Russia’s military intervention in Ukraine threatens to derail energy exploration in a region that holds a quarter of the world’s natural gas reserves, weigh on currencies and force companies to work to contain the damage.
Exxon Mobil Corp. increased the proportion of its reserves made up of oil to the highest in a decade as shale-drilling expertise acquired in the $35 billion XTO Energy deal was mobilized to find crude.
U.S. energy companies using railroads to carry crude must conduct tests to help ensure the oil cargoes won’t explode or eat holes through tank cars after rising train derailments spurred new emergency rules.
Chesapeake Energy Corp., the second- largest U.S. natural gas producer, missed analysts’ profit estimates by the biggest margin in almost two years as energy prices fell and costs to exit leases and cut jobs rose.
American Energy Partners LP, founded by former Chesapeake Energy Corp. Chief Executive Officer Aubrey McClendon, agreed to buy 56,000 acres of drilling leases from Exxon Mobil Corp. and Paloma Partners LLC to become the dominant explorer in the southern Utica Shale.
Paul Sankey, whose oil-industry forecasts earned him the top ranking the past three years in Institutional Investor’s survey, joined Wolfe Research LLC after quitting his senior oil-analyst job at Deutsche Bank AG.