Appeared

The American Petroleum Institute (API) and a coalition of business groups last week appeared before the U.S. Court of Appeals for the District of Columbia Circuit to challenge the Securities and Exchange Commission’s (SEC) implementation of Section 1504 of the Dodd-Frank Wall Street Reform Act, which requires companies registered with the agency to publicly report how much they pay governments for access to oil, natural gas and other minerals.

The American Petroleum Institute (API) and a coalition of business groups appeared before the United States Court of Appeals for the District of Columbia Circuit Monday to challenge the Securities and Exchange Commission’s (SEC) implementation of Section 1504 of the Dodd-Frank Wall Street Reform Act, which requires companies registered with the agency to publicly report how much they pay governments for access to oil, natural gas and minerals.

During oral arguments last Thursday, two out of three appellate court judges appeared to challenge FERC’s claim of authority to prosecute alleged manipulation in the natural gas futures market.

During oral arguments Thursday, two out of three appellate court judges appeared to challenge FERC’s claim of authority to prosecute alleged manipulation in the natural gas futures market.

A U.S. flagged oil tanker arrived at the Port of Corpus Christi, TX, on Wednesday to load Eagle Ford Shale crude for transport to other U.S. ports. The Jones Act of 1920 requires that any goods moved by water from one U.S. port to another must be carried by a U.S. flagged ship. The M/V Pennsylvania passed by the Harbor Bridge gateway to the inner harbor Wednesday and docked at the port’s Oil Dock No. 1, the Corpus Christi Caller Times reported. It is the U.S. built tanker’s first visit to the Corpus Christi port.

Until the bell rang on Friday, things appeared to be looking up for Chesapeake Energy Corp.’s management team. Its decision to sell a half million acres in the Denver-Julesburg (DJ) Basin, which previously hadn’t been on the company’s list of publicly disclosed assets to sell, had been praised, with analysts noting that it might fetch up to $1 billion and help the company reach its capital commitment goals this year.

Chesapeake Energy Corp. CEO Aubrey McClendon appeared to take it on the chin Wednesday, refusing to bow down to reports about the “unprecedented scrutiny” of the company and of himself in recent days, and promised shareholders that the management team is focused on becoming a U.S. oil-weighted giant. However, it’s going to take some time, he said, especially because the turnaround has little operational support from its natural gas-weighted portfolio.

A quartet of nominees for positions at FERC, the Energy Information Administration (EIA) and the Interior Department appeared before the Senate Energy and Natural Resources Committee Tuesday to answer questions about hydraulic fracturing (fracking) and other issues as part of their confirmation process.

Prices fell at all but two points Tuesday in the start of the third holiday-shortened trading period in less than a month. The softness appeared to defy cooling trends forecast for Wednesday in the Midwest and South while the Northeast gave up Friday’s big gains even with lows below freezing remaining in the next-day forecast.