Anna's Feed
Jun 7, 2013

Analysis: Spinning assets into partnership may not solve Devon’s woes

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.

Jun 7, 2013

Spinning assets into partnership may not solve Devon’s woes

HOUSTON/NEW YORK, June 6 (Reuters) – Devon Energy Corp’s
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.

May 29, 2013

Shareholder support for Exxon executive pay erodes

DALLAS, May 29 (Reuters) – Fewer shareholders of Exxon Mobil
Corp on Wednesday cast votes in favor of the oil
company’s executive compensation following a year when Chief
Executive Officer Rex Tillerson’s total pay climbed 15 percent
to about $40 million.

Proxy advisory firm ISS had recommended that shareholders
withhold support for CEO Tillerson’s compensation, citing
Exxon’s “modest” shareholder returns and the company’s reliance
on awards that have less emphasis on performance.

May 20, 2013

Chesapeake Energy hires Anadarko executive as CEO

May 20 (Reuters) – Chesapeake Energy Corp on Monday
named a top executive at rival Anadarko Petroleum Corp
to head the No. 2 U.S. natural gas producer, which has suffered
a governance crisis and liquidity crunch over the last year.

Chesapeake hired Robert Douglas Lawler, senior vice
president of international and deepwater operations at Anadarko,
to fill the post vacated by co-founder Aubrey McClendon in
April.

May 3, 2013

Analysis: TPG-Axon won’t find quick fixes for SandRidge

By Anna Driver and Michael Erman

(Reuters) – Hedge fund TPG-Axon Capital has won nearly half the seats on SandRidge Energy Corp’s board but faces an uphill battle to reverse the oil and gas company’s slumping stock price.

SandRidge shares have tumbled 20 percent this year to around $5 on disappointing forecasts for its wells in Oklahoma and Kansas, as well as investor uncertainty over its strategic direction.

May 3, 2013

Axon won’t find quick fixes for SandRidge

* SandRidge shares are down 20 percent this year

* Investors worried about management loss

* TPG-Axon’s Singh hopes for streamlined drilling plan

* SandRidge reports Q1 results May 7

By Anna Driver and Michael Erman

May 3(Reuters) – Hedge fund TPG-Axon Capital has won nearly
half the seats on SandRidge Energy Corp’s board but faces
an uphill battle to reverse the oil and gas company’s slumping
stock price.

SandRidge shares have tumbled 20 percent this year to around
$5 on disappointing forecasts for its wells in Oklahoma and
Kansas, as well as investor uncertainty over its strategic
direction.

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.

    • 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."
    • Follow Anna