HOUSTON, Aug 9 (Reuters) – Chesapeake Energy Corp
has sold its stakes in trucking and natural gas companies and is
trying to shed real estate in Oklahoma City, the company told
regulators this week, as its new chief executive attempts to
turn it around.
The second-largest U.S. natural gas producer has slashed
spending and pledged capital discipline following last year’s
liquidity crunch, brought on by years of heavy spending on
acreage in U.S. shale formations and low natural gas prices.
LONDON/HOUSTON (Reuters) – Some of the western world’s top oil companies abandoned output targets and missed profit forecasts on Thursday as they promised to clamp down on rising costs that hurt quarterly results.
Costs for workers and materials are climbing as the industry scrambles to bring new wells and pipelines into operation.
By Anna Driver
(Reuters) – Chesapeake Energy Corp’s (CHK.N: Quote, Profile, Research, Stock Buzz) new Chief Executive Doug Lawler on Thursday said a comprehensive review of the company’s partnerships and assets is underway as the second largest U.S. natural gas provider seeks to simplify its structure and improve financial discipline.
The company, which experienced a severe liquidity crunch in 2012 after spending heavily for years to acquire drilling acreage, also reported a better-than-expected quarterly profit on Thursday as it produced more crude oil than Wall Street targeted.
HOUSTON, July 26 (Reuters) – George Phydias Mitchell, a
petroleum engineer who transformed the natural gas industry by
using hydraulic fracturing to pull the fuel out of shale
formations, died of natural causes at the age of 94 on Friday.
A native of Galveston, Texas, who rose from modest means to
become a billionaire philanthropist, he was the chairman and
chief executive officer of Mitchell Energy & Development Corp,
which was sold to Devon Energy Corp for $3.5 billion in
By Anna Driver
(Reuters) – U.S. oil and gas company Noble Energy Inc (NBL.N: Quote, Profile, Research, Stock Buzz) on Thursday reported quarterly earnings that fell short of Wall Street expectations because U.S. oil production was hurt by downtime and stormy weather.
Noble, which also has massive reserves of natural gas in the eastern Mediterranean, is directing capital to boost production of more valuable crude oil and natural gas that has a high liquids contents, so any production hiccup can dent profits.
July 18 (Reuters) – Apache Corp said on Thursday it
had agreed to sell its Gulf of Mexico shelf assets for $3.75
billion to private equity firm Riverstone Holdings LLC as the
oil and gas company focuses on growth from its U.S. onshore
Shares of Houston-based Apache rose nearly 2 percent to
$85.27 after the close of regular trading.
ROUND ROCK (Reuters) – Dell Inc postponed a crucial vote on CEO Michael Dell’s$24.4 billion buyout offer to July 24, buying time to solicit more proxy votes and drum up more support despite winning over several large swing shareholders at the eleventh hour.
The company co-founder and partner Silver Lake fell short of the votes needed to push through the largest buyout since the financial crisis, even though Vanguard and BlackRock Inc are now on board with the proposal, a source familiar with the matter told Reuters on Thursday.
HOUSTON, June 28 (Reuters) – In the remote Eagle Ford shale
fields of South Texas, drillers racing to pump crude from new
wells are finding themselves in a most unexpected line of work:
the utility business.
Struggling to tap into a regional electricity grid built for
small towns and vast cattle ranches, companies including
Marathon Oil Corp are saving time by installing new
power lines themselves. Despite the heavy initial outlays, the
new lines will reduce power costs at some of the 5,000 wells
drilled across the region.
HOUSTON (Reuters) – Former Enron Corp Chief Executive Jeffrey Skilling’s near decade-long quest to prove he did nothing wrong at the once high-flying energy-trading behemoth ended on Friday when a federal judge shaved 10 years off of his prison sentence.
U.S. District Judge Simeon Lake reduced his term to 14 years from 24 years, accepting a deal struck between prosecutors and Skilling’s lawyers that will end years of appeals.
June 19 (Reuters) – SandRidge Energy Inc’s board of
directors removed the energy company’s founder and chief
executive, Tom Ward, on Wednesday, after a months-long struggle
with activist investors who accused him of strategic mistakes
and self-dealing at the expense of shareholders.
The board named its president, James Bennett, to replace
Ward as CEO, citing a need for new leadership. Jeffrey Serota, a
private equity executive at Ares Management, has been named
interim nonexecutive chairman of the company.