Chip Minty

Ohio’s $500 Billion Oil Dream Fades as Utica Turns Gassy

U.S. drillers that set up rigs amid the rolling farmland of eastern Ohio on projections underground shale held $500 billion of oil are packing up.

Devon Oil Production Returns to Pre-Cutback Levels

Devon Energy Corp. has resumed the production of 10,000 barrels a day of crude oil that it was forced to cut last month because of space limits on pipelines operated by Enbridge Inc.

Devon Energy, Trevor Rees-Jones Found Liable for $116 Million in Texas

Devon Energy Production Co. and Trevor Rees-Jones must pay the Dallas billionaire’s ex-partner $116 million for defrauding him of his true share of a company that Devon later bought for $2 billion, a Houston jury said.

Rajaratnam, Massey, Sixth Avenue, Astellas, Devon Energy in Court News

Rajat Gupta, while on the Goldman Sachs Group Inc. board in 2008, told Galleon Group LLC co- founder Raj Rajaratnam of the board’s talks on whether to buy American International Group Inc. or Wachovia Corp., according to a wiretapped recording.

Short-Selling, U.K. Insider Trading, Libor: Compliance

Spain and Italy reinstated a short- sale ban on stocks as bank shares plunged to record lows, bond yields rose and the euro traded below its lifetime average against the dollar on concern the debt crisis is growing.

Permian Gushers Squeeze Texas Profit as Pipes Lag Output

The glut of U.S. shale oil caused by too few pipelines has spread to West Texas, cutting prices and draining $1.2 billion in potential profit from producers including Concho Resources Inc. and Occidental Petroleum Corp.

Sumitomo to Pay Devon $1.4 Billion for Oilfield Stakes

Sumitomo Corp., the fourth-largest Japanese trading company by earnings, plans to invest about $2 billion in Texas shale oilfields after agreeing to buy a stake in the assets from operator Devon Energy Corp.

Devon, WPX Earnings May Suffer on Gas Liquids Price Drop

Devon Energy Corp., WPX Energy Inc. and other natural gas liquids producers may report second- quarter earnings below analysts’ estimates as tumbling prices harm companies that ramped up output seeking shelter from natural-gas markets.

Kasich Said to Plan Raising Ohio Drilling Tax as High as 4%

Oil and natural-gas drillers in Ohio would pay a severance tax as high as 4 percent to fund income- tax cuts under a plan Governor John Kasich will unveil next week, according to an administration proposal obtained by Bloomberg News.

Drillers Say Costs Manageable From Pending Gas Emissions Rule

An Obama administration plan to cut air pollution from natural-gas wells that was delayed after a flurry of last-minute comments won’t slow the gas boom sweeping the U.S., some drillers and industry analysts said.

"We are capturing value that would otherwise be lost."

- Chip Minty on Apr 17, 2012

New York

North America

HP Forecast Tops Estimates as Cost Cuts Counter PC Slump

Holder Confirms U.S. Drones Have Killed Four Americans

Bernanke Says Premature Tightening Would Endanger Recovery

Cameron Meets Security Chiefs on Suspected London Terror

IRS’s Lerner May Have Waived Rights at Hearing, Issa Says