Joshua's Feed
Oct 24, 2012

Analysis: Canada’s tough stance on foreign buyers won’t cut oil growth

NEW YORK (Reuters) – In other energy-rich countries, a decision to knock back a major foreign investment would likely provoke cries of resource nationalism and raise questions about prospects for oil and gas production growth.

Canada’s surprise move last week to block Malaysian state-run oil firm Petronas’ $5.2 billion bid for Calgary-based Progress Energy has spooked some investors, and raised concerns that Chinese state firm CNOOC’s $15.2 billion bid for Calgary-based Nexen may also be rejected.

Oct 2, 2012

How Chesapeake tried to unload “worthless” acreage

By Brian Grow and Joshua Schneyer

(Reuters) – Selling land leases is as much part of Chesapeake’s land grab as acquiring them. Some are proving hard to unload.

On October 30, 2010, Chesapeake CEO Aubrey McClendon told Jeff Wojahn, a top executive of Encana Corp, that he was ready to sell Michigan leases held by Chesapeake – “at reasonable terms if you were interested.” Wojahn replied that he wanted to “trade well information first,” according to emails reviewed by Reuters.

Sep 17, 2012

Rapid plunge in oil futures leaves traders guessing

By Joshua Schneyer and Jeanine Prezioso

(Reuters) – Four minutes of hectic high volume activity that sheered $4 off the price of oil late Monday left traders, analysts and U.S. regulators looking for the cause of one of the fastest and most furious energy market routs in recent years.

In the absence of any major headline news that could have explained the drop, which hit both international benchmark Brent crude and U.S. oil futures, many traders and analysts speculated that the dramatic drop could have been caused by an incorrectly entered trade — a “fat finger error” — or a high frequency trading program gone wrong.

Sep 13, 2012

Romney energy adviser Hamm exceeded campaign-donation limits

WASHINGTON, Sept 13 (Reuters) – The national energy adviser
for Mitt Romney’s presidential campaign, Oklahoma oil
billionaire Harold Hamm, made political contributions that
exceed Federal legal limits by as much as 41 percent, according
to data compiled by Reuters.

The data, based on public filings, showed that Hamm’s
political donations exceeded the legal limits for individual
donations to political parties, campaigns and po litical action
committees (P ACs) over the 2011-2012 election period.

Jul 24, 2012

Michigan lawmakers call for action in Chesapeake-Encana probe

By Brian Grow and Joshua Schneyer

(Reuters) – Two Michigan state representatives have called on officials there to step up their investigations into possible collusion between Chesapeake Energy Corp and Encana Corp, following a Reuters report that the energy rivals plotted to avoid bidding against each other in Michigan land deals.

Encana, which opened an internal investigation led by its board of directors in late June, is scheduled to release second- quarter earnings Wednesday. Canada’s largest natural gas company, Encana has said it will not comment further on the collusion report until its inquiry is completed. Chesapeake has declined to comment beyond saying that it never bid jointly with Encana.

Jul 11, 2012

Exclusive: Encana tipped off Chesapeake to land plans in Michigan – Emails

By Brian Grow and Joshua Schneyer

(Reuters) – As Chesapeake Energy Corp and Encana Corp face antitrust investigations, emails reviewed by Reuters indicate that top executives of the two rivals shared sensitive information that gave Chesapeake the upper hand in deals with Michigan land owners.

The emails show the competitors traded information about whether Encana was halting new land leasing in Michigan in 2010, and the information prompted Chesapeake to dramatically change its leasing strategy in subsequent weeks and helped send Michigan land prices tumbling from record highs.

Jul 11, 2012

Exclusive – Emails: Encana tipped off Chesapeake to land plans in Michigan

By Brian Grow and Joshua Schneyer

(Reuters) – As Chesapeake Energy Corp and Encana Corp face antitrust investigations, emails reviewed by Reuters indicate that top executives of the two rivals shared sensitive information that gave Chesapeake the upper hand in deals with Michigan land owners.

The emails show the competitors traded information about whether Encana was halting new land leasing in Michigan in 2010, and the information prompted Chesapeake to dramatically change its leasing strategy in subsequent weeks and helped send Michigan land prices tumbling from record highs.

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.