HOUSTON (Reuters) – In June 2013, activist investors got the board of SandRidge Energy Inc (SD.N: Quote, Profile, Research, Stock Buzz) to fire its CEO Tom Ward, arguing that he had mismanaged the Oklahoma City company and destroyed billions in shareholder value.
The oil and gas producer’s shares rose as much as 50 percent in the year following Ward’s ousting on optimism about the impact of cost cutting, asset sales and higher initial production rates from some of its wells. But in the past 10 weeks a lot has gone wrong – and the stock has lost virtually all of those gains.
HOUSTON (Reuters) – Iraq has refiled in U.S. court to gain control of $100 million of Kurdish crude oil on a tanker near Texas, days after the court ruled it lacked jurisdiction to seize the cargo but said it could hear arguments over who is the oil’s rightful owner.
Iraq, in court documents seen on Friday, widened its case to include potential buyers of the cargo and said the Kurdistan Regional Government has not stated if it currently owns it.
HOUSTON/NEW YORK (Reuters) – A U.S. judge has decided that BP Plc was “grossly negligent” and “reckless” in the Gulf of Mexico oil spill four years ago, a ruling that could add nearly $18 billion in fines to more than $42 billion in charges the company took for the worst offshore environmental disaster in U.S. history.
BP said it would appeal Thursday’s ruling by U.S. District Judge Carl Barbier in New Orleans, Louisiana, who held a trial without a jury last year to determine who was responsible for the April 20, 2010 rig explosion and spill that killed 11 workers and spewed oil for nearly three months onto the shorelines of several states.
HOUSTON, Aug 25 (Reuters) – A U.S. court on Monday threw out
an order to seize some 1 million barrels of disputed Iraqi
Kurdish crude oil from a tanker near Texas, a move that could
allow the cargo to be delivered and end a nearly month-long
The United Kalavrvta tanker, carrying about $100 million
worth of Kurdish crude, has been anchored in the Gulf of Mexico
for weeks, as the Iraqi region of Kurdistan wages a legal battle
over ownership with the central government of Iraq.
HOUSTON/WILLISTON, NORTH DAKOTA Aug 20 (Reuters) – A
fracking boom isn’t enough for U.S. oil and gas producers -
they’re now starting the re-fracking boom.
Wells sunk as little as three years ago are being fracked
again, the latest innovation in the technology-driven shale oil
revolution. Hydraulic fracturing, which has upended global
energy markets by lifting U.S. crude oil output to a 25-year
high, has been troubled by quick declines in oil and gas output.
HOUSTON (Reuters) – Kinder Morgan Inc (KMI.N: Quote, Profile, Research, Stock Buzz) as a combined company would be able to make sizable acquisitions in the natural gas and crude oil pipeline and processing sector, Chief Executive Officer Rich Kinder told investors on a conference call on Monday.
“We have such a broad platform, virtually anything in the midstream area would fit us,” Kinder said.
Aug 6 (Reuters) – Chesapeake Energy Corp on
Wednesday reported a lower-than-expected quarterly profit on
higher costs, but the second-largest U.S. producer of natural
gas said it expected increased year-end output as more wells
are connected to pipelines.
Chesapeake has several hundred wells in the Marcellus and
Utica fields in the U.S. Northeast and Midwest. The wells have
been drilled but are waiting for pipelines and other
infrastructure to be built so gas and oil can be transported to
By Anna Driver
(Reuters) – ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz), the largest U.S. independent oil and gas company, on Thursday reported a quarterly profit that just beat Wall Street expectations, helped by a bigger-than-expected increase in oil and gas production.
ConocoPhillips, like many other oil and gas companies, is drilling more in U.S. shale fields where wells bring better profits and steady production growth is easier to achieve.
HOUSTON, July 31 (Reuters) – U.S. oil and gas company Apache
Corp, under pressure from activist investor Jana
Partners, said on Thursday it plans to sell interests in two
liquefied natural gas (LNG) projects as it sharpens the focus on
developing North American shale fields.
The move, a significant pullback from the LNG market,
relieved investors worried about the potential project costs.
Apache shares rose to their highest in more than two years.
HOUSTON, July 30 (Reuters) – Anadarko Petroleum Corp
is studying ways the company could wring more value from the
mineral interests it holds on more than 8 million acres (3
million hectares) in the Western United States, its chief
financial officer told investors on Wednesday.
In data released on Tuesday, Anadarko said it had $385
million in royalty revenue from acreage that produces oil and
gas, coal and soda ash, a figure that could grow to $770 million
for the year.