Chesapeake Energy adopts poison pill to block a takeover

Chesapeake Energy has adopted a poison pill shareholder rights plan to protect the company from any takeover attempts due to its low stock prices, Kallanish Energy reports. Last Thursday, the Oklahoma-based O&G company adopted what is called a purchasing dividend for shareholders or a shareholder rights plan. The shareholder rights can be exercised if a … Read more

Texas, Oklahoma mulling state cuts to oil, gas production

      Texas and Oklahoma are both looking at cutting production of crude oil and natural gas because of low prices tied to the coronavirus pandemic and the oil price rout. On Tuesday, the Texas Railroad Commission held a 10-hour video hearing with 55 witnesses including energy companies and trade groups on a possible … Read more

Wintershall Dea’s production up 9%, costs down 20%

German independent gas and oil producer Wintershall Dea reported this week a 9% increase on its output in 2019 and a 20% reduction on its production costs, Kallanish Energy reports. The company produced 642,000 barrels of oil equivalent per day (Boe/d) last year. Meanwhile, its production costs were reduced to $4.30/Boe, almost half the industry … Read more

EOG Resources cuts $2 billion or 31% from capex budget

      Texas-based EOG Resources is cutting its 2020 capital spending by $2 billion or 31%, in the wake of the spreading coronavirus and the crude oil price war between Saudi Arabia and Russia that is impacting U.S. shale producers. EOG said it intends to reduce activity across all of its operating areas and … Read more

Enbridge to proceed with $500M Line 5 Pipeline tunnel

Enbridge announced Friday that it intends to build a $500 million pipeline tunnel under the Straits of Mackinac after a long and continuing legal fight with the state of Michigan, Kallanish Energy reports. The Canadian pipeline company said it has hired two contractors to proceed with the disputed Line 5 tunnel project. The tunnel will be … Read more

ExxonMobil exports second crude cargo from Guyana

      Guyana’s second crude oil shipment left ExxonMobil’s Liza Destiny platform Wednesday and is heading to Panama, Kallanish Energy reports. The new crude oil cargo lifted by the U.S. supermajor and its partners offshore Guyana is said to have been sold on the open market. According to shipping data from Marine Traffic, the Eagle … Read more

BP eyes 10 FIDs by 2021, reviews exploration approach

British oil supermajor BP has roughly 10 new projects in the pipeline expected to receive a final investment decision (FID) by 2021, potentially adding 900,000 barrels of oil-equivalent per day (Boe/d) to its portfolio, Kallanish Energy reports. CEO Bob Dudley said Tuesday during an earnings call these undisclosed projects are located from the Gulf of Mexico … Read more

Kinder Morgan sells Pembina Pipeline interest for $764M

Pipeline operator Kinder Morgan announced last week it’s sold all of its 25 million shares of Canada’s Pembina Pipeline Corp. for $764 million after taxes, Kallanish Energy reports. The money will be used in its 2020 budget to reduce debt, said the Houston-based company. Kinder Morgan acquired the shares when Pembina bought Kinder Morgan Canada last … Read more

Energy Transfer wants to nearly double DAPL capacity

Texas-based Energy Transfer, an owner and operator of the Dakota Access Pipeline, wants to increase the pipeline’s capacity by more than 96%, to 1.1 million barrels per day of crude, from the Bakken in North Dakota, through South Dakota and Iowa into Illinois. To increase flow, the company wants to build a series of new … Read more

Petrobras accelerates biofuels exit

      Brazilian state-run oil company Petrobras is seeking to accelerate its exit from the biofuels segment and has started the process to sell a large stake in BSBios Biodiesel, Kallanish Energy reports. The sale of the 50% stake in the biofuels company will be made in conjunction with partner RP Biofuels, which owns the … Read more

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