Craig Donohue, who has been CME Group’s CEO since 2004, will step down when his contract expires in December, the Chicago-based derivatives marketplace announced Monday. The board has appointed current Executive Chairman Terrence Duffy to the expanded role of executive chairman and president, and current President Phupinder Gill to take over as CEO when Donohue’s contract expires. Additionally, the board extended Duffy’s and Gill’s contract agreements. “Donohue, Duffy and Gill, who have worked together in the office of the CEO for the last eight years, will work together over the next several months to effectuate an orderly leadership transition,” the board said. Duffy will continue to take a hands-on approach in government relations, corporate marketing and communications. Gill, who will report to Duffy, will be responsible for all other aspects of running the company. The current management team will remain in place, the board said.
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Newfield Continues Transition to Oil Company
Newfield Exploration Co. said that in 2012 it will devote more of its capital expenditure (capex) program and boost production in natural gas liquids (NGL) and oil — at the expense of natural gas — as it looks to become an oil-weighted company by 2013.
Chesapeake Curtails Gas, Targets Utica, Eagle Ford
Chesapeake Energy Corp., the second largest natural gas producer in the United States, has shut in 1 Bcf/d gross through October, CEO Aubrey McClendon told investors on Wednesday.
EOG’s Papa: We’re an Oil Company
While 10% of its 2012 capital program will be spent to maintain dry natural gas activities — in anticipation of better days — EOG Resources Inc.’s focus is on oil and liquids, as it has been for about the last four years, CEO Mark G. Papa told financial analysts Friday during an earnings conference call when he waxed ecstatic about the Eagle Ford Shale in South Texas.
San Bruno Seeks ‘Global Settlement’ With PG&E
After confidential negotiations broke down this week, spilling into the public arena Wednesday, the City of San Bruno, CA, has asked state regulators to help them reach a “global settlement” with Pacific Gas and Electric Co. (PG&E) over a deadly pipeline explosion in September 2010.
Enterprise’s Teague: Nope, No Ethane Glut
With ethane prices down more than 30% in January alone, consumers and analysts on the consuming end of the ethane pipeline might be tempted to say the market is moving toward saturation. Not so, said Enterprise Products Partners COO Jim Teague; the bears are “talking their book.
Marathon Targets Eagle Ford, Bakken Liquids
Marathon Oil Corp., which began 2012 as a pure-play exploration and production (E&P) company, has its sights trained on two big shale plays in the United States: the Eagle Ford and the Bakken, company officials said Wednesday.
Enterprise’s Teague: Ethane Bears Are Talking Their Book
With ethane prices down more than 30% in January alone, consumers and analysts on the consuming end of the ethane pipeline might be tempted to say the market is moving toward saturation. Not so, said Enterprise Products Partners COO Jim Teague; the bears are “talking their book.
Analysts: Global LNG Supplies Slashed if Hormuz Blocked
As tensions between Iran and the western world increase, the country’s threat to shut down the Strait of Hormuz weighs increasingly on energy markets. While most of the attention has focused on what a closure would mean for oil transport, analysts at Raymond James & Associates Inc. said last week on a percentage basis, the implications would be greater for liquefied natural gas (LNG) shipments.
Analysts: Japan Would Take Biggest Hit if Hormuz Blocked
As tensions between Iran and the western world increase, the country’s threat to shut down the Strait of Hormuz weighs increasingly on energy markets. While most of the attention has focused on what a closure would mean for oil transport, analysts at Raymond James & Associates Inc. said Monday on a percentage basis, the implications would be greater for liquefied natural gas (LNG) shipments.
