Petsec Energy (ASX:PSA) said today its earnings before interest, tax, depreciation, depletion, amortisation and exploration costs (EBITDAX) was US$31.3 million in 2009 calendar year.
QBE Insurance Group (ASX:QBE) said it has agreed to acquire NAU Country Insurance Company and its holding companies with US$565 million, in line with QBE's long term strategy of acquiring specialist business to further enhance its product diversification and distribution. NAU is the third largest underwriter and manager of multi-peril crop Insurance, which is a US government sponsored program to assist farmers with insurance of crops. The net tangible assets acquired will be US$217 million. QBE said the acquisition will be funded from QBE's existing resources and be earnings per share accretive in year one. The deal, subject to regulatory approvals, is expected to complete in July 2010.
Petsec Energy (ASX:PSA) said today its earnings before interest, tax, depreciation, depletion, amortisation and exploration costs (EBITDAX) was US$31.3 million in 2009 calendar year. The company's objective over the next three years is to grow from its current reserve based value of approximately US$100 million to US$500 million level or greater, predominately through exploration success and the development of five China oil fields. Petsec Energy yesterday indicated that it aims to acquire more lease blocks in the Gulf of Mexico and would consider selling its minority stake in a joint venture China National Offshore Oil Corporation in China's Beibu Gulf for the right price.
Macarthur Coal Ltd. (ASX:MCC) said Friday POSCO (SEO:005490) and ArcelorMittal (NYSE:MT), Macarthur's two major shareholder, believe a revised offer from Peabody Energy Corp. (NYSE:BTU) is worth considering, after Peabody sweetened the bid for the Australian miner with A$4.07 billion. Macarthur said its board is meeting to consider the offer.
Rio Tinto (ASX:RIO) said most of its operation continued to run at capacity. Rio Tinto said its global iron ore production in the first quarter 2010 was up 39 per cent compared with the same quarter of 2009. But the mining giant is still cautious about the short term volatility, despite strong demand from China and recovery in OECD markets. Pilbara iron ore production in first quarter, which was impacted by heavy rains, was 53 million tonnes, still up 48 per cent on the corresponding period last year.
Rio Tinto Limited
QBE Insurance Group Limited
Petsec Energy Ltd
Peabody Energy Corporation
Macarthur Coal Limited