Anna's Feed
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.

Dec 17, 2013

Noble Energy sees opportunity in Mexico, 2014 capex higher

HOUSTON, Dec 17 (Reuters) – Noble Energy Inc has
talked with Mexican government officials over possible
investments in that country’s oil and gas resources although
reforms are still in the early stages, the U.S. oil and gas
company’s CEO said on Tuesday.

Mexico’s Congress last Thursday voted to open up the
country’s ailing energy sector to private investment, in the
biggest shake-up of the state-run sector in 75 years, ending
the exploration and production monopoly held for decades by
state-run oil and gas company Pemex.

Dec 11, 2013

Marathon Oil to boost rig activity in 2014, shed assets

HOUSTON, Dec 11 (Reuters) – Marathon Oil Corp will
increase the number of rigs running in its oil-producing fields
in Texas and North Dakota next year and try to sell assets in
Norway and the United Kingdom, Chief Executive Lee Tillman said
in an interview.

Marathon’s proven ability to increase output from its Bakken
acreage in North Dakota, the Eagle Ford shale in southern Texas
and the Woodford shale in Oklahoma “justifies bringing in more
rig activity to drive those resources to profitable volumes,”
Tillman told Reuters ahead of an analysts meeting.

Nov 21, 2013

Fracking without freshwater at a west Texas oilfield

MERTZON, Texas, Nov 21 (Reuters) – At a dusty Texas
oilfield, Apache Corp has eliminated its reliance on
what arguably could be the biggest long-term constraint for
fracking wells in the arid western United States: scarce
freshwater.

For only one well, millions of gallons of water are used for
hydraulic fracturing, or fracking, the process that has helped
reduce U.S. reliance on foreign oil over the past five years by
cracking rock deep underground to release oil and gas.

Nov 14, 2013

New Source Energy buys CEO’s company for $44 million

HOUSTON (Reuters) – New Source Energy Partners LP (NSLP.N: Quote, Profile, Research, Stock Buzz) said on Thursday it has purchased an oilfield services company for $44 million in cash and common units from a group of owners that includes Kristian Kos, its chief executive officer.

New Source Energy, an exploration and production master limited partnership (MLP) based in Oklahoma City, Oklahoma, bought MCE LP for $3.8 million in cash and 1.8 million common units. MCE’s former owners are also eligible for additional payout if the company hits certain financial targets.

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.

    • 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."
    • Follow Anna