Energy Business Wrap: GE’s Norwegian Partner, Chesapeake CLIPS Jobs
Anadarko Petroleum’s (NYSE:APC) subsidiary Western Gas Partners (NYSE:WES) will offer 5 million units, and will use the proceeds for general corporate needs. Shares of the company, which gathers and transports natural gas for APC, plummeted Tuesday on the news.
General Electric (NYSE:GE) is partnering with Norwegian firm Sargas to sell gas turbines for power stations that utilize the latter’s carbon-capture technology, which can catch 90 percent of emissions, and for much costs than the tech of rival process. It’s win-win as the resulting CO2 can then be sold as a resource for oilfields, at far below the $30 per ton that must be paid in Texas – what economists call ‘economies of scope’.
Investing Insights: Gold and Silver Await Fed’s FOMC Meeting.
Chesapeake (NYSE:CHK) reports that it will offset slower drilling at its rich Barnett shale field in Texas, by reducing its workforce by 8 percent. Moreover, the company will accept bids on its Fort Worth office tower which it purchased for $100 million in 2008, as a part of fulfilling its promise to divest up to $11.5 billion in assets in 2012 in order to fill a projected shortfall that may range between $4 billion and $5 billion.
Shares of Samson Oil & Gas (AMEX:SSN) lose a fifth of their value Turesday, on word that from company-provided operational updates on its Hawk Springs and Roosevelt projects, in was found that the swabbing process revealed an oil reduction of about 20 percent in one of four wells.
Earnings Report: Jabil Circuit Earnings: The Streak is SHATTERED.
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