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
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"Codigm is based on the cloud and we are here to explore marketing opportunities in America. Our mission is to make an ecosystem of the SW environment that anyone can understand, learn, teach, and develop the SW on the cloud," explained Sung Tae Ryu, CEO of Codigm, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We're developing a software that is based on the cloud environment and we are providing those services to corporations and the general public," explained Seungmin Kim, CEO/CTO of SM Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We're focused on how to get some of the attributes that you would expect from an Amazon, Azure, Google, and doing that on-prem. We believe today that you can actually get those types of things done with certain architectures available in the market today," explained Steve Conner, VP of Sales at Cloudistics, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"The reason Tier 1 companies are coming to us is we're able to narrow the gap where custom applications need to be built. They provide a lot of services, like IBM has Watson, and they provide a lot of hardware but how do you bring it all together? Bringing it all together they have to build custom applications and that's the niche that we are able to help them with," explained Peter Jung, Product Leader at Pulzze Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2,...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...