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.
By Anna Driver
(Reuters) – ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz) and Occidental Petroleum Corp (OXY.N: Quote, Profile, Research, Stock Buzz) reported quarterly results that topped Wall Street estimates as they produced more oil and gas than expected, even as lower prices hurt profits.
Shares of Conoco rose nearly 2 percent, while Occidental dipped 0.7 percent on Thursday.
By Anna Driver
(Reuters) – ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz) reported a lower third-quarter profit on Thursday that beat analysts’ estimates, as it produced more crude than expected from high-margin fields such as the Eagle Ford and Bakken.
Shares of the U.S. oil and gas company rose 2 percent to $57.11 in premarket trading.
Oct 16 (Reuters) – Murphy Oil Corp said it will spin
off its retail gasoline business in the United States, review
options for other assets, pay a special dividend and buy back
shares as it seeks to return more cash to its shareholders.
News of the plans sent Murphy’s shares climbing more than 8
percent in midday New York Stock Exchange trading.
HOUSTON (Reuters) – Marathon Oil Corp (MRO.N: Quote, Profile, Research, Stock Buzz) is selling a large portion of its undeveloped oil and gas acreage in the Eagle Ford basin in south Texas as the U.S. oil and gas company sheds properties it no longer considers essential to its exploration plans.
Marathon has spent heavily in recent years to acquire oil and gas properties in the Eagle Ford in a strategy aimed at growing production of crude oil and pricier natural gas liquids.
By Anna Driver
(Reuters) – Noble Energy said on Thursday it plans to explore for crude oil in areas of Nevada that have seen little drilling, as the U.S. exploration and production company starts to assess its longer-term prospects.
Noble and other oil and gas companies rely on developed reserves to grow output and generate cash flow. Because those reserves hold a finite amount of recoverable oil and gas, companies must always scout out riskier prospects for future growth.
Aug 2 (Reuters) – Apache Corp on Thursday reported a
lower-than-expected quarterly profit as oil and gas output fell
short of Wall Street expectations and weak prices also hurt
The second-quarter results sent Apache’s shares down 4.6
percent in morning New York Stock Exchange trading.
By Anna Driver
(Reuters) – Devon Energy Corp (DVN.N: Quote, Profile, Research, Stock Buzz) reported earnings that fell short of estimates and announced that Japan’s Sumitomo Corp (8053.T: Quote, Profile, Research, Stock Buzz) will take a 30 percent stake in shale acreage Devon controls in the Permian Basin in a $1.4 billion deal.
Investors focused on the earnings miss, pushing shares of Devon down 3.8 percent.
(Reuters) – Refining company Valero Corp (VLO.N: Quote, Profile, Research, Stock Buzz) on Tuesday posted a higher quarterly profit that topped expectations and said it would split off its retail business, lifting its shares 6 percent.
The company, which owns retail stations in the United States and Canada, said it is considering different methods for the split, including a spin-off that would give its shareholders ownership in the retail business.
July 30 (Reuters) – Anadarko Petroleum Corp on
Monday reported a net loss in the second quarter as low natural
gas prices forced the company to write down the value of some
assets, but the results topped expectations as oil and gas
output surged 8 percent to a record.
While natural gas prices have rallied recently on power
demand, the average natural gas price at the delivery point
Henry Hub fell nearly 50 percent from a year ago in the second