Budget

Facing multi-billion-dollar budget shortfalls, the California legislature has warmed up an old proposal to levy a severance tax on oil and gas production to fund the state’s struggling higher education system. The measure, Assembly Bill 656 (AB 656), was voted out of the lower house Revenue and Taxation Committee Monday with a “pass as amended” recommendation, sending the proposal to the Appropriations Committee.

Three years late and $10 million over budget, the Joint Review Panel for the proposed Mackenzie Gas Project (MGP) released its report Wednesday afternoon.

While Pacific Gas and Electric Co. (PG&E) has proven to be a “solid, defensive” investment play in the midst of national and global economic troubles, California’s deep budget crisis raises new challenges, according to PG&E’s CEO Peter Darbee.

While Pacific Gas and Electric Co. (PG&E) has proven to be a “solid, defensive” investment play in the midst of national and global economic troubles, California’s deep budget crisis raises new challenges, according to PG&E’s CEO Peter Darbee.

Ultra Petroleum Corp. reduced its 2009 capital spending budget at $720 million, 24% below spending levels in 2008, but it still is on pace to grow its natural gas weighted output by 18-22% from last year, the CEO said Wednesday.

With natural gas prices still low and budget cutbacks across the energy sector, 300-500 rigs likely will be taken out of service in the coming year, Chesapeake Energy Corp. CEO Aubrey McClendon reaffirmed Friday. However, the CEO sees a silver lining to the current turmoil and said his company will prepare for better days ahead.

With natural gas prices still low and budget cutbacks across the energy sector, 300-500 rigs likely will be taken out of service in the coming year, Chesapeake Energy Corp. CEO Aubrey McClendon reaffirmed Friday. However, the CEO sees a silver lining to the current turmoil and said his company will prepare for better days ahead.

Calgary-based Talisman Energy Inc. will add up to C$500 million more to its C$2 billion North American capital spending budget this year to accelerate exploration and development activities in unconventional natural gas plays, CEO John Manzoni said last week.

Calgary-based Talisman Energy Inc. will add up to C$500 million more to its C$2 billion North American capital spending budget this year to accelerate exploration and development activities in unconventional natural gas plays, the CEO said Tuesday.