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Feb 26, 2014

Apache spending bulk of 2014 budget on North America wells

HOUSTON, Feb 26 (Reuters) – Apache Corp said on
Wednesday it will spend two-thirds of its exploration and
production budget drilling more oil wells onshore in North
America as it aims to improve returns and show steady production
growth.

Inconsistent oil and gas output and exposure to political
risk in Egypt has weighed on the company’s shares and depressed
the Houston company’s valuation.

Feb 26, 2014

Exclusive: Encana, Chesapeake near settlements on Michigan collusion probe

NEW YORK/HOUSTON (Reuters) – Encana Corp (ECA.N: Quote, Profile, Research, Stock Buzz) and Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) are negotiating civil settlements with the state of Michigan to try to end its criminal investigation into whether the energy companies colluded to keep oil and gas lease prices artificially low in the state.

Encana is hopeful that a settlement will be finalized within a few weeks, said Gregory Curtner, a lawyer representing Encana in a separate civil antitrust lawsuit, during a February 14 court hearing.

Feb 26, 2014

Encana, Chesapeake near settlements on Michigan collusion probe

NEW YORK/HOUSTON, Feb 26 (Reuters) – Encana Corp and
Chesapeake Energy Corp are negotiating civil settlements
with the state of Michigan to try to end its criminal
investigation into whether the energy companies colluded to keep
oil and gas lease prices artificially low in the state.

Encana is hopeful that a settlement will be finalized within
a few weeks, said Gregory Curtner, a lawyer representing Encana
in a separate civil antitrust lawsuit, during a Feb. 14 court
hearing.

Feb 25, 2014

Chesapeake’s ex-CEO McClendon tries to force new drilling

HOUSTON, Feb 25, (Reuters) – Chesapeake Energy Corp ousted
its former chief executive Aubrey McClendon last April after a
governance scandal and a liquidity crisis. But the former boss
retains financial ties to the second-largest U.S. natural gas
company, and he is using them to try to change company plans.

A firm run by McClendon is attempting to force Chesapeake
to drill 12 multi-million dollar wells in Louisiana’s
Haynesville Shale at a time when Chesapeake is trying to rein in
spending and cut debt to focus on other shales, according to a
lawyer for Chesapeake.

Feb 19, 2014

Devon sells some gas assets as oil focus pays off

Feb 19 (Reuters) – Devon Energy Corp said on
Wednesday that it would sell some liquids-rich natural gas
assets in Canada to Canadian Natural Resources Ltd for
about $2.8 billion and posted a better-than-expected profit as
it produced more profitable crude oil.

Devon shares were up 3 pct while Canadian Natural’s shares
traded in Toronto rose 4.6 percent.

Feb 6, 2014

Chesapeake to spend less in 2014, targets higher output

By Anna Driver and Swetha Gopinath

(Reuters) – Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) on Thursday cut its capital budget for the year by more than a fifth as Chief Executive Officer Doug Lawler focuses on drilling in U.S. shale basins with the highest returns, but the company’s oil production outlook disappointed and shares fell as much as 5 percent.

Analysts at energy-focused investment bank Simmons & Co in Houston said the company’s forecast for oil growth of 1 percent to 5 percent, a figure that does not adjust for 2013 asset sales, fell short of their expectations for growth of 12 percent.

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
past.

    • 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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