4 Energy Stock Stories Revving Up Tuesday Headlines
Chesapeake Energy Corp. (NYSE:CHK): Closing price $27.16
An internal e-mail on Tuesday from Chesapeake’s Chief Executive Doug Lawler says that his company plans to continue its layoffs for around another six weeks. In the e-mail, obtained by CNBC, Lawler commented that, “While Chesapeake is a strong and resilient organization that reflects our incredibly talented employees, we must adapt our organizational structure to become a sustainable, profitable company in the energy sector. Future staffing adjustments will likely be necessary to properly align resources and improve our overall operating and competitive performance.”
Apache Corp. (NYSE:APA): Closing price $88.25
On Tuesday, Apache agreed to divest certain oil and gas producing properties in Canada in two distinct transactions having a combined value of $112 million. The corporation will sell its Hatton, St. Lina, Marten Hills, Snipe Lake, Valhalla, and a portion of its Hawkeye producing properties. All of these are mainly dry gas developments in Saskatchewan and Alberta, and are made up of about 4,000 operated and 1,300 non-operated wells that averaged daily output of 38 million cubic feet of natural gas and 750 barrels of oil, condensate and natural gas liquids, net to Apache, during the second quarter. Both transactions are effective April 1, 2013, and should to close during the fourth quarter.
Chevron Corp. (NYSE:CVX): Closing price $124.34
Lithuania’s environment ministry has okayed a bid by Chevron to explore for shale gas, as the Baltic state tries to put an end to its energy dependence upon Russia. Deputy Environment Minister Daiva Matoniene told reporters that the ministry “has decided to recommend that the government declare Chevron the winner” of the tender for the exploration permit, and now the government must make the final decision. If the ruling is positive, there would then be 90 days to sign a contract with Chevron, which is the sole bidder.
CNOOC Ltd. (NYSE:CEO): Closing price $206.56
China’s number-one listed offshore oil and gas producer by production, announced Tuesday that its American Depositary Receipts will begin trading on the Toronto Stock Exchange on Wednesday, following its gaining listing approval from the Canadian stock exchange. The ADR listing formed part of CNOOC’s commitments to obtain Canada’s nod for its purchase of the Canadian energy firm Nexen Inc. It also promised to retain all Nexen staff and have Calgary as its headquarters of North American operations.