(Reuters) – Gulfport Energy Corp (GPOR.O: Quote, Profile, Research, Stock Buzz), a publicly-traded oil and gas company based in Oklahoma City, allowed its former chairman to receive millions of dollars in equity interests at no cost in more than a dozen firms that have done business with Gulfport.
The equity stakes awarded to Mike Liddell, who stepped down as Gulfport chairman in June, were granted by Wexford Capital LP as part of an uncommon arrangement. While working for Gulfport, Liddell also served as an advisor for energy investments by Wexford, a $4.3 billion Connecticut investment firm.
By Anna Driver
(Reuters) – Kinder Morgan’s billionaire chairman on Wednesday denied the U.S. pipeline company skimps on maintenance spending, hitting back at allegations by a young analyst that have rattled the company’s shares.
The analyst, Kevin Kaiser, 26, of research firm Hedgeye Risk Management, published a 45-page report on September 10 alleging, among other things, that Kinder Morgan has cut maintenance work to boost cash distributed to investors in its partnerships.
HOUSTON (Reuters) – An analyst who has drawn criticism from Wall Street for making incendiary comments about Kinder Morgan claimed on Tuesday the U.S. pipeline company has cut maintenance work to boost cash distributed to investors in its partnerships.
In a 45-page note to clients, Kevin Kaiser, a 26-year-old analyst with independent research firm Hedgeye Risk Management, cited several examples in which he said the Houston company had reduced maintenance spending. A copy of the note was seen by Reuters.
HOUSTON (Reuters) – Kevin Kaiser, a 26-year-old analyst only three years into his first job out of the Ivy League, jolted Wall Street last week with a pithy email taking aim at North America’s largest oil and gas pipeline and processing company – Kinder Morgan.
The email, sent to clients of independent research firm Hedgeye Risk Management, said Kinder Morgan and its associated companies “is a house of cards, completely misunderstood and mispriced.”
HOUSTON/NEW YORK, Aug 25 (Reuters) – With Texas one of the
few bright spots in the U.S. economy, the skyline of swaggering
Houston is where the action is as builders and global oil
companies, from Phillips 66 to Exxon Mobil Corp,
look past previous busts and spend billions on gleaming new
The U.S. shale oil and gas revolution – which has already
changed industries from railroads to pipelines and refineries -
is helping drive the voracious appetite for office space needed
for the expanding workforce in the world’s energy capital.
HOUSTON, Aug 9 (Reuters) – Chesapeake Energy Corp
has sold its stakes in trucking and natural gas companies and is
trying to shed real estate in Oklahoma City, the company told
regulators this week, as its new chief executive attempts to
turn it around.
The second-largest U.S. natural gas producer has slashed
spending and pledged capital discipline following last year’s
liquidity crunch, brought on by years of heavy spending on
acreage in U.S. shale formations and low natural gas prices.
LONDON/HOUSTON (Reuters) – Some of the western world’s top oil companies abandoned output targets and missed profit forecasts on Thursday as they promised to clamp down on rising costs that hurt quarterly results.
Costs for workers and materials are climbing as the industry scrambles to bring new wells and pipelines into operation.
By Anna Driver
(Reuters) – Chesapeake Energy Corp’s (CHK.N: Quote, Profile, Research, Stock Buzz) new Chief Executive Doug Lawler on Thursday said a comprehensive review of the company’s partnerships and assets is underway as the second largest U.S. natural gas provider seeks to simplify its structure and improve financial discipline.
The company, which experienced a severe liquidity crunch in 2012 after spending heavily for years to acquire drilling acreage, also reported a better-than-expected quarterly profit on Thursday as it produced more crude oil than Wall Street targeted.
HOUSTON, July 26 (Reuters) – George Phydias Mitchell, a
petroleum engineer who transformed the natural gas industry by
using hydraulic fracturing to pull the fuel out of shale
formations, died of natural causes at the age of 94 on Friday.
A native of Galveston, Texas, who rose from modest means to
become a billionaire philanthropist, he was the chairman and
chief executive officer of Mitchell Energy & Development Corp,
which was sold to Devon Energy Corp for $3.5 billion in
By Anna Driver
(Reuters) – U.S. oil and gas company Noble Energy Inc (NBL.N: Quote, Profile, Research, Stock Buzz) on Thursday reported quarterly earnings that fell short of Wall Street expectations because U.S. oil production was hurt by downtime and stormy weather.
Noble, which also has massive reserves of natural gas in the eastern Mediterranean, is directing capital to boost production of more valuable crude oil and natural gas that has a high liquids contents, so any production hiccup can dent profits.