Energy Biz Replay: GE Partners With Chesapeake, Laredo’s Secondary
General Electric Company (NYSE:GE) and Chesapeake Energy Corporation (NYSE:CHK) are partnering in an endeavor to facilitate the use of compressed natural gas as a transportation fuel via a new “CNG In A Box” system. The system is able to compress natural gas from a pipeline into CNG onsite, at a traditional filling station or in an industrial location; the firms say that it could save fleet vehicle operators around 40 percent in fuel costs when compared to gasoline.
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Laredo Petroleum Holdings (LPI) reports a secondary public offering consisting of 12.5 million common shares. By selling, stockholders will receive all proceeds as no shares are being sold by the firm or its management.
Continental Resources (NYSE:CLR) has introduced a new five-year growth plan which should triple output by the end of 2017, while the firm intends to generate average production of 300,000 barrels of energy equivalent per day. The company forecasts a growth in output next year of between 30 and 35 percent, based on a capital expenditures budget of $3.4 billion.