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The U.S. companies included oilfield services companies National Oilwell Varco and Weatherford International’s domestic arm as well as exploration and production businesses Chesapeake Energy Corp. and Vanguard Natural Resources.
The move will save Chesapeake about $170 million a year, the Oklahoma City-based company said in a statement Friday. Chesapeake halted its quarterly common stock dividend in July for the first time in 14 years.
As the oil crash continues to pinch budgets and spur a retreat from the oil patch, several companies have announced plans to decided to temporarily stop distributing a portion of earnings as they look for new ways to protect their bottom lines.
The deal announced Tuesday will net Chesapeake cost savings by altering its fee structure with Williams in the two natural-gas rich regions.
Houston’s Porter Hedges opened an office in Oklahoma City and added four energy lawyers in the law firm’s first expansion outside of Texas.
In its decision, the Federal Energy Regulatory Commission concluded that the project would minimize potential adverse impacts on landowners and the environment.
Second-quarter net income plunged by more than half compared to a year earlier even as the company cut spending and raised production.
Chesapeake Energy Corp., the U.S. natural gas producer that almost ran out of money last year, is spending $1.71 billion to expand access to oil-soaked shale in Wyoming and buy back preferred shares that were a drain on cash.
The purchase from Global Infrastructure Partners II will increase William’s ownership to 100 percent of the general partnership and 50 percent of the limited partnership, Williams said in a statement.
Aubrey McClendon, the pioneering shale wildcatter who helped usher in the U.S. energy renaissance, has hired the company that fired him to drill wells for his newest natural gas venture.