Exxon Eyes Expansion Of $19B Papua New Guinea LNG Project (Law360)
Exxon Mobil Corp. is already seeking to expand its liquefied natural gas plant in Papua New Guinea as its gargantuan $19 billion integrated gas project in the country nears completion, a senior Exxon Mobil executive told an Australian radio station Thursday. Exxon Mobil Corporation (NYSE:XOM) said earlier this week that the project — which includes the oil and gas giant’s plant at Port Moresby — is roughly 90 percent completed and will begin delivering natural gas to customers by the second half of 2014.
What “Intrinsic Value” Might Warren Buffett Assign To Linn Energy Common Units? (Seeking Alpha)
Over the past several months, Linn Energy LLC (NASDAQ:LINE) and its sister company LinnCo LLC (NASDAQ:LNCO) have been the subject of intense debate in the media. Despite all of the debate, uncertainty about Linn’s true value seems to be higher than ever. After closing at $33.29 on July 1st, Linn’s unit price has dropped as low as $22 and change and bounced as high as a touch above $28. This extreme volatility begs the ultimate question – what is one unit of Linn truly worth? An interesting starting point in answering that question is to ask what “intrinsic value” Warren Buffett, chairman of Berkshire Hathaway (BRK.A), might place on Linn Energy LLC (NASDAQ:LINE)’s units using the valuation framework outlined in his 1986 letter to Berkshire shareholders on “owner earnings”.
Chesapeake New York gas lease deal expected next week (Reuters)
Chesapeake Energy Corporation (NYSE:CHK) will finalize an agreement next week to drop about 12,000 acres of land leased for energy drilling in New York state, as a moratorium on fracking continues into its sixth year. Reuters reported last month that Chesapeake decided to walk away from about 100 leases in Broome and Tioga Counties in the south of the state, ending a two-year legal battle with landowners who wanted to cancel expired leases or renegotiate for better terms. Lawyers representing Chesapeake Energy Corporation (NYSE:CHK) said in a letter to the U.S. Court of Appeals for the Second Circuit on Tuesday that they were in the final stages of negotiating a settlement and that a deal is expected to be made official next week.
In Exxon Pipeline Relocation Push, Zero Risk to Drinking Water Is the Goal (Inside Climate News)
Central Arkansas Water is fully aware that its push to relocate the compromised Pegasus pipeline out of its watershed will likely become a NIMBY issue. But that hasn’t stopped the utility from continuing its bulldog-like push for Exxon Mobil Corporation (NYSE:XOM) to remove 13.5 miles of mostly buried pipeline from the northern edge of Lake Maumelle. The man-made lake provides 67 million gallons of water per day to 400,000 residential, commercial and industrial customers in and around Little Rock.
Gas driller Chesapeake Energy Corp. to pay $7.5M to settle Pa. leaseholders’ complaint (Tribune-Review)
Chesapeake Energy Corporation (NYSE:CHK) has agreed to pay $7.5 million to settle a class-action complaint by Pennsylvania leaseholders who claimed the gas driller shorted them on royalty payments by making unauthorized deductions for some expenses. The settlement covers thousands of landowners, including some in Western Pennsylvania, who accused the company of recouping post-production expenses from their royalties. Pennsylvania law allows these deductions, but the landowners say their contracts with Chesapeake Energy Corporation (NYSE:CHK) prohibited them.