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Chesapeake eyes spin-off of oilfield services unit WASHINGTON: Chesapeake Energy, the second-largest US natural-gas producer, said Monday it has notified regulators of a plan to spin off its oilfield-services subsidiary.The wholly owned unit of the struggling energy company, Chesapeake Oilfield Operating (COO), would have an initial public offering on the New York Stock Exchange, according to the preliminary information Chesapeake filed with the US Securities and Exchange Commission.Immediately before the completion of the potential spin-off, Chesapeake said in a statement, the unit would convert into a stand-alone corporation and change its name to Seventy Seven Energy. It would trade on the NYSE under the ticker symbol SSE.The spin-off is 100 percent for its shareholders and is intended to be essentially tax-free for them, the Oklahoma City, Oklahoma-based company said.The oilfield-services company COO is valued at $1.6 billion, according to the preliminary filing, which provided no information on a timetable for the operation.The unit, which manages services that ...

Chevron cuts production outlook, raises oil price view NEW YORK: Chevron Corp, the second-largest U.S. oil company, cut its 2017 production forecast on Tuesday by 6 percent, citing project delays and asset sales, while saying high prices have pushed its new baseline for oil to north of $100 a barrel.The company, like many of its peers, has seen mixed results from heavy spending to lift oil and natural gas production, and shareholders in the sector are pushing for more cost discipline.Chevron trimmed its ...
Oil prices drop after weak Chinese trade data WASHINGTON: Global oil prices fell on Monday as weak Chinese trade data stoked concerns over demand in the world's second largest economy.New York's main contract, West Texas Intermediate (WTI) for delivery in April, sank $1.46 cents to $101.12 a barrel.And in London Brent North Sea crude for April fell 92 cents to stand at $108.08 a barrel in London deals."The sharp decline in Chinese exports in February is fueling fears that the global economy could ...
Petrobras on target to print multi-billion dollar bond NEW YORK: Brazilian oil company Petrobras is offering investors a new issue concession of around 30-35bp on its new multi-billion dollar, six-part bond offering expected to price later on Monday. Orders for the transaction have already reached USD12bn in what could be biggest ever from a corporate borrower in the region if it surpasses the company's record-breaking USD11bn six-tranche transaction from last May. Each year Petrobras has broken new ground in terms of size, and ...
US natgas futures end 1 pct lower; little changed for the week NEW YORK: US natural gas futures eased about 1 percent on Friday but were little changed for the week on forecasts for warmer weather and weaker heating demand in the next couple of weeks. Front-month natural gas futures on the New York Mercantile Exchange settled down 4.4 cents at $4.618 per million British thermal units, down 1 percent for the day. For the week, the front-month contract eased just 0.2 percent after last week's dramatic ...
Oil prices edge higher as Ukraine tensions mount NEW YORK: Global oil prices pushed higher Thursday as tensions mounted over Russia's incursion into Ukraine's Crimean peninsula.New York's main contract, West Texas Intermediate (WTI) for April delivery, added 11 cents, finishing at $101.56 a barrel. Brent North Sea crude for April gained 34 cents at $108.10 a barrel in London deals.WTI prices were lower in early trade but spiked almost $2, and Brent gained $1, after US President Barack Obama toughly challenged Moscow's support ...
Oil prices retreat as Ukraine tension lessens NEW YORK: Oil prices retreated on Tuesday from the prior day's surge as tension eased over the Ukraine crisis, tamping down concerns about potential supply disruption.The benchmark US crude futures contract, West Texas Intermediate (WTI) for April delivery, shed $1.59 to close at $103.33 a barrel on the New York Mercantile Exchange.Brent North Sea crude for delivery in April, the key European contract, tumbled $1.90 to $109.30 on the IntercontinentalExchange in London.On Monday, WTI had ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln