Tag / 2001

Subscribe

2001

ExxonMobil Appeals Royalty Lawsuit

Seeking to set aside what it called an “inappropriate”multi-billion verdict in which a jury awarded the State of Alabama$87 million in compensatory damages and $3.4 billion in punitivedamages over unpaid royalty fees, ExxonMobil Corp. filed an appealyesterday with the Circuit Court of Montgomery County, AL.

January 19, 2001

Bush Team Eyes Hebert as Acting FERC Chairman

Commissioner William Massey is likely to have the shortest termas FERC chairman on record, with the Bush administration looking toreplace him with Commissioner Curt Hebert Jr. as acting chairmanpossibly as early as next week, according to a member of the Bushenergy transition team.

January 18, 2001

Chesapeake Completes $345M Gothic Merger

Almost seven months after the initial agreement, ChesapeakeEnergy Corp. announced it has completed the acquisition of GothicEnergy Corp., making it the 10th largest independent natural gasproducer in the United States. The acquisition marks theturn-around of Chesapeake, which two and a half years ago tried tosell itself due to repeated losses.

January 17, 2001

Expected E-Energy Marketplace Shakeout Begins

The shakeout in the battle between online energy tradingexchanges has begun, with rumors circulating that at least two ofthe well marketed, visible performers have run out of money and noware scrambling for customers and liquidity. Though no companieshave publicly announced plans to close or merge, insiders say it’sjust a matter of time.

January 15, 2001

Mexico’s Burgos Basin May Hold 10X More Gas

The natural gas potential in the Burgos Basin of Northeastern Mexico, similar to geology to the Texas Gulf Coast region, may be three-to-10 times higher than previously estimated, according to a comprehensive study by the Gas Technology Institute. GTI found that previous estimates, which put the total undiscovered resource at 9.7 Tcf, might actually be between 21 Tcf and 75 Tcf.

January 15, 2001

Mexico’s Burgos Basin May Hold 10X More Gas

The natural gas potential in the Burgos Basin of NortheasternMexico, similar to geology to the Texas Gulf Coast region, may bethree to 10 times higher than previously estimated, according to acomprehensive new study by the Gas Technology Institute. GTI foundthat previous estimates, which put the total undiscovered resourceat 9.7 Tcf, might actually be between 21 Tcf and 75 Tcf.

January 9, 2001

Producers Knock Land Set-Aside

President Clinton’s announcement Friday of a ban on new roads,logging and other activities on more than one-fourth of allfederally owned lands will put quite a dent in the futureexploration and production of natural gas in the United States, gasproducers indicated.

January 8, 2001

Bush’s Cabinet Appointments Cast 1,000 Points of Light on Next Energy Policy

Just what can the energy industry expect to encounter underincoming President-elect George W. Bush’s administration? Theformer Midland, TX, oilman, paired with former Halliburton CEO DickCheney, appears to be more open to new exploration and production.Add to that Bush’s recent Cabinet picks, and it beams a thousandpoints of light on what industry may expect in the next four years.

January 8, 2001

Texas Sues ExxonMobil For Oil, Gas Royalties

Texas Attorney General John Cornyn filed a civil lawsuit last week against ExxonMobil of stealing millions of dollars in oil and gas revenue from land owned by the state’s taxpayers. Cornyn accused the company of defrauding Texas for at least 25 years by “knowingly and wrongfully” producing oil and gas from 50 acres of publicly owned right-of-way property in East Texas.

January 8, 2001

Cabinet Appointments Cast 1,000 Points of Light

Just what can the energy industry expect to encounter underincoming President-elect George W. Bush’s administration? Theformer Midland, TX, oilman, paired with former Halliburton CEO DickCheney, appears to be more open to new exploration and production.Add to that Bush’s recent Cabinet picks, and it beams a thousandpoints of light on what industry may expect in the next four years.

January 5, 2001