Earlier in the year, before initial declines in service costs, Anadarko had estimated it would take $3 billion in capital expenditures to keep production levels flat. Now, Walker said, it would take about $2.7 billion, and there is still room for improvement.
Hess, which has a major Houston presence, saw its income fall from a gain of $931 million during the same time last year. Excluding one-time expenses, Hess posted adjusted net income of a $147 million loss, or a loss of 52 cents per share, down from a $432 million gain last year, or $1.38 a share.
The Paris-based company said low oil prices were partially offset by a 12 percent increase in oil and gas production compared to last year, strong refining margins and the results of Total’s cost reduction program.
In all, more than 15 temblors of magnitude 2.0 or stronger were reported Monday by the Oklahoma Geological Survey. An additional nine quakes ranging from 2.2 to 4.1 were recorded through early Tuesday evening.
Houston-based Swift, which closed at 74 cents a share Tuesday on the New York Stock Exchange, has hired Lazard Freres & Co. as an adviser as it considers its capital structure and financing alternatives.
FuelFix.com is your daily must-read source for news and analysis on the energy business. Anchored by business reporters at the Houston Chronicle and other Hearst Newspapers, Fuel Fix incorporates blogs by energy experts, market updates, useful data and a real-time summary of the top ideas, hottest stories and latest news in the oil, gas and energy industries.
Browse previous blog posts by month and year of entry. You'll see all the posts for that time period.