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Jan 30, 2014

Conoco profit beats estimates, asset sales help

Jan 30 (Reuters) – ConocoPhillips, the largest U.S.
oil company without refining operations, said on Thursday its
fourth-quarter profit rose more than expected, helped by the
sale of its Algerian business and production of more North
American crude oil.

Conoco, which shed its refining business in 2012, has sold
billions of dollars of lower-yielding assets to focus on more
profitable oil production from North American shale basins, like
the Eagle Ford in south Texas.

Jan 29, 2014

Cheaper crude and fuel exports help U.S. refiners’ profits

HOUSTON, Jan 29 (Reuters) – Marathon Petroleum Corp,
Valero Energy Corp and Phillips 66, the three
largest U.S. independent refiners, reported quarterly results on
Wednesday that topped Wall Street estimates as cheaper crude
prices and rising exports helped profits.

Sour crudes from Mexico, Saudi Arabia, Texas and the U.S.
Gulf of Mexico contributed to the lower prices, along with the
opening of more pipeline capacity throughout 2013 that increased
flows of cheaper inland U.S. crudes to Gulf Coast refineries –
replacing some types of more expensive imports.

Jan 29, 2014

Cheaper crude on Gulf Coast helps U.S. refiners’ profits

HOUSTON, Jan 29 (Reuters) – Marathon Petroleum Corp,
Valero Energy Corp and Phillips 66, the three
largest U.S. independent refiners, reported quarterly results on
Wednesday that topped Wall Street estimates as cheaper crude
prices on the Gulf Coast helped profits.

Startups of multiple pipelines in Texas throughout 2013
increasingly brought cheaper inland U.S. crudes to Gulf Coast
refineries, replacing more expensive imports and alleviating
bottlenecks in the Midwest.

Dec 19, 2013

Bountiful U.S. oil changes nature of game for producer Apache

HOUSTON, Dec 19 (Reuters) – On a wall inside an old hunting
lodge in west Texas that Apache Corp uses as a field
office, a board lists the winners of $10,000 prizes given to
workers with big ideas to cut costs – the new way to get ahead
in North America’s shale oil industry.

The shale boom that over the last five years has revived old
Texas oil fields has largely made the unpredictable world of
wildcatting, or looking for oil in new fields, a thing of the

Dec 17, 2013

Noble Energy sees opportunity in Mexico, 2014 capex higher

HOUSTON, Dec 17 (Reuters) – Noble Energy Inc has
talked with Mexican government officials over possible
investments in that country’s oil and gas resources although
reforms are still in the early stages, the U.S. oil and gas
company’s CEO said on Tuesday.

Mexico’s Congress last Thursday voted to open up the
country’s ailing energy sector to private investment, in the
biggest shake-up of the state-run sector in 75 years, ending
the exploration and production monopoly held for decades by
state-run oil and gas company Pemex.

Dec 11, 2013

Marathon Oil to boost rig activity in 2014, shed assets

HOUSTON, Dec 11 (Reuters) – Marathon Oil Corp will
increase the number of rigs running in its oil-producing fields
in Texas and North Dakota next year and try to sell assets in
Norway and the United Kingdom, Chief Executive Lee Tillman said
in an interview.

Marathon’s proven ability to increase output from its Bakken
acreage in North Dakota, the Eagle Ford shale in southern Texas
and the Woodford shale in Oklahoma “justifies bringing in more
rig activity to drive those resources to profitable volumes,”
Tillman told Reuters ahead of an analysts meeting.

Nov 21, 2013

Fracking without freshwater at a west Texas oilfield

MERTZON, Texas, Nov 21 (Reuters) – At a dusty Texas
oilfield, Apache Corp has eliminated its reliance on
what arguably could be the biggest long-term constraint for
fracking wells in the arid western United States: scarce

For only one well, millions of gallons of water are used for
hydraulic fracturing, or fracking, the process that has helped
reduce U.S. reliance on foreign oil over the past five years by
cracking rock deep underground to release oil and gas.

Nov 14, 2013

New Source Energy buys CEO’s company for $44 million

HOUSTON (Reuters) – New Source Energy Partners LP (NSLP.N: Quote, Profile, Research, Stock Buzz) said on Thursday it has purchased an oilfield services company for $44 million in cash and common units from a group of owners that includes Kristian Kos, its chief executive officer.

New Source Energy, an exploration and production master limited partnership (MLP) based in Oklahoma City, Oklahoma, bought MCE LP for $3.8 million in cash and 1.8 million common units. MCE’s former owners are also eligible for additional payout if the company hits certain financial targets.

Nov 6, 2013

Chesapeake Energy posts profit; spending seen lower

By Anna Driver

(Reuters) – Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz), the No. 2 U.S. natural gas producer, reported a third-quarter profit on Wednesday compared with a loss a year earlier and said it expects to spend less as it drills fewer wells.

Under new chief executive Doug Lawler, Chesapeake has slashed 10 percent of its workforce and is spending less on exploration and production as part of the executive’s relentless campaign to control costs. The company also expects to sell more than $4 billion in assets this year to raise cash.

Nov 5, 2013

Frost fund manager sees 2014 North America energy capex up 10 percent

HOUSTON (Reuters) – North American energy companies are expected to spend 10 percent more next year as they drill shale wells requiring bigger hydraulic fracturing jobs in order to maximize recovery of oil and gas, a U.S.-based portfolio manager said on Tuesday.

Many energy companies are in the process of finalizing 2014 capital expenditure budgets and most investors and analysts expect budgets to grow, even if there is some debate about just how big the increases will be.

    • 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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