The president may have moved forward with healthcare reform when he first took office, but now he’s aggressively pursuing climate change and using the regulatory process to achieve his goal.
The company plans to keep its U.S. shale position at less than 20% of total production to weather downturns with low decline rates, but seems committed to paying dividends.
Analysts see WPX’s ability to deal its gas assets as a positive for other E&Ps looking to divest noncore producing assets amid low commodity prices.
U.S. oil stocks are higher than at any time since 1930 and are expected to build even higher by April as WTI feels the pain.
Wall Street reacted sharply following an announcement by Energy Transfer Equity that it replaced its group CFO, Jamie Welch, with Thomas Long, who was CFO of Energy Transfer Partners LLC, Energy Transfer’s general partner.
A news report that said the company had hired a restructuring attorney sent the price of the stock tumbling, but Chesapeake countered it had no intention of filing for bankruptcy.
Although M&A and A&D activity has been down lately, some believe change is coming. For example, Chevron will continue efforts to shed assets in hopes of bringing in between $5-10 billion more by year-end 2017.
President Barack Obama is proposing to pay for clean energy investments by placing a $10 per barrel oil fee as the industry grapples with low prices. Congressional leaders said the plan is dead on arrival.