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Tag Archives: New York Stock Exchange

Chesapeake profit falls short, company to slash spending

Chesapeake Energy Corp <CHK.N> on Wednesday said it would slash its 2015 spending and rig count in response to low crude oil prices and reported a fourth-quarter profit that fell short of Wall Street expectations. Crude prices have slumped more than 50 percent since June as the global oil market remains over-supplied in a time of waning demand so exploration ...

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Transocean CEO exit seen unlikely to swing fortunes

Feb 17 – Transocean Ltd’s decision to replace its chief executive will do little to help the company cope with an aging fleet and lower demand for its rigs due to a steep fall in oil prices, analysts said. Shares of the company, which also slashed its dividend by 80 percent to 60 cents per share, fell as much as ...

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Vectren’s 2014 earnings ‘met our expectations,’ company says

Vectren ended 2014 with profits that were right in line with its expectations, the Evansville-based utility reported Monday. In its fourth-quarter and full-year 2014 earnings report, released Monday afternoon, Vectren reported net annual income of $188 million ($2.28 per share), up from $174.1 million ($2.12 per share) in 2013. The numbers exclude results from coal mining subsidiary Vectren Fuels, which ...

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Phillips 66 Partners to expand Texas operations in $1 bln deal

water pipeline at a valley in austria

Phillips 66 Partners LP said it would buy Phillips 66’s interests in three pipeline systems for a total of $1.01 billion to expand its operations in Texas. The deal includes two natural gas pipeline systems based in Texas, as well as a 19.46 percent interest in the Explorer Pipeline Company, which operates a pipeline carrying refined products between the Gulf ...

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Quicksilver Resources lays off 10 percent of its workforce

FORT WORTH — Quicksilver Resources, fighting off challenges from lower natural gas prices and mounting debts, on Thursday laid off 10 percent of it workforce in the United States and Canada. The oil and gas exploration company has about 350 employees at its corporate offices in Fort Worth and Calgary, as well as in its field offices across the country. ...

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Despite oil price decline, Marathon Petroleum saw 19% profit growth in 2014

marathon

FINDLAY – Marathon Petroleum Corp. bucked declining crude oil prices and on Wednesday reported a 2014 profit of $2.52 billion, or $8.78 per share, up 19 percent from profits of $2.11 billion, or $6.64 per share the previous year. For the fourth quarter, the Findlay-based refining and marketing company’s profit was $798 million, or $2.86 per share, compared with $626 ...

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Houston energy company defaults on debt payment

As the old saying goes, “just when you thought things couldn’t get any worse.” Well, for Houston-based Lucas Energy, things have gone from bad to worse. The company said Friday that it has defaulted on a debt payment dating back to December 13 of last year, which means it will now be paying a defaulted interest of 18 percent per ...

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Southwestern Energy repays loan for Marcellus land acquisition

southwestern energy logo

Southwestern Energy Co. is issuing nearly 20.3 million shares of common stock and 26 million depositary shares in an effort to pay off a bridge loan that financed the company’s Marcellus Shale land purchase. The loan the company took out was a one year term loan for $4.5 billion.  It temporarily financed Southwestern Energy’s purchase agreement with Chesapeake Energy Corp. ...

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Par Petroleum names new CEO

On January 5, Joseph Israel will take over as Par Petroleum Corp.’s new chief executive officer (CEO). Israel will be replacing the company’s current CEO William Monteleone.  Monteleone will become Par Petroleum’s senior vice president of mergers and acquisitions and will continue to be a member of the company’s board of directors. Before joining Par Petroleum, Israel was chief operating ...

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NiSource powers up for split

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MERRILLVILLE — NiSource Inc. has closed on $3.5 billion in short-term borrowing and filed a registration statement for an eventual public offering in anticipation of its split into two companies next year. A total of $3 billion in credit capacity will become effective following the proposed separation of NiSource and Columbia Pipeline Group, with each company having access to half ...

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