Chesapeake Energy 2Q update Aug. 6

Chesapeake Energy 2Q update Aug. 6

OKLAHOMA CITY

Chesapeake Energy Corp. has scheduled its 2012 second quarter operational update, with financial results to be released after the close of trading on the New York Stock Exchange on Aug. 6.

The conference call will also be webcast live on Chesapeake’s website at www.chk.com in the “Events” subsection of the “Investors” section of the company’s website.

BP partners for storage space

Kinder Morgan Energy Partners and BP North America have announced the execution of long-term commercial agreements to provide BP condensate processing services and storage at Kinder Morgan’s terminals located on the Houston Ship Channel.

BP has committed more than 40,000 barrels per day of throughput at Kinder Morgan’s petroleum condensate facility which will split condensate into various components such as light and heavy naphthas, kerosene and gas oil. The approximately $200 million facility has been designed to provide future processing expansions up to 100,000 barrels per day throughput. BP also will lease an additional 750,000 barrels of storage that Kinder Morgan will add at its Galena Park terminal. The expansion is part of Kinder Morgan’s approximately $75 million investment to construct five tanks that will connect to its condensate facility with new piping, manifolds and pumps. Kinder Morgan expects the new storage tanks and condensate facility to be in service in the first quarter of 2014.

BP plays Olympic role

London

BP is setting out its vision for “Fueling the Future” in the global spotlight of the London 2012 Olympic Games.

As official Oil and Gas Partner of London 2012, BP is providing advanced fuels and lubricants for the official fleet of more than 5,000 Olympic vehicles. And through a range of public and business showcases, the company will share how it is helping to meet the global lower carbon energy demands of today and the coming decades.

Chevron-UK deal

SAN RAMON, Calif.

Chevron Corp. announced that its U.K. subsidiary has entered front-end engineering and design on the Rosebank oil and gas project in the West of Shetland region.

“The Rosebank project is another important step forward in our strategy to grow profitably in core areas of our upstream business,” said George Kirkland, Chevron’s vice chairman. “Chevron has extensive deepwater capabilities, and the Rosebank project fits well in our portfolio.”

The Chevron-operated Rosebank project is located approximately 80 miles northwest of the Shetland Islands, in water depths of approximately 3,700 feet. The project will include a floating production, storage and offloading vessel, production and water injection wells, subsea facilities, and a gas export pipeline.

Shell to acquire Gasnor

Shell, the current owner of 4.1 per- cent of the shares in Gasnor AS, has signed a share purchase agreement for the acquisition of the remaining outstanding shares in the company for $74 million. Subject to Norwegian regulatory approvals, the transaction is expected to be closed in the 3rd quarter of 2012.

Gasnor is a market leader in Norway in small scale liquefied natural gas, supplying LNG as a fuel to industrial and marine customers and operating an end-to-end supply chain, with three small scale production plants and distribution assets including two tanker ships, a fleet of trucks and a network of terminals. The acquisition of Gasnor is an important step for Shell towards creating an LNG sales business, the company said. LNG will be a reliable new addition to Shell’s commercial customers’ fuel mix.