Labor unions in the United States and Canada on Tuesday expressed concern about the prospect of job losses from any merger between General Motors Corp (GM-$6.43) and Chrysler LLC, which is controlled by private equity group Cerberus Capital Management. But Chairman and CEO Rick Wagoner could be could be rewarded handsomely with severance benefits in the event of a change in control.
InterOil (IOC-$11.68) said the Antelope-1 rig site location is complete and drilling will commence in the next few days, targeting a limestone reef porosity zone intersecting in the Elk-4, a well that yielded a gas flow rate of 105 million standard cubic feet and approximately 2,000 barrels of condensate per day in a previous test, a record-high gas flow rate for Papua New Guinea. Discovery of a second well that confirms commercial gas reserves is critical to a proposed LNG project in Papua New Guinea with the government.
Moving forward with its strategy of monetizing non-core oil and gas assets, Linn Energy (LINE-$13.13) announced Monday that it had entered into a definitive agreement to sell its deep rights in non-producing Oklahoma acreage, which includes its Woodford Shale interval.
Despite the ongoing credit crisis and uncertainty about economic growth, Peabody Energy (BTU-$32.03) said it sold 66 million tons of coal in its third-quarter 2008 ended September 30, up six percent from year-ago levels. Thermal coal prices remain strong, too, driven by demand growth and tight global supplies.
Although Schlumberger Ltd (SLB-$49.99) has limited direct credit market exposure, as it enters the fourth quarter, the global banking crisis will likely have an have an effect on demand for its oilfield service activities, though Chairman and Chief Executive Andrew Gould anticipates this will be largely limited to North America and to some emerging offshore markets overseas.
Sears Holdings Corp (SHLD-$60.90) has reported that Chief Financial Officer J. Miles Reidy will step down later this year to "attend to a family issue." The resignation comes amid slumping sales at the struggling department-store retailer.
Editor David J Phillips does not hold a financial interest in any stocks mentioned in this article. The 10Q Detective has a Full Disclosure Policy.