Chesapeake Energy Corp. on Tuesday stripped co-founder and CEO Aubrey K. McClendon of his title as chairman of the board and said it would name an “independent, nonexecutive chairman in the near future.”
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In a still-depressed market for merchant power, Calpine Corp. on Tuesday used the dedication of a new natural gas-fired power plant in the PJM market as a signal that competitive power markets are working and independent generation plant developers will continue to build more gas-fired plants.
The total value of U.S. natural gas and oil and mergers and acquisitions (M&A) in the first three months of this year jumped 69% from a year ago and sends a signal that 2011 will be another strong year for transactions, according to a survey by PwC US. The Oil & Gas M&A analysis is a quarterly report of announced U.S. transactions valued at more than $50 million. PwC uses transaction data provided by John S. Herold Inc. Shale natural gas properties remain a big draw for buyers. According to PwC, eight transactions each valued at more than $50 million related to shale gas properties for a total value of $9.7 billion. Two transactions in the Marcellus Shale together totaled $325 million. Several big sales contributed to a 76% increase in overall average deal value from a year ago. Forty-seven transactions in the latest quarter were valued at more than $50 million each, accounting for a total of $51.5 billion in deal value, versus $30.4 billion in the year-ago period. The average size of a transaction also jumped significantly to $1.1 billion from $620.9 million year/year. Twenty-three individual transactions were valued at more than $250 million. Upstream transactions made up almost three-quarters (73%) of the sales valued at more than $50 million, with a total of 27 transactions fetching $25.3 billion.
Chevron Corp. CEO John Watson said Thursday the buy-out of Marcellus Shale player Atlas Energy Inc. didn’t signal a fundamental shift in the company’s strategy; rather, it was an attractive opportunity that came at the right time.
A unanimous vote by nearly 200 mayors Monday in favor of a resolution calling on the federal government to encourage greater use of natural gas vehicles (NGV) should signal other authorities to turn their support toward alternative fuels for transportation, according to American’s Natural Gas Alliance (ANGA).