Canonsburg, PA-based Rice Energy Inc. has completed its initial public offering (IPO) of 50 million shares of common stock, netting $594.5 million and capping its first week of trading on the New York Stock Exchange with its share price finishing nearly 12% higher than when it launched.
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Bolstered by record production, especially in the southwest Pennsylvania portion of the Marcellus Shale, and revisions to its estimated ultimate recovery (EUR) curves, Range Resources Corp. reported net earnings of nearly $144 million for the second quarter of 2013.
Gulf of Mexico explorer McMoRan Exploration Co. (MMR) is no longer a publicly traded stock after shareholders on Monday (June 3) approved a merger with a subsidiary of affiliated conglomerate Freeport-McMoRan Copper & Gold Inc. Under a friendly agreement in late 2012, Freeport agreed to pay close to $3 billion for MMR and more than $9 billion including debt for Plains Exploration & Production Co.; the Plains deal closed at the end of May (see Daily GPI, June 3; Dec. 6, 2012). Freeport Chairman Jim Bob Moffatt co-chaired McMoRan with Freeport CEO Richard Adkerson. MMR shareholders are to receive $14.75/share in cash, or $2.2 billion for shares not owned by Freeport, as well as 1.15 units in Gulf Coast Ultra Deep Royalty Trust, which would hold a 5% overriding royalty stake in future output from 20 specified ultra-deep exploration targets.
Florida-based TECO Energy, a natural gas and electric utility holding company, said Tuesday it has entered into a definitive stock purchase agreement with its privately held parent company to purchase New Mexico Gas Co., that state’s principal gas utility. The aggregate value of the deal is $950 million, including the assumption of $200 million of the New Mexico utility’s debt.
Range Resources Corp. achieved a record high production volume of 876 MMcfe/d during the first quarter of 2013, driven in large part by the continuing success of its drilling program in the Marcellus Shale, the company said Thursday.
GMX Resources Inc. (GMXR) announced Monday that it has filed for Chapter 11 bankruptcy, and is looking to finalize an asset purchase agreement with holders of the company’s senior secured notes to acquire all of GMXR’s operating assets and undeveloped acreage.
Chesapeake Energy Corp.’s co-founder and CEO Aubrey McClendon officially stepped out of the batter’s box Monday, but there’s no permanent replacement and no timetable on when a successor will be named, said acting CEO Steven Dixon. However, operations are running “smoothly,” despite some constraints in the Utica Shale.