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Home >> News >> News Releases >> California Resources Corporation Announces Second Quarter >>
California Resources Corporation Announces Second Quarter 2018 Results
Thursday, August 2, 2018 1:15 pm PDT
LOS ANGELES--(BUSINESS WIRE)--California Resources Corporation (NYSE:CRC), an independent California-based oil and gas exploration and production company, today reported a net loss attributable to common stock (CRC net loss) of $82 million, or $1.70 per diluted share, for the second quarter of 2018. Adjusted net loss1 for the second quarter of 2018 was $14 million, or $0.29 per diluted share.
Quarterly Highlights Include:
Generated core adjusted EBITDAX1 of $337 million excluding the impact of $68 million of cash hedging losses and $24 million of stock-based compensation expenses
Reported adjusted EBITDAX1 of $245 million including these items, and an adjusted EBITDAX margin1 of 38%
Produced 134,000 BOE per day, above the midpoint of the guidance range
Internally funded capital investments of $170 million
Drilled 48 wells with internally funded capital and 35 wells with joint venture (JV) capital
Implemented $15 million of annualized synergies from the acquired Elk Hills interests, well ahead of anticipated pace
2018 Outlook:
Increased 2018 capital budget to a range of $650 million to $700 million (including approximately $100 million or more of JV funding), subject to further adjustments based on commodity prices in the second half of the year and other developments
Incremental capital directed to drilling, workover and facilities projects in the San Joaquin, Los Angeles and Ventura basins
Third quarter 2018 production guidance of 134,000 to 138,000 BOE per day
Third quarter 2018 production forecast reflects CRC's return to a growth profile
Todd A. Stevens, CRC's President and Chief Executive Officer, said, "CRC is building sustained momentum as our experienced and pressure-tested teams continue to drive strong operational execution and as we take advantage of the breadth and diversity of our California portfolio. Our teams are driving improved efficiencies in the field and we expect to deliver value-oriented production growth through the second half of 2018. This is showcased by our ability to capture near-term synergies from the consolidation of CRC's flagship Elk Hills interests quicker than expected, in addition to solid production results we are witnessing from our drilling activity. Looking ahead, we are keenly monitoring crude oil fundamentals and commodity markets to flex our capital plans and enhance our 2019 cash flow performance. We expect our mid-cycle capital investment plan should maximize value creation through value-oriented production increases along with stronger EBITDAX growth into 2019, particularly with the modified hedging strategy."
Second Quarter 2018 Results
For the second quarter of 2018, the CRC net loss was $82 million, or $1.70 per diluted share, while adjusted net loss1 was $14 million, or $0.29 per diluted share. Adjusted net loss1 excluded $92 million of non-cash derivative losses and a net gain of $24 million on debt repurchases. These results compared to a net loss of $48 million, or $1.13 per diluted share, and an adjusted net loss of $78 million, or $1.83 per diluted share, in the prior year period. The 2018 results represented higher production and significantly higher realized oil and NGL prices offset by hedge results and higher production costs resulting from increased activity levels and equity compensation.
Total daily production volumes averaged 134,000 barrels of oil equivalent (BOE) per day for the second quarter of 2018, compared to 129,000 BOE per day for the same period in 2017, an increase of nearly 4 percent driven by the Elk Hills acquisition. This net increase included a 1,600 BOE per day negative effect on production volumes from our PSCs. For the second quarter of 2018, oil volumes averaged 83,000 barrels per day, NGL volumes averaged 16,000 barrels per day and gas volumes averaged 210,000 thousand cubic feet (MCF) per day.
Realized crude oil prices, including the effect of settled hedges, increased by $16.13 per barrel in the second quarter of 2018 to $64.11 per barrel from the prior year comparable period. Settled hedges decreased realized crude oil prices by $9.08 per barrel. Average realized NGL prices continued to be strong and registered $42.13 per barrel, reflecting a realized price that was 56% of Brent prices. Realized natural gas prices were $2.25 per MCF.
Production costs for the second quarter of 2018 were $231 million, compared to $216 million in the second quarter of 2017, an increase of $15 million primarily due to higher production from the Elk Hills acquisition of $12 million, and increased equity compensation expense of $5 million resulting from the stock price increase. On a per unit basis, second quarter production costs were $18.93 per BOE, compared to $18.34 per BOE in the prior year comparable period. Second quarter unit production costs were within the previously disclosed guidance levels, and would have been $18.52 excluding higher equity compensation expense or $0.56 per BOE lower on a sequential basis from first quarter 2018 unit production costs of $19.08. In line with industry practice for companies operating under PSCs, CRC reports gross field operating costs and only the Company's share of production volumes, which can result in higher production costs per barrel. Excluding this PSC effect, per unit production costs1 for the second quarter of 2018 would have been $17.41. General and administrative (G&A) expenses were $90 million for the second quarter of 2018, compared to $63 million in the first quarter of 2018 and $31 million higher than the prior year comparable period primarily related to higher equity compensation expense as a result of CRC's increased stock price. CRC's increased stock price added $19 million to the current year expense compared to the prior year period. The Elk Hills acquisition added another $3 million to second quarter 2018 G&A expense. The rest of the increase was mostly related to the timing of certain expenses.
CRC reported taxes other than on income of $37 million, $6 million higher than the prior year period largely due to higher property taxes as a result of commodity price increases. Exploration expense of $6 million for the second quarter of 2018 remained flat to the prior year comparable period.
Capital investment in the second quarter of 2018 totaled $170 million, excluding JV capital. Approximately $115 million was directed to drilling and capital workovers.
Cash provided by operating activities was $34 million, which included interest payments of $154 million. CRC's working capital use is larger in the second and fourth quarters of the year due to the timing of interest and property tax payments. CRC's free cash flow1 was $(136) million in the second quarter of 2018 after taking into account capital that was funded by BSP.
Six-Month Results
For the first six months of 2018, CRC net loss was $84 million, or $1.81 per diluted share, compared to net income of $5 million, or $0.12 per diluted share, for the same period of 2017. The 2018 results reflected significantly higher realized oil and NGL prices offset by hedge results and higher production costs resulting from higher activity levels, energy costs and equity compensation. The adjusted net loss1 for the first six months of 2018 was $6 million, or $0.13 per diluted share, compared with an adjusted net loss of $121 million, or $2.85 per diluted share, for the same period of 2017. The 2018 adjusted net loss excluded $99 million of non-cash derivative losses, a gain of $24 million on debt repurchases and a net $3 million charge related to other unusual and infrequent items. The 2017 adjusted net loss excluded $110 million of non-cash derivative gains, $21 million of gains from asset divestitures, a $4 million gain on debt repurchases and a $9 million charge from other unusual and infrequent items.
Total daily production volumes averaged 129,000 BOE per day in the first six months of 2018, compared with 131,000 BOE per day for the same period in 2017, a decrease of 2 percent. This decrease included a negative effect on production volumes from our PSCs of 2,000 BOE per day. Excluding production from the Elk Hills acquisition and the effect of PSC contracts, the decline from the first half of 2017 to the first half of 2018 was 4%, which is below CRC's previously reported base production decline range.
In the first six months of 2018, realized crude oil prices, including the effect of settled hedges, increased $14.35 per barrel to $63.47 per barrel from $49.12 per barrel for the same period in 2017. Settled hedges reduced 2018 realized crude oil prices by $6.88 per barrel, compared with an increase of $0.42 per barrel for the same period in 2017. Realized NGL prices increased 32 percent to $42.63 from $32.20 per barrel in the first six months of 2017. Realized natural gas prices decreased 6 percent to $2.51 per Mcf, compared with $2.68 per Mcf for the same period in 2017.
Production costs for the first six months of 2018 were $443 million, or $19.01 per BOE, compared to $427 million, or $18.02 per BOE, for the same period in 2017. The Elk Hills transaction added $12 million to the first six months' production costs, and the increase in equity compensation expense added $6 million, or $0.25 per BOE. Excluding these items, production costs were slightly lower in the current year period compared to the prior year due to efficiencies delivered. Per unit production costs, excluding the effect of PSC contracts, were $17.44 and $16.92 per BOE for the first six months of 2018 and 2017, respectively. G&A expenses for the first six months of 2018 were $153 million and for the first six months of 2017 were $122 million, with the difference almost entirely related to the increased equity compensation expense resulting from the stock price increase.
Taxes other than on income of $75 million for the first six months of 2018 were $11 million higher than the same period of 2017 primarily due to higher property taxes as a result of commodity price increases. Exploration expense of $14 million for the first six months of 2018 was $2 million higher than the same period of 2017.
Capital investment in the first six months of 2018 totaled $309 million excluding JV capital, of which $209 million was directed to drilling and capital workovers.
Cash provided by operating activities for the first six months of 2018 was $234 million and free cash flow was $(75) million after taking into account capital that was funded by BSP.
Operational Update
CRC operated an average of ten rigs during the second quarter of 2018 and drilled 83 development wells with CRC and JV capital (51 steamflood, 18 waterflood, three primary and 11 unconventional). Steamfloods and waterfloods have different production profiles and longer response times than typical conventional wells and, as a result, the full production contribution may not be experienced in the same year that the well is drilled. In the San Joaquin basin, CRC operated seven rigs and produced approximately 98,000 BOE per day for the second quarter of 2018. The Los Angeles basin had three rigs directed toward waterflood projects, and contributed 25,000 BOE per day of production in the second quarter. Production for the Ventura basin was 6,000 BOE per day and the Sacramento basin produced 5,000 BOE per day. Neither of these areas had active drilling programs in the period.
2018 Capital Budget
With stronger expected cash flows from commodity price improvements and increased production from the Elk Hills transaction, combined with synergies resulting from the transaction, CRC increased its 2018 capital program to a range from $650 million to $700 million, which includes approximately $100 million or more of JV capital, subject to further adjustments based on commodity prices in the second half of the year and other developments. This is an increase from its previously stated range of $550 million to $600 million. The incremental investment builds on the momentum created to increase second half 2018 production with a more substantial effect in 2019. The additional capital will primarily be deployed to drilling, workovers and facilities in the San Joaquin, Los Angeles and Ventura basins. As expected, CRC received funding of a third tranche of the BSP capital in the second quarter of 2018.
Debt Reduction Update
CRC continued to validate its commitment to strengthening the balance sheet. In the second quarter of 2018, CRC repurchased a total of $143 million in aggregate principal amount of the Company's outstanding debt for $118 million in cash.
Borrowing Base Redetermination
As previously disclosed, effective May 1, 2018, CRC's borrowing base under its 2014 Credit Agreement was reaffirmed at $2.3 billion.
Hedging Update
CRC continues to opportunistically seek hedging transactions to protect its cash flow, operating margins and capital program while maintaining adequate liquidity. For the first and second quarters of 2019, CRC has hedged approximately 42,000 and 37,000 barrels per day, at approximately $64 Brent and $67 Brent, respectively. In the third and fourth quarters of 2019, the Company hedged approximately 32,000 and 22,000 barrels per day, at approximately $71 and $73 Brent, respectively. A significant majority of the 2019 hedges do not contain caps, thereby providing upside to oil price movements. See Attachment 8 for more details.
CRC also purchased LIBOR interest rate caps in the second quarter of 2018 which cap the interest rate on a notional $1.3 billion at one-month LIBOR of 2.75% through May 2021.
1 See Attachment 3 for explanations of how CRC calculates and uses the non-GAAP measures of adjusted EBITDAX, core adjusted EBITDAX, adjusted EBITDAX margin, free cash flow, production costs (excluding the effects of PSC type contracts) and adjusted net income (loss), and for reconciliations of the foregoing to their nearest GAAP measure as applicable.
To participate in today's conference call scheduled for 5:00 P.M. Eastern Daylight Time, either dial (877) 328-5505 (International calls please dial +1 (412) 317-5421) or access via webcast at www.crc.com, fifteen minutes prior to the scheduled start time to register. Participants may also pre-register for the conference call at http://dpregister.com/10120726. A digital replay of the conference call will be archived for approximately 30 days and supplemental slides for the conference call will be available online in the Investor Relations section of www.crc.com.
California Resources Corporation is the largest oil and natural gas exploration and production company in California on a gross-operated basis. The Company operates its world-class resource base exclusively within the State of California, applying complementary and integrated infrastructure to gather, process and market its production. Using advanced technology, California Resources Corporation focuses on safely and responsibly supplying affordable energy for California by Californians.
This presentation contains forward-looking statements that involve risks and uncertainties that could materially affect CRC's expected results of operations, liquidity, cash flows and business prospects. Such statements include those regarding the Company's expectations as to future:
financial position, liquidity, cash flows and results of operations
business prospects
transactions and projects
operations and operational results including production, hedging, capital investment and expected value creation index (VCI)
capital budgets and maintenance capital requirements
type curves
expected synergies from acquisitions
Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. While CRC believes the assumptions or bases underlying its expectations are reasonable and makes them in good faith, they almost always vary from actual results, sometimes materially. Factors (but not necessarily all the factors) that could cause results to differ include:
commodity price changes
debt limitations on its financial flexibility
insufficient cash flow to fund planned investment or changes to our capital plan
inability to enter desirable transactions including asset sales and joint ventures
legislative or regulatory changes, including those related to drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of its products
PSC effects on production and unit production costs
effect of stock price on costs associated with incentive compensation
competition with larger, better funded competitors for and costs of oilfield equipment, services, qualified personnel and acquisitions
incorrect estimates of reserves and related future net cash flows
joint venture and acquisition activities and our ability to achieve expected synergies
the recoverability of resources
unexpected geologic conditions
changes in business strategy
inability to replace reserves
insufficient capital, including as a result of lender restrictions, unavailability of capital markets or inability to attract potential investors
effects of hedging transactions and inability to enter efficient hedges
equipment, service or labor price inflation or unavailability
availability or timing of, or conditions imposed on, permits and approvals
lower-than-expected production, reserves or resources from development projects or acquisitions or higher-than-expected decline rates
disruptions due to accidents, mechanical failures, transportation or storage constraints, natural disasters, labor difficulties, cyber attacks or other catastrophic events
factors discussed in "Risk Factors" in CRC's Annual Report on Form 10-K available on its website at www.crc.com.
Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "goal," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "target, "will" or "would" and similar words that reflect the prospective nature of events or outcomes typically identify forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
SUMMARY OF RESULTS
Second Quarter Six Months
($ and shares in millions, except per share amounts) 2018 2017 2018 2017
Statement of Operations Data:
Revenues and Other
Oil and gas sales $ 657 $ 439 $ 1,232 $ 926
Net derivative (loss) gain from commodity contracts (167 ) 43 (205 ) 116
Other revenue 59 34 131 64
Total revenues and other (a) 549 516 1,158 1,106
Costs and Other
Production costs 231 216 443 427
General and administrative expenses 90 59 153 122
Depreciation, depletion and amortization 125 138 244 278
Taxes other than on income 37 31 75 64
Exploration expense 6 6 14 12
Other expenses, net (a) 49 25 110 47
Total costs and other 538 475 1,039 950
Operating Income 11 41 119 156
Non-Operating (Loss) Income
Interest and debt expense, net (94 ) (83 ) (186 ) (167 )
Net gain on early extinguishment of debt 24 — 24 4
Gain on asset divestitures 1 — 1 21
Other non-operating expenses (5 ) (5 ) (12 ) (9 )
(Loss) Income Before Income Taxes (63 ) (47 ) (54 ) 5
Income tax — — — —
Net (Loss) Income (63 ) (47 ) (54 ) 5
Net income attributable to noncontrolling interests (19 ) (1 ) (30 ) —
Net (Loss) Income Attributable to Common Stock $ (82 ) $ (48 ) $ (84 ) $ 5
Net (loss) income attributable to common stock per share - basic $ (1.70 ) $ (1.13 ) $ (1.81 ) $ 0.12
Net (loss) income attributable to common stock per share - diluted $ (1.70 ) $ (1.13 ) $ (1.81 ) $ 0.12
Adjusted net loss $ (14 ) $ (78 ) $ (6 ) $ (121 )
Adjusted net loss per diluted share $ (0.29 ) $ (1.83 ) $ (0.13 ) $ (2.85 )
Weighted-average common shares outstanding - basic 48.2 42.4 46.3 42.4
Weighted-average common shares outstanding - diluted 48.2 42.4 46.3 42.7
Adjusted EBITDAX $ 245 $ 161 $ 495 $ 361
Effective tax rate 0 % 0 % 0 % 0 %
(a) We adopted the new revenue recognition standard on January 1, 2018 which required certain sales related costs to be reported as expense as opposed to being netted against revenue. The adoption of this standard does not affect net income. Results for reporting periods beginning after January 1, 2018 are presented under the new accounting standard while prior periods are not adjusted and continue to be reported under accounting standards in effect for the prior period. Under prior accounting standards total revenues and other for the three months and the six months ended June 30, 2018 would have been $513 million and $1,080 million, respectively, and other expenses, net for the three months and the six months ended June 30, 2018 would have been $13 million and $32 million, respectively.
Cash Flow Data:
Net cash provided (used) by operating activities $ 34 $ (13 ) $ 234 $ 120
Net cash used in investing activities $ (669 ) $ (74 ) $ (807 ) $ (74 )
Net cash provided (used) by financing activities $ 183 $ 46 $ 595 $ (49 )
Balance Sheet Data:
Total current assets $ 559 $ 483
Total property, plant and equipment, net $ 6,334 $ 5,696
Total current liabilities $ 893 $ 732
Long-term debt $ 5,075 $ 5,306
Mezzanine equity $ 735 $ —
Equity $ (645 ) $ (720 )
Outstanding shares as of 48.4 42.9
Our stock price increased $36.89 or over 430% from $8.55 as of June 30, 2017 to $45.44 as of June 30, 2018. Due to our stock price increase, we recognized a significant increase in stock-based compensation expense that is included in both general and administrative expenses and production costs as shown in the following table:
($ in millions) 2018 2017 2018 2017
General and administrative expenses
Cash-settled awards $ 19 $ — $ 22 $ 1
Equity-settled awards 4 4 7 7
Total stock-based compensation in G&A $ 23 $ 4 $ 29 $ 8
Total stock-based compensation in G&A per Boe $ 1.89 $ 0.34 $ 1.24 $ 0.34
Cash-settled awards $ 5 $ — $ 6 $ —
Total stock-based compensation in production costs $ 6 $ 1 $ 8 $ 2
Total stock-based compensation in production costs per Boe $ 0.49 $ 0.08 $ 0.34 $ 0.08
Total company stock-based compensation $ 29 $ 5 $ 37 $ 10
Total company stock-based compensation per Boe $ 2.38 $ 0.42 $ 1.58 $ 0.42
PRODUCTION STATISTICS
Net Oil, NGLs and Natural Gas Production Per Day 2018 2017 2018 2017
Oil (MBbl/d)
San Joaquin Basin 54 52 52 52
Los Angeles Basin 25 26 24 27
Ventura Basin 4 5 4 5
Sacramento Basin — — — —
Total 83 83 80 84
NGLs (MBbl/d)
Los Angeles Basin — — — —
Natural Gas (MMcf/d)
San Joaquin Basin 172 141 157 141
Los Angeles Basin 1 — 1 1
Sacramento Basin 29 33 31 33
Total 210 182 196 183
Total Production (MBoe/d) (a) 134 129 129 131
(a) Natural gas volumes have been converted to BOE based on the equivalence of energy content between six Mcf of natural gas and one Bbl of oil. Barrels of oil equivalence does not necessarily result in price equivalence.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
Our results of operations can include the effects of unusual, out-of-period and infrequent transactions and events affecting earnings that vary widely and unpredictably (in particular certain non-cash items such as derivative gains and losses) in nature, timing, amount and frequency. Therefore, management uses a measure called adjusted net income (loss) which excludes those items. This measure is not meant to disassociate items from management's performance, but rather is meant to provide useful information to investors interested in comparing our performance between periods. Reported earnings are considered representative of management's performance over the long term. Adjusted net income (loss) is not considered to be an alternative to net income (loss) reported in accordance with U.S. generally accepted accounting principles (GAAP).
We define adjusted EBITDAX as earnings before interest expense; income taxes; depreciation, depletion and amortization; exploration expense; other unusual, out-of-period and infrequent items and other non-cash items. We believe adjusted EBITDAX provides useful information in assessing our financial condition, results of operations and cash flows and is widely used by the industry, the investment community and our lenders. While adjusted EBITDAX is a non-GAAP measure, the amounts included in the calculation of adjusted EBITDAX were computed in accordance with GAAP. A version of this measure is a material component of certain of our financial covenants under our 2014 revolving credit facility and is provided in addition to, and not as an alternative for, income and liquidity measures calculated in accordance with GAAP. Certain items excluded from adjusted EBITDAX are significant components in understanding and assessing our financial performance, such as our cost of capital and tax structure, as well as the historic cost of depreciable and depletable assets. Adjusted EBITDAX should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP.
ADJUSTED NET INCOME (LOSS)
The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to common stock to the non-GAAP financial measure of Adjusted net loss and presents the GAAP financial measure of net (loss) income attributable to common stock per diluted share and the non-GAAP financial measure of Adjusted net loss per diluted share:
($ millions, except per share amounts) 2018 2017 2018 2017
Unusual, infrequent and other items:
Non-cash derivative loss (gain), excluding noncontrolling interest 92 (35 ) 99 (110 )
Early retirement and severance costs 2 — 4 3
Gain on asset divestitures (1 ) — (1 ) (21 )
Net gain on early extinguishment of debt (24 ) — (24 ) (4 )
Other, net (1 ) 5 — 6
Total unusual, infrequent and other items 68 (30 ) 78 (126 )
Net (loss) income attributable to common stock per diluted share $ (1.70 ) $ (1.13 ) $ (1.81 ) $ 0.12
DERIVATIVE GAINS AND LOSSES
($ millions) 2018 2017 2018 2017
Non-cash derivative (loss) gain, excluding noncontrolling interest $ (92 ) $ 35 $ (99 ) $ 110
Non-cash derivative loss included in noncontrolling interest (7 ) — (7 ) (1 )
Net (payments) proceeds on settled commodity derivatives (68 ) 8 (99 ) 7
Net derivative (loss) gain from commodity contracts $ (167 ) $ 43 $ (205 ) $ 116
Capital investment (188 ) (82 ) (327 ) (132 )
Free cash flow (154 ) (95 ) (93 ) (12 )
BSP funded capital investment 18 28 18 43
Free cash flow excluding BSP funded capital $ (136 ) $ (67 ) $ (75 ) $ 31
ADJUSTED EBITDAX AND CORE ADJUSTED EBITDAX
The following tables present a reconciliation of the GAAP financial measures of net income (loss) and net cash provided (used) by operating activities to the non-GAAP financial measures of adjusted and core adjusted EBITDAX.
Net (loss) income $ (63 ) $ (47 ) $ (54 ) $ 5
Interest and debt expense, net 94 83 186 167
Interest income (1 ) — (1 ) —
Unusual, infrequent and other items (a) 68 (30 ) 78 (126 )
Other non-cash items 16 11 28 25
Adjusted EBITDAX (A) $ 245 $ 161 $ 495 $ 361
Net payments (proceeds) on settled commodity derivatives 68 (8 ) 99 (7 )
Cash-settled stock-based compensation 24 — 28 1
Core Adjusted EBITDAX (b) $ 337 $ 153 $ 662 $ 355
Cash interest 154 151 215 195
Exploration expenditures 4 6 10 11
Changes in operating assets and liabilities 55 12 37 29
Other, net (2 ) 5 (1 ) 6
(a) See Adjusted Net Income (Loss) reconciliation.
(b) Core Adjusted EBITDAX removes the transitory effects of settled hedges, which in 2018 limited CRC's full price realization. Our hedging strategy for 2019 has changed and we are not putting caps on price. Similarly, the significant run-up in our stock price has had a significant effect on our equity compensation costs due to a cumulative catch-up effect. The 2018 Core Adjusted EBITDAX demonstrates our cash generation capacity, taking into account our new hedging strategy going into 2019.
ADJUSTED EBITDAX MARGIN
Total revenues and other $ 549 $ 516 $ 1,158 $ 1,106
Non-cash derivative loss (gain) 99 (35 ) 106 (109 )
Adjusted revenues (B) $ 648 $ 481 $ 1,264 $ 997
Adjusted EBITDAX Margin (A)/(B) 38 % 33 % 39 % 36 %
PRODUCTION COSTS PER BOE
($ per Boe) 2018 2017 2018 2017
Production costs $ 18.93 $ 18.34 $ 19.01 $ 18.02
Costs attributable to PSC-type contracts (1.52 ) (1.16 ) (1.57 ) (1.10 )
Production costs, excluding effects of PSC-type contracts $ 17.41 $ 17.18 $ 17.44 $ 16.92
ADJUSTED NET LOSS VARIANCE ANALYSIS
2017 2nd Quarter Adjusted Net Loss $ (78 )
Price - Oil 121
Price - NGLs 18
Price - Natural Gas (3 )
Production cost (15 )
Taxes other than on income (6 )
DD&A rate 15
Interest expense (11 )
Adjusted general & administrative expenses (30 )
Net income attributable to noncontrolling interests (18 )
All others (10 )
2017 Six-Month Adjusted Net Loss $ (121 )
Price - Oil 224 (a)
Volume (45 )
Taxes other than on income (11 )
Exploration expense (2 )
2018 Six-Month Adjusted Net Loss $ (6 )
(a) Includes cash settlement payments on commodity derivatives
CAPITAL INVESTMENTS
Internally Funded Capital $ 170 $ 45 $ 309 $ 80
BSP Funded Capital 18 37 18 52
Consolidated Reported Capital Investments $ 188 $ 82 $ 327 $ 132
MIRA Funded Capital 6 8 28 8
Total Capital Program $ 194 $ 90 $ 355 $ 140
NONCONTROLLING INTEREST DETAIL
Distributions to noncontrolling interest holders
BSP Joint Venture $ 4 $ 1 $ 17 $ 1
Ares Joint Venture 19 — 24 —
Total $ 23 $ 1 $ 41 $ 1
PRICE STATISTICS
Realized Prices
Oil with hedge ($/Bbl) $ 64.11 $ 47.98 $ 63.47 $ 49.12
Oil without hedge ($/Bbl) $ 73.19 $ 46.95 $ 70.35 $ 48.70
NGLs ($/Bbl) $ 42.13 $ 30.08 $ 42.63 $ 32.20
Natural gas ($/Mcf) (a) $ 2.25 $ 2.47 $ 2.51 $ 2.68
Index Prices
Brent oil ($/Bbl) $ 74.90 $ 50.92 $ 71.04 $ 52.79
WTI oil ($/Bbl) $ 67.88 $ 48.29 $ 65.37 $ 50.10
NYMEX gas ($/MMBtu) $ 2.75 $ 3.14 $ 2.81 $ 3.20
Realized Prices as Percentage of Index Prices
Oil with hedge as a percentage of Brent 86 % 94 % 89 % 93 %
Oil without hedge as a percentage of Brent 98 % 92 % 99 % 92 %
Oil with hedge as a percentage of WTI 94 % 99 % 97 % 98 %
Oil without hedge as a percentage of WTI 108 % 97 % 108 % 97 %
NGLs as a percentage of Brent 56 % 59 % 60 % 61 %
NGLs as a percentage of WTI 62 % 62 % 65 % 64 %
Natural gas as a percentage of NYMEX (a) 82 % 79 % 89 % 84 %
(a) See Note (a) on Attachment 1 related to our adoption of the new accounting standard related to the reporting of certain sales related costs. For the three months and six months ended June 30, 2018, the realized gas price would have been $2.06 per Mcf and $2.28 per Mcf, respectively, and the realized gas price as a percentage of NYMEX would have been 75% and 81%, respectively.
SECOND QUARTER DRILLING ACTIVITY
San Joaquin Los Angeles Ventura Sacramento
Wells Drilled (Gross) Basin Basin Basin Basin Total
Development Wells
Primary 3 — — — 3
Waterflood 3 15 — — 18
Steamflood 51 — — — 51
Unconventional 11 — — — 11
Total 68 15 — — 83
Primary — — — — —
Waterflood — — — — —
Steamflood — — — — —
Unconventional — — — — —
Total — — — — —
Total Wells (a) 68 15 — — 83
CRC Wells Drilled 36 12 — — 48
BSP Wells Drilled 2 3 — — 5
MIRA Wells Drilled 30 — — — 30
(a) Includes steam injectors and drilled but uncompleted wells, which would not be included in the SEC definition of wells drilled.
HEDGES - CURRENT
3Q 4Q 1Q 2Q 3Q 4Q FY FY
Sold Calls:
Barrels per day 6,127 16,086 16,057 6,023 991 961 503 —
Weighted-average Brent price per barrel $60.24 $58.91 $65.75 $67.01 $60.00 $60.00 $60.00 $—
Purchased Calls:
Barrels per day — — 2,000 — — — — —
Weighted-average Brent price per barrel $— $— $71.00 $— $— $— $— $—
Purchased Puts:
Barrels per day 6,922 1,851 34,793 36,733 31,676 21,623 1,506 574
Weighted-average Brent price per barrel $61.31 $51.70 $62.77 $67.40 $70.50 $73.09 $47.97 $45.00
Sold Puts:
Barrels per day 24,000 19,000 35,000 30,000 30,000 20,000 — —
Weighted-average Brent price per barrel $46.04 $45.00 $50.71 $55.00 $56.67 $60.00 $— $—
Swaps:
Barrels per day 48,000 29,000 7,000 — — — — —
Weighted-average Brent price per barrel $60.35 $60.50 $67.71 $— $— $— $— $—
A small portion of the crude oil derivatives in the table above were entered into by the BSP JV, including all of the 2020 and 2021 hedges. This joint venture also entered into natural gas swaps for insignificant volumes for periods through May 2021.
Certain of our counterparties have options to increase swap volumes by up to:
- 19,000 barrels per day at a weighted-average Brent price of $60.13 for the fourth quarter of 2018 and
- 5,000 barrels per day at a weighted-average Brent price of $70.00 for the first quarter of 2019.
In May 2018 we entered into derivative contracts that limit our interest rate exposure with respect to $1.3 billion of our variable-rate indebtedness. The interest rate contracts reset monthly and require the counterparties to pay any excess interest owed on such amount in the event the one-month LIBOR exceeds 2.75% for any monthly period prior to May 4, 2021.
2018 THIRD QUARTER GUIDANCE
Anticipated Realizations Against the Prevailing Index Prices for Q3 2018 (a)
Oil 95% to 100% of Brent
NGLs 55% to 60% of Brent
Natural Gas 100% to 110% of NYMEX
2018 Third Quarter Production, Capital and Income Statement Guidance
Production (b) 134 to 138 MBOE per day
$180 million to $200 million
Production costs (b)
$18.60 to $20.10 per BOE
Adjusted general and administrative expenses (b) & (c)
$6.60 to $6.90 per BOE
Depreciation, depletion and amortization (b) $10.05 to $10.35 per BOE
Taxes other than on income $42 million to $46 million
Exploration expense $6 million to $10 million
Interest expense (d)
$94 million to $98 million
Cash interest (d)
Income tax expense rate 0%
Cash tax rate 0%
Pre-tax 2018 Third Quarter Price Sensitivities (e)
$1 change in Brent index - Oil (f)
$1 change in Brent index - NGLs $0.9 million
$0.50 change in NYMEX - Gas $4.9 million
(a) Realizations exclude hedge effects.
(b) Based on average Q2 2018 Brent of $75.
(c) Our long-term incentive compensation programs for non-executive employees are stock-based but payable in cash. Accounting rules require that we adjust the cumulative liability for all vested but yet unpaid awards under these programs to the amount that would be paid using our stock price as of the end of each quarter. Therefore, in addition to the normal pro-rata vesting expense associated with these programs, our quarterly G&A expense could include this cumulative adjustment depending on movement in our stock price. Our stock price at June 30, 2018 was $45.44 per share, which was used for third quarter guidance. Only about 1/3 of such cumulative adjustment would result in a cash liability in the same year as the adjustment because of the pro-rata three-year vesting of our incentive compensation programs.
(d) Interest expense includes cash interest, original issue discount and amortization of deferred financing costs as well as the deferred gain that resulted from the December 2015 debt exchange. Cash interest for the quarter is lower than interest expense due to the timing of interest payments.
(e) Due to our tax position there is no difference between the impact on our income and cash flows.
(f) Amount reflects the sensitivity with respect to unhedged barrels at a Brent index price exceeding $60.00 per barrel and includes the effect of production sharing type contracts at our Wilmington field operations in Long Beach.


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Sorry i didnt email yesterday, we went to a stake sports activity yesterday for pday, and so we got time to email and shop, and do the stuff we need to get done in order to live today. lets see this last week has been pretty fun. this last week we had zone conference and it was awesome. we hiked a huge mountain behind the mission head quarters, and along the way had various spiritual messages. the topic was the sacrament, and how we can better remember its importance and utilize it in our daily lives. something that stuck out to me is how it is literally a physical tool that the lord has given to us in order for us to always remember him. consider 1 Nephi 3:7 100%true. our district also sang a musical number, and it turned out well, i do not know what the song was, but we practiced it a lot, and what is even crazier is some of the sisters in our district re-wrote part of the song, and did all this crazy stuff to it to make it sound good. they are musical geniuses. this week is transfer week, so we find out if i stay or go on thursday. ive tried to think about what might happen, but i honestly have no idea. all i know is the lords will will be done. President Barrow is so amazing. he always does what the lord wants him to do. this morning i got a call from our district leader asking me to give a talk in district meeting tomorrow. he asked me to talk about weaknesses, recognizing them, accepting them, and how through christ we can overcome them. the talk is only about halfway done now, but we will be ready. probably the best thing i have learned was in the april liahona, the is an article titled 'why weakness isnt a sin" or something like that. its truly amazing. through the grace of God and Christ we can do all things. you should all go read that article its super good. the whole magazine is. yesterday was the stake sports day,we played a lot of soccer and basketball, it was so much fun. though i do have a sunburn, and am sooooooo sore right now. but its fine. the rest of it is just work, eat. sleep, do it all again. when we were coming back from zone conference we miraculously saw one of our investigators at the bus terminal who had just dropped off the face of the earth. we are meeting him again, what a miracle, and we almost missed that bus too. there are no such things as accidents, im sure of it now. anyways, that is what is going on here in korea loving it and savoring every moment.
Hello everyone! this week went by so fast i can hardly believe it. it feels like it was just p-day, and here we are again. today we had to go to another city in our district to practice singing a song that we are going to sing in zone conference tomorrow, its a really, great song, so hard to sing, i feel bad for the sisters that are trying so hard to make it work, because me, my companion, and two other elders, which is about one third of the district, really are not the best at singing. but we try, and i think it will work out. its also raining again, so much rain. and when it does not rain it is muggy. so muggy, but the mornings are really nice. we finally finished unpacking this last week, that is awesome, it took so long. but its done.
the new house is great, i haven't taken any pictures of it yet but i intend to. also we are starting to see mosquitos. from what i have heard, in the summer there are way too many. it will be an adventure.
this week as i said has been pretty good, an investigator accepted a baptismal date today, it is set for the 27th of june. we hope al goes well. his name is Kim Jay Gue. he is a great guy. we met him in english class, and has progresses so much as we have met with him, such a blessing really. this transfer so far has just been a crazy amount of learning, and appreciating the fact that even though we all stil have miles and miles to go, the Lord has already brought us so far. and he will continue to carry us throughout our life. This gospel is truly amazing, and i love it now more than i ever have in my life.
So these last two weeks have been absolutely, crazy im sorry that i have not been able to write, we learned a lesson in time management last pday, because we did not get to email, and we also did not get to go shopping for food, but today we will get to and all will be well.
Last week was interesting, because we were moving the church, so we had a bunch of people we had planned to meet, but nowhere to meet them at, so it was very interesting. a lot of appointments fell through, but we learned a lot about how the lord provides for the needs of his children. the new church and house is absolutely amazing, the house we live in now is at least twice the size, and extremely close to the church. the location is perfect, it almost feels like a new area.
I do have one story that i want to share, so a week or two ago we were walking to our church to help, 'clean' just after moving in, but it turns out that we never cleaned or anything just walked there and back, but while we were walking to the church there was a guy that we decided to talk to and it turns out he is super amazing at english. his name is Mr. Beck and he is an a amazing man. he agreed to meet with us at a later time, and that was it after we got his contact information. yesterday we met with him and it was by far one of the greatest experiences of my mission to date. when we met with him, we talked a little about english, then he started to ask about our church. one thing led to another, and he ended up telling us how he wanted to accept our religion, and he loved the concept of it. which is amazing because he is a mensa member, a.k.a. genius and he believes in science, but he also is open to the idea of God, so we met with him, and he was so open minded and such a prepared person, he told us if he find out it is true he will join this church, so amazing. the spirit was strong, and i know he will progress. Such a blessing, it was no accident that we went to the church that night.
The rest of the mission is amazing, this week has just been crazy because we moved our house, and all spare time, has either been packing or unpacking. Elder Affleck is absolutely amazing. such a blessing to be with such a hard-working, amazing missionary. apparently there is a typhoon on its way, so we will get hit but the rain no doubt. we are ready though. wind rain, snow, whatever. the work goes onward.
It was a treat to Skype with Elder Dobbins last night. What a great Mother's day present. Elder Dobbins looks good and is in good health. He and Elder Afleck are working hard and they seem like a great fit to work together. They just moved from a one-room apartment to a two-bedroom apartment. They like it much better as it has more room to move around and separates their sleeping and studying areas. Elder Dobbins spoke Korean to us and wow, was I impressed! He's doing well. He and Elder Afleck have an investigator they call Brother Beck (they don't know his real name). He's highly intelligent - rated as a Mensa. The two elders are enjoying teaching him and getting to know him. They said he speaks English very well. They have a total of 9 investigators now, so they are keeping busy. Elder Dobbins speaks very highly of President Barrow, his Mission President.
Elder Dobbins is definitely where he needs to be at this time in his life. He is happy and learning so much. Thank you to all those who love and support Isaac. Please keep him in your prayers, especially as he continues to work hard finding people who are ready to change their lives.
Elder Affleck is from Sandy utah. He has been out for aboput 9 months. he is awesome. i love serving with him, he is extremely focused on the work, works diligently, and we have a blast all at the same time. He is such a blessing. At this point in time, we have 6 investigators, with probably about 3-4 more people that could become investigators again. thay are all former investigators, and have alot of english interest for the most part, but in all honesty there are so many people that start as english interest only, and over time end up getting baptized. English is a HUGE tool in the missionary work here. Indispensable really. We do something called the 30/30 program. It is basically 30 minutes teaching english, and 30 minutes taklking about the gospel. the program lasts for about 6 weeks, after that, if they are not progresssing, then unfortunatley we have to drop them. It is a great program though. The way our schedule is right now, we have absolutely no extra time on the week days, and all the time in the world on the week ends. as of right now there are 12 lessons scheduled for this week from tuesday to friday, the lord is blessing us exceedingly right now. we would not have this with out his help. he is truly directing the work.
Also, yesterday was so much fun. the first thing that happened is we were out street contacting and we talked to this man who owns a little store and he had so much interest, and wants us to stop by every once in a while, and that is want we will do. while we were talking to him a drunk man came up and started talking to him, so we had to leave, but as soon as we did, the drunk guy followed us, and started talking to us. he proceeded to tell us that he was drunk, and while we were talking to him we ended up giving him our cell phone number, which he put in wrong, so we just gave him a plan of salvation pamphlet just in case he wanted to talk later, when he was sober. righ as we were about to leave he started telling uis that he wanted to buy a drink for us. we told him we had to go(we had an appointment with one of the sisters investigators, thats the next story) but he was very persistent, he then grabbed my arm and tried to pull me along, but then he grabbed elder affleck, and then we were off to the same store we had just been at, and he bought us powerade. very nice man, i wish him the best of luck with his life, but it was so funny.
After that we went to meet the sisters and their investigator, and we got there first, so while we waited outside we talked to their investigator and she started to ask us about our church, and so in 5 minutes we ended up teachin the sisters investigator the first lesson, giving her a book of mormon, and commiting her to read moroni 10:3-5. BOOM!! it was fun though, and all we really did was answer her questions, but the sisters have an awesome investigator, the reason that we were meeting, is the sisters now are both korean and this investigator wants to do the english program so we helped them out. its good. anyways that is what is happening here in Geoje. So much fun. I hope all of you are having as much fun as we are. And count your blessings!!!!


Tour could be performed either in the morning or in the afternoon. You will be picked up from your hotel and proceed to an Iban longhouse known as Entulang. The ibans are the single largest tribe in Sarawak and they are traditionally live in longhouses which are actually a number of rooms linked together but sharing a common 'ruai' – a verandah were traditional ceremonies are preformed in the olden days. The ibans are the famed headhunters of Borneo and in some older longhouses, some of the skulls are still seen hanging along the ruai. You will have a chance to try the famous rice wine 'tuak' brewed locally. After tour, transfer back to hotel.


Naomi Shibai , Fujikawa-san and Studio Warp , Dubsensemania , Hush , Baby Kong , Gamera-B , Ramja , Beenie-Na , Ami , Aya , Eazzy , Yoshiyuki and Bredren , Hiroko , Maiko Megumi and One Love Babes , Ichie , Sakai-kun and Sound-Holic Crew , Ono-san and Boom Boom Bash Crew , Roy, Ichiro and Scruffy Gabi Morrigans Crew , Ojas Lounge Crew , Jaian and Kinoto Crew , Leo and Deep Impact , Oizumi-kun , Ayaka , Haru , Wakana , Maki . Jumbo Crew , Home G and Oasis Crew , Marshall Law , Homerun Sound , Thumbs Up Crew , Mame-chan and Dobuita Crew , Tetsu-san , Big-H Kudo, Lupan and Open Crew , Baba Boom , San San , Izumi-chan and Girlz Shower Crew , Toshiro and Akita Crew , Hamanda-X and Tsukuba Zion , Club Asia , Plug , Club 24 , Rastart Band , Arnaud and Bandol French Restaurant , Mad Pop Reggae , Dub School , Bodega Crew , BenTen and Irie Ai Crew , Marvin and Star Pine Crew , Smile Tomoko , Ayaka , Jun-chan , Zion High Players , Yota , Dancing Stone , Sayoko , Yahoo Band , Sensei , Tombi , Lion-no-Ana Crew , Radio Shonan , Shibuya FM , Positive Productions , Goro-san and Earthlings , Konno Hideki , Nanjaman , Akee and Saltfish , Chuck , Greg , Tuff Session , Jah Itagaki , One Love Crew , Ryosuke , Chappie , Shibuya Ongaku-san Crew , all family, friends and lovers ... and many others!!
ジャマイカ一丁目バンド Japanese Lovers' Reggae Big Band!
Earthlings Love, Peace, Courage and Hope がキーワードの Soul Reggae Band!
今野英明 Roots and Lovers Reggae Ukelele Maestro!
Natural Vintage Sound 弁才天たちの concious youth crew!! Singers and DJs, Irie event organiser!
Sound Holic 静岡でいつもいつもホットなイベントをオーガナイズするSound Holic! Maximum リスペクト to Sakai-san and the Sound Holic Crew!


Many different organic moieties can be bonded to a wide range of different silica gel particles that includes the spherical variety. However, one of the most important features to consider when choosing a bonded phase for a particular application is the reproducibility of the product. The stationary phase must obviously accomplish the separation that is required, but, unfortunately. the different bonded phases will have a limited lifetime and this may range from a few hours (if operated at extremes of pH) to several months if operated under mild conditions. Consequently, all columns will eventually need replacing and if a specific analytical procedure has been developed using a particular stationary phase, then any replacement must have as near identical chromatographic properties to the original as possible. Column reproducibility is essential for forensic analysis or for those analyses where the results will be used to ensure adherence to regulatory standards as in environmental studies, pollution studies and forensic purposes.
The literature appears to indicate that the fluidized bed method of synthesis (particularly for the brush phases) provides the more reproducible products. Unfortunately, bonded phases synthesized by the fluidized bed method are not commonly available. As a result, all new replacement columns must be carefully evaluated to ensure they meet the required analytical specifications. Specification data confirming the reproducibility of any column purchased should be available from the manufacturer but in many cases, the tests carried out by the manufacturer may not be appropriate for the particular analysis involved. Thus, each replacement column should be carefully evaluated by the analyst concerned to ensure its performance is satisfactory. In past years, reverse phase column reproducibility has been markedly poor, and although the quality and reproducibility of contemporary products have improved considerably, quality control by the user concerned still must be considered essential. The following tests are recommended as minimal for a new or replacement column and the results should be compared with the data obtained from previous columns as received.
1/ The column permeability should be measured i.e. the pressure required to produce a given flow rate (e.g. a flow rate of 1 ml per minute).
3/ The column efficiency should be measured employing a set of standard solutes. Where possible, the solutes should be selected from those likely to be present in the samples to be analyzed. Solutes eluting at (k') values of 2, 5 and 10 would be appropriate.
4/ The corrected retention volumes of a series of solutes spanning a (k') range of 1 to 20 should be measured and their retention ratios calculated.
All the measurements should fall within 5% of the specified values. However, this criteria may not be sufficiently stringent for some forensic purposes and, consequently, the tests given above should be considered as minimum requirements for litigation purposes.


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text:
Separation of the partner in the capital company
Since the modification and rewriting, there is a possibility that the right of separation can be abolished or modified through the statutes, although this requires unanimity of all partners.
For the first time, this right can be exercised at the Meeting held from the sixth financial year after the company's registration in the Commercial Register.
Furthermore, the conditions for such withdrawal are tightened in the sense that not only is it required that the shareholder has voted in favour of the distribution of the corporate profits, but also that he "has recorded in the minutes his protest at the insufficiency of the dividends recognised"; while on the other hand the minimum percentage of profits is reduced to do so from 33% to 25%.
It also introduces the need for profits to have been obtained during the previous three financial years and makes it impossible to exercise the right of separation if "the total of the dividends distributed during the last five years is at least equivalent to twenty-five percent", so that this prior distribution of profits leaves out the exercise of this right, a circumstance that did not occur with the previous wording.
This new and broad wording of article 348 bis extends the cases of this right, also recognizing this right to the partner of the dominant company, in order to avoid this majority partner blocking the distribution of dividends.
Lastly, whereas the old wording of the article only excluded listed companies from its application, the new wording extends its exclusion to five cases instead of one, namely listed companies, companies that are in bankruptcy or pre-competition proceedings, companies that have reached a refinancing agreement that satisfies the conditions and, lastly, sports companies.
In short, the new wording of article 348 bis of the Law on Capital Companies regulates in a more detailed way the right to separation of the participating shareholders, firstly because it puts an end to some of the doubts generated by the previous wording, secondly because of the new possibilities it opens up, now making it possible to eliminate or modify this right by means of the company's own articles of association, and finally because it redefines the case in fact, on the one hand extending it to the shareholders of the parent company, and on the other hand limiting it by adding new companies in which the application of the aforementioned law is impossible.
Contact us, and our lawyers specializing in business law will study your specific case.
Everything you need to know about a joint venture
A joint venture is a temporary strategic association (short, medium or long term) of organization, a grouping or alliance of persons or groups of companies that maintain their individuality and legal independence but act together under the same direction and rules.
How to successfully establish a foreign company in Spain
There are different ways to successfully establish a foreign company in Spain. Each of them will be applied to a specific situation, the project must be analyzed correctly.
Everything you need to know about the One-Person Society
What is the Unipersonal Society? What legal regime does the Unipersonal Society have? Does the sole proprietorship have to be registered in the Mercantile Registry? Is it advisable to make a Sole Shareholder Society? All these and other questions will be resolved in this post.

redpajama_set_name: RedPajamaCommonCrawl


paper, Malai murasu tamil news paper, indian maalai murasu, www maalaimalar com, malaimalar news paper tamil nadu, malaimalar news. Theekkathir, tamil-language newspaper published by Communist Party of India. Thinaboomi, tamil daily newspaper, based in Madurai, Tamil Nadu. July 31, 2017, varies with device. About Newspaper: Malai Malar is daily evening Tamil newspaper in Chennai, Salem and aqua striped paper plates Coimbatore, India. Dina Mani, daily Tamil newspaper printed in Chennai Coimbatore, India. Your e-mail address : please enter your email address, please enter valid email address. 11, 2018, varies with device. Editions : Coimbatore, Chennai, Salem, Pondicherry, Madurai, Trichy, Nagercoil and Erode. The Hindu in Tamil. Webdunia Tamil news site. Maalai Malar is a daily evening, tamil newspaper. App Package, all Versions, varies with device, oct. Virakesari is also distributed in India, Middle East, UK, Canada, USA, France, Germany, New Zealand, and Australia. It is owned by, daily Thanti group. Add your comments : please enter comments, copyright and Trade Mark Notice MalaiMurasu, All Rights Reseved. Category: Tamil Nadu Newspapers, Tamil Newspapers, comments are closed). In keeping up with its track record of offering, cutting edge innovative initiatives, m, has released a 24X7 Tamil News Current Affairs application for Android Phone and Tab Touch users.
References edit" everyone, it was founded by, jump to search. Dinakaran, march 30, adithanar in 1977 at Coimbatore and the current director maalaimalar old news papers is Sivandhi Adithanar. M Tamilnadu Today Times of Adventure Pudhuvai Oli Weekly newsaper based in Pondicherry. The free encyclopedia, popular Tamillanguage newspaper based in Chennai. Android 16 and above, varies with device, maalai Malar. It is owned by Daily Thanti group. And Salem, content Rating, daily Tamil newspaper published from Chennai Coimbatore. Jump to navigation, from Wikipedia, maalaimalar old news papers trichy, paris Tamil News site based in France.
Maalaimalar is the Leading Tamil News Website offering Tamil news, Latest.Tamil news, Tamil, newspaper live updates, Today news in Tamil and much more.5.
And Nagercoil, daily maalaimalar newspaper printed in Bengaluru, daily Thanthi. Maalai Malar has twelve editions published from. Tamil old Murasu, madurai, universal Tamil m m m IN4NET Inneram Tamil Mithran Murasoli Malai Murasu Chennai Online Athirady Pathivu Makkal Kural Punnagai Day Tamil Maalaisudar Sumanasa Tamil News Chennai Today News m m m m Puthinam News Tamilkurinji Eeladhesam News Gold Tamil Tamil Daily Vivegam. Dinasudar, and Tamil newspapers in Sri Lanka. And Krishnagiri, tamilWin Sri Lanka IBC Tamil UK Global Tamil News UK Dina Anjal Twitter page Canada Uthayan Canada See also Kannada. Salem, recipientapos, google news in Tamil 6, karnataka, coimbatore, free News Magazines App, app Info. Malar Publications Pvt, viduthalai, app Download Version, trichy. Oct, evening Tamil newspaper published daily in Chennai. S email address, tamil news coverage, varies with device, tiruppur. Virakesari, s email address please enter recipientapos, collected from different sources by Google 2017.
May 9, 2017, varies with device.It was founded.


text:
Grammy Trustees Award er en amerikansk musikpris, der uddeles af Recording Academy til "individuals who, during their careers in music, have made significant contributions, other than performance, to the field of recording, dvs. til personer der over en årrække i særlig grad har bidraget til pladeindspilninger på anden måde end som kunstnere.

Grammy Trustees Award er én af mange Grammy-priser. Den adskiller sig fra Grammy Lifetime Achievement Award, som give for kunsneriske bidrag over en hel karriere.

Modtagere af Grammy Trustees Award
Følgende personer har modtager en Grammy Trustees Award.

Se også

 Grammy priserne.

Eksterne henvisninger
 Grammy prisernes website

Trustees Award

redpajama_set_name: RedPajamaWikipedia


As the end of 2012 comes to an end, I feel it is a perfect opportunity to blog about the last year. It has been a reasonably uneventful year but it's been quite trying at the same time.
The months of January through to March were exceptionally busy months. At work that is always a busy period which was part of the reason why time went so quickly. I remember the stress levels started to increase but they were bearable so I never thought twice about it.
Downton Abbey came out on DVD in the UK and I bought my own copy from Amazon. I was so excited to be able to watch it before other Australians who were waiting for it to air on TV. In late January I got together with my bestie and we had a girl's night while our husbands got together and did whatever men do. We were all in our elements. While the men ate pizza, drank beer and played video games, my bestie and I drank champagne, ate naughty food and watched the entire series 2 of Downton Abbey. It was such a wonderful evening.
In March I had a week off of work for my husband's and my third wedding anniversary. It was a quiet week with just the two of us but it was lovely. On the day of our anniversary I cooked him a three course dinner and we exchanged presents. It was a lovely anniversary and we were happy with the knowledge that our marriage was still going strong and we were still happy.
The months of April through to June were probably the worst months of the year for me. Work was so busy and my stress levels heightened to such a level that I barely had time for anything, even writing. As I have pointed out before, writing is my life and when I can't write I get really depressed. Sadly this period was a depressing time over all. I don't remember ever being so stressed and I even became really ill as a result of it. I gradually recovered and the stress levels reduced a little but I don't think I ever really recovered.
In June I went to Perth for my Mum and Dad's 40th wedding anniversary party which was wonderful. I got to see all my family and friends again and we had a good time. Sadly when I got home I got sick again with a serious bout of tonsillitis.
The months of July through to September were not as stressful as the previous three months and were quiet overall. Sadly I was still on a low from the last quarter. The upside was having 10 days off work in September which proved to be very beneficial as it gave me some much needed time to relax and fully recover. The best part about this quarter was the birth of my new niece, Lillian Amber. My sister lives in Perth so I didn't get to see the birth but I saw plenty of pictures. She really is such a beautiful angel.
Then finally, the months of October through December were very eventful. The stress levels at work lessened somewhat but we got a new manager. This was not something I was very happy with. The new manager we got is not a very nice person and I find working under the new person is not working well. I have always enjoyed my job but as of late I'm finding I don't actually enjoy it so much. I'm a person that always adapts well to change and am able to go with the flow but for some reason I struggled, and still am struggling, to adapt to this new person. Maybe the New Year will help me adapt better.
In October I had 2 weeks off work and my husband and I went to Perth again, this time to meet our new niece. Lilly was a real little princess and to spend 10 days with her was so wonderful. My sister and brother-in-law had to work so my husband and I spent our time with little Lilly. We were happy to babysit and since we don't get to Perth often, it gave us a chance to spend some much needed time with her.
We even went to a farm in WA to visit my brother-in-law's parents. It was a lovely, quiet weekend away and it was nice to see them again as it had been a long time since I last saw them. The only downside was a few weeks after we returned home from Perth, their house burnt down. It was a sad time and I know they're still struggling but I am just glad they are safe.
Now it comes down to now. I feel I have picked up health wise after a very bad run of illness throughout the last half of the year. I am still struggling with my new manager but I am trying to keep positive and I live with the hope that things will improve in 2013.
Right at this moment I have been on holidays since the 21st December and I am enjoying the break immensely. I don't go back to work until the 7th January. Having this time off has done wonders for me, even more so than having the time off in October. I feel so relaxed, happy and refreshed and I think when I go back, things will be good.
I am also writing a novel which I have almost finished which is very exciting. It is entitled Comeuppance and I hope that it will be published within the first half of 2013. I will keep you notified through my blogs.
One little update from me though, in my last blog I wrote about the day when I wouldn't snap at anyone. I guess you would like to know how I did. Well I'm afraid to say I failed miserably. Let's put it this way: I was out shopping during the Christmas rush, I just started my monthly visitor and my husband and I had a little tiff that morning. So yeah… I didn't do too well. On saying that though, I am going to keep on trying doing better. We are imperfect humans, we're going to snap at little things but we can also be mindful of others.
Let's try not to be selfish, rather try and be more mindful of others. Let's work at things that we find difficult so that when we succeed, we have a feeling of accomplishment. If you're married, don't let the little things that nag you become big things. Talk frequently and don't argue. In conclusion, let's make 2013 a good year. My resolution is to try and control stress a little more so that I can focus on my writing. My goal is to have my first book published in either e-book format or paperback by June.
That's all from me for 2012. I'll be back in 2013. Love, hugs and best wishes.


I'm currently playing 1st trumpet for Mayhem Musical Theatre Company's production of Maury Yeston's musical Nine. The show runs until 13th November at the Arthur Cotterell Theatre in Kingston Upon Thames. See the diary for show dates or visit www.mayhemmusicaltheatrecompany.co.uk for online bookings.