Marathon Oil Corp. used to represent everything that was wrong with U.S. shale: enormous debtloads, lavish executive pay and a seeming willingness to spend whatever it took to boost output. The company hemorrhaged money, and the stock plunged 84% from a peak in 2014 through the end of last year.
It’s been a tough run for energy stocks.
The birthplace of the shale industry is losing the last of its top industry players after Devon Energy agreed to sell its remaining position in the Barnett shale for $770 million.
Oklahoma exploration and production Devon Energy is one step away from capping a blowout at a natural gas well that has prompted authorities to seal off thousands of acres of land near the Eagle Ford Shale towns of Yorktown and Nordheim.
Devon Energy posted an unexpected quarterly profit as it narrowed its net loss through drastic cost cuts to both labour and supply expenses.
Devon Energy has struck a deal to sell all its non-core Mississippian assets in northern Oklahoma for $200million.
The co-founder and former chief executive officer of Devon Energy has signed on to shape energy policy for Florida Senator Marco Rubio, who is running for the Republican presidential nomination.
Devon Energy has said it plans to reduce its capital spending as well as cutting its staff by 20%.