Editor’s Note: Exxon Mobil Corporation (NYSE:XOM), Chesapeake Energy Corporation (NYSE:CHK), SandRidge Energy Inc. (NYSE:SD), Linn Energy LLC (NASDAQ:LINE), SandRidge Permian Trust (NYSE:PER), SandRidge Mississippian Trust II (NYSE:SDR)
Double nuclear by 2040 says Exxon (World Nuclear News)
Exxon Mobil Corporation (NYSE:XOM)’s 2013 Outlook for Energy bases its findings on data from 100 countries across the globe, looking at 15 demand centres and 20 fuel types. It also takes into consideration the technology and policy issues underpinning the world’s energy situation, Exxon Mobil technology advisor David Khemakhem explained to delegates at the World Nuclear Association’s Annual Symposium. Latest figures indicate that, with world population anticipated to be close to 9 billion by 2040, energy demand will continue to increase. Electricity demand will drive that growth. Exxon Mobil Corporation (NYSE:XOM)’s figures suggest that world nuclear capacity could be set to double to help meet that demand, as the cheapest form of low-CO2 electricity generation: other options such as onshore wind and solar photovoltaics have significant knock-on grid costs, Khemakhem remarked.
Chesapeake Energy shifting from aggression to financial discipline (FuelFix)
After years of building a reputation as one of the most aggressive U.S. natural gas giants, Chesapeake Energy Corporation (NYSE:CHK) is slowing down. The new leadership of the Oklahoma oil and gas company is bent on reining in spending and shaving costs. Chesapeake’s new CEO Doug Lawler, speaking in New York this week, described a material shift in the company’s operational strategy. “Opportunities that we have going forward are based on how we drive the greatest value for our shareholders, not how we can expand or grow our land position,” Lawler, who was tapped by Chesapeake Energy Corporation (NYSE:CHK) in May, said Wednesday during an investor conference hosted by Barclays. “We’re going to be return-centric in everything that we do in all aspects of our business.”
SandRidge Energy sells $30M in trust shares to help capitalize Mississippian drilling (Wichita Business Journal)
SandRidge Energy Inc. (NYSE:SD) is selling its shares in two of its trusts and using the money to further capitalize its expansive operations on the Mississippian Lime play. The Oklahoma City oil and gas company sold 1 million shares each in its SandRidge Permian Trust (NYSE:PER) and SandRidge Mississippian Trust II (NYSE:SDR), a sale valued at nearly $30 million, according to a report in The Oklahoman. It was the fourth time SandRidge has sold shares of those trusts since their initial public offering. SandRidge Energy Inc. (NYSE:SD) CEO James Bennett told The Oklahoman that the sale is routine and in line with the company’s plans for the trusts.
Linn Energy pays $525 million for Permian properties (Midland Reporter-Telegram)
Linn Energy LLC (NASDAQ:LINE) is buying assets in the Permian Basin for $525 million, a deal meant to expand the proportion of oil production in the Houston company’s portfolio. The West Texas properties cover 6,250 net acres, containing 124 online oil and natural gas wells that are expected to pump about 4,800 barrels of oil equivalent per day primarily from the Clearfork over the next 12 months. Oil makes up 63 percent of the land’s daily production. Linn said the deal includes about 300 identified future low-risk, infill drilling locations. The deal is expected to bolster Linn Energy LLC (NASDAQ:LINE)’s operations throughout the Permian Basin, where it produced 84 million cubic feet of gas equivalent per day in the second quarter of 2013.
Exxon facing criminal charge for wastewater spill (Legalbrief)
Pennsylvania Attorney-General Kathleen Kane filed criminal charges this week against XTO Energy, an Exxon Mobil Corporation (NYSE:XOM) subsidiary based in Fort Worth, Texas, related to a spill of more than 189 270 litres of chemical-laced wastewater in 2010. A Jurist report notes that having already been fined $100 000 by the Environmental Protection Agency (EPA) and the Department of Justice (DOJ) in July, XTO claims that the polluting of a Susquehanna River tributary, located near the company’s water recycling plant in Lycoming County, Pennsylvania, was an accident.
Layoffs at Chesapeake Energy rattle employees (CNBC.com)
Chesapeake Energy Corporation (NYSE:CHK) has been laying off employees as it moves ahead with a company-wide reorganization. “The senior leadership team and I are actively working to align our organizational structure with Chesapeake’s new strategies of financial discipline and profitable and efficient growth from captured resources,” chief executive Doug Lawler wrote Tuesday in an email to employees that CNBC.com obtained. The Oklahoma City television station K-FOR-TV reports that sources say as many as 2,000 jobs may be cut. Chesapeake Energy Corporation (NYSE:CHK) has about 12,000 employees.