Damage

Energy Industry to Struggle for Two or Three Years, Analysts Predict

If demand for oil and natural gas continues to decline, damage to the energy industry could be significant and the downturn may last up to three years, according to several energy experts.

May 12, 2009

Marcellus Producers Warn Gov. Rendell of Severance Tax Fallout

Raising concerns that a proposed broad-based oil and natural gas severance tax could damage production growth in Pennsylvania, Marcellus Shale producers have come together to lobby against the state’s plans, noting that royalties and bonuses over time would be more beneficial to all involved.

February 9, 2009

Marcellus Producers Warn PA Governor of Tax Fallout

Raising concerns that a proposed broad-based oil and natural gas severance tax could damage production growth in Pennsylvania, Marcellus Shale producers have come together to lobby against the state’s plans, noting that royalties and bonuses over time would be more beneficial to all involved.

February 9, 2009

ExxonMobil Quarterly Profit Tumbles 33%

ExxonMobil Corp. took a half a billion hit to its 4Q2008 earnings because of damage repairs and lower oil and natural gas volumes associated with hurricanes Gustav and Ike. However, the company, whose quarterly profit fell more than at any time in six years, still reported the largest annual profit in U.S. history Friday, with 2008 earnings of $45.22 billion.

February 2, 2009

ExxonMobil Quarterly Profit Tumbles 33%

ExxonMobil Corp. took a half a billion hit to its 4Q2008 earnings because of damage repairs and lower oil and natural gas volumes associated with hurricanes Gustav and Ike. However, the company, whose quarterly profit fell more than at any time in six years, still reported the largest annual profit in U.S. history Friday, with 2008 earnings of $45.22 billion.

February 2, 2009

Transportation Notes

CenterPoint said it has resolved a Line O failure and shippers are no longer under operational alert No. 697.

December 2, 2008

Gustav, Ike Blew Through ‘Destructive’ 2008 Hurricane Season

The 2008 hurricane season “was one of the most destructive years on record from a damage perspective,” according to forecaster Phil Klotzbach of the Colorado State University (CSU) hurricane team.

November 24, 2008

CSU Team Recaps ‘Destructive’ 2008 Hurricane Season

The 2008 hurricane season “was one of the most destructive years on record from a damage perspective,” according to forecaster Phil Klotzbach of the Colorado State University (CSU) hurricane team.

November 20, 2008

Transportation Notes

Tennessee declared a force majeure Tuesday evening for the 527A-1300 and 527A-1800 lines as a result of damage from Hurricane Ike. The 527A-1300 Line is a 15-mile, 12-inch diameter lateral originating at South Pass 49A offshore southeast Louisiana and terminating with a connection to the Tennessee-owned South Pass 55 platform. The 527A-1800 Line is an 8-inch diameter lateral about 0.1 mile long originating at South Pass 52 and terminating with a connection to the 527A-1300 Line. The South Pass 49 A and South Pass 52 meters were required to shut in until further notice.

October 16, 2008

Transportation Notes

Destin Pipeline said Friday it had completed initial assessment of its offshore facilities and there appeared to be no significant damage. However, due to power outages affecting downstream pipes, Destin said it is unable to accept nominations from offshore receipt points at this time.

September 8, 2008