expected to close in late 2020 or early 2021, subject to approvals. The combined entity will increase borrowing capacity and maintain a strong balance sheet. Management emphasized the merger's potential for enhanced liquidity and financial stability.
Contango Oil & Gas Company (NYSE American: MCF) has announced a delay in its second quarter earnings due to challenges associated with COVID-19. The company filed a Form 12b-25 for an extension on its Quarterly Report on Form 10-Q, now expected to be released on August 19, 2020, before market opening. Management plans to hold a conference call at 8:00 am CDT on the same day to discuss earnings results. This proactive communication aims to keep investors informed despite operational challenges.
Contango Oil & Gas Company (NYSE American: MCF) announced the promotion of Farley Dakan to President and the appointments of Chad Roller as Senior VP – COO and Chad McLawhorn as Senior VP – General Counsel. Wilkie Colyer continues as CEO. Roller brings experience from Mid-Con Energy and Royal Dutch Shell, while McLawhorn held key roles at Mid-Con and Samson Resources. Colyer expressed confidence in the new leadership and their ability to enhance shareholder value. The Company also addressed recent registration statements regarding preferred stock conversion, emphasizing no selling activity from key insiders.
Contango Oil & Gas Company (NYSE American: MCF) reported its Q1 2020 financial results, revealing a net loss of $105.3 million, significantly increasing from a $8.6 million loss in Q1 2019. Production surged to 1,720 Mboe, a 216% rise compared to the previous year, driven by assets acquired from White Star and Will Energy. Despite challenges due to the COVID-19 pandemic, the company recorded a Recurring Adjusted EBITDAX of $14.9 million, up from $6.2 million last year. Revenue also grew to $34.6 million from $14.0 million, although average sales prices for oil and gas decreased by 23% due to market volatility.
Contango Oil & Gas Company (NYSE American: MCF) will present at the 2020 J.P. Morgan Energy, Power & Renewables Conference on June 17, 2020, at 5:00 PM EDT (4:00 PM CDT). The presentation will be held virtually, along with investor meetings. A copy of the presentation will be accessible on the company's Investor Relations webpage before the market opens on the same day. Based in Houston, Texas, Contango focuses on maximizing production from its Gulf of Mexico and onshore properties in Oklahoma, Texas, and Wyoming.
Contango Oil & Gas Company (NYSE American: MCF) announced a Credit Agreement Amendment on June 9, 2020, reducing its borrowing base to $95 million, reflecting declining commodity prices. Despite the amendment, the company maintains a good relationship with its banks. In Q1 2020, Contango produced an estimated 18,900 barrels of oil equivalent per day, significantly up from 5,893 in Q1 2019. However, the Iron Flea exploratory prospect was unsuccessful. Q2 production guidance is lower, ranging from 13,000 to 16,000 barrels due to normal decline rates. Earnings will be released on June 22, 2020.
