Editor’s Note: Related tickers: SandRidge Energy Inc. (NYSE:SD), Chesapeake Energy Corporation (NYSE:CHK), Exxon Mobil Corporation (NYSE:XOM)
SandRidge Energy (SD) Set to Announce Earnings on Tuesday (Watch List News)
Mon., 12:23pm: Chesapeake reports big boost in Utica oil production (Trib- Today)
The Marcellus and Utica shale formations have become known for their untapped reserves of natural gas. The formations also may hold vast amounts of oil – something Chesapeake Energy Corporation (NYSE:CHK) is learning as it drills in the local area. The company pumped 44 percent more oil from April to June than it did during the same period in 2012 from its local operations. And more could be on the way. Chesapeake Energy Corporation (NYSE:CHK) is the largest leasehold acreage holder in the Marcellus shale, which spans from Northern West Virginia across much of Pennsylvania into southern New York. The company also holds substantial acreage in Ohio’s Utica shale.
ExxonMobil ‘not leaving Irish waters’ (Irish Examiner)
Oil giant Exxon Mobil Corporation (NYSE:XOM) has said it has no intention of pulling out of Irish waters, despite disappointing early drilling results from the highly-anticipated Dunquin prospect off the Kerry coast — in which it is a senior partner — last month. The recent findings of the ‘Dunquin North’ exploration well being mainly water-based and having no commercially recoverable hydrocarbons, leading to its abandonment, dented the share price of the asset’s Irish stakeholder, Providence Resources, and led to speculation that Exxon Mobil Corporation (NYSE:XOM) was finished with Ireland. However, a spokesperson for Exxon said, yesterday, that this is “certainly not the case” and the Texas-headquartered company — the world’s largest oil firm — remains a major partner in its two Irish interests in the Porcupine Basin, namely Dunquin and the Cuchulainn field. However, they did add that Exxon Mobil Corporation (NYSE:XOM) currently has no plans for further drilling in Irish waters and would not be speculating on its future plans, at this time.
Exxon Mobil: Biggest loser in the Dow (CNBC)
DEALTALK-Behind every successful activist, there is a lawyer (Reuters)
When TPG-Axon Capital launched a proxy campaign against energy company SandRidge Energy Inc. (NYSE:SD), it choreographed an attack worthy of a seasoned activist, even though it was the 8-year-old hedge fund’s only second such public fight. TPG-Axon hired private investigators at Kroll to unearth alleged governance lapses at SandRidge Energy Inc. (NYSE:SD). It found several candidates to nominate on the company’s board. It even put up a website for a months-long campaign that eventually led to the ouster of CEO Tom Ward earlier this year. The hedge fund had experienced help. Even before it launched the campaign, it hired Schulte Roth & Zabel LLP lawyer Marc Weingarten, a 30-year veteran of activist campaigns, and his partner David Rosewater, for advice.
Chesapeake Q2: Higher Natural Gas Prices And Oil Production Help Results (Trefis)
Chesapeake Energy Corporation (NYSE:CHK) released its Q2 2013 earnings on August 1, showing a relatively good set of numbers that were aided by strong oil production and better price realizations for natural gas. This was also the firm’s first quarterly earnings release since the new CEO Robert Douglas Lawler took over. While revenues were around 37% higher year-over-year reaching $4.67 billion, income from operations grew to around $1.17 billion from around $738 million last year.
Apple (NASDAQ:AAPL) Battles Exxon (NYSE:XOM) (Energy and Capital)
So you may have heard about Apple’s market gains after its third quarter report was released. But what you may not have heard is that Apple exceeded Exxon Mobil Corporation (NYSE:XOM) in market capitalization! Both companies are considered the pinnacle of their respective fields and a sign of where tech and energy trends are going. Exxon Mobil stock dropped 1.8 percentage points to $409 billion after disappointing showings in its second quarter report. Apple Inc. (NASDAQ:AAPL), on the other hand, went from a share value of $405 to $450 in recognition of new and diverse products coming out, including the iPhone 5S, the cheaper-priced iPhone 5C, a new version iPad mini, and the iWatch.
