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.
WASHINGTON/NEW YORK, April 8 (Reuters) – The Internal
Revenue Service has temporarily stopped issuing private letter
rulings (PLRs) that energy companies sometimes request when
setting up master limited partnerships for their tax benefits.
Lawyers specializing in the oil and gas sector have said the
IRS wants to review the scope of assets that can qualify as
tax-free for master limited partnerships (MLPs), which have
lured hundreds of billions of dollars from investors seeking
WASHINGTON/NEW YORK (Reuters) – The Internal Revenue Service has temporarily stopped issuing private letter rulings that energy companies sometimes request when setting up master limited partnerships (MLPs) for their tax benefits.
Lawyers specializing in the oil and gas sector have said the IRS wants to review the scope of assets that can qualify as tax-free for MLPs, which have lured billions from investors seeking higher yields.
NEW YORK (Reuters) – SandRidge Energy Inc’s (SD.N: Quote, Profile, Research, Stock Buzz) letter asking the Internal Revenue Service whether its water disposal business would qualify as tax-free for inclusion in a master limited partnership (MLP) has been caught up in the agency’s pause of such reviews.
“That process has started and there was the pause,” Duane Grubert, SandRidge’s head of investor relations, said at the OGIS energy conference in New York on Monday.
HOUSTON/NEW YORK (Reuters) – High-yielding energy partnerships have lured billions in capital from investors in the past few years and the returns have often matched or beaten expectations.
But as riskier kinds of businesses adopt the Master Limited Partnership (MLP) structure, and as interest rates rise, investors are getting a wake-up call about some of the scary stuff lurking in the sector.
HOUSTON, Feb 26 (Reuters) – Apache Corp said on
Wednesday it will spend two-thirds of its exploration and
production budget drilling more oil wells onshore in North
America as it aims to improve returns and show steady production
Inconsistent oil and gas output and exposure to political
risk in Egypt has weighed on the company’s shares and depressed
the Houston company’s valuation.
NEW YORK/HOUSTON (Reuters) – Encana Corp (ECA.N: Quote, Profile, Research, Stock Buzz) and Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) are negotiating civil settlements with the state of Michigan to try to end its criminal investigation into whether the energy companies colluded to keep oil and gas lease prices artificially low in the state.
Encana is hopeful that a settlement will be finalized within a few weeks, said Gregory Curtner, a lawyer representing Encana in a separate civil antitrust lawsuit, during a February 14 court hearing.