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Joint ventures between oil and gas explorers in the U.S. and their foreign counterparts helped fuel the shale boom. They’re coming back in a new iteration for the bust.
Across the American shale patch, companies are being forced to square their reported oil reserves with hard economic reality.
The lawsuit alleges that Oklahoma City-based Chesapeake Energy Corp. tricked landowners into signing one-sided leases in the early years of the Marcellus Shale drilling boom and then improperly deducted certain post-production expenses from landowner royalties.
CRC, which was targeted as “worthless” by hedge fund BlueMountain Capital Management LLC in June, fell 16 percent in New York trading, the steepest intraday slide since Aug. 24.
Regulators’ efforts to reduce earthquake risk in the most seismically active area of the state could put the company at risk, because its operations are so narrowly focused in one area.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.
A $32 billion operating cash shortfall and persistent low oil prices will probably force big shale drillers to announce billions in oil field impairments and spending cuts in third-quarter earnings reports this week.
Southwestern Energy Co. says it is figuring out ways to drill better-performing wells on West Virginia and Pennsylvania land it bought from larger operators last year, even as energy prices remain cheap.
Earlier this week, the company eliminated 740 jobs and let go of about one in six of its employees, as part of Chief Executive Officer Doug Lawler’s plan to combat the weak energy market by reducing headcount, selling assets, spinning off business lines and halting a 14-year run of dividend payouts to stock investors.
As much as 400,000 barrels a day of oil production is at risk as U.S. shale companies like Samson Resources Co. run out of money and are forced to slow drilling.