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May 1, 2013

Devon Energy posts $1.3 billion loss

By Anna Driver

(Reuters) – Devon Energy Corp (DVN.N: Quote, Profile, Research, Stock Buzz) on Wednesday reported a large quarterly loss as the U.S. oil and gas company wrote down the value of some assets, but production was better-than expected, a factor that helped push shares higher.

Devon and other energy companies have made big investments in drilling for oil in U.S. shale formations following a collapse in natural gas prices. Devon’s oil output in the quarter rose to a record for its North American operations, a sign that the company’s efforts is taking hold.

May 1, 2013

Chesapeake posts quarterly profit, oil output up

By Anna Driver

(Reuters) – Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) reported quarterly profit that exceeded Wall Street expectations on Wednesday, as the U.S. oil and gas company produced more crude oil from shale basins like the Eagle Ford in Texas and expenses fell.

Chesapeake, under the direction of a board handpicked by its largest investors and interim Chief Executive Steve Dixon, is focused on drilling its best properties and increasing output of more profitable crude oil while lowering spending.

Apr 30, 2013

Valero, Marathon profits up, refiners eye more U.S. crude

HOUSTON, April 30 (Reuters) – Valero Energy Corp and
Marathon Petroleum Corp reported higher first-quarter
profits on Tuesday as both U.S. refining companies continued to
look for ways to boost the use of cheaper domestic crude oil.

The shale boom in the United States has prompted refining
companies to invest in infrastructure and transportation assets
to increase the flow of less-expensive crude from places like
the Eagle Ford formation in South Texas to refineries located
along the Gulf Coast and elsewhere.

Apr 25, 2013

Oil production rises for Exxon, Conoco in first-quarter

HOUSTON (Reuters) – Quarterly results from Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz) and ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz) on Thursday showed that while overall growth remained elusive, output rose in key basins in the United States where the oil and gas companies are spending heavily to grow crude production.

North American shale basins and the Gulf of Mexico are seen as more secure places for energy companies to invest because they typically offer a steady source of growth. Conoco said in December that more than half of its nearly $16 billion budget for 2013 will be spent in North America.

Apr 25, 2013

U.S. oil production rises for Exxon, Conoco in Q1

HOUSTON, April 25 (Reuters) – Quarterly results from Exxon
Mobil Corp and ConocoPhillips on Thursday showed
that while overall growth remained elusive, output rose in key
basins in the United States where the oil and gas companies are
spending heavily to grow crude production.

North American shale basins and the Gulf of Mexico are seen
as more secure places for energy companies to invest because
they typically offer a steady source of growth. Conoco said in
December that more than half of its nearly $16 billion budget
for 2013 will be spent in North America.

Apr 24, 2013

Hess profit soars, lifted by higher prices, lower costs

April 24 (Reuters) – Hess Corp, under pressure from
investors to improve returns, reported a better-than-expected
first-quarter profit on Wednesday, helped by higher oil and
natural gas prices and lower costs.

Shares of Hess rose nearly 3 percent to $70.20 in midday New
York Stock Exchange trading.

Apr 19, 2013

Before Texas plant exploded: What did regulators know?

HOUSTON/NEW YORK, April 19 (Reuters) – Despite being located
within a short walk of a nursing home, school and residential
buildings, West Fertilizer Co in central Texas had no blast
walls and had filed no contingency plan to the Environmental
Protection Agency for a major explosion or fire at the site.

It remains unclear what safety measures, if any, were
required of the company or whether West Fertilizer failed to
comply. But on Wednesday night, the company’s fertilizer complex
in West, Texas – population, 2,600 – exploded with such force
that 60 to 80 homes were flattened, the school and nursing home
took heavy damage and at least 14 people were killed,
authorities said.

Apr 9, 2013

Texas college student wounds 14 in stabbing spree

HOUSTON (Reuters) – A male student went on a stabbing spree at a community college in northwest Houston on Tuesday, injuring at least 14 people, two of them critically, Harris County Sheriff Adrian Garcia said. The campus was sealed off.

Garcia said at a press conference that an emergency call came in at 11:12 a.m. local time: “Male on the loose stabbing people.”

Apr 1, 2013

Chesapeake Energy will be on budget this year: CEO

HOUSTON (Reuters) – Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) is on track to stay within its budget for the year, Steve Dixon, the natural gas company’s newly appointed interim chief executive officer, said on Monday.

Dixon, seeking to reassure investors following the departure of CEO Aubrey McClendon, said on a conference call that he had “tremendous confidence” that Chesapeake’s spending would not exceed the company’s planned drilling budget of about $6 billion.

Mar 28, 2013

Exclusive: Chesapeake CEO search extends beyond deadline – source

HOUSTON (Reuters) – Chesapeake Energy Corp’s (CHK.N: Quote, Profile, Research, Stock Buzz) search for a new chief executive to replace Aubrey McClendon is likely to extend beyond an April 1 deadline, according to a person familiar with the situation.

McClendon is expected to step down on Monday even if a successor has not been named, leaving Chief Operating Officer Steve Dixon and Chairman Archie Dunham to lead the U.S. oil and gas company in the interim, the source said.

    • 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."
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