BHP Billiton’s Q3 Losses, Legacy Announces Public Offering: Energy Business Review
The ongoing slump in natural gas prices are blamed for losses at BHP Billiton Limited’s (NYSE:BHP) domestic shale-gas operation Petrohawk Energy, which worsened in the third quarter. Also, BHP posts a loss from continuing operations before income tax of $211 million for the nine months prior to September 30th for Petrohawk, compared to a profit of $201 million year-over-year in 2011.
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Legacy Reserves (NASDAQ:LGCY) announces a public offering of 8.7 million units in order to raise funds for a $520 million purchase from Concho Resources (NYSE:CXO) of oil and natural gas properties in the Permian Basin. The sites contain approximately 25.6 million barrels of energy equivalent in proven reserves.
Shares of Canada’s largest independent oil and gas producer, Canadian Natural Resources (NYSE:CNQ) moved down after reporting a 57 percent slide in quarterly profit on slumped prices, and the firm lowering its full-year forecast for crude oil and natural gas liquids output to between 452,000 and 460,000 barrels per day, compared to the prior range of 454,000 to 474,000.
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