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.
(Reuters) – Duke Energy Corp (DUK.N: Quote, Profile, Research, Stock Buzz) has turned to an insider, Chief Financial Officer Lynn Good, to take over as chief executive when Jim Rogers steps down as part of a regulatory settlement linked to its $18 billion takeover of Progress Energy.
Good, 54, a veteran of the U.S. utility industry who is well known on Wall Street, was viewed by analysts as a leading contender for the job. Having served as CFO since July 2009, she is considered a strong manager with the experience to lead the large, complex company like Duke, the No.1 U.S. power producer.
HOUSTON/NEW YORK (Reuters) – Devon Energy Corp’s (DVN.N: Quote, Profile, Research, Stock Buzz) latest bid to revive interest in its stock may take a page out of the activist investors’ playbook, but Wall Street continues to look elsewhere for returns in the energy patch.
The Oklahoma City-based company said on Thursday it would transfer some assets into a publicly traded master limited partnership. The move, the latest in a four-year long effort to transform the company, was greeted by a yawn from investors who sent Devon shares lower on a day the overall market went up. That reaction symbolizes the rough ride the stock has taken in the past few years.