HOUSTON (Reuters) – Super-sized hydraulic fracturing jobs, which use vast amounts of sand to coax more oil and gas from shale, have led to astronomical returns for investors in companies that mine the tiny particles. The question is whether those super-sized gains can continue.
Demand has jumped for the sand used in hydraulic fracturing, which blasts it, along with water, chemicals, into wells to crack rock and release crude oil and natural gas.
HOUSTON, June 13 (Reuters) – Chesapeake Energy Corp
shareholders on Friday approved a series of reforms that
included the elimination of three-year terms for directors,
deepening an overhaul that began in the months preceding the
2013 ouster of former Chief Executive Officer Aubrey McClendon.
Since McClendon’s departure in April last year, the board
under Chairman Archie Dunham and the company’s largest
shareholders, including billionaire Carl Icahn, have made reform
a priority. Chesapeake had been criticized for McClendon’s heavy
spending and a governance crisis.
HOUSTON/NEW YORK, June 5 (Reuters) – North Dakota is
cracking down on flaring, the wasteful burning of natural gas,
with strict rules that may stymie development in areas far from
pipelines in a state that is one of the fastest-growing U.S. oil
The new rules also will effectively reinforce the
competitive advantage enjoyed by producers that have already
taken steps to curb flaring.
HOUSTON (Reuters) – Swift Worldwide Resources, a firm that staffs big global energy projects with mainly engineers, expects to go public or be acquired within the next five years, the company’s CEO told Reuters on Thursday.
Swift, based in Houston, was acquired by New York-based $3 billion private equity firm Wellspring Capital LLC in November for an undisclosed sum.
(Adds meeting votes)
By Anna Driver
DALLAS, May 28(Reuters) – Exxon Mobil Corp’s
drilling operations in Russia and its partnership with Russian
oil company Rosneft have so far not been disrupted by
tensions between Russia and Ukraine or sanctions imposed by the
United States, Exxon’s CEO said on Wednesday.
“We’re extremely proud of what we’ve been able to accomplish
in Russia,” Exxon Chief Executive Officer Rex Tillerson told
shareholders. “They’ve been very good partners for us.”
HOUSTON/BANGALORE May 22 (Reuters) – Refiner Marathon
Petroleum Corp said it would buy oil and natural gas
company Hess Corp’s retail and transport business for
$2.87 billion, expanding its network of gas stations and
convenience stores along the U.S. East Coast.
The deal will also increase the refining company’s exposure
to more stable cash flows and expand the number of outlets where
the company can sell its gasoline, Marathon’s Chief Executive
Officer Gary Heminger said on a conference call on Thursday.
By Anna Driver
(Reuters) – Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) said it expects to sell more than $4 billion in assets this year and will spin off its oilfield services division as the second-largest U.S. natural gas producer focuses on drilling more profitable wells and improving returns.
Doug Lawler has been chief executive officer of Chesapeake for nearly a year. Under Lawler, the Oklahoma City company has worked to drastically cut costs and debt and increase output of higher-margin crude oil and natural gas liquids.
HOUSTON, May 13 (Reuters) – ConocoPhillips Chief
Executive Ryan Lance on Tuesday said his company and Venezuela
are due to argue damages before the World Bank’s arbitration
panel as their dispute over oil assets in the South American
country moves forward.
The arguments are “imminent,” Lance told reporters after the
company’s annual meeting, adding it was uncertain when the
International Centre for Settlement of Investment Disputes
(ICSID) would issue a final ruling.
April 29 (Reuters) – Valero Energy Corp, the largest
U.S. independent refiner, said cheap inland U.S. crude oil
boosted its first-quarter profits and also prompted rate cuts at
a pair of plants that can only run so much of it.
Valero and other refiners’ profit margins have been
fattened by ample supplies of oil produced from U.S. shale
formations. Those market conditions have continued into the
second quarter and are likely to boost earnings as companies
make investments and adjustments to their plants to process more
of the crude.
HOUSTON, April 11 (Reuters) – The winter rally in natural
gas prices is creating cautious optimism among companies like
Matador Resources Co and Swift Energy Co,
smaller energy producers that see opportunity and future deals
in a once-moribund market.
Consumers pulled a record amount of gas from storage this
freezing winter, leaving stockpiles at the lowest level since
2003. This has spurred expectations for higher prices.