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.
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.
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.
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.
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.
(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.
By Anna Driver
(Reuters) – Kinder Morgan’s billionaire chairman on Wednesday denied the U.S. pipeline company skimps on maintenance spending, hitting back at allegations by a young analyst that have rattled the company’s shares.
The analyst, Kevin Kaiser, 26, of research firm Hedgeye Risk Management, published a 45-page report on September 10 alleging, among other things, that Kinder Morgan has cut maintenance work to boost cash distributed to investors in its partnerships.
HOUSTON (Reuters) – An analyst who has drawn criticism from Wall Street for making incendiary comments about Kinder Morgan claimed on Tuesday the U.S. pipeline company has cut maintenance work to boost cash distributed to investors in its partnerships.
In a 45-page note to clients, Kevin Kaiser, a 26-year-old analyst with independent research firm Hedgeye Risk Management, cited several examples in which he said the Houston company had reduced maintenance spending. A copy of the note was seen by Reuters.
HOUSTON (Reuters) – Kevin Kaiser, a 26-year-old analyst only three years into his first job out of the Ivy League, jolted Wall Street last week with a pithy email taking aim at North America’s largest oil and gas pipeline and processing company – Kinder Morgan.
The email, sent to clients of independent research firm Hedgeye Risk Management, said Kinder Morgan and its associated companies “is a house of cards, completely misunderstood and mispriced.”
HOUSTON/NEW YORK, Aug 25 (Reuters) – With Texas one of the
few bright spots in the U.S. economy, the skyline of swaggering
Houston is where the action is as builders and global oil
companies, from Phillips 66 to Exxon Mobil Corp,
look past previous busts and spend billions on gleaming new
The U.S. shale oil and gas revolution – which has already
changed industries from railroads to pipelines and refineries -
is helping drive the voracious appetite for office space needed
for the expanding workforce in the world’s energy capital.