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Nov 30, 2012

SandRidge investor seeks board revamp, possible sale

By Anna Driver

(Reuters) – Hedge fund TPG-Axon said on Friday it will solicit support from other shareholders of SandRidge Energy Inc (SD.N: Quote, Profile, Research, Stock Buzz) to replace the company’s board of directors, citing poor management of the U.S. oil and gas company.

SandRidge Energy has come under fire this month from large shareholders TPG-Axon and Mount Kellett Capital Management who, citing the company’s long-term underperformance, are demanding significant changes including the ouster of SandRidge Chief Executive Tom Ward.

Nov 19, 2012

SandRidge Energy adopts shareholder rights plan

Nov 19 (Reuters) – SandRidge Energy Inc, under fire
from shareholders upset about company performance, said on
Monday its board of directors adopted a shareholder rights plan
that would make it more difficult to take control of the U.S.
oil and gas company.

Two large shareholders, TPG-Axon and Mount Kellett Capital
Management, this month pressed for the ouster of Chief Executive
Tom Ward, citing the company’s dismal stock performance and lax
board oversight. Since its initial public offering in 2007,
SandRidge shares have fallen 78 percent.

Nov 8, 2012

SandRidge investor seeks possible sale, ouster of CEO

NEW YORK/HOUSTON (Reuters) – One of SandRidge Energy Inc’s (SD.N: Quote, Profile, Research, Stock Buzz) top shareholders called for the oil and gas company to consider selling itself and for Chief Executive Tom Ward to step down, saying management’s strategy has been “incoherent, unpredictable and volatile.”

Hedge fund TPG-Axon, which said it owns more than 4.5 percent of SandRidge and has about $4 billion in assets under management, on Thursday sent the company a letter that also urges a shakeup of SandRidge’s board.

Nov 6, 2012

EOG sees lower spend on natural gas drilling; shares up

HOUSTON (Reuters) – EOG Resources Inc (EOG.N: Quote, Profile, Research, Stock Buzz) plans to spend less on “money-losing” natural gas drilling next year, which will result in lower capital expenditures, the company’s chief executive said Tuesday.

EOG is drilling for pricier crude oil in basins including the Eagle Ford in south Texas and the Bakken in North Dakota while slowing natural gas drilling. Huge supplies have depressed natural gas prices, causing energy companies to re-direct capital to oil exploration and production.

Nov 2, 2012

Chesapeake: debt-paring target may be pushed into 2013

By Anna Driver

(Reuters) – Chesapeake Energy Corp’s (CHK.N: Quote, Profile, Research, Stock Buzz) target to pare debt to $9.5 billion or less by the end of the year may be pushed into 2013, along with some deal closings, the company’s chief financial officer told analysts on Friday.

Shares of the U.S. oil and gas company slumped 6 percent to $18.87 on word of the delays.

Nov 2, 2012

World’s top oil companies struggle to increase output

LONDON/HOUSTON (Reuters) – The world’s top oil and gas companies are struggling to deliver the output growth they need to outpace the burgeoning cost of exploration and development.

Third-quarter results from Exxon Mobil (XOM.N: Quote, Profile, Research), Royal Dutch Shell (RDSa.L: Quote, Profile, Research) and other top international players released over the past few days mostly beat expectations thanks to a shortage of the fuels and other crude-oil based products they make.

Nov 1, 2012

Chesapeake Energy has quarterly net loss on writedowns

By Anna Driver

(Reuters) – Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) reported a net loss on Thursday compared with a year-ago profit, as low natural gas prices caused the U.S. oil and gas company to write down the value of some assets.

Chesapeake, which has large exposure to weak natural gas prices, has pledged to sell about $14 billion in assets this year to cut its debt and improve liquidity. The company is also drilling for pricier crude oil and natural gas liquids.

Nov 1, 2012

Oil companies struggle to increase output

LONDON/HOUSTON (Reuters) – The world’s top oil and gas companies are struggling to improve output and failing to capture the full value of a resilient price for crude oil while weak gas prices in the United States take their toll.

Third-quarter results from Exxon Mobil (XOM.N: Quote, Profile, Research, Stock Buzz), Royal Dutch Shell (RDSa.L: Quote, Profile, Research, Stock Buzz) and other top international players released over the past few days mostly beat expectations thanks to a shortage of the fuels and other crude-oil based products they make.

Nov 1, 2012

Exxon quarterly profit falls, output tumbles

By Anna Driver

(Reuters) – Exxon Mobil Corp, the world’s largest publicly traded oil company, on Thursday reported a lower quarterly profit that topped expectations, as higher margins from its refining arm countered a 7.5 decline in oil and gas output.

Refining margins have improved as companies benefit from processing cheaper grades of crude oil from Canada as well as shale basins like the Eagle Ford in south Texas.

Oct 31, 2012

Phillips 66 quarterly profit up on good margins

HOUSTON, Oct 31 (Reuters) – Increased access to cheaper
crude oil from the United States and Canada boosted Phillips
66′s quarterly profits above analyst expectations after
the U.S. refining company spun off from ConocoPhillips
earlier this year, the company reported on Wednesday.

More than half of the company’s refining capacity is in the
central corridor of the U.S. with access to those cheaper crudes
in North Dakota, Texas, Kansas and other states, executives told
analysts during Phillips 66′s third-quarter earnings conference
call.

    • 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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