(Reuters) – Chesapeake Energy Corp said on Wednesday its internal probe of the financial dealings of outgoing chief executive Aubrey McClendon found no “intentional” wrongdoing.
The company did not say how it had reached its conclusions and did not release a full report of its investigation. Despite Chesapeake’s internal findings, state and federal investigations of the company continue.
Feb 14 (Reuters) – Apache Corp’s fourth-quarter
profit fell short of expectations as expenses rose on labor and
maintenance costs, and the company’s 2013 oil and natural gas
production outlook also disappointed.
The results marked Apache’s fourth consecutive earnings
miss, and its shares fell nearly 5 percent on Thursday.
NEW YORK (Reuters) – SandRidge Energy Corp is giving its chief executive wide latitude to profit from personal oil-and-gas deals in ways that pose potential conflicts of interest with the company, according to a review of employment contracts and recent transactions.
SandRidge has lifted most restrictions on CEO Tom Ward’s ability to sell mineral rights or drill wells, through little-noticed changes to his employment agreement in 2011. (See Factbox.)
HOUSTON/SAN FRANCISCO (Reuters) – Strength in refining and chemicals led to higher-than-expected fourth-quarter earnings for Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz) and Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz), the two largest U.S. oil companies.
A flood of oil produced from U.S. shale formations has pushed refining margins higher for many companies with plants in the United States, while chemical companies are benefiting from the low price of natural gas, a key feedstock.
(Reuters) – Aubrey McClendon will no longer be running Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) come April 1. But he is likely to remain deeply entangled with the company he founded 24 years ago.
America’s second-largest natural-gas producer said on Tuesday that McClendon is stepping down as chief executive and a board member. He is leaving behind legal predicaments and intertwined personal and corporate interests that analysts say could linger for years.
By Anna Driver
(Reuters) – Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) said on Tuesday that Aubrey McClendon will step down as chief executive after a tumultuous year in which a series of Reuters investigations triggered civil and criminal probes of second-largest U.S. natural-gas producer.
News of the executive’s plan to depart on April 1 sent the company’s shares up 8 percent. The stock has recovered in recent months after losing almost half its value last spring when a Reuters report opened the company and its co-founder up to intense scrutiny.
By Anna Driver
(Reuters) – Valero Energy Corp (VLO.N: Quote, Profile, Research, Stock Buzz), the largest independent U.S. refiner, reported a bigger-than-expected jump in fourth-quarter profit on Tuesday as it processed more cheaper crude oil from U.S. shale basins.
Shares of Valero rose 8.5 percent to $42.11 in morning New York Stock Exchange trading.
Jan 29 (Reuters) – Valero Energy Corp, the largest
independent U.S. refiner, reported a bigger-than-expected jump
in fourth-quarter profit on Tuesday as it processed more cheaper
crude oil from U.S. shale basins.
Shares of Valero rose 8.5 percent to $42.11 in morning New
York Stock Exchange trading.
HOUSTON (Reuters) – James Davis, the government’s top witness in convicted swindler Allen Stanford’s fraud trial, was sentenced on Tuesday to five years in prison for his role in a $7 billion Ponzi scheme.
Davis, 64, who pleaded guilty in 2009 to three charges and could have been sentenced to 30 years, told the court in a breaking voice: “I am ashamed and I am embarrassed.” He added that he let down his family, co-workers and thousands of investors.
SAN FRANCISCO/HOUSTON (Reuters) – When U.S. natural gas producers release their 2012 annual reports in the next several weeks, many companies may have to drastically reduce a key indicator of their financial health: reserves.
Even though U.S. natural gas prices have bounced away from the decade lows of last April, the country’s Securities and Exchange Commission requires companies to calculate and report year-end oil and gas reserves using 12-month average prices.