Energy Biz Review: Chesapeake Energy’s Reports, CVR Energy Icahn Drama
Cheniere Energy Partners (AMEX:CQP) introduces a couple of new credit facilities which comprise approximately $2 billion, in connection with the construction of the Sabine Pass liquefaction project, as a part of the firm’s assertive fund raising efforts to build the natural gas export facility.
Shares of Ship Finance International (NYSE:SFL) continue their 2012 rise, on word of its first profits concerning a new cash sweep deal with tanker firm Frontline. The latter, which owns and operates ships in the maritime and offshore industries, sees the tanker market as continuing healthy in the second quarter, thus forecasting another “significant” cash sweep contribution.
Investing Insights: Gold and Silver Climb Higher, Euro Sinks to New Lows.
Two news reports for Chesapeake Energy (NYSE:CHK) on Thursday, as it was revealed the firm has put up for sale 504,000 acres in the DJ Basin in Wyoming and Colorado, to help raise cash to plug a funding shortfall of between $9 billion and $10 billion. The Basin arrangement includes the oil and gas production from 29 wells that Chesapeake operates, plus an interest in 24 non-operated wells. Just before close, shares shot up on word that Carl Icahn has made at a minimum a 4 percent investment in the firm, although whether the ‘activist investor’ took a stake in the latest 13-F filing was uncertain.
In more Carl Icahn news, CVR Energy (NYSE:CVI), which he now controls, initiates the process of trying to divest the nitrogen fertilizer company as it recruits Jefferies to solicit bids. It is reported that the 60-day process commences immediately, and that Icahn will consider any offer of at least $35 per share.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.
Don’t Miss: What are Hedge Funds Doing With Gold?