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Dec 12, 2014

Pain looms for some US energy firms as banks reassess credit

HOUSTON, Dec 12 (Reuters) – Banks are responding to tumbling
crude prices by trimming the value of oil reserves tied to
credit lines, possibly causing a cash crunch for some
highly-leveraged U.S. exploration and production firms.

With U.S. crude production still rising and the oil cartel
OPEC showing no willingness to cut output to curb global
oversupply, there is little to suggest that prices will rebound
soon from a 40 percent slide since June.

Dec 8, 2014

Noble in $12.2 mln settlement with DOJ over Alaska drilling

HOUSTON (Reuters) – Drilling contractor Noble Corporation
PLC on Monday said it paid $12.2 million to settle felony
charges by the U.S. Department of Justice related to safety,
environmental and record keeping violations on vessels in Arctic
waters off Alaska in 2012.

During 2012, the Noble Discoverer drillship experienced
numerous problems with its main propulsion system, including its
main engine, resulting in engine shut-downs, equipment failures,
and unsafe conditions, according to prosecutors.

Nov 21, 2014

Oil companies’ new math makes them look bigger in Texas

HOUSTON, Nov 21 (Reuters) – Energy companies have long
touted to Wall Street investors the number of acres they lease
or own as a measure of how many oil and gas shale wells they can
potentially drill.

Now, in a twist that has surprised some oil and gas
analysts, several U.S. companies are looking deep into the earth
and measuring their acreage in three dimensions instead of two.

Nov 17, 2014

Baker Hughes CEO due millions if Halliburton deal closes

HOUSTON, Nov 17 (Reuters) – Martin Craighead, chairman and
chief executive officer of Baker Hughes Inc, stands to
collect millions if Halliburton Co succeeds in its $35
billion takeover and he loses his job, according to regulatory
filings.

Halliburton Chief Executive Officer Dave Lesar will lead the
combined company, which will also retain the Halliburton name.
The deal, announced on Monday, will create an oilfield services
company big enough to compete with larger rival Schlumberger Ltd
.

Nov 15, 2014

Oil price drop, merger talks feed energy sector deal speculation

NEW YORK, Nov 14 (Reuters) – Talks that could lead to
oilfield services provider Halliburton Co buying rival
Baker Hughes Inc may herald increased deal-making in the
energy business as companies bet on a protracted drop in oil
prices, industry bankers said.

Competing service companies including National Oilwell Varco
Inc and Weatherford International may also be
targets, bankers and lawyers said. In any deal, the incentives
will be the same: consolidation would allow them to better
weather the downturn and resist pressure from oil producers to
slash prices.

Nov 5, 2014

Chesapeake Energy quarterly profit and output rise

Nov 5 (Reuters) – Chesapeake Energy Corp, the
second-largest U.S. producer of natural gas, on Wednesday
reported a bigger-than-expected 8 percent increase in
third-quarter profit on higher output from lower-cost shale
wells in Texas, Louisiana and Ohio.

Shares of Chesapeake rose 6.3 percent to $22.64 in morning
New York Stock Exchange trading.

Oct 31, 2014

Top U.S. oil companies see more pressure to clamp down on spending

HOUSTON, Oct 31 (Reuters) – Top U.S. oil producers, which
already were reining in spending before crude prices started to
slip in June, are now looking to trim more fat from their
budgets while reminding investors they must spend to grow.

Exxon Mobil Corp on Friday it would keep its current
spending plan intact, though it is about 15 percent less than
2013. ConocoPhillips said it will spend less money next
year, and Chevron Corp said it is looking for budget
“flexibility.”

Oct 31, 2014

Exxon, Chevron profits boosted by refining as oil prices fall

Oct 31 (Reuters) – A surge in refining profits boosted
quarterly results for Exxon Mobil Corp and Chevron Corp
, helping to offset lower oil and gas output and slumping
crude oil prices.

Both U.S. energy majors reported better-than-expected
third-quarter profits on Friday, with executives touting the
importance of owning massive refineries alongside oil and gas
wells.

Oct 30, 2014

Conoco third-quarter profit up but fourth-quarter output forecast cut

By Anna Driver

(Reuters) – ConocoPhillips, the largest U.S. independent oil and gas company, on Thursday reported higher third-quarter profit from the sale of its Nigerian unit but lowered its fourth-quarter production outlook, sending shares down 1.4 percent.

Over the last several years, Conoco has shed lower-margin assets, directing more capital to projects like shale drilling in the United States that offer higher returns and higher production growth.

Oct 30, 2014

Conoco 3rd-qtr profit up but 4th-quarter output forecast cut

Oct 30 (Reuters) – ConocoPhillips, the largest U.S.
independent oil and gas company, on Thursday reported higher
third-quarter profit from the sale of its Nigerian unit but
lowered its fourth-quarter production outlook, sending shares
down 1.4 percent.

Over the last several years, Conoco has shed lower-margin
assets, directing more capital to projects like shale drilling
in the United States that offer higher returns and higher
production growth.

    • 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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