Exxon Files Motion to Dismiss State’s Lawsuit, McDaniel Responds (Arkansas Matters)
Exxon Mobil Corporation (NYSE:XOM) has filed a motion to dismiss lawsuits from the United States and the State of Arkansas. The original complaint, filed by State and Federal officials in June, alleges six causes of action against the oil giant and seeks civil penalties under the federal Clean Water Act. According to a response filed by Attorney General Dustin McDaniel on Monday, Exxon Mobil Corporation (NYSE:XOM) says the claims should be dismissed because the State doesn’t “state a claim upon which relief can be granted,” and that sufficient factual evidence has not been presented to support each allegation detailed in the lawsuit.
Executive Positions Cut At Chesapeake Energy (Newson6.com)
Oklahoma City-based Chesapeake Energy Corporation (NYSE:CHK) has made another round of personnel cuts, as part of an ongoing effort to right-size the company. Sources told News 9 that numerous high level employees – vice presidents – were informed today that their positions had been cut. A statement from Chesapeake confirms that it is “transitioning key leadership positions and making adjustments to its organization to properly align resources, reduce expenses, and improve its operating and competitive performance.”
A Disappointing Quarter Leads to Buying Opportunities (DailyFinance)
Typically, a good earnings report lifts a stock. So why did SandRidge Energy Inc. (NYSE:SD) sell off when it reported a profit when most analysts expected a loss? (Foolish contributor Matt DiLallo has an interesting take on the situation). While everyone was happy SandRidge posted a profit, investors may have been looking for reductions in capital expenditure, much like that seen at Chesapeake Energy Corporation (NYSE:CHK). After all, fiscal discipline, along with greater oil production and improved natural gas prices benefited the company and its shareholders. I once considered Chesapeake a “stooge” investment, but no more. The company is earning money, beating estimates and looking like it’s turned the corner after years of disappointment.
Exxon reports oil spill in Australia (UPI.com)
Exxon Mobil Corporation (NYSE:XOM) said it was looking into what led to a spill of about five barrels of oil from its Cobia production platform off the Australian coast. Exxon Mobil Corp. said it would keep its Cobia oil platform in the Bass Strait closed while it investigates the incident.
Chesapeake Energy agrees to let landowners out of gas leases (syracuse.com)
Chesapeake Energy Corporation (NYSE:CHK) will allow more than 200 Southern Tier landowers to get out of gas drilling leases that had expired. In a court settlement announced today, Chesapeake agreed to allow the leases to lapse and not to challenge their expiration. While many of the leases had run their course, Chesapeake Energy Corporation (NYSE:CHK) argued they should be indefinitely extended because New York has not approved hydrofracking.