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.
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.
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.
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.
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.
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.
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.
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.
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
HOUSTON (Reuters) – Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) is under the gun to show evidence that it is changing its free-spending ways when it reports third-quarter earnings November 1.
The company’s largest investors, Carl Icahn and Mason Hawkins, were so unhappy with the company’s bloated balance sheet that they seized control of the board in June. With more than four months of work under the new board’s belt, analysts and investors are looking for signs that change is under way at the second-largest producer of natural gas in the United States after Exxon.