Energy

Time charter equivalent rates standardize charterEarningsacross voyages and contract types, so investors can compare the fleet's earning power over time. The $96,990 figure is the key input intoRevenueandCash Flowfor a company whose fleet is largely employed on charter, and it is the metric to …

Natural gas producers earnRevenuefrom gas and liquids sales, and their margins depend onCommodityprices, production volumes and operating costs. Because drilling and completion costs are front-loaded, producers often report depreciation, depletion andImpairmentcharges that reduce reported net income while cash generation stays intact. EBITDAX, which adds …

Third-quarter revenues totaled $1.1 billion.Revenuefor aCommodityproducer depends on theVolumeshipped and the price realized, and the release cites weather-related shipment delays as aFactorthat dampened quarter-over-quarter comparisons. Delayed shipments can move revenue from one quarter into another without changing the underlying demand.

The gap between reported and adjusted earnings in the quarter was small compared with the gap in the prior-year period, which shows that the tax reserveReversalhad a comparatively limited effect on the headline figure once the special items are excluded. Readers comparing the two …

Energy and industrial distributorsSupplypipe, valves, fittings and related equipment to oil and gas producers, utilities and industrial customers. Their sales track drilling and maintenance activity, which responds toCommodityprices, producer budgets and the pace of infrastructure projects. Distributors earn a spread on each product, so …

For midstream partnerships,Depreciationof pipelines, terminals and processingAssetsis a large expense that reduces reported net income without consuming cash. That is whyOperating Cash Flowoften exceeds net income, and why analysts track both measures. The quarter's pattern, with net income down and operating cash flow up, …

• Mobile service revenue is the key growth segment, and its 3.1% increase compares with a 0.5% increase in total pro forma service revenue, which implies that other categories, such as fixed services, were flat or declining.