Aug 6 (Reuters) – Chesapeake Energy Corp on
Wednesday reported a lower-than-expected quarterly profit on
higher costs, but the second-largest U.S. producer of natural
gas said it expected increased year-end output as more wells
are connected to pipelines.
Chesapeake has several hundred wells in the Marcellus and
Utica fields in the U.S. Northeast and Midwest. The wells have
been drilled but are waiting for pipelines and other
infrastructure to be built so gas and oil can be transported to
By Anna Driver
(Reuters) – ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz), the largest U.S. independent oil and gas company, on Thursday reported a quarterly profit that just beat Wall Street expectations, helped by a bigger-than-expected increase in oil and gas production.
ConocoPhillips, like many other oil and gas companies, is drilling more in U.S. shale fields where wells bring better profits and steady production growth is easier to achieve.
HOUSTON, July 31 (Reuters) – U.S. oil and gas company Apache
Corp, under pressure from activist investor Jana
Partners, said on Thursday it plans to sell interests in two
liquefied natural gas (LNG) projects as it sharpens the focus on
developing North American shale fields.
The move, a significant pullback from the LNG market,
relieved investors worried about the potential project costs.
Apache shares rose to their highest in more than two years.
HOUSTON, July 30 (Reuters) – Anadarko Petroleum Corp
is studying ways the company could wring more value from the
mineral interests it holds on more than 8 million acres (3
million hectares) in the Western United States, its chief
financial officer told investors on Wednesday.
In data released on Tuesday, Anadarko said it had $385
million in royalty revenue from acreage that produces oil and
gas, coal and soda ash, a figure that could grow to $770 million
for the year.
HOUSTON (Reuters) – A high-stakes dispute over a tanker carrying $100 million in Iraqi Kurdish crude took a surprising turn on Tuesday when a U.S. judge said she lacked jurisdiction given the ship’s distance from the Texas shore and urged that the case be settled in Iraq.
Federal magistrate Nancy K. Johnson said that because the tanker was some 60 miles (100 km) offshore, and outside territorial waters, an order she issued late on Monday for U.S. Marshals to seize the cargo could not be enforced. She said the dispute between Iraq’s central government and the autonomous region of Kurdistan should be resolved in Iraq.
HOUSTON/BAGHDAD (Reuters) – Iraq scrambled to gain control of a cargo of Kurdish oil worth $100 million off the Texas coast on Tuesday after the U.S. ordered its seizure in a bid by Baghdad to halt oil sales by the autonomous region of Kurdistan.
A U.S. judge overnight approved a request from Baghdad’s lawyers on Monday that laid claim to the oil, saying the cargo of some 1 million barrels of crude from Iraqi Kurdistan was sold without its permission.
HOUSTON/LONDON, July 29 (Reuters) – U.S. authorities were
set on Tuesday to seize a cargo of crude worth more than $100
million from Iraqi Kurdistan anchored off the Texas coast after
a judge approved a request from Baghdad, raising the stakes in
an oil sales dispute between Iraq’s central government and the
The tanker United Kalavrvta, carrying some 1 million barrels
of Iraqi Kurdish crude oil, arrived near Galveston Bay on
Saturday, but has yet to unload its disputed cargo.
HOUSTON (Reuters) – U.S. oil and gas company Apache Corp told Reuters it is looking at ways to wring more cash out of its valuable mineral rights, as it and other energy companies face investor pressure to tap more profits from the North American shale boom.
Apache did not detail the options it is mulling, but two recent successful mineral rights offerings could provide a model.
HOUSTON, July 23 (Reuters) – U.S. oil and gas company Apache
Corp told Reuters it is looking at ways to wring more
cash out of its valuable mineral rights, as it and other energy
companies face investor pressure to tap more profits from the
North American shale boom.
Apache did not detail the options it is mulling, but two
recent successful mineral rights offerings could provide a
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.