On Thursday, Shares of Chesapeake Energy Corporation (NYSE:CHK), lost -0.52% to $7.59.
Williams (WMB) declared an expansion of gas gathering services for Chesapeake Energy (CHK) in growing dry gas production areas of the Utica Shale in eastern Ohio and a consolidation of contracts in the Haynesville Shale in northwestern Louisiana to optimize production opportunities, streamline fee structures and restructure commitments to incentivize long-term development of the fields. The agreements with Chesapeake were reached by auxiliaries of Williams Partners L.P. (WPZ), of which Williams own 60 percent, counting the general partner interest.
“This demonstrates our commitment to working with Chesapeake to align our interests on mutual growth while sustaining the financial support of our investments,” said Alan Armstrong, chief executive officer of Williams. “These new fee structures are designed to promote production in the best locations across a wider footprint in these great basins, which improves the economics on both the drilling and midstream side. We’ve also raised certainty around fees and volumes to support our strategy of creating long-term, durable value for shareholders.”
In the Utica, Williams and Chesapeake executed a long-term, fee-based contract that gained a new area of dedication in the dry gas zone where Chesapeake and others are targeting production growth. The agreement extends the length of the Chesapeake acreage dedication to 2035, improvements the area of dedication by 50,000 acres from 140,000 acres to 190,000 net acres in a planned area adjacent to Williams’ existing assets and converts the cost-of-service mechanism to a fixed-fee structure with minimum volume commitments (MVCs). This change to a fixed-fee contract enhances Williams’ ability to gather third-party volumes and build scale in Utica’s dry gas areas. Williams anticipates this will provide the opportunity to invest more than $600 million over five years to install more than 200 miles of pipeline and related facilities as this prolific area of the basin grows with up to 800 million cubic feet per day of capacity to serve the development.
Chesapeake Energy Corporation produces oil and natural gas through acquisition, exploration, and development of from underground reservoirs in the United States. It holds interests in natural gas resource plays, counting the Haynesville/Bossier Shales in northwestern Louisiana and East Texas; the Marcellus Shale in the northern Appalachian Basin of West Virginia and Pennsylvania; and the Barnett Shale in the Fort Worth Basin of north-central Texas.
Shares of PayPal Holdings, Inc. (NASDAQ:PYPL), declined -2.65% to $33.46, during its last trading session.
PayPal Holdings declared that it will be making a noteworthy expansion to its Seller Protection policy in six markets in Asia — Indonesia, Malaysia, Singapore, the Philippines, Thailand and Vietnam. The expanded protection will now cover eligible intangible goods counting e-booking of travel tickets, tickets for an event, cab rides, services and more, which are based on unauthorized transactions. With its industry leading risk models and technology, PayPal is the only payments company offering such protection to both buyers and sellers in Southeast Asia in a frictionless and secure manner.
Under this program, PayPal will provide expanded coverage in the event a customer files an unauthorized chargeback, or an unauthorized claim against a seller for services or eligible intangible goods. Sellers will have an opportunity to respond to the claim within a reasonable period through proof of fulfilling the order. This will provide Southeast Asian merchants with greater confidence when trading domestically and overseas, whether they are selling physical or intangible goods.
PayPal Holdings, Inc. operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants worldwide. It enables businesses of various sizes to accept payments from merchant Websites, mobile devices, and applications, in addition to at offline retail locations through a range of payment solutions across company’s payments platform, counting PayPal, PayPal Credit, Venmo, and Braintree products.
Finally, Express Scripts Holding Company (NASDAQ:ESRX), ended its last trade with -0.35% gain, and closed at $83.90.
Express Scripts Holding Company declared Eric Slusser has joined the company as Executive Vice President and Chief Financial Officer, effective September 9, 2015.
Mr. Slusser joins Express Scripts with noteworthy experience as a financial executive in healthcare, bringing executive-level and functional experience in all aspects of finance counting strategy, capital markets, mergers and acquisitions, financial reporting, planning and investor relations. Mr. Slusser was most recently Chief Financial Officer of Gentiva Health Services, Inc., a leading provider of home health, hospice and community care services. Before joining Gentiva in 2009, Mr. Slusser held executive roles with Centene Corporation, a healthcare services company-providing specialty and managed care health plan coverage, counting serving as Executive Vice President and Chief Financial Officer, Executive Vice President of International Development, and Treasurer. Mr. Slusser also served as Executive Vice President of Finance and Chief Accounting Officer of Cardinal Health, Inc.
Before his career in healthcare, Mr. Slusser, who is a certified public accountant, spent 10 years in a variety of finance roles within the telecommunications industry, and 12 years in public accounting.
Express Scripts Holding Company operates as a pharmacy benefit administration (PBM) company in the United States and Canada. The company operates through two segments, PBM and Other Business Operations.
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