Earnings Reporting After Market Closes -- August 5, 2014; FSLR With Big Miss, Shares Tumble;

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Reporting after the market closes:

• BKH, forecast 48 cents, big miss; misses by five cents; see below
• CLR, forecast $1.70, see below
• DAVE, forecast 36 cents, see below
• DIS, forecast $1.16, big beat; beats by 11 cents; see below
• EOG, forecast $1.37, huge beat; beats by 9 cents; $1.45; profit jumps 7%, increases dividend 34%; beats expectations; dividend of $0.1675 effective October 17, 2014
• FSLR, forecast 37 cents, see below; big miss
• FTR, forecast 5 cents, in-line; revs in-line; see below
• MPO, forecast 7 cents, huge beat; beats by 16 cents; see below
• OAS, forecast $0.74, see below; huge miss; misses by 4 cents;
• OKE, forecast 36 cents, see below
• OKS, forecast 66 cents, see below
• REXX, forecast 15 cents, beats by a penny; see below
• WPX, huge beat; beats by 11 cents; see below

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 OAS:

• Wow -- LOE ballooned from $6.65 one year ago to over $10/boe most recently; compare with KOG of $8.40; both companies said increased costs were due to delayed work caused by severe ND winter
• For the second quarter of 2014, the Company reported net income of $38.8 million, or $0.39 per diluted share, as compared to net income of $67.1 million, or $0.72 per diluted share, for the second quarter of 2013. The Company's second quarter 2014 results were impacted by several non-cash items, including a $54.2 million non-cash mark-to-market loss on derivative instruments. Excluding these items and their tax effect, the second quarter 2014 Adjusted Net Income (non-GAAP) was $70.5 million, or $0.70 per diluted share. Excluding similar non-cash items and their tax effect, Adjusted Net Income (non-GAAP) for the second quarter of 2013 was $60.1 million, or $0.65 per diluted share.
• Increased average daily production to 43,668 barrels of oil equivalent per day, a 45% increase over the second quarter of 2013 and a 6% sequential quarter increase, excluding production from Sanish.
• Grew Adjusted EBITDA to $254.7 million in the second quarter of 2014, an increase of $69.2 million over the second quarter of 2013 and a sequential increase of $14.9 million over the first quarter of 2014.
• Invested capital expenditures of $351.8 million in the second quarter of 2014.
• Completed and placed on production 41 gross (30.8 net) operated wells in the second quarter of 2014.
• Started operating Oasis Well Services' ("OWS") second fracturing fleet.

CLR: today announced second quarter 2014 operating and financial results.  Net income for the quarter ended June 30, 2014 was $104 million, or $0.56 per diluted share.  Excluding items typically excluded from published analyst estimates, adjusted net income for second quarter 2014 was $277 million, or $1.50 per diluted share, a 13% increase over adjusted net income of $246 million, or $1.33 per diluted share, for second quarter 2013.

OKE: second-quarter 2014 net income attributable to ONEOK of $61.6 million, or 29 cents per diluted share, compared with second-quarter 2013 net income attributable to ONEOK of $0.9 million, or zero cents per diluted share, which included a non-cash, after-tax charge of $71.0 million, or 34 cents per diluted share, in the former energy services segment.   

Second-quarter 2014 income from continuing operations attributable to ONEOK was $69.6 million, compared with second-quarter 2013 income from continuing operations attributable to ONEOK of $75.2 million.

BKH: today announced 2014 second quarter financial results. Net income, as adjusted, and net income were both $20 million, or $0.44 per diluted share, compared to net income, as adjusted, of $18 million, or $0.41 per diluted share, and net income of $31 million, or $0.69 per diluted share, for the same period in 2013 (net income, as adjusted, is a non-GAAP measure, and an accompanying schedule for the GAAP to non-GAAP adjustment reconciliation is provided).

FTR: today reported second quarter 2014 revenue of $1,147.3 million, operating income of $224.3 million and net income attributable to common shareholders of $37.7 million, or $0.04 per share. Excluding acquisition and integration costs of $19.9 million, acquisition-related interest expense of $7.5 million and severance costs of $0.8 million, partially offset by discrete tax items of $1.9 million (combined impact of $16.0 million after tax), non-GAAP adjusted net income attributable to common shareholders, as defined by the Company in the attached Schedule B, for the second quarter of 2014 is $53.7 million, or $0.05 per share.

OKS: today announced second-quarter 2014 net income attributable to ONEOK Partners of $214.4 million, or 54 cents per unit, compared with $202.4 million, or 62 cents per unit, in the second quarter 2013. 

Second-quarter 2014 adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) increased 15 percent to $360.9 million, compared with $315.1 million in the second quarter 2013.

REXX: Net income from continuing operations attributable to common shareholders for the three months ended June 30, 2014 was $8.1 million, or $0.15 per basic share. Net income from continuing operations attributable to common shareholders for the six months ended June 30, 2014 was $16.9 million, or $0.32 per basic share. Adjusted net income, a non-GAAP measure, for the three months ended June 30, 2014 was $8.5 million, or $0.16 per share. Adjusted net income for the six months ended June 30, 2014 was $20.3 million, or $0.38 per share.

DAVE: Diluted net income per share was $0.46 compared to $0.28, for 2013;

DIS: beats expectations; $1.28; net income jumps 22%, topping analyts' expectations;

FSLR: big miss; shares tumble;

For the recent second quarter, First Solar posted profits of $4.5 million or $0.04 cents a share, compared with $33.6 million or $0.37 cents a share in the year-earlier period. Sales grew to $544.4 from $519.7 million last year. Analysts had forecast earnings of $0.37 a share on sales of $795.9 million.

MPO: today announced its financial and operating results for the three months ended June 30, 2014. Record Adjusted EBITDA and Adjusted Net Income were driven by best-ever production volumes and lower cash operating costs.

• Reduced cash operating expenses before transaction costs to $13.63 per Boe, down 35% from $21.07 per Boe in the second quarter of 2013 and down 13% from $15.62 per Boe in the first quarter of 2014.
• Lowered lease operating and workover expenses (LOE) to $6.79 per Boe, a new record for the Company.
• Reported record Adjusted Net Income of $14.4 million, or $0.22 per share, compared with a loss of $4.2 million, or ($0.06) per share in the second quarter of 2013 and net income of $8.3 million, or $0.13 per share in the first quarter of 2014.

WPX Energy beats by $0.11, misses on revs: Reports Q2 earnings of $0.06 per share, excluding non-recurring items, $0.11 better than the Capital IQ Consensus Estimate of ($0.05); revenues fell 0.1% year/year to $814 mln vs the $887.2 mln consensus.

• WPX's oil production showed dramatic growth in the second quarter, increasing 57% year-over-year on a domestic basis, 37% on a consolidated basis that includes international volumes and 23% domestically vs. the sequential quarter.
• Domestic oil production was driven by higher volumes in the Williston Basin, which grew 53 percent year-over-year and 21 percent from first-quarter 2014. Oil production in the San Juan Basin's Gallup play also climbed 76 percent vs. the sequential quarter.