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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.

Oct 31, 2013

Big Oil faces pressure from shareholders over costs

LONDON/HOUSTON (Reuters) – Oil industry shareholders concerned about poor returns and costly projects urged executives from Big Oil this week to return cash to shareholders – and at least one of the world’s top five petroleum companies fully acquiesced.

As they posted third-quarter results, the leading oil companies vowed to control spending and to put cash in the pockets of investors through asset sales, share buybacks or dividends while analysts grumbled about lagging stock prices.

Oct 31, 2013

Conoco turns homeward for oil growth

By Garima Goel and Anna Driver

(Reuters) – ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz), abandoning higher-risk assets in favor of oilfields closer to home, said it expects proceeds of nearly $9 billion from the sale of its interests in Kazakhstan, Algeria and Nigeria.

Conoco’s plan to focus on North America was reinforced on Thursday when the largest independent U.S. oil producer trimmed its output forecast for the year due to unrest in Libya.

Oct 31, 2013

Exxon’s output rises but refining weakness hits profit

Oct 31 (Reuters) – Exxon Mobil Corp, 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 nine months of this year, Exxon alone spent $33
billion.

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.

    • 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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