Energy Business Review: Chevron’s New Controversy, ConocoPhillips Divests an Asset

The risk of hydraulic fracturing is provoking worries in Romania, inducing Chevron (NYSE:CVX) to suspends its shale gas exploration in that country, and limits its activities in the area during the next year to seismic data surveying.

Don’t Miss: BHP Billiton’s Labor Problem.

Shares of oil and gas firm GMX Resources (NYSE:GMXR) pop in early trading as it reveals that it has successfully drilled and completed its fourth horizontal well in the Bakken Shale, a feat that as the expands its presence in the region.

Dynegy’s (NYSE:DYN) announcement of a settlement being reached with one of its subsidiaries’ creditors, causes its shares to slide. According to the $2.5 billion deal’s terms, unsecured creditors will receive common equity comprising a 99 percent investment in a reorganized company.

Don’t Miss: Why is Dynegy Reducing Shareholder Stake to 1 Percent?

As if things were not bad enough for French oil major Total (NYSE:TOT), North Sea weather is now hindering its attempts to stop a gas leak at one of its sites there. The company will likely dodge a worst-case scenario, but as long as the well leaks, it’s looking at $2.5 million per diem in associated costs.

ConocoPhillips’ (NYSE:COP) board approves its divestiture of refining business Phillips 66, which will trade on NYSE as PSX effective after the April 30 close. Completing the agreement will be a tax-free share distribution, in which one share of PSX will be offered for every two held of COP on April 16.

Investing Insights: Is This the Tip of the Iceberg for Shale Gas Fears?

To contact the reporter on this story: Mark Lawson at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com