Accountability

Hess Corp., which is facing a shareholder revolt for a perceived lack of focus and crony-heavy board, on Monday said it would become a pure-play exploration and production (E&P) company. The plan involves fully exiting the downstream business, selling Bakken Shale midstream, and bringing aboard six new independent directors.

A Department of Interior (DOI)-commissioned report disputes General Accountability Office (GAO) claims that DOI has been falling down on the job in its collection of revenues from oil and natural gas producers and that those revenues are among the lowest in the world. It also casts some doubt on the Bureau of Land Management’s (BLM) proposal to raise the onshore royalty rate to 18.75%.

A report disputes General Accountability Office (GAO) claims that the Interior Department has been falling down on the job in its collection of revenues from oil and natural gas producers and that those revenues are among the lowest in the world. It also casts some doubt on the Bureau of Land Management’s (BLM) proposal to raise the onshore royalty rate to 18.75%.

Oil shale production’s impact on water supplies is potentially large but difficult to quantify and pinpoint, according to an official with the General Accountability Office (GAO) who testified Wednesday before a House natural resources subcommittee.

Two Democratic senators have taken the Government Accountability Office (GAO) to task for failing to capture the extent of proprietary trading by banks, an oversight that they claim will make it difficult for regulators and policy makers to implement restrictions on proprietary trading, including trading of energy commodities.

Two Democratic senators have taken the Government Accountability Office (GAO) to task for failing to capture the extent of proprietary trading by banks, an oversight that they claim will make it difficult for regulators and policy makers to implement restrictions on proprietary trading, including trading of energy commodities.

The Government Accountability Office (GAO), the investigative arm of Congress, has added the Interior Department to its high-risk list due to concerns over its management of oil and natural gas resources.

Seeking to bring more transparency and accountability to the commodity derivatives marketplace, the federal government’s top three financial regulators last Wednesday recommended a “series of comprehensive reforms” or regulation for over-the-counter (OTC) markets. The reforms call for OTC transactions to be centrally cleared for the first time ever.

Seeking to bring more transparency and accountability to the commodity derivatives marketplace, the federal government’s top three financial regulators Wednesday recommended a “series of comprehensive reforms” for over-the-counter (OTC) markets. The reforms include provisions for central clearing.