Shell Reports $7.4 Billion Loss, Blaming Low Oil And Gas Prices
After posting a gain of around $4 billion in the second quarter of 2015, Royal Dutch Shell says it lost more than $7.4 billion in the third quarter. Lower oil prices played a role, as did the costs Shell incurred when it shut down large-scale projects.
Park Service may strengthen its Oil and Gas regulations
For years, the company operating oil wells in New Mexico’s Aztec National Monument was exempt from being regulated by the National Park Service, which manages the site to protect ancient Pueblo structures. As a result, a dirt access road to one of the wells runs directly over buried ruins. A park archeologist once watched as a grader resurfacing the deeply rutted road exposed archeological remnants.
Banks Give A Stay Of Execution On Oil And Gas Sector
There have been a lot of observers (including myself) worried lately about debt in the oil patch, with suspicions running high that lower oil prices will mean cuts to bank lines -- and possible bankruptcies for some cash-strapped producers.
Oil and Gas industry seeks lower royalties to enhance competitiveness
Alberta’s oil and gas industry is calling for royalty system changes that lower industry costs and increase its competitive advantage, including a new credit for deep oil wells similar to that that for gas wells and a royalty “freeze” for enhanced recovery from mature formations.
Guest Column: Enviros misrepresent Oil and Gas
The recent commentary from Todd Leahy of the New Mexico Wildlife Federation, NMWF, is the latest in what appears to be a coordinated campaign against the oil and gas industry, following similar recent comments from the San Juan Citizens Alliance and Bishop David Bailey in regard to drilling activity and methane leaks. The NMWF letter starts out complaining about the unprecedented pace of oil and gas development as did the letter from the San Juan Citizens Alliance.
Lower Oil, Gas prices hit some Kansas county budgets hard
Lower energy prices benefiting consumers at gasoline pumps have hit oil- and natural gas-producing counties in western Kansas hard, forcing them to cut spending or increase property tax levies just as the state is ending an aid program meant to insulate them from industry downturns.
Shutdown Spin: Oil and Coal Industries Confident Congress Will Concede to Rail Industry
When it comes to effective lobbying groups, the American Petroleum Institute has to be near the top of the list with its relentless quest to preserve oil company profits at all costs. However, with the current threat of a rail shutdown over the rail industry’s failure to implement positive train control (PTC), which would effectively shut down much of North Dakota’s Bakken oil production, the API isn’t getting involved.
Ohio tax panel: Go slow with Oil and gGas industry
The oil and gas market remains too volatile to consider an immediate tax hike on an industry that Gov. John Kasich has repeatedly said was getting a great deal in Ohio, an informal legislative panel said Thursday.
Freeport-McMoRan Swings to Loss, Takes Big Oil-and-Gas Write-Down
Phoenix-based Freeport, the U.S.’s biggest mining company, has been in turmoil as falling energy prices have exposed a disastrous investment in oil and gas drilling. The fallout of that investment kept biting in the third quarter, with Freeport reporting a loss of $3.8 billion, or $3.58 a share, compared with a year-earlier profit of $552 million, or 53 cents a share. A write-down of $3.5 billion on the oil and gas division accounted for the majority of the red ink.