Exploration and production (E&P) companies, already riding a wave of record earnings, should expect to see their share prices further strengthen this year on continued high natural gas and oil prices, according to a new report by Raymond James.
Tag / Strengthen
SubscribeStrengthen
Articles from Strengthen
Raymond James: E&Ps to Further Strengthen on Sustained High Prices
Exploration and production (E&P) companies, already riding a wave of record earnings, should expect to see their share prices further strengthen this year on continued high natural gas and oil prices, according to a new report by Raymond James.
People
McMoRan Exploration Co. said Tuesday that it has separated the roles of chairman and CEO to strengthen its corporate governance structure. McMoRan named Glenn A. Kleinert president and CEO, noting that James R. Moffett and Richard C. Adkerson will continue to serve as co-chairmen of the board. McMoRan will be managed through an office of the chairman consisting of Messrs. Moffett, Adkerson and Kleinert. The company said that the office of the chairman will direct the business activities of McMoRan, with Moffett continuing to focus on exploration activities and business strategy including McMoRan’s efforts to develop an LNG facility at its Main Pass Energy Hub offshore Louisiana. Adkerson will focus on financial and administrative activities and financial strategy including the commercial and financing activities for the LNG facility and Kleinert will be responsible for executive management functions including acreage development and production activities. In other McMoRan mangement news, B. M. Rankin, Jr. will continue on as vice chairman of McMoRan’s board, while C. Howard Murrish, executive vice president, will continue in his role in McMoRan’s oil and gas exploration activities. The independent oil and gas E&P company operates offshore in the Gulf of Mexico and onshore in the Gulf Coast area.
Burlington Ups North American Spending 12%
Houston-based independent Burlington Resources Inc. has reallocated some of its overseas capital to strengthen its North American operations this year, setting aside 7% more for U.S. operations and 5% more for Canada.
Exxon Mobil to Strengthen E&P Overseas and LNG Focus in U.S.
Exxon Mobil Corp.’s plans to increase its exploration and production (E&P) capital spending 10% this year is part of an aggressive move to grow overseas oil and natural gas projects as its North American production dwindles, the company said Thursday. The major also plans to continue strengthening its liquefied natural gas (LNG) business to give it an edge in U.S., European and Asian markets.
El Paso Sells $10M of Crude Terminal, Gathering Assets
As part of El Paso Corp.’s work to strengthen its balance sheet, the company has sold $10 million worth of South Louisiana condensate and crude terminalling and gathering assets to Plains All American Pipeline LP, a master limited partnership based in Houston.
Transportation Notes
In a Critical Notice Tuesday, Algonquin said recent forecast data for its service territory show demand continuing to strengthen in response to colder temperatures. In order to mitigate conditions that could threaten its firm service capability, the pipeline said it “is imperative” that effective with the beginning of Wednesday’s gas day, shippers and point operators limit their daily variances between scheduled deliveries and actual deliveries to 2% or less. Any quantity outside the 2% due-pipeline tolerance will be deemed unauthorized and charged a $15/Dth penalty, Algonquin said. Also on Wednesday, the following restrictions will take effect: no nominated increases through Stony Point Compressor Station except for primary no-notice; no forward-haul IT or Authorized Overrun anywhere on the system; and no due-shipper gas available anywhere on the system.
ConocoPhillips to Shutter Service Stations as Upstream Gets More Focus
ConocoPhillips continues to strengthen the focus on its upstream operations, after announcing it will take a $1.3 billion charge in the fourth quarter to shutter a “substantial” number of refining and marketing operations.
ConocoPhillips to Shutter Service Stations as Upstream Gets More Focus
ConocoPhillips continues to strengthen the focus on its upstream operations, after announcing it will take a $1.3 billion charge in the fourth quarter to shutter a “substantial” number of refining and marketing operations. Set to announce quarterly and year-end earnings later this month, the fourth quarter guidance offered on Wednesday is for the first full quarter of operations since Conoco Inc. and Phillips Petroleum Co. merged last year.
Oneok Agrees to Sell Production Properties for $300M
In an effort to strengthen its balance sheet, Tulsa, OK-based Oneok Inc. said last week it has agreed to sell certain natural gas and oil-producing properties for $300 million in cash to an undisclosed producer.