Energy Biz Review: Chesapeake’s Nepotism and Cronyism, Goodrich Petroleum Pops
Nepotism and cronyism dominate Chesapeake’s (NYSE:CHK) decisions, says a Bloomberg review, as it cites the firm’s 2009 payment of $343 million to a drilling equipment manufacturer headed by Chesapeake lead director Pete Miller, and the employment of the relatives of another director. In addition, a university overseen by yet another director received millions in donations by the company.
It’s over: Employees of French oil company Total (NYSE:TOT) will once again be allowed back on the North Sea platform over the gas leak that cost the company millions upon millions to repair. Confirmation has now come that the leak is indeed plugged.
Shares of Goodrich Petroleum (NYSE:GDP) pop following Canaccord’s calling it a takeover candidate. The analyst thinks that the company’s 103,000 net acre leasehold in Tuscaloosa is too large for development by GDP alone, given its present capitalization. Alternately, the company could be acquired in its entirety, or it could enter into a joint venture and issue equity to fund the site’s development.
NGL Energy Partners (NYSE:NGL) shares move up on word that it purchases crude oil transportation and water treatment services from High Sierra Energy in a transaction worth $693 million. The latter’s crude oil segment process around 50,000 barrels per day, and controls 32 pipeline injection facilities and three crude oil terminals. Its water services segment processes approximately 80,000 barrels of water a day.
Shares of GreenHunter Energy (AMEX:GRH) take off, as it significantly expands its Eagle Ford Shale footprint with a new joint venture in which seven salt water disposal facilities will be developed in south Texas. The firm reports that the new wells will establish it as the dominant operator of salt water disposal capacity and a leading supplier of water management solutions in that region.
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