Energy News: SandRidge Energy Inc. (SD)’s Impressive Second Quarter, Chesapeake Energy Corporation (CHK) Gives Up Legal Battle, Exxon Mobil Corporation (XOM) Buys Oil-Sands Assets

Editor’s Note: Related Tickers: SandRidge Energy Inc. (NYSE:SD), Chesapeake Energy Corporation (NYSE:CHK), Exxon Mobil Corporation (NYSE:XOM), ConocoPhillips (NYSE:COP), Clean Energy Fuels Corp (NASDAQ:CLNE)

A Quick Look at SandRidge Energy’s Impressive Second Quarter (DailyFinance)
Mississippi Lime-focused oil and gas driller SandRidge Energy delivered exceptional second-quarter results on Aug. 6. Not only did the company blow past Wall Street’s expectations but it increased its production guidance for the full year. SandRidge reported adjusted EBITDA of $268 million which was virtually flat from last year’s $269 million. However, that’s not an apples-to-apples comparison — last year’s number includes the company’s Permian Basin assets which were sold this past February. That’s also why SandRidge’s adjusted operating cash flow of $176 million was also well below last year’s $223 million. What investors need to focus on is the fact that SandRidge sold more mature (i.e. cash-flow-focused) Permian Basin production in order to reinvest the cash into its higher-growth Mississippian acreage. For the company to nearly match last year’s adjusted EBITDA numbers is actually a pretty impressive feat.

Chesapeake Energy Corporation (NYSE:CHK)Chesapeake Energy Gives Up Legal Battle (WETM-TV)
Chesapeake Energy has given up a two- year legal fight to retain thousands of acres of natural gas drilling in New York State. The company held the gas rights to nearly 230 thousand acres across eight counties in the Finger Lakes region, including Cayuga, Livingston, Steuben, Ontario and Chemung. Ashur Terwilliger, head of the Chemung County Natural Gas Coalition says the settlement would be a major win for the landowners who battled the company in court over lease extension.

Conoco Sells Oil-Sands Assets to Exxon for $720 Million (Wall Street Journal)
ConocoPhillips (NYSE:COP) reached a deal to sell an oil-sands leasehold in Canada to Exxon Mobil Corp. for about $720 million, continuing the company’s efforts to sell assets worth billions of dollars. Exxon’s Canadian subsidiary will take a 72.5% stake in the Clyden oil-sands leasehold, which consist of about 226,000 acres of undeveloped land near the southern edge of the Athabasca oil sands, about 275 miles northeast of Edmondton, Alberta. The rest of the leasehold being sold will go to Exxon affiliate Imperial Oil Ltd.

SandRidge Energy Inc. (NYSE:SD) outcomes top Street outlook (NYSE Post)
SandRidge Energy Inc. (NYSE:SD), the well know U.S.-based oil and gas firm whose division was pointed by activist stockholders earlier 2013, registered better-than-anticipated outcomes and lifted up its prediction for yield from its Mississippi Lime wells. Outcomes from SandRidge Energy Inc.’s (NYSE:SD) Mississippi Lime wells in the states of Oklahoma and Kansas have formerly saddened capitalists, so the higher estimate assisted push scrip up by around 2% to hit $5.89 during post market trading session. SandRidge Energy Inc. (NYSE:SD) lifted up this year’s prediction for turnout in its Mississippi Lime wells – a major source of expansion for the firm – by around 4% and augmented its viewpoint for overall oil and gas fabrication by around 2%.

Chesapeake sells all Clean Energy Fuels investments (Reuters)
Leading natural gas producer Chesapeake Energy Corp has exited its investments in Clean Energy Fuels Corp (NASDAQ:CLNE), which provides natural gas fuel for transportation, according to Chesapeake’s quarterly filing on Tuesday. Chesapeake said the carrying value of its $10 million investment in a 1.1 percent stake in the 17-year-old company, backed by Texas oil billionaire T. Boone Pickens, had increased by $3 million before the stake sale last month. But Chesapeake also sold a $100 million investment in Clean Energy Fuels Corp (NASDAQ:CLNE) convertible notes for $85 million in cash to a buyer who also assumed a commitment to buy the third and final $50 million tranche of convertibles.

Petrom and Exxon speed up Black Sea exploration and conclude an additional act with ANRM (ACTmedia)
The National Agency for Mineral Resources (ANRM) concluded an additional act to the agreement with OMV Petrom and ExxonMobil for the Neptun Block in the Black Sea, in order to speed up the exploration work, Gheorghe Dutu, President of ANRM, told AGERPRES. ‘The government has approved this additional act in the latest meeting (on July 30 – editor’s note). The additional act was concluded at the request of those at Petrom ‘, said Dutu. According to him, the additional act, the third since the signing of the agreement, is classified in conformity with the law, since it stipulates the program of works the investors will make in this area.

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