Anadarko Petroleum Corp. is teaming with private equity giant KKR & Co. in a plan to drill more than 500 wells across East Texas, a step that represents a major expansion in what was once one of the industry’s most prolific regions.
Phillips 66, the largest U.S. independent refiner by revenue since its spinoff from ConocoPhillips last year, said fourth-quarter profit beat estimates as the company benefited from an abundance of cheap domestic oil.
Phillips 66, the crude refiner that was spun off from ConocoPhillips in May, plans to raise as much as $400 million in an initial public offering next year for a minority interest in some of its pipeline and logistics assets.
Chesapeake Energy Corp.’s decision to cut directors’ pay and other perks may save the company up to $1.65 million a year without addressing investors’ concern that the board failed to rein in Chief Executive Officer Aubrey McClendon’s borrowing and spending spree.
