Chesapeake Energy lost more than $1 billion in stock-market value in 46 minutes of trading on Friday after the company disclosed it might be forced to delay plans to sell assets to fund its operations this year.
General Electric Co will shed most of its finance unit and return as much as $90 billion to shareholders as it becomes a "simpler" industrial business instead of an unwieldy hybrid of banking and manufacturing. The company on Friday outlined a restructuring plan that includes buying back up to $50 billion of its shares, selling about $30 billion in real estate assets over the next two years and divesting more GE Capital operations. GE stock jumped 8.5 percent.
Dean Foods (DF) announced its second-quarter (2Q) earnings for fiscal 2014 (FY14) today, and reported a loss of 14 cents per share compared to analysts’ expectations of 6 cents loss per share. The adjusted EPS declined 154% YoY, as the second quarter proved to be more challenging than the company had anticipated.
HudBay Minerals Inc., the third-best-performing Canadian mining stock this year, is willing to spend as much as 20 percent of its C$1.97 billion ($1.97 billion) market value on deals to replenish its development pipeline.
The copper and zinc producer, which expects to more than quadruple copper output by 2015, will capitalize on a “buyers’ market” for mining assets as small companies struggle to raise funds and larger competitors consider sales, Chief Executive Officer David Garofalo said yesterday.
Chesapeake Energy Corp. Chief Executive Officer Aubrey McClendon will resign from the company he built into the second-largest U.S. natural gas producer after scrutiny of his personal finances and a corporate cash crunch erased as much as 43% of its market value last year.
Norway’s Statoil abandoned its 2020 production target on Friday and slashed spending plans so it could pay more to shareholders, becoming the latest oil major to acknowledge the fading appeal of new energy projects.
Rising investment costs and falling prices have cut the potential returns on new oil and gas plays, especially more ambitious ones that present greater risks, prompting some companies to delay or curtail them.
Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) stock has rallied 8.56% since Friday. The rise in share price came on the back of speculation that the newly-appointed CEO Aldemir Bendine would sell assets to maintain liquidity.
By Devon Shire: Being an outside investor is hard. Any time the shares of a publicly traded company you own start underperforming its peer group you wonder if there isn’t something going on that you don’t know. You are just an outsider and perhaps other people have better information than you do?
Barrick Gold Corp.’s sale of US$3-billion in debt is expected to provide enough financing to complete its planned capital spending for the next two years, including the Pascua Lama project.
RBC Capital Markets analyst Stephen Walker estimates that Barrick can meet its debt obligations and complete its current development plans – without requiring financing alternatives or selling non-core assets – even if gold falls as low as US$1,200 per ounce.
By Osman Gulseven:Chesapeake Energy (CHK) is among the most widely followed energy companies in the U.S. Established in 1989, the Oklahoma-headquartered company is primarily engaged in the natural gas and oil development in North America. The company holds substantial interests in several natural gas resource basins, as well as liquids-rich resource plays.