News & Finance
by Jim GilliamJune 5, 20150 comments
ConocoPhillips, the U.S. energy company, said on Friday it has stopped its shale gas exploration in Poland due to unsatisfactory results, leaving the rest of the field to Polish state-run firms.
Earlier this year another U.S. energy major Chevron Corp gave up looking for shale gas in Poland, following the withdrawal of Exxon Mobil, Total and Marathon Oil over the past three years.
ConocoPhillips said its subsidiary Lane Energy Poland has invested around $220 million in Poland since 2009. It drilled seven wells over its three Western Baltic concessions.
We understand the disappointment surrounding this difficult decision, Tim Wallace, ConocoPhillips country manager in Poland, was quoted as saying in a statement. Unfortunately, commercial volumes of natural gas were not encountered.
ConocoPhillips also said it expected a charge related to the Poland withdrawal of approximately $90 million pre-tax, and around $30 million after-tax.
Global oil firms were attracted to Poland a few years ago, sharing a belief that eastern Europes biggest economy would repeat the shale gas boom seen in the United States.
Energy stocks were mostly higher today with the NYSE Energy Sector Index rising about 0.4% while shares of energy companies in the S&P 500 were up 0.9% as a group. Crude oil for July delivery was down 25 cents at $57.75 per barrel while July natural gas futures were 3 cents lower at $2.59 per 1 million BTU.
According to (americantradejournal), Chesapeake Energy Corporation (NYSE:CHK) is a hold, according to the latest average broker rating of 3. The number of analysts in this rating is 20. Research Analysts at Zacks has the shares a rating of 3, which implies that the firms recommendation is Neutral on the company. Chesapeake Energy Corporation (NYSE:CHK): The mean short term price target for Chesapeake Energy Corporation (NYSE:CHK) has been established at $16.13 per share. The higher price target estimate is at $24 and the lower price target estimate is expected at $9 according to 15 Analyst. The stock price is expected to vary based on the estimate which is suggested by the standard deviation value of $5.03
The stock has received coverage from different analysts. In a research note released to the investors, JP Morgan reinstates its rating on Chesapeake Energy Corporation (NYSE:CHK).The analysts at the brokerage house have a current rating of Neutral on the shares. In a recent information released to the investors, JP Morgan lowers the new price target from $22 per share to $14 per share.
Chesapeake Energy Corporation (Chesapeake) is a natural gas and oil exploration and production company. Chesapeake is engaged in the exploration, development and acquisition of properties for the production of natural gas and oil from underground reservoirs. It also provides substantial marketing, midstream, drilling and other oilfield services. Its operations are located onshore and in the continental United States. In October 2012, the Company sold asset packages in the Permian Basin. In August 2013, SemGroup Corporation completed acquisition of the gas gathering and processing assets owned by Chesapeake Energy Corporation. In January 2014, Chesapeake Energy Corp completed the sale of 100% of its ownership interest in Chaparral Energy, Inc.