Chesapeake Energy Corp. CEO Aubrey McClendon appeared to take it on the chin Wednesday, refusing to bow down to reports about the “unprecedented scrutiny” of the company and of himself in recent days, and promised shareholders that the management team is focused on becoming a U.S. oil-weighted giant. However, it’s going to take some time, he said, especially because the turnaround has little operational support from its natural gas-weighted portfolio.
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Encana Nabs Duvernay Shale Acreage, Looks for More JVs
Encana Corp.’s latest quarterly profits took it on the chin because of low natural gas prices, but the Calgary producer is responding with a realignment by transferring proven gas shale technology to liquids plays, advertising for partners to share costs in gassy northeast British Columbia (BC), and quietly acquiring an oily leasehold in Alberta’s Duvernay Shale.
Majors Warn Higher Prices Won’t Ensure Strong Results
With fourth quarter and full-year earnings reports days away, oil and gas producers are preparing shareholders for underwhelming results.
Majors Warn Higher Prices Won’t Ensure Strong Results
With fourth quarter and full-year earnings reports days away, oil and gas producers are preparing shareholders for underwhelming results.
Proposed Tax Change Riles Canadian Energy Trusts
Canadian oil and gas royalty trusts took it on the chin in stock market trading Wednesday from a proposed Tax Fairness Plan announced Tuesday night that would ultimately (in 2011) subject them to corporate-level taxation.
ExxonMobil Shareholders Give CEO an Earful
ExxonMobil Corp.’s new CEO Rex Tillerson took it on the chin from disgruntled shareholders Wednesday listening to complaints about high fuel prices, exorbitant executive pay, underfunded pension plans and lack of a clear policy on alternative energy. But in the end, the protests — loud but mostly polite — failed to make much of a difference.
Red Lake Storage’s Plea for Market Rates Shot Down, Project Terminated
Aquila affiliate Red Lake Gas Storage LP took it on the chin at FERC last Wednesday. Not only did the Commission reject its plea for market-based rate authority for a proposed salt cavern natural gas storage facility in Mohave County, AZ, it terminated the entire proceeding.
Red Lake Storage’s Plea for Market Rates Shot Down, Project Terminated
Aquila affiliate Red Lake Gas Storage LP took it on the chin at FERC Wednesday. Not only did the Commission reject its plea for market-based rate authority for a proposed salt cavern natural gas storage facility in Mohave County, AZ, it terminated the entire proceeding.
OPS Gets High Marks from NTSB, but Flunks with Congress
While the Department of Transportation’s Office of Pipeline Safety (OPS) took it on the chin during a House subcommittee mark-up of pipeline safety legislation last Thursday, its chief detractor, the National Transportation Safety Board (NTSB), removed the agency from its “Most Wanted List” after it responded to two remaining recommendations for safety improvements to pipelines.
Certificate Policy Takes It on the Chin at FERC
Interstate gas pipelines and their customers, which routinelylock horns at FERC, have found some common ground — neitherparticularly is enamored with the new policy statement thatencourages incremental pricing of pipeline construction. Somebelieve the Commission should go back to the drawing board andstart over on a new policy statement, while others have called fora return to the previous policy favoring rolled-in pricing.