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Oct 31, 2013

Shareholder power dominates big oil results

LONDON/HOUSTON (Reuters) – Oil industry shareholders sick of poor returns and worried that company bosses will waste cash on costly projects are getting their message across, third quarter results from the industry’s top players showed this week.

All of the world’s top investor-controlled companies were anxious to emphasize their efforts to control spending and to play up aggressive asset sale programs that might also finance share buybacks and dividend increases in future.

Oct 31, 2013

Exxon’s quarterly profit down but output rises

By Anna Driver

(Reuters) – Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz), the world’s largest publicly traded oil company, reported higher-than-expected quarterly results on Thursday as output rose for the first time in more than two years, but refining weakness hurt earnings.

Exxon and other large oil companies struggling to boost production in recent years have spent heavily on new projects. In the first three months of this year, Exxon alone spent $33 billion.

Oct 28, 2013

Exclusive: Activist Sandell urges strategic action on DCP Midstream

HOUSTON (Reuters) – Activist investor Sandell Asset Management is urging Spectra Energy Corp (SE.N: Quote, Profile, Research, Stock Buzz) to swap its interest in DCP Midstream Partners LLC for equity in Phillips 66′s (PSX.N: Quote, Profile, Research, Stock Buzz) master limited partnership (MLP) in a deal meant to improve the valuation of the companies, according to a letter seen by Reuters.

Sandell, which owns less than 1 percent of pipeline company Spectra and 1 percent of refining company Phillips 66, said in a letter dated October 2 it believes DCP’s assets are a better fit with Phillips. DCP is jointly owned by Spectra and Phillips 66.

Oct 21, 2013

Devon Energy, Crosstex to form pipeline company

HOUSTON/NEW YORK (Reuters) – Devon Energy Corp (DVN.N: Quote, Profile, Research, Stock Buzz) said on Monday it would combine most of its U.S. pipeline and processing businesses with those owned by Crosstex Energy Inc (XTXI.O: Quote, Profile, Research, Stock Buzz) and Crosstex Energy LP (XTEX.O: Quote, Profile, Research, Stock Buzz) to form a new midstream company.

The new business will consist of two still-unnamed publicly traded companies, a master limited partnership (MLP) and a general partner that will control the MLP. Devon will have a controlling stake in both entities.

Oct 21, 2013

xx UPDATE 3-Devon Energy, Crosstex to form pipeline company

HOUSTON/NEW YORK Oct 21 (Reuters) – Devon Energy Corp
said on Monday it would combine most of its U.S.
pipeline and processing businesses with those owned by Crosstex
Energy Inc and Crosstex Energy LP to form a
new midstream company.

The new business will consist of two still-unnamed publicly
traded companies, a master limited partnership (MLP) and a
general partner that will control the MLP. Devon will have a
controlling stake in both entities.

Oct 9, 2013

New CEO cuts Chesapeake Energy’s lifestyle largesse

HOUSTON (Reuters) – The chaplains and company gardener are gone now, along with a weatherman who made more than a quarter million dollars a year, as Chesapeake Energy Corp CEO Doug Lawler chops away at the high costs left behind by his free-spending predecessor, Aubrey McClendon.

If McClendon was known for lavish spending on perks for employees and his voracious appetite for acquiring oil and gas properties in U.S. shale basins, Lawler is building a reputation for focusing the country’s No. 2 producer of natural gas on its core business.

Oct 8, 2013

Chesapeake slashes 10 percent of jobs as CEO cuts largesse

HOUSTON (Reuters) – Chesapeake Energy Corp has slashed its workforce by 1,200 jobs this year, the country’s second-largest natural gas producer said on Tuesday, and the cutting has accelerated under new chief executive Doug Lawler.

Lawler became CEO in June, promising to relentlessly control costs to lift the company’s profits after the ouster in April of the company’s free-spending co-founder, Aubrey McClendon.

Sep 27, 2013

In big shift, Exxon to provide same-sex marriage benefits

HOUSTON (Reuters) – Exxon Mobil Corp said on Friday it will extend benefits to spouses of workers and retirees in same-sex marriages in the United States, a sweeping and symbolic change by a corporate titan following a landmark Supreme Court ruling in June.

Though dozens of U.S. corporations, especially progressive ones like Apple Inc, have offered domestic partner benefits to gay couples for years, the step at Exxon, the world’s largest publicly traded oil company, was heralded by gay rights groups as especially significant.

Sep 24, 2013

Gulfport Energy ex-chairman received millions in free equity

Sept 24 (Reuters) – Gulfport Energy Corp, a
publicly traded oil and gas company based in Oklahoma City,
allowed its former chairman to receive millions of dollars in
equity interests at no cost in more than a dozen companies that
have done business with Gulfport.

The equity stakes awarded to Mike Liddell, who stepped down
as Gulfport chairman in June, were granted by Wexford Capital LP
as part of an uncommon arrangement. While working for Gulfport,
Liddell also served as an adviser for energy investments by
Wexford, a $4.3 billion Connecticut investment firm.

Sep 24, 2013

Exclusive: Gulfport Energy ex-chairman received millions in free equity

By Brian Grow and Anna Driver

(Reuters) – Gulfport Energy Corp (GPOR.O: Quote, Profile, Research, Stock Buzz), a publicly-traded oil and gas company based in Oklahoma City, allowed its former chairman to receive millions of dollars in equity interests at no cost in more than a dozen firms that have done business with Gulfport.

The equity stakes awarded to Mike Liddell, who stepped down as Gulfport chairman in June, were granted by Wexford Capital LP as part of an uncommon arrangement. While working for Gulfport, Liddell also served as an advisor for energy investments by Wexford, a $4.3 billion Connecticut investment firm.

    • 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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