Click here to close now.




















Welcome!

News Feed Item

Mullen Group Ltd. Announces 2014 Business Plan and Declaration of Dividend

OKOTOKS, AB, Jan. 20, 2014 /PRNewswire/ - (TSX:MTL)  Mullen Group Ltd. ("Mullen Group" and/or the "Corporation") announced today its capital expenditure plan for 2014 as approved by the Board of Directors (the "Board").  The Board considered a wide range of economic issues, commodity pricing predictions and forecasted drilling activity for the Western Canadian Sedimentary Basin as well as recent developments in the anticipated build out of Canada's infrastructure for LNG and crude oil.  The capital budget for 2014 is set at $100.0 million, with $75.0 million allocated to the Oilfield Services segment and $25.0 million allocated to the Trucking/Logistics segment.  These funds will be used to acquire new trucks, trailers and specialized equipment to support the on-going operations of Mullen Group's business units.  As the need arises, the Board will consider additional capital requests throughout the year for special projects, the purchase and development of land, or for acquisitions.

"We expect 2014 to be another good year for the Mullen Group, although growth will continue to be difficult to achieve given the current economic outlook as well as the near term prospects for the oil and gas sector in western Canada.  However, looking to the future, growth opportunities are much brighter, which is the reasoning behind the Board approving our request for a $100.0 million capital budget in 2014.  Quite simply, we want to be prepared", said Murray Mullen, Chairman and Chief Executive Officer.

"The discussions surrounding LNG exports through Canada's west coast, as well as crude oil pipelines and infrastructure projects are progressing and appear to be constructive, although there have been few definitive announcements to date.  One exception is crude by rail, with strong indications that take-away capacity for crude oil from western Canada could rise to one million barrels per day by year-end.  Our view is that our customers will benefit from this new capacity.  In addition, it is worth noting that while two percent annual GDP economic growth is not in itself significant, we believe that there is a compounding affect to this growth that should ultimately benefit our Trucking/Logistics segment.  There is also another important reason to continue investing in our 26 business units.  Providing our employees with the newest equipment ensures that they have access to best-in-class assets and a quality work environment -- prerequisites to retaining, as well as attracting, a productive work force in this market.  Our investment of $100.0 million in 2014 will ensure that our business units are well positioned for the future, particularly those tied to the build out of crude oil take-away capacity and the development of LNG", added Mr. Mullen.

Mullen Group also announced today its intention to continue its practice of paying annual dividends of $1.20 per Common Share over the course of 2014, such dividends to be paid on a monthly basis, subject to Board approval.

Mr. Mullen commented, "Rewarding our shareholders with consistent, predictable dividends, as well as investing for future growth, are important elements of Mullen Group's long term Strategic Plan.  For 2014 the Board considered various alternatives for the anticipated free cash flow and determined that investing the incremental free cash into our 26 business units was the best use of shareholders' capital at this time."

The Board announced today that it has declared a monthly dividend of $0.10 per Common Share payable to the holders of record of Common Shares at the close of business on January 31, 2014.  The dividend will be paid on February 17, 2014.  For Canadian resident shareholders, this dividend is designated as an "eligible dividend" for purposes of the enhanced dividend tax credit rules contained in the Income Tax Act (Canada) and any corresponding provincial and territorial tax legislation.

This news release may contain forward-looking statements that are subject to risk factors associated with the oil and natural gas business and the overall economy.  Mullen Group believes that the expectations reflected in this news release are reasonable, but results may be affected by a variety of variables.  Mullen Group relies on litigation protection for "forward-looking" statements.  Mullen Group is a company that owns a network of independently operated businesses. 

Today the Mullen Group is recognized as the largest provider of specialized transportation and related services to the oil and natural gas industry in western Canada and as one of the leading suppliers of trucking and logistics services in Canada - two sectors of the economy in which Mullen Group has strong business relationships and industry leadership.  Mullen Group provides management and financial expertise, technology and systems support to its independent businesses.  Mullen Group is a publicly traded corporation listed on the Toronto Stock Exchange under the symbol "MTL". 

Additional information is available on our website at www.mullen-group.com or on SEDAR at www.sedar.com.

SOURCE Mullen Group Ltd.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ET...
U.S. companies are desperately trying to recruit and hire skilled software engineers and developers, but there is simply not enough quality talent to go around. Tiempo Development is a nearshore software development company. Our headquarters are in AZ, but we are a pioneer and leader in outsourcing to Mexico, based on our three software development centers there. We have a proven process and we are experts at providing our customers with powerful solutions. We transform ideas into reality.
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of I...
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...