Two transactions to monetize a portion of Chesapeake Energy Corp.’s 1.5 million net acres in the Utica Shale of Ohio are expected to give the independent about $3.4 billion in proceeds, CEO Aubrey McClendon said late Thursday.
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Superior’s Complete Takeover Adds Leverage in Pressure Pumping
In a merger that would create a formidable onshore oilfield services company, Superior Energy Services Inc. on Monday agreed to pay $2.7 billion in cash and stock to buy Complete Production Services Inc. — a 62% premium to Complete’s closing share price on Friday.
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Houston’s ConocoPhillips, which is poised to become the largest pure-play independent in North America once it spins off its refining unit, said Ryan M. Lance will assume the chairman and CEO role when current chief Jim Mulva retires in 2012. Mulva, who has run the company since it merged with refining giant Phillips Petroleum Co. in 2002, plans to step down once the repositioning, announced in July, is complete (see NGI, July 18). Lance currently is senior vice president, exploration and production, international. Greg C. Garland was elected by the board to chair and become CEO of the new downstream company. Garland is currently senior vice president, exploration and production, Americas for ConocoPhillips.
Kodiak Shares Plummet Briefly Over Possible Liquidity Fears
Shares of Kodiak Oil & Gas Corp. took a nosedive on Tuesday, allegedly over concerns that the Denver-based independent energy company may be facing liquidity concerns.
Shale Gas GHG Emissions Said ‘Significantly Overstated’
Estimates now used by the Environmental Protection Agency (EPA) and independent researchers to determine greenhouse gas (GHG) emissions from upstream shale gas production likely are “significantly overstated” because they are based on assumptions that don’t reflect current industry practices, according to IHS Cambridge Energy Research Associates (IHS CERA).
IHS CERA: Shale Gas GHG Emissions ‘Significantly Overstated’
Estimates now used by the Environmental Protection Agency (EPA) and independent researchers to determine greenhouse gas (GHG) emissions from upstream shale gas production likely are “significantly overstated” because they are based on assumptions that don’t reflect current industry practices, according to IHS Cambridge Energy Research Associates (IHS CERA).
Financial Players Hyping Prices for Gas-Fired Plants
One of the nation’s largest independent power generators and an avowed advocate of more natural gas-fired generation in the Northeast, Princeton, NJ-based NRG Energy Inc., will not buy any additional gas- or coal-fired facilities in the current over-heated market, according to CEO David Crane.
Financial Players Hyping Prices for Gas-Fired Plants
One of the nation’s largest independent power generators and an avowed advocate of more natural gas-fired generation in the Northeast, Princeton, NJ-based NRG Energy Inc., will not buy any additional gas- or coal-fired facilities in the current over-heated market, according to CEO David Crane.
Repositioned Devon Reports Record Onshore Production
Devon Energy Corp.’s exit from the Gulf of Mexico last year and the recent sale of its Brazilian assets in order to focus on North American onshore drilling have begun to pay significant dividends for the Oklahoma City-based independent, including record high North American onshore production, CEO John Richels said Wednesday.
Chesapeake Claims Utica ‘Economically Superior’ to Eagle Ford
Chesapeake Energy Corp. CEO Aubrey McClendon told financial analysts on Friday the company’s Utica Shale leasehold in Ohio “is likely most analogous, but economically superior to, the Eagle Ford Shale in South Texas.”