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May 27, 2015

Exxon, Chevron holders say ‘no’ to adding climate experts to boards

HOUSTON, May 27 (Reuters) – Shareholders of the top two U.S.
oil companies on Wednesday rejected proposals to add directors
with climate change expertise to their boards, but a measure
passed at one, Chevron Corp, could give new power to
minority investors with environmental concerns.

Proposals to add an independent director with expertise in
climate change received the support of about 20 percent of
shareholders at each company, according to preliminary tallies
provided at Chevron’s annual meeting and that of Exxon Mobil
Corp.

May 27, 2015

Shareholders press for board voice on climate at Exxon, Chevron

HOUSTON, May 27 (Reuters) – Progressive shareholders are
pushing to add directors with climate change expertise to the
boards of Exxon Mobil Corp and Chevron Corp,
arguing the largest U.S. oil companies need more depth of
knowledge to navigate environmental issues.

Climate and greenhouse gas proposals regularly surface at
oil company annual meetings, but Wednesday will be the first
time shareholders at Exxon will vote on putting an independent
climate expert on the board.

May 26, 2015

Storms kill seven in Texas, Oklahoma, Houston hard-hit

HOUSTON (Reuters) – At least two people have been killed in Houston in flooding that turned streets into rivers and led to nearly 1,000 calls for help in the fourth-most populous city in the country, officials said on Tuesday.

Eight people have been killed in Texas and Oklahoma with 12 others missing after torrential rains slammed the states during the Memorial Day weekend, causing floods and tornadoes that destroyed homes and swept away bridges.

May 20, 2015

Flood of new cash sustains US oil firms; energy dealmakers gripe

HOUSTON, May 20 (Reuters) – U.S. oil companies, still
smarting from the crude price rout, are attracting a wave of new
investment from unlikely sources – hedge funds and private
equity firms flocking to the energy market for the first time to
bet on a rebound.

By pouring billions of dollars into energy shares and bonds
in the past few months these newcomers, dubbed “energy tourists”
by Houston’s seasoned dealmakers, have thrown a lifeline to
scores of companies that a few months ago looked like potential
targets for bigger rivals or distressed debt and restructuring
specialists.

May 13, 2015

LLOG plans drilling in U.S. Gulf near blown out BP well

HOUSTON (Reuters) – LLOG Exploration, a privately-held oil
and gas company focused on deepwater in the Gulf of Mexico,
plans to drill a well into the block near where BP Plc’s Macondo
well ruptured in 2010, causing the worst offshore oil spill in
U.S. history.

LLOG Exploration, which has backers including Blackstone
Energy Partners, received approval to drill a well in Blocks 252
and 253 in the Mississippi Canyon area of the Gulf from
regulators on April 13, according to records filed with the U.S.
Bureau of Safety and Environmental Enforcement.

May 7, 2015

SandRidge is target of antitrust grand jury probe: filing

HOUSTON (Reuters) – SandRidge Energy Inc (SD.N: Quote, Profile, Research, Stock Buzz) is the target of federal grand jury probe concerning violations of antitrust law related to the leasing of oil and gas properties, the company said in a regulatory filing on Thursday.

The Oklahoma City, Oklahoma company said the transactions subject to the government’s inquiry date from 2012 and prior years, according to the filing with the U.S. Securities and Exchange Commission.

May 7, 2015

Apache posts quarterly loss, readying for rebound

May 7 (Reuters) – Apache Corp reported a quarterly
loss on Thursday as low commodity prices took a toll, but a
recent rally in crude has the U.S. oil and gas company preparing
for a rebound.

Crude oil prices fell by more than half from a June peak
over $100 a barrel. In response, the Houston-based company
slashed spending 60 percent and drastically cut its rig count.

May 5, 2015

U.S. shale oil firms say refracking not the best path in downturn

By Anna Driver and Ernest Scheyder

HOUSTON/WILLISTON, N.D. (Reuters) – Refracking, the practice of fracking an oil and gas well a second time, is still too unpredictable to rely on as a way to slash costs and increase output during the oil price slump, top U.S. shale oil executives said on Tuesday.

Oilfield service companies, including Schlumberger NV and Baker Hughes Inc., have touted refracking as a cheap way to revive output from existing shale wells. Output from existing wells, measured in barrels per day, normally drops as much as 70 percent in the year of operation. Also, some wells were not thoroughly fracked the first time.

Apr 30, 2015

ConocoPhillips first-quarter profit falls sharply on oil price decline

By Anna Driver

(Reuters) – ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz), the largest independent U.S. energy company, reported sharply lower quarterly profit on Thursday, hurt by a steep decline in crude oil prices.

Crude prices in the quarter tumbled by about half from a peak over $100 a barrel in June as global supplies grew and demand was dented by slowing economies in places like China. In recent weeks, crude has rebounded to around $60 a barrel.

Apr 30, 2015

ConocoPhillips 1st-qtr profit falls sharply on oil price decline

April 30 (Reuters) – ConocoPhillips, the largest
independent U.S. energy company, reported sharply lower
quarterly profit on Thursday, hurt by a steep decline in crude
oil prices.

Crude prices in the quarter tumbled by about half from a
peak over $100 a barrel in June as global supplies grew and
demand was dented by slowing economies in places like China. In
recent weeks, crude has rebounded to around $60 a barrel.

    • About Anna

      "I currently cover large U.S. oil and gas companies including Exxon Mobil and ConocoPhillips as part of the equities desk's Raw Materials Team. I am based in Houston, Texas."
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