The company also announced that veteran corporate finance manager Don Raper has joined the company as senior vice president of finance – capital markets.
The money raised from the stock offering will be used to fund immediate expenses and “help us improve the terms and speed at which we can refinance our existing credit facility,” CEO Scott Boruff said in a prepared statement.
Here’s something you aren’t likely to hear from Republican presidential candidates – American energy independence is truly within reach. Good news doesn’t fit the campaign storyline so you can’t blame them for not touting achievements such as:
— U.S. oil production is the highest its been since 2003.
— Natural gas production is growing so fast the government may approve an export terminal.
— The U.S. could pass Russia as the world’s largest energy producer by 2020.
Miller Energy Resources has received its share of online criticism in recent months – that’s what happens when you have to refile corrected financial reports and a class-action lawsuit hangs over your head.
But in a somewhat surprising turn, the Knoxville oil company has been the subject of positive online commentary in recent days.
A report posted today on the website Seeking Alpha by an anonymous contributor called Rougemont includes Miller among a group of undervalued oil stocks.
It takes an incredibly warped sense of corporate entitlement for a company to believe it deserves taxpayer subsidies when it reports a quarterly profit of nearly $11 billion.
But that’s what we saw on Thursday when Exxon Mobil Corp. released its first quarter report. The giant oil company said it earned $10.7 billion, its largest quarterly profit since the 2008 third quarter when gasoline prices were even higher than they are now.
Along with the financial report, Ken Cohen, Exxon’s vice president for public affairs, published a lengthy statement on the company’s Perspectives blog defending Exxon’s soaring profits and blasting politicians for daring to protect taxpayers’ interests.
FedEx CEO Fred Smith has an interesting opinion piece in Fortune today calling on Congress to quit stalling and pass a bill promoting electric vehicles.
“I am not someone who tends to advocate increased government involvement in the private sector. But there is no free market for oil. This is not a market issue — it is a national security issue,” Smith writes.
With oil pushing $100 a barrel and gasoline prices up substantially from a year ago, now would be a good time for Congress to take this issue seriously.
There’s always hope, but I won’t hold my breath. Congress isn’t exactly known for being reasonable.