This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Universal Bioenergy Announces Second Quarter 2012 Financial And Operating Results

IRVINE, Calif., Aug. 23, 2012 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc., (OTCMarkets:UBRG), a publicly traded independent diversified energy company, that markets natural gas, propane, and produces petroleum and coal, announced that it has filed its Second Quarter Report on Form 10-Q for the period ending June 30, 2012 with the Securities and Exchange Commission. The annual report contains the Company's audited financial statements, management's discussion and analysis (MD&A), its plans and future outlook and other disclosures. The following information was excerpted from the Form 10-Q Report.

Results of Operations

Our revenues for the three months period ended June 30, 2012 declined due to the following conditions in the U.S. energy market;

According to the Energy Information Administration, in its "Energy Today" Report on August 9, 2012, "Average spot natural gas prices in key regional markets, which reflect the wholesale price of natural gas at major trading points, declined about 38% to 49% during the first half (January 1 to June 30) of 2012 compared to the same period in 2011. Natural gas spot prices at the Henry Hub—a key benchmark and major trading location—averaged about $2.36 per million British thermal units (MMBtu) during the first half of 2012. Rising production, record end-of-winter storage inventories, and mild weather contributed to spot natural gas prices nearing their lowest levels in a decade until prices rebounded at most trading points to the high $2/MMBtu range by the end of June."

Specific factors contributing to lower average spot natural gas prices during the first half of 2012 include :

Supply: U.S. dry natural gas production was about 5% higher during the first half of 2012 compared to the same period in 2011, according to Bentek Energy. This growth has been largely driven by gains in the Marcellus shale, where production nearly doubled from June 2011 to June 2012.

Consumption: Overall natural gas consumption was up just over 1% through the first half of this year, so U.S. natural gas supply rose faster than consumption.

Storage: The U.S. Lower 48 states had record natural gas storage inventories at the close of the winter 2011/2012 (November 2011 through March 2012). As a result, storage operators or their customers have not needed to buy as much natural gas to inject in preparation for the upcoming winter or to manage day-to-day imbalances, and this has contributed to lower natural gas prices. Last month, total U.S. natural gas storage inventories in the Lower 48 states topped three trillion cubic feet for the first time ever during June. As of August 3, storage inventories were 14% above the five-year average.

Revenues

Our primary revenues from this period are from the sale of natural gas and propane. Our revenues for the three and six months ended June 30, 2012 were $8,620,964 and $21,628,124 respectively, as compared to $13,800,878 and $36,048,232 respectively for the same periods in 2011. 

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,120.66 +23.76 0.13%
S&P 500 2,101.15 +2.62 0.12%
NASDAQ 4,981.7590 +14.6180 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs