Joshua's Feed
Jun 26, 2012

Insight: A land owner caught between energy giants

GAYLORD, Michigan (Reuters) – A Michigan land owner who alleges he was jilted by two of North America’s largest energy companies says emails made public Monday by Reuters prove that the two companies colluded to kill deals that could have earned him more than $54 million.

Walter Zaremba, who is locked in litigation with Encana Corp, Canada’s largest natural gas producer, said he has long suspected that Encana and Chesapeake Energy Corp had been working together, which would be a possible violation of state and federal antitrust laws.

Jun 26, 2012

A land owner caught between energy giants

GAYLORD, Michigan June 26 (Reuters) – A Michigan land owner
who alleges he was jilted by two of North America’s largest
energy companies says emails made public Monday by Reuters prove
that the two companies colluded to kill deals that could have
earned him more than $54 million.

Walter Zaremba, who is locked in litigation with Encana
Corp, Canada’s largest natural gas producer, said he has long
suspected that Encana and Chesapeake Energy Corp had been
working together, which would be a possible violation of state
and federal antitrust laws.

Jun 5, 2012

Exclusive: Astenbeck hedge fund down 14 percent in “Mensis Horribilis”

By Joshua Schneyer and Barani Krishnan

(Reuters) – Andrew Hall’s $3.1 billion commodity hedge fund lost 14.4 percent in May, as crude prices tumbled a month after the legendary energy trader told investors he was bullish on oil because of tightening global supplies, according to sources familiar with the fund’s performance.

The poor showing in May for Hall’s Astenbeck fund – the second-largest monthly loss in its history – means it was down 6.4 percent for the year through May 31, fund data given to Reuters shows. That wiped out Hall’s gains in the first quarter of 2012 and means Astenbeck must crawl out of a hole to avoid a second straight year of losses.

May 8, 2012

Exclusive: After McClendon’s trades, Chesapeake board gave blessing

NEW YORK (Reuters) – In its latest employment contract with CEO Aubrey McClendon, Chesapeake Energy Corp gave him permission to trade commodities for himself after he already had begun doing so.

Giving the CEO explicit license to play the markets represented an extraordinary incentive that enhanced one of corporate America’s most generous compensation plans and reinforced the unique treatment afforded to McClendon by Chesapeake.

May 8, 2012

EXCLUSIVE: After McClendon’s trades, Chesapeake board gave blessing

NEW YORK, May 8 (Reuters) – In its latest employment
contract with CEO Aubrey McClendon, Chesapeake Energy Corp gave
him permission to trade commodities for himself after he already
had begun doing so.

Giving the CEO explicit license to play the markets
represented an extraordinary incentive that enhanced one of
corporate America’s most generous compensation plans and
reinforced the unique treatment afforded to McClendon by
Chesapeake.

May 2, 2012

Special Report: Inside Chesapeake, CEO ran $200 million hedge fund

NEW YORK (Reuters) – As chairman and CEO of Chesapeake Energy Corp, Aubrey McClendon has been a powerhouse in the vast U.S. natural gas market, directing the company’s multibillion dollar energy-trading operation and setting output targets for America’s second-largest producer.

Behind the scenes, a Reuters investigation has found, McClendon also ran a lucrative business on the side: a $200 million hedge fund that traded in the same commodities Chesapeake produces.

Apr 25, 2012

Wyoming neighbors of Chesapeake well leak evacuate

NEW YORK, April 25 (Reuters) – More than 60 residents were
evacuated from their homes near a Chesapeake Energy-operated
well that leaked natural gas and drilling mud in
Wyoming, the company said on Wed nesday.

Chesapeake lost control of the well late on Tuesday while
installing a casing, which triggered the leak, the company said
in a statement. It wasn’t clear how much gas or fluid escaped
the well. Local TV reports said the sound of natural gas rushing
from the ground could be heard miles away.

Apr 25, 2012

Wyoming neighbors of leaking Chesapeake well evacuate

NEW YORK (Reuters) – Sixty-seven residents have evacuated their homes near a well that had a blowout and leak of natural gas and drilling mud near Douglas, Wyoming, Chesapeake Energy said on Wednesday.

On Tuesday, Chesapeake lost control of the well while installing a steel casing, setting off a leak of both natural gas and oil-based drilling mud, the company said in a statement.

Apr 9, 2012

Pump prices drop for first time in months

WASHINGTON (Reuters) – Gasoline prices fell for the first time in 11 weeks, government data showed on Monday, retreating slightly from near the $4-a-gallon level that has made fuel costs a biting economic issue during an election year.

On average, U.S. pump prices declined to $3.939 per gallon, the U.S. Energy Information Administration said. They were down less than a penny, after finishing the week to April 2 at an average $3.941 per gallon.

Apr 9, 2012

U.S. pump prices drop for first time in months

WASHINGTON, April 9 (Reuters) – U.S. gasoline prices fell
for the first time in 11 weeks, government data showed o n
M onday, retreating slightly from near the $4-a-gallon level that
has made fuel costs a biting economic issue during an election
year.

On average, U.S. pump prices declined to $3.939 per gallon,
the U.S. Energy Information Administration said. They were down
less than a penny, after finishing the week to April 2 at an
average $3.941 per gallon.