BOE Report

Rex Tillerson to Retire, Darren Woods Elected Chairman, CEO of Exxon Mobil Corporation

IRVING, Texas--(BUSINESS WIRE)--Rex W. Tillerson, chairman and chief executive officer of Exxon Mobil Corporation (NYSE:XOM), has announced his intention to retire at year-end after more than 41 years of service. Darren W. Woods, currently president of Exxon Mobil Corporation, has been elected chairman and chief executive officer by the board of directors effective Jan. 1, 2017. The board of directors congratulated Tillerson on his [Read more]

ConocoPhillips Provides 2016 Asset Disposition Program Update, Continues Debt Repayment and Initiates Share Repurchase Program

HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced it has completed its planned 2016 asset dispositions. The proceeds from these dispositions are being used for debt reduction, share repurchases and general corporate purposes. The company generated approximately $1.3 billion of proceeds from asset dispositions in 2016. Approximately $0.8 billion of these proceeds will be recorded in the fourth quarter, primarily reflecting the sale of the company’s interests in Senegal and [Read more]

EQT Midstream Partners Announces 2017 Financial and CAPEX Forecast; EQT GP Holdings Announces 2017 Distribution Forecast

PITTSBURGH--(BUSINESS WIRE)--EQT Midstream Partners, LP (NYSE: EQM) today announced its 2017 financial and capital expenditure (CAPEX) forecast. EQM net income is projected to be $555 - $595 million, adjusted EBITDA is expected to be $670 - $710 million, and distributable cash flow is expected to be $590 - $630 million. At least 80% of 2017 revenue is expected to be generated from firm reservation fees under long-term contracts. See the Non-GAAP [Read more]

Chevron Announces $19.8 Billion Capital and Exploratory Budget for 2017

SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE:CVX) today announced a $19.8 billion capital and exploratory investment program for 2017. Included in the 2017 program are $4.7 billion of planned affiliate expenditures. “Our spending for 2017 targets shorter-cycle time, high-return investments and completing major projects under construction. In fact, over 70 percent of our planned upstream investment program is expected to generate production within two years,” said Chairman and [Read more]

Hess Announces Regular Quarterly Dividend on Common Stock

NEW YORK--(BUSINESS WIRE)--#exploration--The Board of Directors of Hess Corporation (NYSE:HES) today declared a regular quarterly dividend of 25 cents per share payable on the Common Stock of the Corporation on December 30, 2016 to holders of record at the close of business on December 19, 2016. Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information [Read more]

Hess Announces Quarterly Cash Dividend on Preferred Stock

NEW YORK--(BUSINESS WIRE)--#oil--The Board of Directors of Hess Corporation (NYSE: HES) today declared a quarterly cash dividend of $20 per share on the Company’s 8.00% Series A Mandatory Convertible Preferred Stock, which is equivalent to $1.00 per depositary share, each representing 1/20th interest in a share of Series A preferred stock. The dividend is payable on February 1, 2017 to holders of record at the close of business on January 15, 2017. The [Read more]

Baker Hughes Announces November 2016 Rig Counts

HOUSTON--(BUSINESS WIRE)--Baker Hughes Incorporated (NYSE:BHI) announced today that the international rig count for November 2016 was 925, up 5 from the 920 counted in October 2016, and down 184 from the 1,109 counted in November 2015. The international offshore rig count for November 2016 was 211, up 11 from the 200 counted in October 2016, and down 48 from the 259 counted in November 2015. The average U.S. rig count for November 2016 was 580, up 36 from the 544 counted in October 2016, [Read more]

Energy Transfer Partners and Sunoco Logistics Partners Respond to the Statement from the Department of the Army

DALLAS & NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)--Energy Transfer Partners, L.P. (NYSE: ETP) and Sunoco Logistics Partners L.P. (NYSE: SXL) announced that the Administration’s statement today that it would not at this time issue an “easement” to Dakota Access Pipeline is a purely political action – which the Administration concedes when it states it has made a “policy decision” – Washington code for a political decision. This is nothing new from this Administration, since over the last four [Read more]

Devon Energy Announces First-Quarter 2017 Cash Dividend for Common Stockholders

OKLAHOMA CITY--(BUSINESS WIRE)--Devon Energy Corp. (NYSE: DVN) today announced that its board of directors has declared a quarterly cash dividend on Devon’s common stock for the first quarter of 2017. The dividend is payable on March 31, 2017, at a rate of $0.06 per share based on a record date of March 15, 2017. About Devon Energy Devon Energy is a leading independent energy company engaged in finding and producing oil and [Read more]

Fitch: North American Energy Sector Healing, 2017 Challenges Seen

CHICAGO & NEW YORK--(BUSINESS WIRE)--The rating outlook for North American energy remains negative, reflecting lingering challenges in the exploration and production (E&P) and oil field services/drillers subsectors, according to Fitch Ratings. The E&P market remains split. In the investment-grade (IG) E&P space, a key theme was one of compression, with most rating actions limited to a combination of a single-notch downgrade and/or a Negative Outlook. Many IG names mitigated [Read more]