(Reuters) – U.S. oil and gas company SandRidge Energy Inc (SD.N: Quote, Profile, Research, Stock Buzz), which is facing calls from two top investors to replace its board and chief executive, struck a deal to sell its Permian Basin properties in west Texas to privately held oil and gas company Sheridan Production Partners for $2.6 billion.
Last month, SandRidge had said it was exploring the sale of these assets, an announcement that proved to be unpopular with some shareholders, who felt the company should keep the valuable oil producing acreage.
By Anna Driver
(Reuters) – U.S. refining company Phillips 66 (PSX.N: Quote, Profile, Research, Stock Buzz) expects 2013 capital spending to rise 6 percent to $3.7 billion and said it intends to contribute some of its oil and gas transportation assets to form a master limited partnership.
Shares of Phillips fell 2.5 percent, following a big run-up in the stock. Since being spun off from ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz) in May, shares of the refining company have climbed 57 percent.
Dec 11 (Reuters) – Chesapeake Energy Corp on Tuesday
agreed to sell most of its remaining natural gas processing and
gathering assets for $2.16 billion as it continues to sell
assets to pay down its heavy debt load.
It sold the so-called midstream assets to Access Midstream
Partners LP, the private equity backed partnership that
bought most of Chesapeake’s other infrastructure assets earlier
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 (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.