Energy Biz Review: Chesapeake Needs Cash, ExxonMobil Export Idea
Chesapeake Energy (NYSE:CHK) needs cash to close its $9 billion to $10 billion funding deficit, and will meet with several of its prime lenders later in the week, according to Reuters. The meeting might or might not be regularly scheduled, but CHK’s plans and liquidity issues are certain to be the main subject of the talks. Meanwhile, the firm wants to divest some 57,000 net acres of leaseholds and producing wells in the Woodbine Sand play in east Texas, which likely is part of its plans for debt reduction. The Woodbine parcel is said to contain nine operated and producing wells and one non-operated well.
Investing Insights: Gold and Silver Move Higher as Euro Breaks $1.24.
Hess (NYSE:HES) reports that Royal Dutch Shell (NYSE:RDSA) (NYSE:RDSB) will acquire its 15.67 percent stake in the BP-operated Schiehallion field off the Scottish coast, which represents Hess’ associated share in the Schiehallion floating, production, storage and offloading vessel, plus the West of Shetland pipeline system. Details of the transaction were not reported.
ExxonMobil (NYSE:XOM) CEO Rex Tillerson says his company is evaluating the proposition of exporting natural gas from the U.S. Gulf Coast and Canada. To critics who say that exporting the gas will raise domestic prices, the CEO responds that the exports will create jobs, raise tax revenues and help the United States’ trade balance as well.
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