A group of five senators has called on the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to define swaps, security-based swaps and other key terms so that limits on market speculation can be put into effect.
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SEC Tells Chesapeake, CEO to ‘Retain Certain Documents’
Chesapeake Energy Corp. and CEO Aubrey K. McClendon were notified last week by the Securities and Exchange Commission (SEC) that the Fort Worth, TX, regional office has launched an informal inquiry and “requested that the company and Mr. McClendon retain certain documents.” The inquiry “should not be construed as an indication that any violation of the federal securities laws has occurred.” The company and McClendon said they “intend to cooperate” in responding.
Chesapeake Strips McClendon of Chairmanship
Chesapeake Energy Corp., which is facing scrutiny from the U.S. Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS), on Tuesday stripped company co-founder Aubrey K. McClendon of his role as chairman of the board of directors and terminated the Founder Well Participation Program (FWPP).
Energy Transfer Looks to Liquids with Sunoco Buy
Producers have eschewed dry gas in favor of more lucrative oil and liquids-rich production, and midstream operators are following them. Energy Transfer Partners LP (ETP) is buying Sunoco Inc. for $5.3 billion in a deal intended give it oil and liquids business and a presence in the Marcellus Shale.
Most Pennsylvania Counties Back Marcellus Impact Fee Implementation
When Gov. Tom Corbett approved Act 13 last month, he gave county officials across the state 60 days to impose an annual fee on unconventional gas wells, or to opt-out. With five weeks until the April 14 deadline, almost all of the eligible counties are on the road toward imposing the fee, but the biggest potential hold-out also happens to be the most active county in the Marcellus Shale (see Shale Daily, Feb. 15).
Unconventionals Lift ExxonMobil’s Proved Reserves
Boosted by unconventional natural gas and oil, particularly from North America, ExxonMobil Corp. added 1.8 billion boe to its proved reserves base in 2011, replacing 107% of natural gas and production, the company said Thursday.
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.
NGX Adds Physical Clearing to Three U.S. Hubs
In continuing to increase it’s U.S. presence, Calgary-based Natural Gas Exchange Inc. (NGX), a subsidiary of TMX Group Inc., has added three natural gas hubs in the United States for physical clearing.
Cimarex: More Oil, NGL Production in 2012
Cimarex Energy Co. will spend $1.4-1.6 billion on capital expenditures (capex) in fiscal 2012, with nearly all of it devoted to drilling for oil and natural gas liquids (NGLs) in the Permian Basin and the Cana-Woodford Shale, company officials said Wednesday.
Petsec Buys Into Canadian Shale Oil
Petsec Energy Ltd. has agreed to pay 35% of the costs to drill at least one well and as many as three others in a shale oil project in Alberta in exchange for a 24.5% working interest in shale oil leases covering 17,280 acres, the Sydney, Australia-based independent said. The seller was not disclosed.