…holdings in the Permian Basin and is under direction to trim building, promotion and salary costs. “We have had a lot of recent developments,” said Greg Dewey, vice president of community relations and communications. “With the divesting of the Permian, which was a third of the company, it made sense to make this decision.”
Jessica Heeringa reward fund gets $15,000 donation from Exxon Mobil Corp. to Norton Shores Police Department (MLive.com)
Exxon Mobil Corporation (NYSE:XOM) has contributed $15,000 to the Jessica Heeringa reward fund, Norton Shores Police Chief Daniel Shaw said. The Norton Shores Police Department received the money Thursday, May 2, from the oil corporation, Shaw said. It will be delivered to Muskegon County Silent Observer, boosting the reward fund to more than $16,000. Money in the fund, being held by the Community Foundation for Muskegon County, will be used as a reward for information leading to the recovery of Heeringa and conviction of those involved in what police officials believe to be an abduction. Heeringa, 25, disappeared shortly after 11 p.m. April 26 from the Exxon Mobil Corporation (NYSE:XOM) gas station at 1196 E. Sternberg Road. Police believe she was abducted by a man driving a silver or gray minivan.
Chesapeake Energy Corporation (CHK), And Discussions Of The Utica Shale (Insider Monkey)
I don’t think it’d be a stretch to say that the oil and gas industry had big hopes for the Utica, a vast shale rock formation in the Appalachian Basin that stretches as far eastward as New York, though most drilling activity to date has been concentrated in Ohio. Chesapeake Energy Corporation (NYSE:CHK)’s former CEO Aubrey McClendon even called the Utica “the biggest thing to hit Ohio since the plow.” Not surprisingly, some of the play’s biggest leasehold owners are putting their acreage up for sale. Chesapeake Energy Corporation, the play’s largest leasehold owner, recently put 94,200 acres up for sale. Though the company, which discovered the Utica in 2010, was initially extremely optimistic about the play’s potential, it has since scaled back its expectations about how much oil the play might contain.
A Look At Transocean’s North Sea Operations (Seeking Alpha)
The North Sea faces extremely harsh weather conditions and oil and gas are located at great depths below the ocean floor, necessitating the use of specialized offshore drilling technologies. It is the single largest market for mid-water floaters which operate at water depths of under 4,500 feet. Out of Transocean LTD (NYSE:RIG)’s total fleet of 82 rigs, 15 of the rigs are contracted in the North Sea. Moreover, 6 out of 7 of Transocean’s harsh environment floaters are located in the region, contracted at average daily rates of around $470,000.
16 Oil and Gas Stocks to Sell Now (Investorplace.com)
This week, the overall grades of 16 Oil and Gas stocks are lower, according to the Portfolio Grader database. Each of these rates a “D” (“sell”) or “F” overall (“strong sell”). This week, SandRidge Energy Inc. (NYSE:SD) rating worsens to an F from the company’s D rating a week ago. SandRidge Energy explores and produces natural gas and crude oil. The stock receives F’s in Earnings Growth, Earnings Momentum, and Equity. Cash Flow and Margin Growth also get F’s. As of May 3, 2013, 13.2% of outstanding SandRidge Energy Inc. (NYSE:SD) shares were held short.
Exxon readies pipeline repair in Missouri (iStockAnalyst)
Federal approval was given for Exxon Mobil Corporation (NYSE:XOM) to repair part of the Pegasus oil pipeline that leaked about a barrel of oil in Missouri, the company said. Exxon acknowledged about 42 gallons of oil spilled from the Pegasus pipeline in Doniphan, Mo., near the border with Arkansas. Exxon said that it expected to have the pipeline repaired by the weekend and have the site refilled with new soil following approval from the Pipeline Hazardous Materials Safety Administration. Exxon Mobil Corporation (NYSE:XOM) said it was working with federal authorities to investigate the cause of the incident on the pipeline, which was built in the 1940s.
