Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Business Briefs: Northwest Bank Buying Buffalo Branches

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Business Briefs: Northwest Bank Buying Buffalo Branches

Article excerpt

Northwest Bank to buy Buffalo branches

Northwest Bank in Warren, Pa., said Thursday it agreed to buy 18 branches in the Buffalo, N.Y., area from First Niagara Bank. Terms of the deal weren't disclosed. The branches, with deposits of $1.7 billion, are being divested in connection with the pending acquisition of First Niagara by KeyCorp based in Cleveland, Ohio. The sale to Northwest is expected to be completed in the third quarter.

Oil and gas prices weigh on EQT

Another quarter of low oil and gas prices depressed the earnings of EQT Corp., a Downtown-based exploration and production firm. EQT posted net income of $5.6 million, or 4 cents per share, for the past three months, down from $173.4 million, or $1.14 per share, during the first quarter of 2015. The average price that EQT received for its gas was 35 percent lower during the quarter as compared with a year ago. While its production division reported an operating loss, EQT's midstream arm, which gathers and processes natural gas and liquids, boosted profits.

Range Resources reports $92.7 million loss

Range Resources Corp. swung to a loss of $91.7 million, or 55 cents per share, during the first three months of 2016, citing lower commodity prices and an impairment charge on legacy assets in Oklahoma. Last year at this time, the Texas-based company reported net income of $27.7 million, or 16 cents per share. The company - a leading driller in southwestern Pennsylvania - continued to drive down the cost of each element that goes into producing and delivering its gas, with the exception of transportation, gathering and compression, which increased by 33 percent. Range began exporting ethane and propane to Europe last month and expects the exposure to higher natural gas liquids prices in Europe and Asia will give revenue a boost going forward.

Comcast to buy DreamWorks Animation

Comcast is buying DreamWorks Animation, the film company behind the "Shrek," "Madagascar" and "Kung Fu Panda" franchises, for approximately $3.55 billion, strengthening its presence in the important and growing business of children's entertainment. DreamWorks stockholders will receive $41 for each share they own. That's a 24 percent premium to the company's Wednesday closing price of $32.20. The companies put the deal's value at about $3.8 billion. DreamWorks will become part of the Universal Filmed Entertainment Group, which includes Universal Pictures.

Profit down at Wesco

Tough times for customers in commodity-driven markets and unfavorable foreign exchange rates drove income down at Wesco International, a distributor of electric, industrial and other products. …

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